(April 28, 2017 at 7:50 am)Gawdzilla Sama Wrote: Trump Tax Plan Would Shift Trillions From U.S. Coffers to the Richest
Quote:WASHINGTON — President Trump’s proposal to slash individual and business taxes and erase a surtax that funds the Affordable Care Act would amount to a multitrillion-dollar shift from federal coffers to America’s richest families and their heirs, setting up a politically fraught battle over how best to use the government’s already strained resources.Continues...
The outline that Mr. Trump offered on Wednesday — less a tax overhaul plan than a list of costly cuts with no price tags attached, rushed out by a president staring down his 100-day mark in office — calls for tax reductions for individuals of every income level as well as businesses large and small.
But the vast majority of benefits would accrue to the highest earners and largest holders of wealth, according to economists and analysts, accounting for a lopsided portion of the proposal’s costs.
“The only Americans who are very clear winners under the new system are the wealthiest,” said Edward D. Kleinbard, a law professor at the University of Southern California and former chief of staff of Congress’s Joint Committee on Taxation, which estimates the revenue effects of tax proposals.
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Repealing the estate tax, for example, would affect just 5,300 or so fortunes a year. For 2017, couples can shield up to $11 million of their estates from any taxation, leaving only the largest inheritances subject to taxation. Repealing the estate tax alone would cost an estimated $174.2 billion over a decade, the nonpartisan Tax Policy Center said.
This sucking the money up to the top is global, both friend and foe do this. This is not a political ideology issue, at least not now. You have 62 uber billionaires worldwide with the combined wealth of half the world's population, 3 billion.
This shit has to stop along with fighting climate change. If the world's leaders don't stop this we will end up in WW3 and a nuclear war and when that happens we won't have to worry about other nations, we will be literally killing our neighbors for food if we don't go extinct.
