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The first rule of politics is feather your own nest. president trump’s tax cut proposal always had this in mind. Congress has passed a bill which tinkers at the edges but leaves most of Trump’s core proposal intact. It’s obvious to me that Trump has the political acumen of another brilliant U.S. politician, the loathsome [.]
The Tax Policy Center estimated that Americans in the middle 20 percent of the income distribution who received any tax cut at all could expect their IRS tab to drop by $1,090 on average.
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Trump’s tax plan will have similar effects. And it’s why there was such staunch opposition to it in Congress. Democratic leadership understand that the triple-whammy of eliminating the State and Local Tax exemption, lowering corporate tax rate to 20% and incentivizing the on-shoring of corporate profits held overseas will gut their support at the electoral college level.
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There are many reasons to dislike Donald Trump’s candidacy for the job falsely-billed as the most powerful in the world. Minimising his taxes is not among them.. The late Kerry Packer explained why some years ago to a bunch of Australian politicians gathered to investigate his own alleged misdeeds.
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Employees were already seeing record profits, do you really think they needed a tax cut? Only 4% of workers felt the benefits of the cuts. Since Trumps tax cuts came into effect, twice as many companies paid zero in taxes, included Amazon, Netflix, and Chevron. They dodged paying $16 billion in taxes total while receiving $4 billion in tax rebates.