Saturday, November 11, 2017

The Tax scam is out

So the House and Senate Tax bills are out.  They dont match so details will be hammered out in committee if they pass.  Here are some of the highlights, its several hundred pages so there are a LOT of loopholes to read through.
Going Away or Down ...

  • SALT (Local state tax deductions) for most individuals, Those who incorporate still get them.
  • Personal property tax deduction, lowered or gone
  • Import tax for corporations (making it cheaper to import things)
  • Earned Income Tax Credit
  • Medical Deductions
  • School Loan Interest Deduction
  • Teachers deduction when they buy school supplies for the kids.
  • AMT (Alternative Minimum Tax)

Still In....

  • Carried Interest
  • Corporate property tax deduction
  • Golf course owner deduction
  • Real Estate LLC and Pass Through deductions

The claim is 800 to 1200 break for middle class, higher wages because companies will take the money they save a raise wages. How many people think they would rather raise wages then buy back stock, invest in more automation or buy out the competition which means lays offs and more people out of work?  Or maybe they will just raise the executive bonuses.
This is just another con job and not even a good one, the Republicans in Congress think and are counting on Americans to be stupid to see it till its too late, and too lazy to vote.
We proved Trickle Down Economics does not work, lets not give it another chance.

No comments:

Post a Comment