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The Tax Plan is Not Diabolical Like the “Left” Want You To Believe

 

November 2, 2017

 

If you listen to those on the left, who more often than not always fight tax cuts, would have you believe that this is the evilest plan that's ever hit this country before. No doubt if Reagan lived today and tried to pass his great plan from the 80's, they'd be crying almost the same “cry wolf” rhetoric. The main reason for this is that even though they claim it's going to favor the rich, it is focused mainly on the average person and not the rich. Most of the crying extremists make far more money than the rest of us and they know they're not going to reap tons of benefits from it and that's the only reason why they are trying to scare you into believing that you are going to be hurt by it.

 

This tax reform is focused on delivering real relief for those of middle income and people who are trying to get to the middle-income bracket in this country. The GOP has predicted that if this tax bill gets passed that the average family of four could receive tax cuts of around $1,200 a year.

 

Here's what this tax reform looks like:

 

The Brackets

 

This tax reform wants to cut the eight brackets down to four brackets to make it easier to file taxes. The tax brackets will be set at 12%, 25%, 35%, and 39.6%. The highest rate is still in line with the current top tax tier but will kick in when the income level hits $1 million for married couples. Right now the top rate kicks in when income is in excess of $470,700.

 

When it comes to those whose income levels are $24,000 and under will not even have to pay any taxes on their income. The 12% rate will cover up to $90,000 a year, 25% is up to $260,000, 35% is up to $1 million and the highest rate will be for those over a $1 million a year. For singles, these amounts are cut in half.

 

SALT or State and Local Taxes

 

The Trump administration did want a full repeal of the deducting of state and local taxes for those states that the highest state and local taxes, they compromised and the plan now includes allowing deductions up to $10,000. However, other state and local deductions that include income and sales tax deductions for all individuals are to be eliminated. This is to encourage states like California and New York to lower their own taxes and stop relying on the US government to help them out.

 

401 K Plans Untouched

 

As President Trump promised the American people, he would not allow 401 K's to be touched, in this tax reform plan these plans will not be touched or changed in any way.

 

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