Debunking Republican Donald Trump’s Lies – Trickle Down Trump – ‘Trump’s Tax Plan Is A Con That Benefits Corporations And The Wealthiest Americans’
Cutting taxes does not create jobs.
People, the working class paying $500 less in taxes, doesn’t create jobs.
But people, the working class getting $50 more a week in their paycheck, but stuff and THAT creates jobs.
Don’t cut taxes…….Raise the wage.
‘According to the IRS, 76% of people who are earning $25,000 or less already pay no federal income taxes’.
- ‘Add it all up and you have—approximately—$4-5 trillion in tax cuts with less than $2 trillion in new revenue. The total cost? $2-3 trillion. That’s an enormous gap’.
‘Politico’s Danny Vinik summed up who the big winners are under Trump’s plan, “Who would be the winners of the Trump tax plan’?
‘The rich. The top tax rate falling from 39.6 percent to 25 percent will give them a huge windfall’.
‘Trump would also eliminate the Alternative Minimum Tax (cost: $400 billion)‘,
‘The estate tax (cost: $269 billion)‘,
‘And Obamacare’s 3.8 percent surcharge tax on capital gains and dividends (cost: $123 billion)’.
Finally, on corporate taxes, he’d lower the rate from 35 percent to 15 percent. This alone would cost $2.5 trillion.
‘Even worse: Trump doesn’t say what we will do with the Earned Income Tax Credit, which is a financial lifeline for low-income Americans. Eliminating it would cause significant hardship for the poor—while also going against the current political agreement around the effectiveness of the EITC’.
‘Trump’s plan would reduce the current seven tax brackets to four, with a 0 percent rate applying to all those making less than $25,000 ($50,000 for married couples)’.
‘The Republican candidate claims that people earning less than $25,000 won’t pay any federal income taxes, but according to the IRS, 76% of people who are earning $25,000 or less already pay no federal income taxes’.