President Donald Trump continues to tout his economic brilliance in making America great, including the passage of his signature tax bill. Not to worry; the CBO in April noted it would balloon the federal deficit to $1 trillion in 2019 and the nation’s debt in the next 10 years from $21 trillion to $31 trillion.
Excluding corporations who made out the most while needing such an unreasonable tax decrease the least, who were the biggest winners when it comes to the personal income tax rate? One example equally applicable to other filing categories is all this space allows.
Comparing the rate for two single taxpayers with taxable incomes of $70,000 and $500,000, respectively. The former ends up with a savings of $2,000 while the more wealthy one pockets $13,000. Did we really need to bust the budget to benefit the already super wealthy?
Oh and, by the way, when Trump continues to brag about being primarily responsible for the current low unemployment rate, that rate of 3.7 percent has been dropping steadily since a high of 9.8 percent in 2010, with over 80 percent of the decline occurring during the Obama administration.
Raymond A. Hult, Bountiful