Tax Reform—-2017 Edition

Slowly but slowly some fresh air is filtering into DC as the Congress is on their Summer break.

The GOP attempt to ‘repeal and replace”, something they had been harping on for at least 7 years, fell on its face hard….and when they return after Labor Day will try move on to something new?

You guessed it!

It is that time again…..that time when the GOP jumps on the issue of tax reform.  That time ever session when the GOP talks a mean case for protecting jobs and helping hard working Americans.

You do realize that it is all BS, right?

Why?

The Congress has been cutting taxes for 40 years and in all that time the Middle Class has lost out and in all that time the voter falls for the BS every time it is proposed…even though I can see it with every paycheck that it is a LIE!

Oh there will be the usual….tax breaks, tax reform, the corporate tax rate and the ever popular going after that offshore cash and finally the slogan about helping hard working Americans….all have been said before…..every time their is a GOP tax package we hear the same lame promises and slogans.

For instance……the tax package in 2013 and the package that the GOP was championing….

Source: What About Those Pesky Corporate Tax Rates? – In Saner Thought

But do not take my well informed word for it……

This is the joint statement by Ryan and McConnell on the upcoming tax package….

Source: Joint Statement on Tax Reform | Speaker.gov

Let’s be honest, something that the GOP would never consider doing, the package today is the same package from 4 years ago…..the only ones to benefit from this deal will be the wealthy.

Unlike most people that bitch about taxes…..I have on several occasions offered my idea of how to handle taxes and such…….

Since taxation is our major source of income…then everyone who participates in this country should be paying their fair share….

First let’s be real…..anyone that believes the lie of tax cuts for corporations will somehow bring jobs and a better economy is just delusional fools.

Corporations…..a flat 15% corporate tax….no deductions or cuts or breaks…all pay the price.

Corporations should pay the same income tax as the individual or flatten it out to a 15% tax on all income…not on profit…income.  Deductions for employee health plans and buying new equipment only.

Individuals:

$0-50,000 no tax

$50,001-100,000 pays 15%

$100,001-250,00 pays 25%

$250,001-up pays 35%

Deductions to be worked out…but from my plan there will be very limited deductions.

I realize that this is an ambitious plan and will probably never see the light of day in my lifetime….but it is a fair plan and ALL Americans can participate in the prosperity of their country.

But even the Trump White House has those that see the wealthy should be pulling more weight when it comes to taxes….

ex-White House chief strategist Stephen Bannon has an unusual proposal for a Republican: He wants to raise income taxes on the richest Americans.

Specifically, a tax rate of 44 percent on all income over $5 million. Currently, the country’s highest rate is 39.6 percent.

Bannon’s economic views sit noticeably to the left of the GOP donor class. That means there’s scant chance Republicans will take Bannon up on the idea. But if they were smart, they would.

Source: Bannon’s bright idea

Although I do like the idea of them paying 90+% in taxes….but those days are long gone.

We need a truly equatable tax code….not one that hides corporate welfare behind a pile or volumes of legal-ese.

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4 thoughts on “Tax Reform—-2017 Edition

  1. You ideas are solid. But in a country where many people seem to think they are going to one day become very rich, (The American Dream) a revised system is unlikely to get widespread support. Until they realise that a dream is just a dream, and real life is not one.
    Best wishes, Pete.

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