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House Republicans unveiled their plan to overhaul the tax code on Thursday.
As part of that reform package, the GOP aims to permanently lower the corporate tax rate to 20 percent.
The House bill, tilted the Tax Cuts and Jobs Act, would also slash the number of income tax brackets from seven to four: 12 percent, 25 percent, 35 percent and 39.6 percent.
The bill is also expected to raise the child tax credit to $1,600 from its current maximum of $1,000. It's also expected to preserve popular retirement savings plans like 401(k)s and Individual Retirement Accounts.
Still wondering why people believe that nonsense. It's been a proven fraud for decades. Look at Corporate CEO salaries. The more profits they make, the more their executives take home. They have no reason to hire more people.
Corps have a fiduciary responsibility to shareholders first. Thus they don't hire more poeple or pay the staff more just because profits are up or taxes are lowered.
any politician saying otherwise is either ignorant of the facts or a big liar.
I am not claiming that zero money trickles down, but i am saying only tiny fractional amounts manage to slip
past the investors who the company. they get through dividends, stock buybacks and increased share prices due to improved PE ratio.... the workers only get a taste if there is wage pressure.
as to corps with increased profit retention investing more? well that is nonsense they get tax breaks on capital investment anyway. And of course currently corps are sitting on more cash than anytime in our lives, they don't know what to do with it so they are buying each other...
I'd say 250K would be a more reasonable number for the 25% rate to kick in if you really want to help the middle class.
Exactly. If you take away the exemptions and double the standard deduction the difference is small. Then you get rid of all the deductions that mid and upper middle income people benefit from. They increase the child credit (which may be income limited anyway) but take away credits for your kids in college. This is a total screw over of affluent middle class people who are have good jobs, nice homes and more than one kid for the benefit of the billionaire class.
Corps have a fiduciary responsibility to shareholders first. Thus they don't hire more poeple or pay the staff more just because profits are up or taxes are lowered.
And by paying their stock holder when profits go up, they subject the investors to a higher tax bracket to pay more..
I don't pay 25% federal income tax, I lose 1/4 of my checks to FICA and federal and state income tax all combined. 1/3 of my income is from overtime pay, so that might have something to do with it, my hourly rate for standard time is $16/hr, so I probably only get taxed at what 40 hrs per week would be at my hourly rate ($33,280). But I get 15-20 hrs per week of time and a half ($24/hr) which brings my average gross to $1k/week
That's because of the standard deduction mostly, which reduces your tax burden. But you basic rate is 25% now, and it will remain that under the new plan.
As for FICA, try being self employed, as I am, where paying both portions really starts to add up.
lots of left wing MSM parroting going on here, most of you are such pessimists.
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