The Flat Earth Society
Other Discussion Boards => Philosophy, Religion & Society => Topic started by: Lord Dave on September 27, 2017, 06:05:23 PM
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http://www.npr.org/2017/09/27/553860929/republicans-outline-biggest-tax-code-overhaul-in-a-generation
I'm on the fence.
On one hand, it removes alot of deductions (so they say) which is good.
On the other hand, it drops corporate tax much lower than personal income tax. But does put it in line with world average.
But world average is also dictated by alot of nations with very very low corporate tax rate.
Also, it'll severely deplete the national income which is gonna hurt everything but defense cause you know they aren't gonna cut a dime from that.
We'll have to see when they have their final proposal but overall I'm not opposed to their framework.
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The details aren't out yet. The majority of people pay 15% in tax $18,650-$75,900 filing jointly. The 15% is going bye bye and being replaced by 25%. Wait for the range data, plus this is surely a tax increase over the long haul once the dreaded inflation begins to hit wage growth. We've been a decade of printing presses without it and it's coming, so as soon as it hits, 12% for poor folks will be an increase. The increased standard deduction will be consumed by that inflation. It's just like real estate taxes and home prices increasing. Who woulda thunk one would pay $1,000 a month in property taxes today?
No free lunch...in a flat earth
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The increased standard deduction is almost eliminated by itself when you consider the fact that the personal exemption is going away. The current SD with the exemption inclued is a bit over $10k, meaning the SD increases less than $2k and itemized deductions lose that $4k of personal exemption.
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So for those outside of the USA is this another tax bill that benefits the wealthy?
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Too early to tell just yet, but it does seem like that will be the case. Particularly with the pass-through entity tax being lower than the individual rate, Trump's empire is a pass-through entity.