Trump just released his tax reform plan, and while there are many specifics missing, there are a number of cuts that he’s calling for.
But since most people believe what they see on the television, they think that Trump’s recent tax reform plan is simply a ‘tax cut for the rich.’
Here’s The Hill:
More U.S. adults believe President Trump will increase their taxes rather than decrease them, according to a new report.
Thirty-eight percent say Trump will raise their taxes in a CBS News survey released Wednesday.
Twenty-five percent believe Trump will lower their taxes, while 33 percent feel he will keep them the same.
The White House earlier Wednesday presented a sweeping plan to lower tax rates for individuals and businesses, touted as the biggest tax cut in U.S. history.
The plan would cut the top personal income tax rate from 39.6 percent to 35 percent.
The strategy would also double the standard deduction for taxpayers while eliminating all credits and deductions except for those on mortgages and charitable giving.
The outline’s business side would lower the tax rates for corporations and most businesses to 15 percent, more than halving the current 35 percent corporate rate.
The plan would additionally eliminate the estate tax and the alternative minimum tax.
Wednesday’s outline was a significant milestone in the tax reform debate, with Trump’s administration suggesting broad parameters for future legislation.
White House support will prove crucial for Republicans if they are going to achieve their goal of overhauling the tax code for the first time since 1986.
Republicans argue Trump’s proposal would provide tax relief for individuals and businesses, while making the economy more competitive.
Democrats counter the plan is a giveaway to the wealthy that would expand the deficit.
CBS News conducted its latest survey of 1,214 U.S. adults via cellphone and landline telephone interviews from April 21 to 24. It has a margin of error of 3 percentage points.
The more tax cuts the better. People would be left with more of their hard-earned money in their pockets, and businesses could better afford hiring more people, thereby creating more taxpayers, and therefore raise tax revenue.
Even if the feds had to deal with less tax revenue as a result of massive tax cuts, they should do what everyone else in this country has to do, and that’s to do without. Cut spending.
Most of the federal government is unnecessary. Most of it can and should be cut. So, if they have a situation where they’re no longer bringing in enough revenue to finance a gigantic federal government, the answer is not to ‘tax the rich’; it’s to cut the size and scope of the federal government.
But that won’t happen until it’s too late. There’s too much money to be made and power to wield in the meantime. At the same time, we have a national debt that’s so massive that there’s no way it will ever be paid off.
Tax cuts are great, and I do hope that Congress will be able to do much of what Trump has proposed. But tax cuts have to be balanced with equally substantial spending cuts.
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