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Upping the bottom bracket seems an odd choice. Also be curious what income the middle 25% would hit might raise some people taxes while lowering others.
Eliminating the AMT may not work out politically.
Curious how the standard deduction vs itemized works out. I know in NC they did this on state income tax and it was a 50/50 split of raising peoples taxes or lowering them.
They only thing I noticed was they are claiming the cuts would pay for themselves. Based on history that's highly unlikely. The only times when a tax cut has paid for it self historically involved tax rates well over 50%.
This is being promoted as "tax reform for the middle class". But surely even die-hard Trump fans can see this is just not true? Won't the biggest winners here will be very low incomes, and very high incomes?
Many in the middle class could see little benefit and in some cases could see their taxes increase. I would love to see serious tax reform but this plan just doesn't seem fair.
. the top 10% income pay 70% of taxes.
. the bottom 50% pay less than 3% of taxes.
. almost 50% of all citizens pay no taxes.
. tax rates on corporations worldwide average 22% while in the US it is 39%.
A complete revamp of the tax system is badly needed but there are so many special interest positions and lies presented to the public it is very difficult to progress without stupid political resistance.
. the top 10% income pay 70% of taxes.
. the bottom 50% pay less than 3% of taxes.
. almost 50% of all citizens pay no taxes.
. tax rates on corporations worldwide average 22% while in the US it is 39%.
A complete revamp of the tax system is badly needed but there are so many special interest positions and lies presented to the public it is very difficult to progress without stupid political resistance.
Before we aggressively shake down those unworthy worms in the lower and middle class to make it fair to the sainted ever put-upon rich, we should remember that the evil 50% does pay payroll tax, sales tax, property tax if they own their home, etc etc etc. So to say that the unworthy bottom pays no taxes is simply not true.
The primary purpose of every proposed major reform of the income tax system is to generate campaign contributions from lobbyists. Elected politicians look at their re-election campaign bank accounts, see they are low, and then publicly announce they wish to reform something. That is a signal so that lobbyists go to their clients and secure funding for bribes, er, campaign contributions, so that the politicians will listen to the desires of the constituency represented by the lobbyists.
For example: it is not mere chance that the current trial balloon includes a proposed elimination for the deduction of state income taxes paid. This will generate an enormous amount of lobbying dollars from those states with the highest state income tax rates (California, Oregon, Minnesota, Iowa, New Jersey, Vermont, D.C., New York, Hawaii). Of particular note is most of those states are reliably Blue, yet the campaign contributions will flow to politicians who are primarily Red (there is no need to lobby a Blue state politician in this case).
. the top 10% income pay 70% of taxes.
. the bottom 50% pay less than 3% of taxes.
. almost 50% of all citizens pay no taxes.
. tax rates on corporations worldwide average 22% while in the US it is 39%.
A complete revamp of the tax system is badly needed but there are so many special interest positions and lies presented to the public it is very difficult to progress without stupid political resistance.
Fair enough, but why call it a tax cut for the middle class, when clearly the cuts are aimed at that top 10%. Why not call it what it is?
Are the voters really that dumb that they will think this is a middle class tax cut, just because the president says it is?
Before we aggressively shake down those unworthy worms in the lower and middle class to make it fair to the sainted ever put-upon rich, we should remember that the evil 50% does pay payroll tax, sales tax, property tax if they own their home, etc etc etc. So to say that the unworthy bottom pays no taxes is simply not true.
Federal income tax reform cannot address all those other taxes we are saddled with. Those are a different subject that may be even more difficult to address, but is not part of the current initiative.
The proposal is not fully formed so we can't fully evaluate the impact on all but I am middle class and can say that doubling the standard deduction will certainly be a tax cut for me and many like me.
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