Rich bear tax burden due to GOP’s fear of Pelosi: Kennedy
Taxation is theft, but now Republicans are playing Robin Hood while they flirt with tax reform and get it half right.
The biggest and best thing they can do is lower the corporate tax rate, which if this plan passes will go down to a succulent 20%. Tax brackets are collapsed from seven to four, but rich folks are stuck paying the same rate just shy of 40%, because Republicans are scared of Nancy Pelosi telling them they're just giving the elite a soapy massage.
The salty state and local income tax deductions are eliminated, the 401(k) pre-tax amount remains unsnipped, and the death tax will be repealed. Eventually, when President Trump is about to leave office in 2024.
So basically it’s cheese and crackers when you were expecting a steak, and the best they can tell you is at least you won't starve. Meanwhile, the federal budget is morbidly obese and instead of going on a diet and hitting the gym it's just wearing stretch pants.
Deficit spending is not a good look, but hopefully the supply siders are right and the economic boost from the corporate tax alone brings in more money, which they'll spend, and of course that will lead to more problems.