Notes about Trump's tax plan:
1) I find it funny that Democrats have brought up that it will lead to a terrible deficit when there wasn't a peep out of them when Obama was driving up the debt.
2) It's also interesting that they continue to say that Trump's tax plan is all about taking care of the rich but don't bring up the significant tax cuts for the middle-class including a doubling of the deduction for four or more member households.
3) In reference to their misleading comments regarding the rich getting tax breaks, the breaks are actually for small businesses (S-Corps) and larger companies (C-Corps). These aren't tax breaks for the rich they're for companies. These companies have some of the highest tax rates in the world so Trump is trying to make them more competitive plus freeing up money to create more jobs.
4) Anyone with an understanding of economics knows the deficit will increase on the short-term as tax revenues shift their sources such as more people working (income taxes), versus taking money directly from companies.
5) There's absolutely no way of knowing how effective his tax plan will be or how quickly the benefits of the new system will kick in as there are way too many variables but we already see where we're headed now so something must change. What we can do immediately to improve our economic distress is to cut the budget dramatically so that we'll need less tax revenues to begin with.
1) I find it funny that Democrats have brought up that it will lead to a terrible deficit when there wasn't a peep out of them when Obama was driving up the debt.
2) It's also interesting that they continue to say that Trump's tax plan is all about taking care of the rich but don't bring up the significant tax cuts for the middle-class including a doubling of the deduction for four or more member households.
3) In reference to their misleading comments regarding the rich getting tax breaks, the breaks are actually for small businesses (S-Corps) and larger companies (C-Corps). These aren't tax breaks for the rich they're for companies. These companies have some of the highest tax rates in the world so Trump is trying to make them more competitive plus freeing up money to create more jobs.
4) Anyone with an understanding of economics knows the deficit will increase on the short-term as tax revenues shift their sources such as more people working (income taxes), versus taking money directly from companies.
5) There's absolutely no way of knowing how effective his tax plan will be or how quickly the benefits of the new system will kick in as there are way too many variables but we already see where we're headed now so something must change. What we can do immediately to improve our economic distress is to cut the budget dramatically so that we'll need less tax revenues to begin with.
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