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The White House just released a report saying that slashing the corporate tax rate would boost $4000
The White House just released a report saying that slashing the corporate tax rate would boost the typical family’s take-home pay by $4,000 per year.
More Bullshit!!!
https://finance.yahoo.com/news/trump-credibility-problem-tax-reform-200607509.html
As President Trump and his fellow Republicans roll out their big tax-reform plan, the biggest battles are likely to be over who stands to benefit the most. The framework for tax reform the Trump administration, published in September, called for simplifying the rate structure for individuals, killing the estate tax, lowering taxes on small businesses and slashing the corporate rate from 35% to 20%. The Tax Policy Center (TPC) found that the plan heavily favored the rich. It would boost the after-tax income of the top 1% by 8.5% on average, while the bottom 95% would enjoy just a 1.2% hike in take-home pay, at best.
The White House trashed the TPC analysis for filling in details the White House hasn’t yet provided. And it’s possible the final Trump plan will be kinder to the middle class than the TPC findings suggest. But the factual details of the plan, whenever they arrive, may end up being less important than the impression Americans have of the plan, which will determine the enthusiasm with which members of Congress support tax reform and are willing to risk political consequences to support it.
On that matter, Republicans are way behind, playing catch-up. A recent CBS News poll found that 58% of Americans think Trump’s tax plan benefits the wealthy, while just 18% think it benefits the middle class. That’s a giant gap. Better messaging about the plan might narrow the gap a little, but opinions are hard to change once fully formed. And the president himself, typically the top salesman for any major policy change, may in this case lack the credibility to convince rank-and-file Americans his plan will be good for them.
Trump’s core supporters seem willing to support him no matter what he says, but that may only constitute a quarter of all voters. Many of the rest need to be convinced, and Trump is not turning out to be a very good convincer. Part of the reason is a poor track record on promises made versus promises kept.
The White House trashed the TPC analysis for filling in details the White House hasn’t yet provided. And it’s possible the final Trump plan will be kinder to the middle class than the TPC findings suggest. But the factual details of the plan, whenever they arrive, may end up being less important than the impression Americans have of the plan, which will determine the enthusiasm with which members of Congress support tax reform and are willing to risk political consequences to support it.
On that matter, Republicans are way behind, playing catch-up. A recent CBS News poll found that 58% of Americans think Trump’s tax plan benefits the wealthy, while just 18% think it benefits the middle class. That’s a giant gap. Better messaging about the plan might narrow the gap a little, but opinions are hard to change once fully formed. And the president himself, typically the top salesman for any major policy change, may in this case lack the credibility to convince rank-and-file Americans his plan will be good for them.
Trump’s core supporters seem willing to support him no matter what he says, but that may only constitute a quarter of all voters. Many of the rest need to be convinced, and Trump is not turning out to be a very good convincer. Part of the reason is a poor track record on promises made versus promises kept.
12 replies
= new reply since forum marked as read
= new reply since forum marked as read
they inherited it.
They like to say "let people keep their own money." Sounds great, doesn't it?
Problem is, when you let wealthy people "keep their own money" by not taxing it, they.....wait for it......they keep their own money! 
The real purpose of high marginal tax rates is to get the top 1% to re-invest their money in ways that benefit the rest of society. Under the typical Repub regime, they tend to use that money in ways that benefit themselves...only. Used to be companies and wealthy folks would re-invest in plant and equipment, and even...gulp...in raising wages and salaries to reduce their AGI to a lower bracket and rate. Now, they typically use it to buy back stock to increase their leverage within the company/business.
