Democrats Pushed for Tax Cuts Past 6 Years – Blocked by GOP November 17, 2016Posted by Coonsey in Uncategorized.
President Elect Donald Trump is said to be planning on a huge tax cut for individuals and corporations. I’d like to remind voters who gave us the largest tax cut in history in February 2009, President Barack Obama. He did so, without the help of the Republican Party.
The Democrat Party also in 2015 tried to pass a $1.2 trillion dollar tax cut for middle class voters making less than $200,000 a year. Hillary Clinton and Democrats ran on that plan this past election although you didn’t hear much about it.
Mr. Trump’s plan, on the other hand, gives deep cuts to the top 1% of wealthy Americans and large corporations. “The highest-income 0.1 percent of taxpayers (those with incomes over $3.7 million in 2015 dollars) would experience an average tax cut of more than $1.3 million in 2017.”
During his campaign the President Elect promised everybody they’d get great tax relief, remember that? He apparently believes a $500 tax cut is going to change the middle class voters lives dramatically. “A family earning between $40,000 and $50,000 a year would get a tax cut of only $560, ……. and millions of middle-class working families will see their tax bills rise under Trump’s plan — especially single-parent families.”
Oh sure, that $500 cut in taxes (this is NOT a tax rebate check) will help some, giving you approximately $42 more a month to spend, but when you compare that amount to what those that don’t need help with their daily lives (millionaires), it’s almost laughable. To top that off, the so-called death tax will be eliminated, saving the wealthy even more money.
The Democrat Party will likely support any tax cut for the middle class, unfortunately, they will have no choice but to accept the tax cuts being given to the wealthy as well.
For you Bernie Sanders supporters, this is what he was talking about. The wealth has gone to the top 1% of Americans for the past 20 years leaving the poor and middle class suffering.
This plan of Mr. Trump’s is called Trickle Down Economics. The idea is to let wealthy keep their money and they will reinvest in businesses and factories which in turn will creat jobs. Guess what, it worked! However it created jobs in other nations because the wealthy people invested their money in factories and businesses everywhere –but the USA.
So folks, don’t look for these tax cuts to improve our economy long term because it won’t.