Do you know Russia has a flat tax? Amazing how it has improved its economy.
NtroP
May 1, 2017 2:56 pm
I’m afraid the Trump Tax Plan in the cartoon is not a ‘big, beautiful iron wrecking ball’, but a small, under-inflated balloon.
Good luck with that.
MrLiberty
May 2, 2017 8:14 pm
Peter Schiff does a great analysis. What he points out is that the “pass through” tax rate of 15% will reward some of the highest paid in society, encourage millions to incorporate (including many highly paid CEO’s) in order to massively lower their tax rates, and will ultimately result in poorer people paying way more than the very, very wealthy. Not that a progressive tax system is appropriate, but a REGRESSIVE one is downright disgusting. Add to that the fact that the bloated military (not defense – we don’t do that anymore) budget will actually increase, and no other reductions are seriously proposed, and you have a massive increase in deficit spending that even Obama would be shocked by. Indeed, a massive tax cut, but for all the wrong people (on the personal income tax side) but great stuff on the estate and corporate side. As corporations do NOT pay taxes (their customers and employees do), this is great, but without massive spending cuts its all just creating an even bigger can and kicking it even father down the road. Hardly the kind of swamp draining his supporters likely expected.
Simplified tax code for the benefit of the .001%. Will it be the long rumored flat tax……nah. Will John Q. Sixpack get a break….nah.
Smoke and mirrors.
BL,
Do you know Russia has a flat tax? Amazing how it has improved its economy.
I’m afraid the Trump Tax Plan in the cartoon is not a ‘big, beautiful iron wrecking ball’, but a small, under-inflated balloon.
Good luck with that.
Peter Schiff does a great analysis. What he points out is that the “pass through” tax rate of 15% will reward some of the highest paid in society, encourage millions to incorporate (including many highly paid CEO’s) in order to massively lower their tax rates, and will ultimately result in poorer people paying way more than the very, very wealthy. Not that a progressive tax system is appropriate, but a REGRESSIVE one is downright disgusting. Add to that the fact that the bloated military (not defense – we don’t do that anymore) budget will actually increase, and no other reductions are seriously proposed, and you have a massive increase in deficit spending that even Obama would be shocked by. Indeed, a massive tax cut, but for all the wrong people (on the personal income tax side) but great stuff on the estate and corporate side. As corporations do NOT pay taxes (their customers and employees do), this is great, but without massive spending cuts its all just creating an even bigger can and kicking it even father down the road. Hardly the kind of swamp draining his supporters likely expected.