Lowers Rates for Individuals and Families: The framework shrinks the current seven tax brackets into three – 12%, 25% and 35% – with the potential for an additional top rate for the highest-income taxpayers to ensure that the wealthy do not contribute a lower share of taxes paid than they do today.Well, there is not much to say about this. If my tax rate goes down to 12%, good. However, if the 35% rate kicks in at $5,000, then this is essentially a flat tax (and quite regressive at that). It is interesting to note that he doesn't commit on the "additional top rate." Is he going to support it or oppose it? How does he feel about that? At what income does this additional top rate kick in, and how much is that rate?
I'm also not entirely sure what to make of the last statement regarding the "share of taxes" paid by "the wealthy." Who are the wealthy? What does he mean by "share of taxes"?
Call me skeptical about this. I can only go on experience, and I can't help but think, based on that experience, that I will get a cut of about $200 while Jim Irsay will get a cut of approximately $2m.
Ha ha yeah I'm skeptical also , we are currently in the 25% tax bracket now ( I think) I'm skeptical that we are going to be lowered to the 12% .
ReplyDeleteWe make a lot less than we used to years ago when I was pulling extra shifts , and my husband was too to send our daughter to St Chris and Ritter . Now we make $20,000 less per year ...... I'd love to pay less taxes , but I'm skeptical. Currently I feel we pay too much taxes to enable more people to be on welfare . That's how I feel anyway . I used to work nights and do 12 hour shifts 5 days a week and stay up to enable our daughter to go to a church preschool for " daycare " then get my tired ass up at 2:30 to pick her up . All to enable her to only be exposed to mostly us as caregivers as opposed to a daycare . This was worth it. However , I am tired of seeing the lazy ass people in society nowadays , living off welfare , living off food stamps. ( and buying unhealthy food with them to boot !) welfare and food stamps were never meant to be permanent !
Also , so , you think this new tax system is going to keep jobs in the US ? I'm skeptical on that too . CEOs are greedy ... what is to keep them from going Mexico anyway , even with lower taxes ? They get more money ... they need more and more and more . More bonuses, higher pay ... they shit on the front line workers .... it's the American way. Unions I think are a good thing , but people tell me they are corrupt also . The only way to get ahead is to shit on the guy below you. It's the American way . The honest hard working middle class pays for the welfare glomers AND the corrupt upper class .