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.
Estate Tax or the Death Tax
President Trump has always felt that this has been an extremely unfair tax since it taxes money that's already been taxed. Even though he tried to get it totally repealed the GOP insisted on a softer version of it. They instead want to double the exemption on all inherited assets and then totally get rid of it after a six-year period.
Corporate Tax Cuts
Even though the president tried for a 15% corporate tax he at least got some of what he wanted with a 20% corporate tax which he hopes will help bring businesses back into this country and encourage others to hire more Americans.
Other Items
This tax reform will also call for an expansion of the child tax credit. Right now it's $1,000 and the goal is to raise it to $1,600 instead.
There also would be a cap put on charitable deductions that will rise to up to 60% of a person's total income.
Editor's Note
Don't let the screaming coming from the Democrats scare you off when it comes to this tax reform because no matter what it could look like they'd be yelling “bloody murder”! It's time that people realize that nothing the president does is going to be accepted by this party. Without a doubt more than 90% of them if not 100% of them will vote against it, just like they've voted against everything the president has tried to get passed.
The bulk of the democratic party has gotten so engulfed with their hatred for the POTUS that they don't care at all about doing the job they were voted into office to do by you the American people. Their hatred overrides our needs and desires and don't care if they shoot down everything and anything that comes from this presidency, no matter how much you might just benefit from it.
