According to Trump's tax plan, any family with an income of $50,000 or less pays no income taxes. Assuming that the overwhelming majority of the new jobs will pay less than $50K then where will all this new tax revenue come from?
“According to Trump’s tax plan, any family with an income of $50,000 or less pays no income taxes. Assuming that the overwhelming majority of the new jobs will pay less than $50K then where will all this new tax revenue come from?”
Macro economics. those people that make less than 50k still must buy stuff, but instead of paying tax, it frees up that money that would otherwise go to government tax,and the velocity of money increases and those that make more will be taxed more but that’s ok as there is way more cash flowing and it all gets taxed.
If I make say 10 million per year I’ve got no problem if they tax 5 million. Would you? It used to be the very rich were taxed at a 90% rate.