Now it sounds wonderful -- tax cuts for everybody! The fine print, however, is where you see this is nothing but a scam (details here and here).
According to the non-partisan Institute on Taxation and Economic Policy, people who earn less than $45,000 per year will receive tax cuts of only one-half of one percent per year under the Trump plan. That means if you earn $45,000, your tax cut would be about $230 per year, which translates to $4.43 a week.
If you earn $1 million per year, your tax cut will be about 22 percent or about $218,000 a year. That works out to $4,200 per week.
In short, the more you make, the bigger your tax cut in terms of both percent and dollars. This is not an across-the-board rate cut. This is a massive tax cut only for the rich with peanuts thrown to the middle class.
This proposal is very similar to the farce pulled during both the Reagan and the George W. Bush administrations -- the rich received massive tax cuts under both Presidents while the middle class got a few dollars.
That's why the income gap keeps widening. If you're middle class, your take-home pay, adjusted for inflation, is actually less every year.
Except if you're a millionaire, thanks to Reagan and Bush II. Trump is trying to pull the same scam -- but this time we must make sure he doesn't.
It's always the same when governments talk about taxe cuts. The richer people get it all better.
ReplyDeleteWhat we say here is that poor or rich, we pay our pound of butter the same...
As long as RICH people are ruling the power levels, they will always favor their own kind. Do you think «45» really care about his «déplorables poor» class people?
As an hypocrite "HE" will just FAKE it as "HE" always used to do.
Hurricanes may destroy parts of USA but they're united in better way ALL of its population no matter race, religion or sex orientation.
«45» is the far WORST destructive cataclysm for USA because "HE" is dividing its population in so many ways.