Americans still largely unaware of tax reform benefits

Apr 24, 2018
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“We ought to keep moving forward and prioritizing jobs, jobs, jobs, because that’s the priority of the American people”, Cruz said during a press conference Thursday organized by Americans for Tax Reform. Taxpayers can often reduce the amount of tax they owe by using various tax credits, deductions and exclusions (or loopholes).

Chanting “we won’t let it stand” under cloudy skies and with frigid wind whipping across the Capitol lawn, more than 100 members of Congress and tax cut opponents rallied over their fear that social services such as Medicaid will be cut to help to try to trim the deficit. Folks are seeing more money in their paychecks now that employers have adjusted withholdings to reflect lower rates and many families and businesses are seeing the savings.

We are in the midst of the greatest con this country has ever seen.

When Mr. Trump was elected, America’s corporate income tax rate totaled almost 40 percent (including state taxes).

Democrats in high-income, high-tax states such as New York, New Jersey, California and IL are also highlighting how some of the Republican incumbents voted to limit the state and local tax deduction.

“These are good things”.

Conducted by the James Madison Institute (JMI), a free-market think tank dedicated to the principles of economic freedom and limited government, the survey found states with more complex tax codes have higher preparation and filing costs for individuals and higher administration costs for state governments.

According to the most recent quarterly reports, Bank of America’s first quarter profits rose by 30 percent thanks to the new tax bill.

“It’s out with the old, and in with the new, ” said Sen. Major electric companies from California to ME have credited our tax law as the reason for lowering their prices and giving consumers a break.

These are all tax cuts for the middle class, adding up to over $2,000 annually for average families. The Center estimated that 5 percent of taxpayers would pay more tax in 2018, 9 percent in 2025 and 53 percent in 2027.

The total impacts of the tax law on small businesses’ bottom lines far outweigh the nominal tax cuts most anticipate receiving.

What’s worse, voters just don’t care much about tax reform.

Tax Freedom Day takes all federal, state, and local taxes and divides them by the nation’s income, according to the Tax Foundation.

To be sure, President Trump took to Twitter to tout the economy and his sweeping tax cuts. Now the seven income tax rates have been lowered to 10, 12, 22, 24, 32, 35 and 37 percent, respectively.

The tax reform package, championed by President Donald Trump, slashed personal income tax rates across the board, doubled the standard deduction, and cut the corporate tax rate to 21 percent. The legislation also proposed giving pass-through businesses a new 20 percent deduction for the first $315,000 of joint income. While just 16 percent of self-identified liberals oppose efforts to simplify the federal income tax code, 68 percent of them oppose the “federal tax plan” and 73 percent oppose the “Trump tax plan” – even though these three plans have identical, or very similar, content.

As Republicans push for second tax vote in Congress Democrats say 'Let's see&#x27

 

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