Quote:
Originally Posted by wdmso
improves the countries economy
seems everyone is saying this ? if unemployment is at historic low's how does a huge tax cut IMPROVE the economy ?
you will not see support from employers to increase in the min wage
or better heath insurance plans from employers more matching 401k contributions or just an increase in Pay
House of Representatives eliminates nearly $65 billion in credits, deductions, and exclusions that help students and their families afford tuition and student loan payments,
These cuts would take away the ability for nearly 12 million Americans to deduct interest paid on their student loans.
all that so the math will work to get rid of the estate Tax repeal hows that help? middle class
if your rich you can afford to send your kids to school with out loans so it wont effect the rich ..
the GOP is trying to spread the tax cuts all across the backs of the middle class ( distribute the weight so it dosn't feel like their on our backs when it clearly they are )
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"if unemployment is at historic low's how does a huge tax cut IMPROVE the economy ? "
People have more money to spend. Businesses have money (and just as important, more confidence) to invest in growth. When corporate tax rates are cut, every business in the country is instantly more valuable than it was the day before. That is a good thing.
When unemployment is high, businesses can get more labor for cheap, because workers have no alternative. When everyone is already working, and businesses want to hire, they need to make it worth our while to leave our current jobs and work for them.
"you will not see support from employers to increase in the min wage"
No, you won't. What you will see, is the forces of supply and demand, force wages up. When the free market decides that workers are worth more, that's good. When the government decides that something is worth more than what someone wants to pay for it, that can be (isn't always ) bad.
"These cuts would take away the ability for nearly 12 million Americans to deduct interest paid on their student loans"
It also takes away my ability to deduct state taxes. But doubling the standard exemption, that alone, will help a lot of people at the bottom of the economic spectrum. Rich people do not take the standard deduction, they itemize deductions. I'm not an accountant, so can someone explain how this doesn't put more money in the pockets of lower income people?
"the GOP is trying to spread the tax cuts all across the backs of the middle class "
When all you do is focus on the things that will increase taxes, and you ignore everything that offsets that to lower taxes (like increasing the standard deduction), yes that's true. But your effective tax rate is the result of many moving pieces within this plan, not just the pieces that increase taxes.
If it gets passed, and the middle class sees a widespread tax hike, the GOP will get creamed in the next election, and they will deserve it.