Sunday, December 4, 2016
Uneven Tax Distribution Under Trump
Despite reports by Steven Mnuchin that rich U.S. taxpayers won’t be beneficiaries of “an absolute tax cut” under Trump's new plan, Eugene Steurle says, "Trump’s current plan doesn’t identify sufficient offsets for high earners to pay for their rate reductions.” In Trump’s new taxation plan for 2017, a division of several hundred billion dollars of revenue cuts will be spread across different income ranges. As a result, the required tax pay of U.S citizens will decrease, but the expected contributions of the different income ranges is expected to shift in a way that the wealthy, top 1% will benefit. Their average tax cut will be around $215,000 per household under Trump's new plan which is a drop to 25% owed in federal taxes from the 28.7% currently being paid and the Tax Policy Center expects nearly half of the benefits under Trump’s plan to go to the top 1%, households which would result in them earning north of $700,000 each year. This uneven split of the benefits of Trump's new plan contradicts both his and his projected Treasury secretary's statements on his new plan.
http://www.wsj.com/articles/taxes-under-trump-almost-everyone-pays-less-and-the-richest-pay-a-lot-less-1480700891
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Not to say that I agree with this plan; but I do want to say that I think its important for everyone to participate in the tax system, whatever the percentage/dollar amount may be. If people are going to enjoy all the benefits of our nation, everyone should have to pay at least something, just to know that they contribute to our country.
ReplyDeleteI think a big part of Trump's plan is to cut taxes across the board for consumers while trying to raise them on big business. His odd plan to force domestic firms to return their tentacles to within out borders is his idea of a fix to the decrease in taxes. Really, This will just raise the cost of goods in the CPI, driving up inflation significantly, killing the exchange rate of the US dollar. The lack of a cut in spending coupled with trumps tax plan will further increase our deficit he had been so critical of.
ReplyDelete“One thing is clear: The Founding Fathers never intended a nation where citizens would pay nearly half of everything they earn to the government," said Ron Paul. All I know is whatever our tax dollars go to I hope it's effective.
ReplyDeleteI feel like promises by politicians before entering the "dance floor" should not be taken literally. Things are being said that will not be followed so people should be able to determine what changes are possible from a certain person and which are not.
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