Trump Unveils New Tax Plan

Let’s take a trip around the Financial Multiverse to see what the pundits and talking heads think of this attempt to balance a somewhat imbalanced and unfair tax system.

Will the ultra-rich start to pay a fair share?

Will the ultra middle-class shoulder less of a burden?

Will we ever see a fair system of taxation?

Personally, I do not think so. We shall see, however, won’t we?

 

Per CNN:

BREAKING NEWS CNN 11/02 – CNN Newsroom With John Berman and Poppy Harlow 11/02: NEW DETAILS OF GOP TAX CUT PROPOSAL, REPUBLICANS REACT TO DETAILS OF GOP TAX PLAN

Per OneNewsNow:

House Republicans reveal their answer to the US tax morass

WASHINGTON (November 2, 2017) — House Republicans on Thursday unveiled a tax cut plan that would slash the corporate rate and lower the personal taxes of most Americans but also limit a cherished deduction.  Read more

Stand Up America

Is protesting the proposal because of the implied tax cuts for the wealthy.  Particularly the elimination of estate tax for individuals making over $1 million per year.

State Lawmakers React to Trump-Named ‘Cut, Cut, Cut’ Tax Bill

Second District Congressman Frank Lobiondo (NJ), a Republican, says he is voting “nay” due to the elimination of state and local income tax deductions, and the cap on property tax deductions.  Read more

What Else?

Apparently the middle-class should expect to see a $1,200 dollar per year reduction in tax. Also, the number of tax brackets are reduced from 7 to 4.  However, the lowest pay people will now have to pay taxes, where they used to not have to.

House Speaker Paul Ryan says middle-class families will see a tax cut of nearly $1,200 under the new Republican plan. The House bill reduces the number of tax brackets from seven to four.

Here is Robert Reich’s take on it.

This may be a bit out in left field, but he has put it out for public consumption so…

Per PJMedia: New Tax Plan Comes with Vast Cuts

Vast cuts for who? Is $1,200 for middle-class families vast? No.  But eliminating estate tax for the wealthy definitely qualifies as vast.

WASHINGTON — With Speaker Paul Ryan (R-Wis.) declaring that lawmakers’ will is “ironclad” to pass the first tax reforms since 1986, House Republicans unveiled their plan today.  Read more

Per Rawstory: Republican tax bill hits wind power, solar largely unscathed

A Republican tax bill unveiled on Thursday included cuts to renewable energy tax credits considered critical to enabling wind projects to compete with fossil fuel plants, but tax breaks for solar power seem safe for now. Read more

Information presented on this SmartMoneyStar.com is intended for informational purposes only and should not be mistaken for financial advice. While all attempts are made to present accurate information, it may not be appropriate for your specific circumstances. Any offers and rates shown on this site can change without notice and may contain information that is no longer valid. For further validation, always visit the official site for the most up-to-date information. This site may receive compensation from companies to offer an opinion about a product or service. We strive to provide honest opinions and findings, but the information is based on individual circumstances and your specific experiences may vary. We also treat your privacy seriously. Please take some time to understand our full policies and disclaimers by clicking here.