Yes, it is too bad that Trump supporters know so little about the tax cut they support.
**A high GOPster priority is repeal of the estate tax. ** Estate tax applies to a married couple with an estate valued at $11 million or more, so many expecting to have, say, $13 million expect the repeal of the estate tax to be a big gain for them. Wrong. The estate tax applies to the residue after subtracting $11 million — in our example, tax would be paid only on $2 million. In fact, through the use of exempt gifts, trusts, and other loopholes, even that estate would avoid the entire estate tax. With proper tax advice, it won’t kick in until the estate is well over the $11 million exclusion. Thus the estate tax repeal has no effect on anyone except the very rich.
Fewer tax brackets. Let’s first note that a “flat tax” isn’t really single-bracket: there are still two tax rates, 0% and 10%. This is due to a belief that a man earning $12,000 needs his marginal dollar more than a man earning $120,000. Do you agree with that? How about a man earning $1,200,000? Does he need his marginal dollar as much as low-income people? Or is it better to give him a huge tax break and recover some of the money from the working poor?
The planned tax breaks will increase corporate profitability. Is this needed? Remember that American corporations already show record profits and are the envy of the world. The planned tax breaks will benefit multi-millionaires most. The gap between rich and poor is higher than it has been for at least 85 years. This inequality causes social and economic stresses. Is it wise to exacerbate income inequality further deliberately?
Do you believe the tax cuts will benefit middle class significantly? Wrong. We can help you fight your ignorance, but you do have to try to help yourself too.
Trickle-down and Laffer-curve economics have been debunked.
Are deficits good? Many conservatives do not think so. Yet massive tax cuts will drive up government debt.
Perhaps you are a multi-millionaire and can’t think beyond “Ha Ha! More for me!” And think Jesus will reward you in the after-life because he loves the prosperous people. Fine. I suppose you consider people like Buffett and Gates who call for increased taxes on the rich, to be “suckers”?
This should give you a head start, HurricaneDitka. Do some reading and come back when you have more questions.
I see a snark question from you and a rhetorical question. Please reword your question in plain English if you need a better answer.