This tax bill is already ugly. I read that because the propose eliminating all charitable deductions unless you give quite a bit of money (in the 5 figures), they believe that giving to charities will plummet by at least $13 Billion. Eliminating other deductions are going to raise the taxes for millions of middle class families.
It will be interesting to see if the GOP in the House has the votes to pass this. It must also get at least 51 House votes in Conference.
So Trump and others want to continue to punish the “rich,” in other words, the successful businessmen and businesswomen who work hard, put in long hours, create all the jobs, and make the economy work. Yeah, that will grow the economy...NOT!
All this does is play into the hands of the commie democraps.
Reagan lowered the top rate down to 28%, a rate which you benefited from yourself, Mr. President.
Another thing....tax cuts do not increase the deficit, it’s runaway spending that accomplishes that dubious goal.
When Reagan took office in 1981, the IRS was taking in $500 billion per year. When he left office eight years later, the IRS was taking in $950 billion per year. And the democrats controlled the House the entire eight years.
I guess the GOP has completely given up on the idea that small businesses generate jobs and are the engine of economic growth, and that everyone who earns $1 million in any given year is a hedge fund billionaire or corporate fat cat who earns $1 million every year and really doesn’t need it.
The irony of this whole debate is most rich people live in Democratic districts in Democratic states.
In addition, they can hire tax professionals to move their money around to avoid or defer taxes as they wish.
The Republicans are the “stupid party” if they waste time or political capital on this issue.
Most NFL-ers fall into this bracket. He he!
Yeah, stick it to the rich. :-)
Maybe that will satisfy the class-envy rich-haters - some who frequent this site.
Or maybe it won’t.
Members of Congress hide everything they make over $418,000.
I don’t care about the million dollar bracket. I’m more concerned with the other brackets and just how much my taxes are going to go up.
RINOs have accepted the premise of socialism.
They are a pathetic group of sunshine conservatives during elections... and socialist, crony capitalists when they govern.
The Million Dollar Tax Bracket would balance our Budget.
If every fast food worker were paid $481.00 per hour, they would make a million dollars a year, and then each fast food worker would pay almost $400,000.00 in taxes to the IRS.
This is all just political posturing by both parties. If your tax code has more then 73.000 pages. its nothing but garbage designed to screw the citizens over. If you have to complete 12 sheets of paper to file your taxes its just a game designed to shaft you.
This tax would probably collect less net revenue for the Treasury, but these RINOs don’t care.
And by the way, what happened to “tax reform”? Gutting the bloated tax code. Filing taxes on a single piece of paper.
I stopped reading when I saw this was a Axios story.
Progressive propaganda from a progressive propaganda website.
i don’t get too worked up about lies in axios based on anonymous sources.
i think i’ll just wait and see what Congress manages to pass, if anything.
All dividend and interest income greater than $100,000 would be taxed at a rate of 100%.
I am so tired of big mouth Billionaires claiming they don't get taxed enough. Well _uck them. ; )
No no no no no no no no no no no no no no no no no no no no no no no no no no.
One more thing: no.
I am not a millionaire. Not even close.
Better be fake news.
Nobody should have to pay almost 40% of their hard earned income in taxes.
Sorry, but there are FAR TOO MANY millionaires working to DESTROY the country.
Trump’s base IS NOT these wealthy ingrates, his base is WORKING CLASS AMERICANS, people scraping by in flyover country. Trump doesn’t owe these wealthy ingrates a damn thing, and neither do we Republicans.
If the uber-wealthy want US to carry their water regarding tax rates, the FIRST THING they can do is stop supporting Democrats, the second thing they can do is stop treating us like Deplorable horse shiite. Then, maybe, I’ll listen to these multi-millionaires crying about high taxes.