READY OR NOT, THE NEW TAX REFORM IS HERE!
If what the economist are saying is true, This Tax reform will hurt the middle class and working class. The corporate tax rate was lowered from 35% to 21% with the hopes to bring company's back to america. "Merry Christmas Corporate America"
I will be paying close attention to The Trump Corporation and the rest of Corporate America to see how many will close international businesses and move back to america. (NOT)
The estate tax has is now 5.6 million per individual. What this means is that you can now leave up to 5.6 million to family or heir and pay no federal estate or gift tax.
Finally, if you make between 50k and 70k you should see a Tax decrease of 870.00 dollars which is about 1.6%. If you make a million dollars a year or more, you should see a decrease of 69,000 dollars which is about 3.3%.
For someone like me who makes a six figure salary but with NO dependents, gets screwed every year with "no lube"
WHAT'S YOUR OPINION?
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I hate AmeriKKKa.
ReadyforaChange
Level 7
Dec 22, 2017
1
Me too ,sadly. We have become a nation of greedy , selfish sheeple.
As a Canadian I probably should not express my opinion but, why are people not rioting in the streets of this; as liberal at the whole injustice of it and as fiscal conservative over the massive increase in national debt it will generate?
HeathenFarmer
Level 8
Dec 22, 2017
1
I think not being from merika gives you a better perspective of how screwed we are. I say keep on expressing yourself! But trust me, it won't do any good. America lags behind and just about every category of quality of life. But we will always consider ourselves number one.
in 1940 the corporations in the states paid 85% of all taxes raised by the feds. now it is 15%. you , the american people have let this happen. NOT GOOD
markdevenish
Level 7
Dec 21, 2017
1
We haven't figured this out yet but they own us too
@twshield Those of us with no taxable income-but Social Security got a 2% wow increase and Medicare just went up by 25%. Screwed either way LOL.
sassygirl3869
Level 9
Dec 21, 2017
0
The republicans did this kind of thing in Kansas a few years ago, and it was a complete disaster and destroyed the economy of that state. Now they are doing it nationwide, in spire of the localized filed experiment in Kansas.
One of the most fatal flaws in the bill is that it incentivizes corporations to outsource even more jobs overseas. Even with the tax cuts, it is still more cost effective to move operations overseas and take advantage of lower labor costs, and now even more of hte costs of relocating are tax deductible.
The whole problem with just cutting taxes and expecting the rich and corporations to just do the right thing, is ludicrous. The rich did nto get to be rich by bring benevolent and corporations are required by law to take actions that are in the best interests of share holders. It is not in the best interests of either, the rich or corporations to do what is best for America.
snytiger6
Level 9
Dec 21, 2017
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