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so the jobs are not coming back from China? Goods will be manufactured in China and sold to the Chinese rich?
That is correct. This plan is designed to facilitate American headquartered corporations expanding their overseas operations and, critically, overseas sales. To the extent Americans benefit, it will be primarily through a mutual fund or pension fund holding shares in US multinational corporations. The Republican Party donors & their Administration/Congress do not see American workers & consumers as any different from workers & consumers around the globe. This is the exact opposite of an America First tax plan.
I can remember the Republicans slamming the Democrats for suggesting that those making $200,000 were rich. Seems what they meant was, anything over $55,000 is no longer middle class.
"A typical family of four earning $55,000 in America today is going to have a substantial tax decrease," he said, adding that its taxes would decrease by $650 to $1,000. "Everything we have done in this tax plan is to solve for the middle class."
In the end there seems to be a lot of things that Cohn can't "say for sure". I guess we will have to wait until after they pass it to know what's in it.
Small businesses need more help than these large corporations with tax attorneys who find loopholes so their taxes are minimal. Some large corporations pay little or no tax.
I agree. Like I said, this may be exactly the wake up call blue state/city residents need to make them realize how severely overtaxed they are by Dem policies and corruption.
But then why do people have to subsidize other people's mortgage interest, student loan interest, or children? I say if we're going to clean the slate of subsidizing other people's lifestyle choices, then let's do away with those too.
Evidently all trump supporters live in hovels with minimal value and/or they live in states that no one else wants to live in. Either way they have very low property taxes because their homes are so dismal.
It's the only reason he would want to take SALT from itemized deductions. Or maybe he just wants to punish citizens who have managed to accumulate enough wealth to have nice houses in nice areas. He knows his base!
As someone who has a house paid off the doubling of the standard deduction would be great for me. However with 3 tax rates and to date income levels that are not assigned to those rates it's impossible for me to know if this is a good or bad plan for the middle class.
Exactly, people who have homes paid off will definitely benefit. A lot of people don't realize that the current tax code rewards debt and penalizes savers. That's the opposite of what we should be encouraging.
But then why do people have to subsidize other people's mortgage interest, student loan interest, or children? I say if we're going to clean the slate of subsidizing other people's lifestyle choices, then let's do away with those too.
I have a strong suspicion the student loan interest is going to be killed in this plan. And, as discussed elsewhere, the mortgage interest deduction is being limited to mortgages on homes in the $750k to $1M range.
Quote:
Originally Posted by dothetwist
Evidently all trump supporters live in hovels with minimal value and/or they live in states that no one else wants to live in. Either way they have very low property taxes because their homes are so dismal.
It's the only reason he would want to take SALT from itemized deductions. Or maybe he just wants to punish citizens who have managed to accumulate enough wealth to have nice houses in nice areas. He knows his base!
I think there is a gamble on generational warfare here, too. Boomers (especially white boomers) who paid off their houses (or at least are near the end of a mortgage) no longer benefit from the mortgage interest deduction. So they won't miss it. They are also at a stage of life where they no longer have children for whom they can use the personal exemption. As younger generations come of age and reach a stage in life where they, too, can take advantage of these deductions--the ladder is kicked down by the Republican establishment.
Our President who uses superlatives when describing anything he touches, is calling his new tax proposal a "Middle Class Miracle". According to economic analyst Steve Rattner the middle class will gain nothing from the new tax proposal.
When will we learn that these politicians will do nothing to help us. Just over 100 years ago doctors learned that bleeding patients don't cure diseases. When will we accept the fact that these leaches in public office are not done bleeding us.
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Middle Class Miracle
