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This is only gonna exacerbate inequality. Not the necessary route you want to take to stick it for the working class. Sadly, his base doesn't care. They only fell in love with his bigoted campaign message.
Yeah I will drop to about the same. I've seen some Republican folks here on other threads that are more for dropping spending before taxes-I respect that. Trump wanted something in his 100 day win column, and did this nonsense.
The stupidity of it though is simply awe inspiring. And if he thought "healthcare was hard, who knew?" This childish one page huge announcement that could just as easily have been written in crayon takes "who knew it was hard" ignorance to a whole new level.
Even for the standards of this administration this was sad.
They refer to the S-Corp tax cut as "Trump Loophole", so it's no mistake. Sure enough, Trump owns some 500 S-Corps, so this would funnel huge amounts of cash into his pockets.
What is the reason for a massive tax cut for corporations? Surely, no one is buying the old trickle-down con again.
Two things corporations do with tax breaks/rebates/incentives:
1) Give themselves all a big bonus and tuck the money away in the Cayman Islands, Bank of Cyrus or, wherever.
2) Use the money to install robots to replace factory workers like Carrier is doing.
#2 at least has some long-term benefit for the nation, but short-term it's going to be hell for a lot of blue-collar folks.
If corporations can make more money by installing robots, then let them pay for it. We've got a budget that hasn't been balanced since Bill Clinton.
They refer to the S-Corp tax cut as "Trump Loophole", so it's no mistake. Sure enough, Trump owns some 500 S-Corps, so this would funnel huge amounts of cash into his pockets.
Wife and I make more than $100k but less than $200k. Supposedly our taxes would drop around $10,000 a year. I work for a small mostly online based S-Corp with only a few employees. Only person above me is the owner of the company so I'd like to think my pay would finally increase in a big way as its been pretty stagnant the last 4-5 years.
Either way any extra money would be going toward investments, or long term real estate rentals. My extra $ wouldn't be stimulating the economy, sorry. And I doubt the mega rich are going to be doing anything different.
Wife and I make more than $100k but less than $200k. Supposedly our taxes would drop around $10,000 a year. I work for a small mostly online based S-Corp with only a few employees. Only person above me is the owner of the company so I'd like to think my pay would finally increase in a big way as its been pretty stagnant the last 4-5 years.
Either way any extra money would be going toward investments, or long term real estate rentals. My extra $ wouldn't be stimulating the economy, sorry. And I doubt the mega rich are going to be doing anything different.
Oh interesting.....that is kind of sort of our situation. We are at the age where we wouldn't buy a whole lot.....getting close to retirement.
Ireland has a corporate tax rate of 12.5%, HK, Taiwan, Singapore, Switzerland, 17-18%.
Not the end of the world.
Can't compare without looking at deductions and deals offered up.
While the state tax rate is 35%...what is the actual that most corporations pay -- that's the number...not what the stated is.
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