Thursday, November 2, 2017

Like What I Am Reading About Tax Proposal

11/2/17 Los Angeles Times:
The plan would immediately slash the corporate tax rate to 20% from 35% and streamline individual rates from seven brackets into four.
In addition to ending write-offs of state and local income taxes, mortgage interest deductions would be limited to new loans of no more than $500,000, down from the current $1 million. Deductions for second homes would no longer be allowed. Property tax deductions would be capped at $10,000....
"What we are seeing today is a plan that exacerbates the unfairness and inequality in our tax code," said Senate Minority Leader Charles E. Schumer (D-N.Y.). "The Republican tax plan would put two thumbs down on a scale already tipped towards the wealthy and powerful. ... Surely we can do better." 
Because poor people own second homes and have mortgages larger than $500,000.  Does Schumer ever ask himself if what he is saying makes sense?

4 comments:

hga said...

Hey, you know as well or better than I do that this is a serious attack on Blue model taxpayers. I'm completely astounded this GOPe Congress would propose such a thing.

Jumped Up NeoBarb said...

Their reflex reaction is "the people at the lower brackets (who usually don't end up paying any net tax) don't get a tax break, but the higher brackets do, so the plan is unfair. Unfortunately, they have reflex voters who buy that line.

Will said...

He's a Democrat. Making sense is optional, very optional.

Dry Creek Historical Society Dchs said...

When a writer writes a backwards progression like "to 20% from 35%" instead of what we expect to read ("from 35% to 20%") I want to punch him in the throat.