Posted on 09/28/2017 1:34:37 PM PDT by Oshkalaboomboom
President Trump and the Republican political establishment are certainly talking a good game when it comes to their proposed changes to the tax codes.
On paper, the new tax plan would cut onerously high rates for companies that force businesses to move overseas. Individuals and, most importantly, middle-class families get some much- needed tax relief.
The whole messy tax system would also become less complicated if the president has his way.
Now our fearless leaders need to translate words into action, and it won’t be easy.
First, Trump deserves credit for at least crafting the outlines of a plan that is the most pro-growth fiscal agenda since the ones developed by Ronald Reagan in the 1980s. Headline unemployment numbers look great, but real economic growth has been lousy in recent years, thanks in large measure to Democratic-inspired tax-and-regulatory schemes cooked up during the Obama years. And wages have been flat for far too many Americans.
Trump intends to change that by reducing the number of tax brackets from seven to three. That means most people would get a tax cut and do with it something that would boost the economy: Either spend or invest it. On top of that, the basic standard deduction would be doubled, which again should flow to the bottom line of most families.
Trump vows not to compromise on a new corporate tax rate of 20 percent, which would make the US more competitive with such overseas tax havens as Ireland.
Many small businesses — who now file their taxes as individuals and are thus subject to the highest federal rates — would get a boost as well. Their taxes would fall to 25 percent on the upper end, which is a pretty strong incentive to expand and hire more.
(Excerpt) Read more at nypost.com ...
The best part - or the worst depending on how you look at it - is the abrogation of the state and local income tax break. This will hit blue states the hardest, but blue states do love those high tax brackets so they should cheer.
They’ve already got folks here scratching their head, and justifiably so.
With the majority, our guys run with raising taxes in some categories. The upper middle-class may get hit pretty hard.
Small businesses have their taxes capped at 25%, while corporations are capped at 20%. Why should small businesses pay 5% more than corporations?
If the democrats are for it then it is loaded with tax increases. Trump beware!
As long as the plan brings jobs, jobs, jobs, all will be well.
“Who needs Democrats? Let’s see what the GOPe can do to ruin it. “
With help from Gasparino, who hates Trump with a passion.
Good question. Trump was talking about 15% for both during the campaign. I always figured that was unrealistic, but 20% for both corporate and pass-through would be fine with me.
Yes, he's on Varney every morning criticizing Trump.
How do they define a small business? Most small businesses that I’ve worked for file an indidual 1040.
Thanks. Same here...
H&R Block, KPMG and others that have lobbied for decades to make tax code complex claim that new changes are racist.
Democrats (and RINOs) specialize in the complexities carved out by lobbyists... mostly to protect existing big business from smaller/new challenges to the status quo.
If you see them go for this, you know it has become more complex.
I think you mean he’s on with Neil Cavuto every afternoon.
They tag team against President Trump all the time.
And, yet Cavuto wonders why POTUS refuses to be on his show.
He’s also on with Varney. I turn off FBN when Cavuto comes on until Dobbs.
A “pass-through” business pays taxes through the owner’s personal 1040 via schedule C. This includes sole proprietorships, partnerships, and S-Corporations.
https://www.thebalance.com/pass-through-taxes-and-business-owners-398390
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.