Simpler, flatter and ‘fairer’ for whom exactly?
When talking about the Republicans’ tax
plan Illinois Rep. Peter Roskam said, “By closing loopholes and lowering rates, we can create a tax policy that is simpler, flatter and fairer for everyone.”
Simpler, flatter, fairer is how my congressman pitches President Trump’s tax plan, which will likely create deficits over the next decade, while lavishing Roskam and his wealthy base.
Simpler, flatter, fairer because it will cut off money from Uncle Sam on inherited wealth greater than $5.49 million.
Simpler, flatter, fairer because it will benefit the wealthiest, who currently pay a top rate of 39.6% to be lowered to 35%.
Simpler, flatter, fairer because it will raise the lowest tax bracket from 10% to 12%.
Simpler, flatter, fairer because it will incentivize corporations to pour more profits overseas right now in anticipation of a huge tax holiday when they bring it back after tax reform passage.
Simpler, flatter, fairer because it will jack up taxes on blue-state taxpayers who will lose their federal deduction for high state and local taxes.
Simpler, flatter, fairer because it will end the alternative minimum tax, which mainly affects the wealthiest taxpayers.
Sixth District of Illinois residents seeking answers from Roskam on the devastating effects of the Trump tax plan already know how he’ll respond: “Flatter, simpler, fairer.” Walt Zlotow
Glen Ellyn, Ill.
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This tax plan is focused on benefiting President Trump first and his rich friends second.
The middle class will see a huge tax increase as deductions like state and local taxes are eliminated.
I support reducing the corporate tax rate, but not slashing it by 15 percentage points.
Let’s reduce it by half the amount and see how corporate America responds. If more jobs are created as a result, reduce it a bit further. History has shown that trickle-down economics is a hoax, so let’s not make the same if-corporations-win-Americans-win mistake again.
Our readers shared their thoughts on President Trump’s tax overhaul plan and how it could benefit wealthy people like him.
Uh duh! That’s the whole point of this administration! Self-enrichment at the cost of everyone else. @Trumpgot2go Trump’s tax plan won’t become law because fiscal hawks won’t endorse higher federal debt. @neildrewitt Any and all tax cuts benefit everyone; provide more jobs and overall revenue for all! This is a winning proposition for America! @Auburnis1 It might benefit the rich a little, but it will benefit bluecollar workers and businesses even more. @Eliteetc America stands astonished. @cliffymil