Yep, there are a lot of bizarre "let's NOT simplify the tax code after all" things buried on there. Why is that there?
What will be louder, the squealing of some universities, or the deafening silence of folks who endlessly ride the high horse of "fair tax"? It seems like the goals of hitting major cut-offs for the super-wealthy (raise 39.6% rate to 1M, 20% corporate rate, ending estate tax, $1.5T deficit) creates a need to claw back revenue. Virtually all middle-class gains are funded by the increased debt.
Some analysis from Forbes:
"The analysis, issued today by the Tax Policy Center (a joint venture of the Urban Institute & Brookings Institution) projects that over the next decade the Trump/GOP plan would actually increase taxes on non-business individual income by $470 billion, while reducing taxes on business income by $2.6 trillion, and federal receipts from estate and gift taxes by $200 billion.
In dollar terms, 53% of the cut would go to the top 1% and 30% to the top 0.1% (those with expanded cash income of $3.4 million or more). Put another way, the top 1% would see an average $129,030 tax cut and the top 0.1% would save an average of $722,510, while those in the middle quintile would save an average of $660 per family.
Meanwhile, 12% of taxpayers—and more than a third of those making between $150,000 and $300,000 ---would pay more in 2018"
What will be louder, the squealing of some universities, or the deafening silence of folks who endlessly ride the high horse of "fair tax"? It seems like the goals of hitting major cut-offs for the super-wealthy (raise 39.6% rate to 1M, 20% corporate rate, ending estate tax, $1.5T deficit) creates a need to claw back revenue. Virtually all middle-class gains are funded by the increased debt.
Some analysis from Forbes:
"The analysis, issued today by the Tax Policy Center (a joint venture of the Urban Institute & Brookings Institution) projects that over the next decade the Trump/GOP plan would actually increase taxes on non-business individual income by $470 billion, while reducing taxes on business income by $2.6 trillion, and federal receipts from estate and gift taxes by $200 billion.
In dollar terms, 53% of the cut would go to the top 1% and 30% to the top 0.1% (those with expanded cash income of $3.4 million or more). Put another way, the top 1% would see an average $129,030 tax cut and the top 0.1% would save an average of $722,510, while those in the middle quintile would save an average of $660 per family.
Meanwhile, 12% of taxpayers—and more than a third of those making between $150,000 and $300,000 ---would pay more in 2018"
Last edited by:
oldandslow: Nov 4, 17 8:45