The Art of the Steal
I know what you are thinking. Trump hasn’t finished his tax plan yet, and you are right. But there are a few things that we absolutely know right now. We know that the top 1% will get Huuge benefits. And Everyone else will not.
This is what we suspect:
Correction: The Alternate tax is the minimum that individuals must pay not corporations.
- Corporate Taxes will go down from 35% to 15-20%
- They will eliminate the alternate tax, which is the minimum amount that corporations must pay. That caused Donald Trump a bundle on the one tax return we saw.
- Remove the estate tax, which will keep tens of millions in the hands of the same people, setting up dynasties.
- The middle class will get a standard deduction of $24,000. But that means that other deductions that we do get will be useless.
- Mortgage tax deduction will stay.
- The middle class will lose deductions – Property taxes, medical expenses, and the 401K deduction. The 401 K is the one way that many Americans save their money for retirement. So, Paul Ryan whines that people use Social Security for retirement but then he makes the 401K less effective. We lose again.
- There was discussion of removing the Social Security Tax altogether as a middle class tax reduction. But then there will be no Social Security for future generations. I repeat my previous post, Remove the Social Security cap.
We will all have to wait and see what the final tax plan the White House contains. But I am very confident that most of us will not benefit from it.