Mr. Trump claims that his tax plan will help people like me: middle class taxpayers.
And one part of it could. Cutting taxes on money that large multinational corporations “repatriate” to the United States could benefit society, if the money was used to spur investment or build infrastructure.
But this is the purpose of taxes in a democracy: to spur investment and build infrastructure thereby benefiting society.
According to Neil Irwin, in the New York Times, here, the Winners are:
- Businesses with high tax rates, especially businesses which repatriate funds from overseas.
- High Income Earners
- People with “Creative Accountants”
- Donald J. Trump
And the Losers are:
- Upper Middle Income people in states like New York, New Jersey and California
- Deficit hawks
While the Trump budget may give me a very insignificant tax cut by doubling the Standard Deduction, and while it may help people like my son and his family by doubling the Standard Deduction and increasing the Child Tax Credit, it will hurt all of us by removing the deductions we can claim for state and local taxes.
It also hurts all of us by eliminating the inheritance tax, also known as the “Death Tax.” This tax was designed to benefit society by taxing the wealth of people when they die; when, because they are dead, they no longer need any money. I don’t have a problem with the death tax. First of all, it only taxes estates of individuals worth over $5,5 Million. I could be wrong but it seems to me that if you’re going to inherit $2.75 Million you should be able to retire. And it’s not as if you WORKED for the money. And if you’re going to inherit $2.75 Million, rather than $5.5 Million; you still have $2.75 Million you didn’t earn.
Just like the Trump-Care Plans that would take away health care from 10 or 20 million Americans, the Trump Tax Plan is “Voodoo Economics.” It never worked; it never can. It’s another of Mr. Trump’s con games. Mr. Trump, Mr. Ryan, and the Republicans who are pushing The Trump Tax Plan will increase the deficit, eliminate or cut programs that benefit society, and hurt America in the short term and the long term.
I can be reached at “Lev Josephson @ Outlook . com”.