Taxes have a real purpose but when the gov't gets greedy, the non-rich suffer worst. Proportional tax should be imposed in order to make the payment burdens equal and fair, not tax breaks if you make more than the middle class can. Once you start getting into the rich tax payers, they typically only pay around 12% for capital investment taxes, where as your normal employee pays up to 54% in the US. Seems completely lop-sided towards the rich.
Republicans have made a very big deal pitching their tax reform plan as an elixir for economic growth.
But a new nonpartisan analysis of the Senate tax bill suggests that while it will spur some additional economic growth, it won't be nearly enough to compensate for the full cost of the bill's provisions, which include tax cuts for businesses and individuals.
The Joint Committee on Taxation, the Congressional scorekeeper for tax bills, estimates that the Senate tax bill could generate enough growth to create nearly $408 billion in new revenue over a decade. But even with that additional revenue, the bill would still add an estimated $1 trillion to deficits. Ref. CNN.
The Senate passed its tax reform bill in the early hours of Saturday morning, following a day full of Republican leaders making changes to bring enough members on board and a long night full of heated rhetoric on both sides of the aisle.
The vote was 51-49, mostly along party lines. Sen. Bob Corker, R-Tennessee, was the only Republican to vote against the bill, citing concerns about growing the deficit.
Congressional negotiators continued to make changes to the bill -- including handwriting alterations on the document -- up until just hours before the final vote, with Democrats sharply criticizing Republicans for not giving members enough time to read the sweeping legislation that would overhaul the US tax system. Ref. CNN.
The House of Representatives approved the final version of the first overhaul of the US tax code in more than 30 years, handing President Donald Trump and congressional Republicans their most significant legislative victory of 2017.
The bill passed along sharp partisan lines, 227 - 203, with 12 House GOP members opposing the legislation, and no Democrats voting for it.
The Senate is expected to clear the bill later Tuesday, with Vice President Mike Pence presiding over the vote. The measure then heads to the President's desk for his signature before the Christmas holiday, making good on the Republican Party's promise to enact tax relief by the end of the year. Ref. CNN.
Wonder if this is coming just in time for Christmas so people can spend more and help give leverage to the Feds so they can jack up the interest rates.
International Level: Activist / Political Participation: 26 2.6%
I do not think that this tax overhaul will not help people as much as they hope. Cutting out the personal deductions and increasing the standard deduction is a wash. People are not saving anything in my opinion.
President Trump’s Tax Day message: The economy is roaring back and ‘the American people are winning’. In an opinion piece for USA TODAY, Trump celebrates the economic effects of the massive tax reform package he signed at the end of last year. Trump says the tax cuts created jobs, put money in the hands of hardworking Americans and restored the country’s competitive edge. He also points out that the tax law ended the Obamacare individual mandate and opened up the Arctic National Wildlife Refuge for energy exploration. Ref. USAToday.
We rest USA Tax Policies to share wise words from the past:
Today is: 7th April (GMT), in history on the 7th of April, 1931 AD the following event happened:
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