Wednesday, November 22, 2017
 
Trump Tax Cut Plan Appears On Track, But Skepticism Abounds

WASHINGTON, D.C. Oct. 26 (DPI) – Trump’s plan to cut tax rates appears to have momentum and may become law sometime next month. But many people – from budget experts to everyday online posters – are expressing deep skepticism that, even with their passage, such cuts solve nothing and won’t spur growth.

One-time GOP budget director David Stockman – now a blogger who is something of a voice in the wilderness on matters of sound public finance – has been repeating his long-held assertion that the wealthiest 10 percent of US earners already pay nearly 80 percent of the nation’s income taxes, and cutting income-tax rates further will do little if anything to help the working class.

Instead, he says, Washington should be cutting the payroll tax, which more directly impacts the paychecks of workers.  Moreover, the details of the tax plan – how high the standard deduction? Eliminate the estate tax? Corporate tax at 20%? Eliminate deduction for state and local taxes? – remain unclear, and are probably not agreed-on by lawmakers.   People still don’t know what exactly tax reform will look like.

Many residents in high-tax states like New York, New Jersey and California are convinced that the attempt to eliminate the state and local tax deduction is “punishment of blue states that didn’t support” Trump.

There are no Democrats in Congress publicly supporting Trump’s tax cut plan, but the Dems are outnumbered and can only watch as a fractured GOP will likely adhere long enough to vote it into law.  The plan passed a big hurdle today, as Congress voted on a new budget, setting the stage for a tax-cut vote in a few weeks.

Most popular comments on NYTimes.com today:

I’m in the 1%. I voted for and donated to HRC. Since the election, I’ve seen my retirement and brokerage accounts swell. They’ll only grow more when the Republicans cut my tax rate. My health care coverage is unaffected by the legislative morass. And now I may not even have to pay any estate tax. Why am I so deserving of such unsolicited gifts? I would love to ask members of Trump’s base why they keep doing me these favors. Have things really gotten that much better for them since the election? It is a puzzlement.

Congressional Republicans screamed about reducing the deficit when Obama was in office, and now suddenly the deficit doesn’t matter. There has never been a bigger bunch of hypocrites in Congress than the current members of the GOP. They have sold their souls to the devil.

Dear Republicans:
Except for the 20 voting against it, thank you so much for passing a bill that will provide more money for billionaires and multinationals on our backs.
Sincerely,
The Middle Class

 

 

 

 

 

 

Advertisements

Click Here!