While people keep criticizing Trump’s tax plan saying the wealthy will get more back by lowering the top bracket from 39.6% to 33%, all they focus on is class warfare. Trump’s tax plan collapses the seven federal income tax brackets into three, reducing the top marginal rate from 39.6% to 33%, and lowers the corporate tax rate from 35% to 15%, among other things. The criticism is always just the socialist view and never address the vast waste and corruption in government. They say the national debt will explode by $5 trillion if Trump cuts taxes as if $1 trillion deficits under Obama was somehow OK. They also ignore the fact that lowering the corporate rate to 15% matches the best rates overseas and will then encourage them to bring their money home and with that JOBS! There is nearly $3 trillion offshore that will not return because the socialists demand high taxes. So it will not return. Saying the deficit will rise by cutting the tax rate assumes nobody will return home. That same position was taken with the Reagan tax cuts and proved to be DEAD WRONG!
This post was published at Armstrong Economics on Nov 18, 2016.
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