We went over this before. I'm not getting into it again. If you want my response, go back a few pages. Your only argument was that the rich will declare themselves as LLCs and avoid paying income taxes. That's absurd. The majority of deductions will be removed, so this would more-or-less be a flat tax, and most of the deductions will benefit the lower and middle class than the rich. The rich will benefit through lowered capital gains taxes, which is where most of their income comes from anyway, and the lower corporate tax rate will help many struggling businesses. Not every company is a Trump Organization or an Exxon.
I read the current tax code. I read Trump's proposal. I used my own knowledge of corporate finance and accounting to determine the benefits of this plan. You probably didn't bother to do any of that and just read someone's blog that spun that ridiculous conspiracy that Trump's tax plan was written to only benefit himself and his friends. You're smarter than that, but you're stuck in this weird anti-corporate anti-rich bubble that's made out of iron that you simply will never break free from. I can spend hours talking about this, but your mind will never change. To change your mind, or to even see the other point of view, or hell even the facts would require you to change who you are. That ain't happening, so I'm no longer going to bother. As evidenced with this post, you took nothing from our previous conversation about the tax plan, and just reverted back to your old wildly ridiculous theories.
Have fun with that.
I don't read blogs. I do my own research. I look at historical data. I am a numbers guy by trade.
The wolf in sheeps clothing is the doubling of the standard deduction. That gave me pause. Shocker, the earned income tax credit is gone. Zero sum game for the lower class. But I am honest enough to admit it helps the lower middle class.
The deductions that go away hurt the middle class and upper class equally, but they don't have the same buying power and resources. The middle class takes this one on the chin.
And yes, the wealthy can store money in phony LLCs. But the worst part is that deffered interest isn't going away, even though Trump promised it would, so wealthy investors can still pay all their income at 15%.
15% corporate tax is the lol craziest part of this. That money will not go to new jobs or higher wages. There is no money in that for the shareholders. They will either buy other companies or buy stock in their own company to drive up the price.
Independant accounting sources have said this tax cut for the wealthy will cost from 1 to 6 trillion dollars in debt over the next 10 years.
Trickle down economics doesn't work. 30 years of history show that it doesn't create jobs, doesn't increase wages for anybody outside of upper management, and by no means whatsoever does it encourage reinvestment into the company. Shareholders despise that.
Standard republican bullshit. We're rich and want to be richer. freak everyone else.
And don't get me started on the new healthcare bill. We're rich and can afford healthcare. freak everyone else.
