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

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