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Apr 26, 2017
11:40:40am
Ozymandias All-American
Don't be so sure. Many of the proposals will ream the working middle class.
Nothing has suggested that the GOP is currently interested in reducing spending and therefore they can't offer tax "cuts" in terms of reducing the gross taxes collected. So you are right, all the administration and the GOP currently want to do is rearrange the deck chairs. They want to re-pick the winners and loser, so to speak.

So, if you are going to cut the corporate income tax rate to 15%, how do you "pay" for that? The border adjustment tax is one idea that has been seriously considered. Get ready to pay around 20% more for goods that come from over seas if that happens. Another idea that has been proposed is eliminating the current deduction for retirement savings. So you wouldn't be able to deduct your 401k contributions and your employer match would be currently taxed to you as well (although you wouldn't pay tax once you take a distribution). So wait, you are going to lower the corporate tax rate and increase the tax burden on middle America to do so? Freaking ridiculous.
Ozymandias
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imanihonjin
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Ozymandias
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Apr 25, 2024
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