Archive for September, 2017

A TALE OF TWO INCOMES

According to Bloomberg News, 9/12/17, the table below is one illustration of the impact of our current GOP inspired tax laws.  Since Ronald Reagan U.S. tax laws have favored the very rich and those who do not have to work for a living.  Under the upcoming tax law changes which Republicans like to call “tax reform” – things will get better even for the rich GOP clients.   Pay careful attention to Trump’s upcoming proposed tax reform legislation.

 

                                                        Employee #1                   Heiress

Total Taxable Income                   $300,000                       $300,000

Source of Income                            Wages                             Dividends

Federal Tax on Income                 $80,295                         $41,742

Payroll Tax                                   $12,236                           0

Employer Payroll Tax                   $12,236                           0

Total Tax Burden                        $104,767                       $41,742

Likes(1)Dislikes(0)
Share

Tax Cuts

The Trump/GOP tax plan is more of the same since Ronald Reagan’s, ‘trickle on’ them economics. And as far as the GOP is concerned the result today will be more of the same.  It will be a major success where a disproportionate share of our national wealth will easily find its way to the 1%, those of us who need it least. In the i980s it was Reagan’s working class democrats who enabled the tax breaks for the wealthy.  In 2017 it is Trump’s working class democrats who have done the same for Trump. If only we weren’t such slow learners.

Likes(1)Dislikes(0)
Share