Written by DML
I don’t know about you, but I am sort of caught between a rock and a hard place when considering the GOP’s tax bill which the president touts as the best thing since sliced bread.
I understand Trump is a salesmen — you have to be in his job — so when he tells us this tax plan is a “once-in-a-generation” opportunity, I take it with a grain of salt.
Truth is, if I was to run for office in the years to come, one of my promises would be to change the Trump tax code. As my loyal followers know, I believe in a flat tax. In my opinion, creating a flat tax system would truly be a once-in-a-lifetime change that benefits all Americans and businesses, big and small.
Trump’s bill is not fair to all Americans, including myself. It discriminates against where a person lives. There are lots of people in New York, California, New Jersey and Illinois are filled with Democrats who didn’t vote for Trump. I live in NY, in case you didn’t know.
Fox & Friends weekend invited a top Democrat lawmaker to appear Sunday and make the argument against the bill.
Representative Tim Ryan of Ohio, who is often named as a possible candidate to run against Trump in 2020, claims Trump is breaking his promises about how the rich are taxed, and in doing so is forcing the US to borrow more from China.
“We all agree the tax system needs to be simplified, it’s a mess. The corporate tax system is a mess,” said Ryan. But the lawmaker says the way Trump is going about fixing the tax system is wrong, and it goes against the promises he made during the 2016 campaign. “President Trump was in Ohio and said he was going to raise taxes on the wealthiest and we’re going to use some of that money to help rebuild the country.” He continued, “what happened is now we have an decrease in taxes for the wealthiest, and we’re going to borrow $2 trillion…. from primarily China, and we’re going to pay interest on this money we are borrowing.” Ryan says this goes against many of Trump’s promises including his vow to reduce our debts with China. (see video below).
Although I never agreed with Trump about upping the taxes on the rich because I see it as a penalty for being successful, Ryan is correct in saying it’s a broken promise and the people of Ohio will not forget it.
The tax plan to be signed this week lowers the tax rate for the wealthiest people in the US. Meanwhile, a family of 4 earning $73,000 annually, will save only $2,000 per year. That’s not a big savings when considering the cost of Obamacare increases by double digits each year. Then tack on the increases in the cost of living and the $2k seems meaningless.
No matter how Trump tries to spin this tax plan, I don’t think it will fair well for him in the end unless the US creates much higher paying jobs as a result of the corporate rates dropping to 21 percent. Trump is banking a lot of faith in America’s biggest companies, and the CEOs who run them, to share their newly found fortunes with employees.
On the flip side, as much as I do not like the tax plan and believe it’s not the game changer Trump wants people to believe it is, I know he needs a big win. Thus, the rock and a hard place I find myself in.
The tax plan may not be ideal, but without the new bill going into law, Trump doesn’t have any legislative wins to tout. The GOP needs to chalk up a unified win to prove to the American people they can work with Trump and will get things done moving forward. Without this tax plan passing, it will be hard for the GOP to win 2018. It’s sort of a damned if we do, damned if we don’t scenario.
— Fox News (@FoxNews) December 17, 2017
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