by William Teach | September 28, 2017 9:06 am
Realistically, Trump (or any Republican) could offer a plan that specifically raises taxes on corporations and The Rich, and it’d still be called tax cuts for the rich
(Breitbart) President Donald Trump announced the framework of his tax plan Wednesday afternoon, boasting that it would restore the American dream for working families.
“This is the right time. Democrats and Republicans in Congress should come together to deliver this giant win for the American people and begin the middle-class miracle once again,” Trump said as the crowd applauded. “It’s also called a miracle for our great companies.”
The president traveled to Indiana for his speech, noting that under Governor Mike Pence the state made impressive economic gains as a result of lower taxes and regulations. He spoke at the Farm Bureau Building at the state fairgrounds in Indianapolis.
He wants the average family to fill out one piece of paper when doing their taxes. And some of what he is looking to enact
Trump promoted the idea of cutting taxes for working-class Americans, allowing the first $12,000 of earned income to remain tax-free — $24,000 for married couples.
He promoted three different tax rates of 12 percent, 25 percent, and 35 percent for different income brackets.
The president promoted pro-family policies like the expansion of the child tax credit and eliminating the marriage penalties. He also promoted a $500 tax credit for dependent adults or the elderly. His framework also included a plan to eliminate the alternative minimum tax and end the “death tax” permanently.
Trump said his plan aims to cap the tax rate for millions of small businesses and farms at 25 percent and allow them to write off the cost of equipment in the same year they purchased it.
You can read the one-pager release from the White House here, and the full framework here. Remember when Obama’s plans were essentially written on sticky notes?
Obviously, this has caused freakouts, like
Trump Tax Plan Benefits Wealthy, Including Trump
which appears in the hard news section, yet reads like an op-ed. Then we have the Editorial Board in apoplexy
A Boondoggle Masquerading as Tax Reform
After months of secret negotiations, the Trump administration and congressional leaders have come up with a tax plan — sort of. What they have really come up with is a wish list of tax cuts for the wealthy, with lots of “we’ll get back to you on that” promises where the details are supposed to be.
This much is clear: The tax “framework” published by Republican leaders on Wednesday would greatly increase the federal deficit, would not turbocharge economic growth and could leave many middle-class families worse off by ending deductions they rely on. It would do little or nothing to improve the lot of the working class, a group President Trump says he is fighting for. It would instead provide a windfall to hedge fund managers, corporate executives, real estate developers and other members of the 1 percent. And can it be just a happy coincidence that Mr. Trump and his family would benefit “bigly” from this plan?
It’s the same old same old complaints from the media elite. They manufacture ways that lowering tax rates for individuals and small businesses aren’t actual cuts. You can tell they really didn’t read the materials from the White House. And, as far as deficits go, the last people who should be complaining about deficits and debt are Democrats.
Much of the Trump plan is about streamlining taxation, things like removing all the different “tax regimes”, which “exist to govern the tax treatment of certain industries and sectors.” Everyone should be taxed the same. And so much more. Considering how many people the NY Times has laid off, and looks to lay off, they’re the last ones who should be whining about knowing how business works.
Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.
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