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Trumps tax plan to benefit the wealthy


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Author Topic: Trumps tax plan to benefit the wealthy  (Read 8 times)
Steve Hydonus
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« on: Oct 01, 2017 10:25 am »

Ryan tries to sell trumps tax plan to benefit the rich.

Several analyses seem to think the Trump plan won’t work in that it won’t lead to increased economic growth. There are complicated reasons for this, but suffice it to say many think those who get the biggest tax breaks — wealthier individuals and corporations, typically — will stash the money and sit on it rather than invest or spend it. And a Tax Policy Center analysis says 20% of taxpayers will end up being worse off under the new plan than before. But for corporations and high earners? It should amount to a sweet deal.

Ryan claims the employees will receive higher pay thanks to employer tax cuts. The tax reform plan would lead to an average tax cut of $175,000 for members of the 1% richest class of the U.S.

In order to get people on board, Ryan needs to take a page from the MAGA playbook. Specifically, go back to rhetoric about the “rigged” economy and how it’s screwing everyday, hardworking people. For the middle class, who might not find tax cuts for millionaires and billionaires a very sexy idea, Republicans like Ryan have to appeal to their desires — namely, better jobs and higher pay.

That, Ryan will say, will be realized only after employers have more money — money they will keep as a result of tax breaks. The hard part is squaring the fact that there isn’t much evidence to back up what the Republicans are selling.

https://www.cheatsheet.com/money-career/photo-paul-ryan-reveals-why-trump-tax-plan-doomed.html/4/


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« Reply #1 on: Oct 02, 2017 12:52 am »

Senate Minority Leader Chuck Schumer, D-N.Y., told House Speaker Paul Ryan, R-Wis., to "get real" when it came to changes Republicans have proposed for the nation's tax system.

"GOP #TaxReform plan & what @SpeakerRyan says about it are 2 diff things. Says plan is for middle class but 80% is for wealthy-Get real Paul," Schumer tweeted Sunday.
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