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

