Trumps Tax Reform Act Who was behind this turkey of a ‘tax cut’ bill?
Trumps Tax Reform Act
Who was behind this turkey of a ‘tax cut’ bill that adversely affects many taxpayers, particularly low-income people who can least afford it.
While businesses got an across-the-board rate reduction, individuals lost the personal exemption deduction and possibly ran into the SALT limitation. Low income seniors with high medical expenses got particularly hit hard.
Why were long-standing deductions/expenses eliminated or reduced on a personal level? Why are taxpayers in high-tax states pitted against heir local government to revolt and reduce taxes? Are they encouraging migration to lower-tax states and falling real estate values in the Northeast?
It certainly was a mean-spirited bill and Trump’s advisors better make some radical changes to the bill.
- RICKLv 71 year agoFavorite Answer
The GOP never thinks of that
The Reagan tax cuts, revenue dropped so they raised taxes, left the income tax rates alone but more than doubled the gas tax, started taxing SS benefits and started having government employees pay taxes, all these offset the income tax cuts to wealthy.
The Bush tax cuts only created massive deficits but caused local taxes to skyrocket, he also thought of raising gas tax (which mainly hurts the poor)
Trumps tax cuts need to be divided/separated into personal income and corporate.
First corporate taxes needed to be cut, it was long overdue, ( what bothers me though if corporate tax cuts were needed so bad why did the GOP reject Obama's proposal to cut therm? Just think thee economy would have got a shot in arm 4 years earlier, but the GOP would never let thee Blackman have the credit). And the corporate tax cuts have fueled the economy
On the other hand the personal income tax cuts mainly went to the upper 20% and all it did was increase the deficit
- 1 year ago
My tax liability went up 50% due to loss of the personal exemptions. I am a low-income disabled person with high medical expenses who always itemized. The new tax law is good for renters who get a higher standard deduction. My itemized deductions exceed even the new higher Standard.
- babyboomer1001Lv 71 year ago
Do you realize that you said they cannot afford a tax "cut". You obviously don't know what a tax "cut" means. It means they will be paying LESS in taxes.
- Max HooplaLv 71 year ago
The Tax Cuts for the Rich bill was passed with no Democratic support. Figure it from that.
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- ahandle101Lv 71 year ago
The current standard deduction is $12000 for an individual, as opposed to a standard deduction of $6350 and a personal exemption of $4050, for a total of $10400. I don't see how the increase in simple deductions would adversely affect low-income taxpayers. I do know that he limited what rich people could claim from their state income taxes, so that may support your "many" claim, but low income, I don't think so.Source(s): Actual IRS tax forms rather than DNC propaganda
- EdWinterLv 71 year ago
One man's turkey is another man's Thanksgiving feast. Didja know that, Jimbo?
- Judy and CharlieLv 71 year ago
- Bubba RayLv 71 year ago
Economy has been on a roll since 2009. Sooner or later, probably within a year, we will all be singing, "Turn out the lights, the party's over......." and Trump and Republicans will be thrown out of office. Only Obama could double the stock market. Trump need Dow 36,000 before he can brag. Ain't gonna happen.
- MikeLv 71 year ago
I would ordered some spending cuts and merged duplicate programs into one ,cut the pork IPCC and UN
- 1 year ago
Economy is roaring and you are mad because Trump will get re-elected on the back of it. So suck it up Ginger, only 6 more years!
- Alvin ColmesLv 71 year ago
Your characterization of the bill is your opinion, most people like the results. LOL