Posted by DoctorKz on 1/6/2020 1:31:00 PM (view original):
Certainly a fair argument that the wealthy would benefit greatly under a plan like this, but to some degree those same people have invested heavily in this economy, spurring real job and wage growth for America's middle class. Fwiw, Trump publicly stated the rates on the wealthy could be higher, and that he would sign off on that...
The wealthy benefit while we all suffer.
If President Trump's middle-class tax cuts are a complicated mix of cuts and increases in the short run, the longer-term picture is quite clear: Trump will increase personal income taxes on just about everyone. After 2025, when every last one of the new law's tax cuts for individuals will expire, the only remaining effect of the Tax Act on working families will be an across-the-board tax increase, thanks to the new law's (permanent) adoption of a less-generous measure of inflation. Each of the tax breaks middle-income families rely on, from exemptions to deductions, will gradually lose their value over time. And when taxpayers file their 2026 income tax returns, they'll be paying hundreds of dollars more than they would have if Trump's plans hadn't been enacted. Needless to say, the corporate tax cuts in the new law have a much longer shelf life. Virtually all of the corporate cuts are permanent.
I STRONGLY disagree with the take that wealthy success is everyone's success. We can discuss this in detail, if you would like.