What Do We Know?

3 Nov

Image result for survey of new tax plan

Tax cuts are coming! Huzzah! But so far no one knows how much or when and recent surveys of taxpayers have shown that most American tax payers have no idea how much money they actually pay in federal taxes each year nor what percentage of their earnings their taxes equal. Do you? Does President Trump? We suspect he does but he is not telling us anyway.

However the President’s advisers have been arguing that he does not need to reduce federal spending while he cuts taxes in order to make ends meet. Just like you wouldn’t have to cut your home expenses if you lost your job or were forced to take a pay cut because, you know reduced income will stimulate your home economy just like reduced tax revenue will stimulate the US economy.

But according to a new survey conducted at the University of Chicago, Eighty-four percent of all economic experts polled disagreed that Trump’s tax cuts would pay for themselves through increased economic growth. Mostly because it’s never worked before…ever.

Still that is the plan, although it has yet to be finalized by the president and Congress… and most Americans polled believe that they will get screwed and end up paying more in taxes unless they are rich and/or a corporation. I wonder why that is? Could it be that when Asked whether tax cuts since 1980 have ever paid for themselves, no economists argued that they had?

So will it work this time? We will just have to wait and see. The average American’s wages and income have not increased in real dollars (as in kept up with inflation) in over 40 years but maybe, just maybe, this will be the year. They say that the president himself will be looking at a 31 million dollar tax savings just for himself but then again no one really knows how much if any taxes the President now pays (but that’s only because he won’t tell us).

But we do know that the average corporation in the new tax plan will receive a massive cut in their tax rate from 35% to 20%! Will you and I see a 15% reduction in our tax rate? Probably not, but don’t despair because after all, here in America, corporations are people too! and they also have to make ends meet… just like you… Huzzah!

 

 

 

 

 

One Response to “What Do We Know?”

  1. avwalters November 5, 2017 at 2:08 pm #

    The Myth of Trickle-Down.

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