H.R. 1, “Tax cuts and jobs act”

H.R. 1, “Tax cuts and jobs act”

Postby Supposn » Tue Nov 07, 2017 9:29 am

H.R. 1, “Tax cuts and jobs act”:

Within the proposed “Tax Cuts & Jobs Act”, the populist proposal doubling the standard deduction is of merit; eliminating the alternative minimum tax would be contemptible.
(Increasing the standard deduction would be further improved if it were subject to annual cost of living adjustments).

Consider the alleged pages of Donald Trump's 1040 tax return for 2005 published by the NY Times.
It was conceivable for his effective tax rate upon a $49, 592, 825 adjusted gross income to be less than $5, 310, 616. (Trump then instead had to pay the alternative minimum tax).
The working-poors' wages do not contribute income tax revenues and cannot fund or their dependents' medical insurance, but they contribute 7.65% FICA taxes upon their entire wages. It should be conceivable that some millionaires will be obliged to pay an effective income tax rate of less than 11%, (i.e. 10.7%)?

Elimination of the alternative minimum tax would effectively reduce our tax revenues and act as a tax boon only for the financially favored. Accusations that FDR was “a traitor to his class” served to enhance his reputation. Elimination of the AMT would enhance president Trump's and Republicans' reputations among the wealthy.

If sufficient numbers of Republicans do not oppose eliminating the AMT, Democrats should be able to hang it, (as the “albatross”), around president Trump's and all Republican candidates' necks.
But there's a difference between “should be” and “will be”. The incompetent Democratic National Committee couldn't defend the reputation of a presidential candidate. John Kerry served in the military with distinction that went beyond simply honorable.

Respectfully, Supposn
Supposn
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