Friday, July 28, 2017

TRUMP "TAX REFORM": Higher Taxes For Many

Imagine my surprise.

If President Donald Trump sticks to what he has said, Americans earning between $149,400 and $307,900 are most likely to see an increase in their taxes as a result of tax reform, reports The Wall Street Journal.

According to WSJ, those figures come from a recent study by the Tax Policy Center, a nonpartisan group in Washington, and are based on Trump’s statements and proposals. The study concludes that nearly one-third of about 19 million households in that income range could see tax increases averaging from $3,000 to $4,000 a year.

"Tax reform" is a dangerous scam. It will do little more than shift taxes around.

What we need is serious tax cuts from the current structure.

From WSJ:
In an interview with The Wall Street Journal this week, Mr. Trump affirmed that a major overhaul could bring “upward revisions” that raise taxes for some people. He also struck a new tone, stating that he doesn’t like it that a “rich guy who made…$25 million last year is going to pay less” after tax reform than before.
But based on his proposals and statements, that is exactly what would happen.
The crony rich close to power will always get breaks.


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