These days there’s upbeat “tax reform” discussion. However, the “plan” remains murky.
A suggestion: When Congress finally defines a plan, develop an online model into which any of us could input our past federal tax data, churn it, and let us see the impact? Absent spin of politicians, academics and commentators.
And show the impact on POTUS, key senior advisers, and our Congress people.
As a SALT itemizing retiree, I suspect I will lose. I remember the “Reagan Plan.” Interesting that federal debt almost tripled under Reagan. “During Reagan’s presidency, the national debt grew from $997 billion to $2.85 trillion. This led to the U.S. moving from the world’s largest international creditor to the world’s largest debtor nation.” (Source: https://en.wikipedia.org/wiki/Reaganomics)
Next came “Bush II” tax cuts. Bush inherited an annual budget surplus. Thanks to tax cuts, plus initiating another unending war, the surplus evaporated, debt doubled and deficits skyrocketed.
In 2017, more Republican tax reform. I’m supposed to believe this will benefit and expand the middle class? Banner: Reduce corporate rates and they will return a portion to workers. BS. Already over 20 percent of corporations in the DOW index pay less than 20 percent. Half pay less than 25 percent. Conned again? In the midst of this quagmire, another POTUS hell-bent on more war.
History repeating itself? Only if we let it.
Ken Welton, St. George