"And the biggest beneficiaries to this bill (the corporations) will be happier than pigs in manure. As far as the middle class living in Dayton type states are concerned, it is just going to be a big yawn."
I am just a bundle of jits this morning. In fact, I had trouble getting to sleep even thinking about it. What is that you might ask? The "historic" tax cut which is now being molded into something resembling a law which the President can sign. Forgive me if I snicker just a bit at the word "historic". This big "tax cut" bill is going to leave some with no tax decrease, a few paying a bit more, and the our national debt taking a broadside.
What frustrates me is this. For the first time since Ronald Reagan, we could have really "stirred the pot" and come away with something which truly was "historic". Of course it would be without any Democratic votes. We all knew that going in. Crazy Bernie and "Pocahontas" both want to soak the rich more. In their eyes, the rich are getting off way too easy. They ignore the fact that almost half the people in this country pay zero federal income tax and the top 1% of the income earners pay almost 40% of the federal income taxes. In fact, the top 10% pay 70%. So please - that tired old argument about "soaking the rich" for more has become very passe.
I have done some "bunny math" on how this new "historic" tax cut will affect my family. Since we live in a very high taxed state (thanks for nothing, Dayton!), we will be lucky to break even. In other words, all these "bennies" which are suppose to help everyone, will just go speeding by us on the highway of life.
Of course, it goes without saying that we are in the absolute worst tax bracket. The rich? Nope - the class which always get passed over. The middle class. There were many opportunities which were missed by this "historic" tax fix. For example, exempting social security from federal income tax. Many argue it has already been taxed, so this is double taxation. The flat tax? The fair tax? Both gone with the wind. By the way, the Democrats HATE both of those concepts. Why? Not progressive enough. Way too fair.
Right now, it appears even with all the caterwauling and demagoguery from the Democrats, this tax bill along with a new budget are both going to pass. And the biggest beneficiaries to this tax bill (the corporations) will be happier than pigs in manure. As far as the middle class who live in Dayton type states are concerned, it is just going to be a big yawn.
Progressive tax systems reduce tax burdens on people who can least afford to pay them, and these systems leave more money in the pockets of low-wage earners, who are likely to spend all of their money and stimulate the economy.
ReplyDeleteProgressive tax systems also have the ability to collect more taxes than flat taxes or regressive taxes, as tax rates are indexed to increase as income climbs.
Progressive taxes allow the people with the greatest amount of resources to fund a greater portion of the services all people and businesses rely on, such as roads, first responders and snow removal.
I read in the SPPP this morning that your guy, Jeff Johnson will not release his tax returns, just some b.s. accountants summary version. Just like 45. Something to hide?
ps Reduced corporate taxes will increase the dividends for you conservative rich cats and also allow the companies to buy back outstanding shares. They will not add jobs due to tax breaks as jobs are added due to increased demand for their products AND if those of us buying their stuff don't get a tax break, we won't be buying more.
SO, the tax plan proposed is just for the rich, per usual. Thanks GOP, you win again.
Dave Gjerdingen
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ReplyDeleteFree your heart from hate brother. Trump is not the boogy man. He is a product of all of us, both sides of the aisle. The hate in your heart is the real enemy.
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