Nov 13, 2017
On November 2, the Trump administration and Republicans in the House of Representatives released some of the details of their new tax plan, called "The Tax Cuts and Jobs Act." This plan aims to cut the corporate tax rates to 20%, reduce or eliminate the federal estate tax, and eliminate the alternative minimum tax. Only the filthy rich would benefit. They would get richer by $1.5 trillion over 10 years from these tax cuts, according to Fortune magazine. This is "the Tax Cuts" part of the bill.
But, the Government plans to pay for the $1.5 trillion cut for the rich by raising taxes for workers. For example, the Trump tax plan would end the deductions for state and local income and sales taxes for workers. But, if you are a business owner, or pretend to be a business owner, you would still be able to deduct those state and city taxes as business expense. This is the so-called "Jobs Act" part of the bill; the pretense that money in a capitalist’s hands means more jobs. What a joke!