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Will the middle class pay less or more under the new tax plan? We need real numbers, more details

Posted on | April 27, 2017 | 4 Comments

Yesterday the White House unveiled it’s new tax plan. It provides a huge tax relief for corporations, corporate tax goes down from 35 to 15%, however tax consequences for individuals are not that clear.

White House stated that there will be 3 instead of 7 tax brackets and that the individuals will lose most of their deductions.

We need the actual numbers, what specific incomes will be in specific  brackets. I don’t know whether my income will be taxed under a lower bracket or the same bracket. Moreover, deductions are very important, particularly, for people who live in states like CA and NY where state taxes are  high. In CA the state tax is 13% Additionally, citizens all over the country are paying property taxes. Those were deducted from our federal incomes. Moreover, there are other important deductions, such as health-care, meals, depreciation  of cars and properties. White House needs to provide us with more details. If tax rate reduction is less than the loss of  the write-off on deductions, then this tax bill needs to be re-worked.

Furthermore, I question, how much corporate tax reduction will add to the national debt and how much will the American workers actually benefit from it. For example, a US corporation makes a million dollars. Currently it would pay $350,000 in federal income taxes. Under the new bill it would pay $150,000. So, the treasury would get $200,000 less. Further, what is to prevent this corporation from investing this $200,000 in a factory in China, where labor is dead cheap, where people are getting a $1 an hour or 50 cents an hour? There is nothing in the bill that would require these corporations to reinvest this money in the US. So, the treasury would lose money and American workers will not benefit. It is true that some corporations might relocate to the US, however, they might relocate the headquarters, but not the manufacturing and the end results will be minimal.

The public should demand more details from the White House and an evaluation from the CBO.

Category: Uncategorized

Comments

4 Responses to “Will the middle class pay less or more under the new tax plan? We need real numbers, more details”

  1. FROM ANOTHER PLANET
    April 27th, 2017 @ 12:44 pm

    no tax deduction until you hire the 92million legal residents….

    if yo mama came here illegally and gave birth to you..you are not an american citizen. I’m sorry for you and how this happened.

    Go to Korea and China and Mexico and pull that card.. Your card will say you are not a Korean citizen, nor a Chinese citizen nor a Mexican citizen and your children would not inherit citizenship in those countries.

    Stop lying to yourself. Snowflakes cant handle the truth and are constantly harrassing me on my phone.

  2. STOP TREASON IN CONGRESS!!
    April 27th, 2017 @ 1:30 pm

    Now, here’s a site that I find very distrubing:

    It deals with what they discuss as a major economic problem for Americans, in or around the next 100 days…or thereabouts.

    https://americanfinancecouncil.org/internal/e-long/index.php?vtid=&cid=ns&pubid=ns&campid=ns&transid=ns&reqid=ns&sid=ns&s1=&s2=ns&s3=ns&splash2=false&splash3=false&head=3&p=2

    Now, this is a site that discusses how the 1% of the elitists are going to pull another 1929 crash of the market…!

    It does offer info on how to help oneself, but who knows how reliable that info is?

    And I believe that these are the nwo’s who have been pulling this stunt all along!

    So, IMO, investing in the stock market is very risky!

    They like to hike the numbers…but this just gives those that invest a false sense of security, IMO!

    And I’m not promoting any of the investing info! It’s just there for your information.

  3. Jerry Brown
    April 29th, 2017 @ 6:30 pm

    It seems that most people don’t understand that Corporations don’t pay taxes. Not one cent – ever! Their customers pay all those corporate taxes thru product mark-ups. One way or another their tax bill finds its way to you and I. It’s pretty slick because, like I said, most people think corporations are paying taxes when, in fact you are the one on the hook for all their taxes. 0%, 35%, 10% doesn’t matter you’re the one whose paying not them.

  4. dr_taitz@yahoo.com
    April 30th, 2017 @ 1:55 pm

    Well, I disagree with you in that people are paying what they are willing and able to pay. If the prices are to high, people do not pay for the products or buy from competitors

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