How You Benefit from the Trump Tax Cut
If you still listen to any of the liberal mainstream media sources you’ll be hearing nothing but ‘this tax cut’s a gift to the rich!’ ‘this is a gift to the rich!’. Sadly enough they know that’s not true but its what their coastal elite audience and its followers want to hear. The good news is we at TRR are not afraid to tell the truth. Here’s how you benefit from the Trump tax cut
You benefit from the Trump tax cut!
First let’s talk about the obvious. The trump tax cut cuts the tax rate for most Americans who pay income taxes. See the chart below
That means the average American household will save anywhere from $269 per year to $5240 per year according to business insider. The middle and working classes are the most likely to put that money right back into the economy through purchases while the wealthier will use that money to invest in businesses which will create jobs. While yes some corporations have said they won’t use the new cash to create jobs directly that money will go towards business ventures are given to shareholders which will use that money to invest in our economy.
The Trump tax cut is a give-a-way to consumers
The liberals keep saying that the trump tax cut is nothing but a big give away to big business isn’t that true?
The US had the highest corporate tax rate in the free world
we have the highest corporate tax rate in the free world.
They’re (referring to corporations) going [overseas] specifically to capture a lower corporate income tax
The Trump tax cuts just make America more competitive with the rest of the world.
|Corporate Tax Rate||Percent (%)|
|US (pre trump tax cuts)||39.1|
As you can see the socialists in America were able to outdo even their counterparts in Europe. Carl Marx would be very pleased if he saw the US’ corporate tax rate. But no longer thanks to our commander and chief Donald Trump.
The truth is businesses don’t really pay taxes at all. You do. You pay their taxes when you purchase their products and/or services. There is not one successful business alive that doesn’t factor in taxes into their pricing structure. Lets look at sales tax. The tax is places on the seller which is then passed directly onto the consumer. Just like a cut in sales tax is actually a gift to the consumer so too is the Trump tax plan.
The Trump tax cuts the cost of compliance
The right leaning Tax Foundation estimates that it collectively costs $409, 241, 341, 626 and takes 8.9 billion hours to comply with the old IRS tax regulations in 2016. You can see their math here. That should be no surprising to anyone that has done anything other than a 1040EZ. The plan cuts most itemized deductions and the need for expensive tax preparers. Therefore it should be no surprise to anyone that tax prepares are opposed to the Trump tax cut.
The Trump tax cuts makes states more fiscally responsible
There is some concern with those living in fiscally irresponsible states–mostly blue states–that they will no longer be able to write off their state and local taxes. I urge those people to look at the bigger picture. The liberals will no longer be able to use the federal tax write off as an excuse for more union give-a-ways and other ridiculous wasteful programs like paying people not to commit crimes. The Trump tax cut will encourage more fiscal responsibility in the more liberal wings of the country.
Why doesn’t it help the poor directly?
As discussed earlier the Trump tax plan does help the poor by helping the economy. Let us not forget that a rising tide lifts all boats. The liberals will often gripe that the bill doesn’t give cash directly to the poor therefore that makes it bad. Two facts that the liberals don’t like to mention. 1. The government already spends $668 billion on welfare each year and that’s according to the left leaning Washington Post 2. This is a primarily income tax cut and they don’t even pay income taxes in the first place! The Trump tax cuts are about giving those who are contributing to the system more money in their pockets so they can use it to invest back into the economy which we all benefit from. Again with the rising tide analogy