Do people really pay thousands more? I figure it won’t be more than a few percent of what they already pay. I’m all for making the tax code easier. And getting rid of deductions and lowering the tax brackets would do that.
You know that if Trump just says these cuts will be paid for by increased revenues, he would be attacked. Reagan got rid of most deductions. I’m sure there were a lot of people that complained back then about that as well.
Our founding fathers risked everything they had. Every penny they had and their very lives. Those selfless attitudes are definitely gone. I would happily pay a little more in taxes by having less deductions actions, and have the economy booming so my investments are doing better. And better yet, this country and my son would have a future.
12% only goes up to $45K for individuals (based on $90K for married couples). I doubt that would help single homeowners in New Jersey or New York very much if the goodies are eliminated.
Ps. I’d rather have a flat tax with the returns sent in on a postcard. But that wouldn’t pass. We could have the most conservative best Bill available, but you know our Congress…
I would suggest everyone run the wrong numbers and see first. There are details that would change things, making knee-jerk reactions unnecessary. Personally, if I pay a little more, I’m not gonna throw the baby out with the bathwater. If this doesn’t pass, Trump and the country are toast.
YES...if this crap sandwich stands ( which it won't ), many people shall pay THOUSANDS of dollars more than they do now; if not more than that.
No, those "selfless attitudes" aren't gone; Trump ran, paid, and won the election.
OTOH...paying more taxes, so that illegals, slackers, ghetto thugs, and CRONIES of pols ( companies, colleges, etc.) can get more of my money STINKS!
What deductions were eliminated? State taxes for individuals, that's it. Individuals, not corporations for whom it's a legitimate deduction. Easier, for who? Easy to sell that was to wage earners, but the two level system for earned income vs pass through income is absurd. Kansas tried this and it accomplished nothing other than regulatory abuse. Sure, the chamber of commerce sells it as a boon to your local plumber, who will hire more plumbers. Personally I don't think my local self employed plumber should pay lower taxes and a wage earner on the same income. And laughing all the way to the bank are law firms, hedge funds, much of the financial industry, and the real estate industry. All of whom rely on pass throughs. Reagan did a great deal of elimination of abusive deductions, there's none of that in this bill. And he leveled rates, didn't matter how your income was earned. Go to work, sit home and collect interest or capital gains, same tax rate. This plan does the opposite. Doctor employed by a hospital could pay a 39.6% marginal rate. Contract with him or a new entity as self employed, 25% rate. Look for a lot of work for CPAs and lawyers. No simplification.