Posted on 11/10/2017 7:07:57 AM PST by Mr. Mojo
Senate Republicans put out their own tax overhaul proposal Thursday that differs in significant ways from the House tax plan.
The Senate plan includes taxing pass-through businesses at a higher rate, delaying the corporate tax cut, and lowering the top rate paid by individuals.
The Senate bill would create a new deduction for pass-through business income, the type earned by many small businesses, partnerships, and sole proprietorships. This deduction would lower the top rate from the current 39.6 percent, according to Senate aides familiar with the matter. The rate would remain above 30 percent, substantially higher than the 25 percent rate included in the House bill.
The Senate bill would also delay a cut in the corporate tax rate until 2019, a year after the House bill would have the tax cut take effect. That is sure to disappoint investors and business leaders who expected the tax cut earlier. It could also be a drag on the economy as businesses hold off on certain activities while they wait for the lower tax rate.
(Excerpt) Read more at breitbart.com ...
“Senate Tax Plan Keeps Much Higher Rate on Small Businesses, Lower Rate for Top Earners”
The elite GOP Senators once again serving the Wall Street donor class and executives of multinational corporations. Small businesspeople have no influence in the GOP. Most are main street deplorables.
What about carried interest? Neither the Democrats or Republicans will touch this huge tax exemption for the rent seekers in the investment and private equity communities.
Outside of a very small number of true public servants, the vast majority of elected representatives in DC need to be frog marched out of the capitol by The People.
The GOPe’s #1 priority is pushing globalism and maintaining the illusion that the establishments of both major parties have differing political agendas, even if doing so causes them to lose their majority. They are wholly committed to America’s destruction.
The higher earners create more jobs based upon their company needs, both inside and out. If you stop the expansion of the big guys/gals, you also stop the littler guys/gals. Leave the market alone. It’s worked for a couple of hundred years and didn’t start having real problems until the politicians found their profits more useful than the companies that earned them.
Rich people want to get richer. Let them take the poorer people with them so instead of giving welfare, give a job.
rwood
MORE total chaos and they are going to eff it up on purpose just like they did obama care. They are insane with their hatred of Trump.
I hate them with a red hot passion.
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