first it was Andrew Jackson. Now MARXISM Soon the Communist Manifesto What a simple minded TWIT ; a BUFFOON
Although we weren’t given the income brackets for the new rates last time, it was easy to see that only married couples with the lowest incomes were going to benefit from the doubling of the personal deduction. Very quickly as you go up the income scale, the increased percentage takes more and more of people’s income in taxes. The doubling of the personal deduction is very soon canceled out as income goes even slightly upward.
This is not what we want. These are the working poor who are struggling to make ends meet. We want people to aspire to working if they are now on welfare and other entitlements.
The idea of broadening the tax base as a much more effective way of increasing revenue than increasing the percentage paid by the upper tax brackets is effective but deceptive if it is disguised with personal-deduction increases, and it is morally wrong, and it is politically popular with the wealthy of course.
Bannon is correct here, if this is what he said. Keep the Laffer Curve in mind, but don’t lay the burden of trying to balance the budget on those very close to the bottom layer of taxpayers.