Tax Reform–Yet Again

It is that time of the year again……that time when the GOP has the grand plan for tax reform….a grand plan that changes little over the years.

The problem is that after all these years  the only people that benefit from these plans are the rich and corporations.  And yet they sell their crap to the average person with promises of more jobs, better pay and more prosperity for the Middle Class…..after decades of the same tired promises how has that worked out for the Middle Class?

Since the 1980’s the Middle Class has been on a downhill run to the bottom and all that time corporations are making so much cash that their CEOs are making obscene bonuses…..

Now we approach the newest edition of their grand scheme for tax reform….and there is NOTHING new!

“We have arguably the worst tax system in the industrialized world,” House Speaker Paul Ryan (R-Wis.) told a gathering in Hillsboro, Oregon on Wednesday.

He called the current system “complicated,” “paternalistic” and “condescending.”

Source: Ryan Plugs Tax Reform: Current System ‘Paternalistic,’ ‘Condescending’

He , Ryan, is right but the tax plan we have now is the child of the GOP and yet they want to stick it to the middle class again….

President Donald Trump and Congressional Republicans seem to be on the same page about tax reform. Unfortunately for middle-class Americans, that means they both support a plan that is widely expected to benefit the wealthy at the expense of the rest of the country.

According to Politico:

The options include capping the mortgage interest deduction for homeowners; scrapping people’s ability to deduct state and local taxes; and eliminating businesses’ ability to deduct interest, while also phasing in so-called full expensing for small businesses that allows them to immediately deduct investments like new equipment or facilities.

The Middle Class can look forward to more downward pressure on their necks by the government…..once again corporations will make out…….. they will turn everything around with a lower tax bracket…..a lie that just keeps giving.

Nothing changes with the GOP……corporations come first the people are just an irritant they must endure…..if you are a working stiff then you are SCREWED!

But Trump will offer up his grand plan and after he does I will analyze it but I am not looking for anything but help for the rich.

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5 thoughts on “Tax Reform–Yet Again

  1. I don’t know much about your tax system, but from what I have seen, it appears to be very complicated. No doubt the richest know how to avoid much of it, as they do here.
    Best wishes, Pete.

  2. True reform would be similar to demolishing a starter-home, which had had many additions over the years, as each of the many children came along. Oh, and all the work was done by the owner and a few neighbors, with little concern for the various building codes, and without any consistent architectural plans. Solution: tear it down, and start anew.

    Our Tax Code is 17,000 pages, because it has been changed and modified, by various Administrations over the years, with different political motives, and written by Members of Congress, rather than tax and finance experts. Also, most changes were made on partisans basis.

    True Tax Reform would be to provide a total re-write by tax and financial professionals, on a totally (50/50) bipartisan basis. Given the shear width and breadth of a true reform, it should be empowered by a bipartisan Special Select Committee of Senators, without involvement of any one Administration, and have a term of, say, ten years, or so.

    Trump and Ryan are looking to re-establishing the Bush Tax Cuts, which contributed to The Great Recession–and thus adding to the already convoluted Tax Code.

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