Trump’s tax cut plan—yes or no?

@NJChicaa (29851)
United States
December 1, 2017 3:08pm CST
I have been against it from the beginning because everything I’ve read about it states that it favors the wealthy and big business and that taxes on the middle class will eventually actually increase. It is also calling for the elimination of many deductions that the middle class rely on and even one that teachers currently have for some school supplies. I also suspect that the GOP will want to cut funding for social programs to pay for these tax cuts and I am totally against that. My husband and I were talking a few minutes ago and somehow the topic came up. He said “I just hope the tax cuts go though”. I looked at him totally horrified. I said “are you insane?” They will hurt the middle class! We are middle class!” He then informed me that we would save about $7000 a year under the new tax plan. I don’t know what or who to believe on this.
6 people like this
5 responses
@skydream (1050)
• Agate, Colorado
1 Dec
I'm not sure which is better. I think whatever is done needs to help the middle and lower class be able to survive as rich people can afford to have more taken.
3 people like this
@NJChicaa (29851)
• United States
1 Dec
Very true
1 person likes this
@db20747 (646)
• Washington, District Of Columbia
1 Dec
Double like.
@JolietJake (41061)
1 Dec
What I have seen says the tax rates for the LOWEST bracket will increase, but allegedly we (since I am in that bracket) are supposed to get extra deductions to offset it. "under Trump's plan, while a person making $9,325 or less would be bumped up to the 12% tax bracket (currently at 10%), the standard deduction would be $12,700 (currently $6,350), meaning they wouldn't see their effective tax rate increase. In fact, many more people would end up paying nothing in taxes"
The lowest tax rate for individuals would increase to 12% from 10%, but with the doubling of the standard deduction, more people would pay nothing in taxes.
3 people like this
@db20747 (646)
• Washington, District Of Columbia
1 Dec
That would be super awesome
2 people like this
@kobesbuddy (19399)
• East Tawas, Michigan
1 Dec
There's so much red tape added in, our middle class always gets to pay more, while the wealthy reap benefits from every situation!
2 people like this
@NJChicaa (29851)
• United States
1 Dec
I agree
1 person likes this
@kobesbuddy (19399)
• East Tawas, Michigan
1 Dec
@NJChicaa The basic plan of the Republicans, make the rich wealthier, at the expense of the middle class.
2 people like this
@NJChicaa (29851)
• United States
1 Dec
@kobesbuddy that was my impression
1 person likes this
@amadeo (47715)
• United States
1 Dec
I am not sure on this.Who would gain the most there.Is this good for us?
2 people like this
@NJChicaa (29851)
• United States
1 Dec
I don’t think it is good for most people
1 person likes this
@amadeo (47715)
• United States
1 Dec
@NJChicaa that what I figure.They were supposed to pass this bill today ?maybe
2 people like this
@db20747 (646)
• Washington, District Of Columbia
1 Dec
Unfortunately, many people will not fully understand the new tax code until it's time to file for taxes and they sock it to 'em.
2 people like this
@NJChicaa (29851)
• United States
1 Dec
Agreed
1 person likes this