Now before you get all pissy hear me out.
I have no problem with cutting corporate tax rates. They are among the highest in the world. For those who say many corporations already pay no taxes well…..they will still pay no taxes. But they stand to make fortunes in not having to take the former deductions necessary under current tax rules to get to zero. I still have no problem with that.
What bothers me are two things:
1. for those who CAN benefit from the cuts and reduce what they send to the IRS, where are the spending offsets? Where are the cuts to bloated government agencies? Cuts to social welfare programs that keep people sucking a government tit for a lifetime…..better yet, in the case of our beaner and negro friends, many lifetimes? Without spending cuts we will pile on debt that might soon rival Obongo’s debt increases. Yes, some growth will mitigate the debt increase but it won’t be close.
2. Trump is also proposing massive amounts of infrastructure spending. Rings any bells? Where will THAT money come from? Oh, that’s right? More debt.
3. Additionally he wants to increase deduction standards from $6300 to $15000. For most people that would equal about $1200 in tax refunds. Sounds great, eh? I could use $1200. Everyone can. But WHO PAyS FOR IT!?!?!?! Result? More debt.
4. He wants to raise the child care credit. Sounds great if you have kids but allow me to repeat myself: WHO PAYS FOR IT!?!?!?! Result? More debt.
The last two are nothing more than getting even more Americans paying no taxes whatsoever. Remember my rants years ago about this sort of stuff? When you have 50% + 1 of the American population paying no taxes because they get all these bennies, exactly who are they going to vote for at election time? That’s easy…..the people who promise to let them keep sucking that tit.
And for those four reasons I can not support Trump’s plan. It’s economic suicide. No amount of growth (short of 6% per year for over a decade) can offset the debt we’re going to accrue.
And adopting this will make us no better than democrats.
According to what two people briefed on the plan told the Washington Post, the president is expected to put forth a proposal on his 97th day in office that includes a deduction standard that is significantly higher than the $6,300 it is currently for individuals. During the campaign, Trump proposed raising it to $15,000 for single-filers.
The plan will also slash the corporate tax rate from 35 percent to 15 percent for both large and small companies, including those that pay through the personal income code.
Because the administration has repeatedly said that filing taxes has become too complicated and Treasury Secretary Steve Mnuchin has floated the idea of people filing their returns on a “large postcard,” the plan also reportedly calls for simplifying the tax filing process.
Mnuchin and National Economic Council Director Gary Cohn paid a visit to lawmakers on Capitol Hill Tuesday to brief them ahead of the administration’s formal announcement Wednesday.