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I haven't bothered to run my numbers yet. I'd be against it even if I were getting a cut, which I doubt I will.
Corporations are the big winners here. Corporations flush with cash. You know how trump keeps tweeting about the stock market records? Yet the GOP thinks they need more.
Does anyone really believe these corporate cuts will do anything for the American worker? Please. Their C level executives will benefit handsomely though, so there's that. Wages have been stagnant for years and this will not change that.
There is a survey out today that shows the Clinton and Bush tax HIKES were more popular than the Trump tax plan. Barely 1/3 of Americans are buying into the nonsense that this is nothing but a anti-populist, hand it to the rich scheme that is 180 degrees from what Trump promised on the stump.
I haven't bothered to run my numbers yet. I'd be against it even if I were getting a cut, which I doubt I will.
Corporations are the big winners here. Corporations flush with cash. You know how trump keeps tweeting about the stock market records? Yet the GOP thinks they need more.
Does anyone really believe these corporate cuts will do anything for the American worker? Please. Their C level executives will benefit handsomely though, so there's that. Wages have been stagnant for years and this will not change that.
I think lower corporate taxes should come with strings attached.
It'd be interesting to see how many corps would take the lower tax rate to pay their workers more money or stick with the higher rate and avoid giving people below the C-band more pay.
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Use a calculator. The loss of exemptions means the standard deduction only goes up by 16%. The loss of many deductions for middle class Americans mean they will see immediate increases in tax liability. Almost all Americans will see increases when the individual provisions expire in just 7 years.
If anyone needs a tax break to afford their property and mortgage, they are living above their means and that is their own fault.
The $2k child tax credit will offset some of the deductions. Plus two kids is plenty these days, let's not encourage people to reproduce for tax purposes and getting welfare for kids they can't afford.
I think lower corporate taxes should come with strings attached.
It'd be interesting to see how many corps would take the lower tax rate to pay their workers more money or stick with the higher rate and avoid giving people below the C-band more pay.
corporations allegiance is to shareholders, need help?....... call social services
corporations allegiance is to shareholders, need help?....... call social services
Not my point.
My point is that these types of cuts are sold as "well, if we tax them less, they'll pay their workers more money."
And, that's a load of horse manure.
Of course they'll give it to the C-band and the shareholders. Which is why I said it made more sense to impose restrictions on tax breaks.
Make them appealing... you get a 10% tax cut and of that 10% back, you can do whatever you like with 5% of it, but the other 5% has to go to hiring more regular workers and cutting back on contractors or increasing the salaries of individual contributors who aren't in the C-band.
That sort of thing.
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When in doubt, check it out: FAQ
Do you pay AMT and does the elimination of it offset the increase? I haven't run our numbers yet, but I was wondering if this might be relatively neutral for us, though we would probably see a little increase because it'll bump our bracket overall.
No, we don't pay ATM. Our issue is the elimination of personal exemptions and the elimination of the state and local tax deductions. (property tax!)
This pill might be easier to swallow if it had an impact on reducing the deficit instead of adding to it.
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