Unless you’ve been living in a vacuum, you must realize, the Republican Party – dominated Congress, is about to enact legislation, they refer to as tax reform! This, incredibly, heavily – hyped proposed legislation, appears to be, far more about politics, than serving the American middle class, as has been promised, and promoted. If the intent was, truly, to lower the burden on the middle class, the proposal would be focused on significantly lowering the taxes, these people, pay, but, this so – called reform, prioritizes the wealthiest Americans, by significantly changing the estate tax levels (although a compromise, improvement, over the original proposal to completely eliminate it), lowering the upper bracket (couples over $400,000+), from 39.6%, to 37% (for example, someone with an income of $1 million, saves approximately, in excess of $15,000, in taxes). Rather than attempting to treat all Americans, somewhat, equally, it punishes those living in states with high S.A.L.T., or state and local taxes, by significantly reducing the ability to deduct these costs (creating double taxation for people living, primarily, in states, which voted against Donald Trump)! This article will attempt to briefly examine, some of the lies, misstatements, distortions, and false assumptions, being used.
1. Lies: When President Trump, and his political allies, proclaim, they are doing this, to provide Americans, with lower taxes, and more (and better) jobs, they are either delusional (a possibility), or lying to the American public! The reality is, this isn’t a tax cut for the middle class (in fact, in many parts of the country, it actually raises income taxes), but primarily, akin to smoke and mirrors, prioritizing, claiming to win, and saying it’s being done, to Make America Great Again!
2. Misstatements: One of the proclamations is, they’re lowering taxes, by doubling the standard deduction. However, they are minimizing the fact, they are simultaneously, elimination, the personal exemption, meaning there is no advantage, to a family of four. Presently, this exemption is $4,050 per person, so a family of four, reduces the taxable income, by $16,200, and thus, raising the standard deduction, by an additional $12,000 for a family, isn’t any advantage, at all! Claiming, individuals will benefit, by significantly reducing corporate taxes (from 35% to 21%), assumes a often – disproven theory, referred to, as Trickle Down Economics. The last time, this was attempted, on a large – scale, was in the early 1980’s (referred to, as Reaganomics), and the plan, was so ineffective, Reagan introduced, a tax on Social Security payments, punishing those, who generally, can least afford it, while, then, resorting to raising other taxes and fees. In fact, when Gary Cohn, President Trump’s economic adviser, asked CEO’s for a show – of – hands, if they would pass along these benefits to employees, very few raised their hands. No less, than, Michael Bloomberg, considered the eight wealthiest individual, has clearly stated, this is a poorly designed proposal, which is dangerous and self – serving!
3. Distortions: Statements proclaiming this is focusing on the middle class, can, at best, be called a distortion. This is not, tax reform, but a tax cut, for the wealthiest Americans!
4. False assumptions: When asked about the, nearly $1.5 trillion, of deficits, which this will create, proponents state, it will be paid for, by the extra growth, in the economy. Nearly every independent economist, claims, this is a false assumption, and there is no reason, to believe, the amount of growth, will be anywhere, near, what is being stated! Stating large corporations will use the additional net earnings to hire more people, or to provide better salaries and benefits, is, in the vast majority of instances, untrue!
Wake up, America, because, you are having the wool, pulled over your eyes! These politicians are not focused on your best interests, but their own, personal agenda, and self – interest. The beneficiaries will be, the wealthiest individuals and corporations, not the middle class, or American economy. Because they’ve gotten away with it, so many times before, they believe they can tell you, anything, and you’ll accept their rhetoric and empty promises. The reality, however, is, this isn’t truly, tax reform, but, rather, Welfare, for the wealthiest!
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, and worked on political campaigns, for 4 decades. Rich has written three books and thousands of articles. Website: http://plan2lead.net and LIKE the Facebook page for common sense politics: http://facebook.com/commonsense4all
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