The big political debate right now is centered around President Trump’s tax plan. As usual, the Left is having a field day with the proposal, calling it a tax cut for the wealthy that will hurt the lower classes.
With the issue being such a controversial one, it’s difficult to cut through the propaganda and get the truth about what the tax plan will mean for each income bracket. One of the ways the president is trying to gin up support is to remind folks that under the new code, people like him may end up paying more than they did before.
While Trump still hasn’t released his much-desired tax forms, claiming that it’s only because they’re under federal audit, his spokeswoman said Tuesday that he could be taking a hit financially.
“We expect that it likely will, certainly on the personal side, could cost the president a lot of money,” Sarah Huckabee Sanders stated. “Again, the president’s focus hasn’t necessarily been at all on himself.”
Sanders did go on to admit later on that “on the business side he could benefit,” although she didn’t go into any specifics.
The momentous tax reform legislation passed the House on Tuesday and will now head to the Senate, where there will be little room for dissent among the GOP since their majority is so slim.
The tax brackets laid out in the proposal are as follows:
$0 to $9,525 – 10%
$9,525 to $38,700 – 12%
$38,700 to $82,500 – 22%
$82,500 to $157,500 – 24%
$157,500 to $200,000 – 32%
$200,000 to $500,000 – 35%
$500,000 and up – 37%
Married couples who file jointly
$0 to $19,050 – 10%
$19,050 to $77,400 – 12%
$77,400 to $165,000 – 22%
$165,000 to $315,000 – 24%
$315,000 to $400,000 – 32%
$400,000 to $600,000 – 35%
$600,000 and up – 37%
Whether or not Trump stands to gain from the plan doesn’t matter. What matters is that the code is revised so that it’s truly fair. We’re always having to listen to leftists whine about fair shares and whatnot, yet half the nation effectively pays no federal income taxes. The rich they so desperately want to tax into oblivion are shouldering the overwhelming majority of the tax burden.
But apparently, the reduction of the top rate from 39.6 percent to 37 percent is just too much for leftists to handle.
Trump claimed last month that tax overhaul would “cost me a fortune” as he pitched the deal in Missouri.
“Believe me, this is not good for me,” he said. “I have some very wealthy friends. Not so happy with me, but that’s okay.” Good for him or not, what’s needed is for everyone to pay their fair share, and so long as half the nation has no skin in the game, the tax code can’t ever be considered fair.
Source: Daily Mail