From day one, President Trump has promised to lower the tax burden on all Americans.
He understands that when Americans get to keep more of their money, it helps the economy and jobs.
Democrats don’t think this way. They want every penny for the government. So they’re not happy about this one tax cut.
From Daily Caller:
President Donald Trump’s long-promised reforms to the U.S. tax code will reportedly include tax cuts for the wealthiest Americans, a feature that will surely spark backlash from Democrats.
The administration and Republican Party leadership is planning to cut the tax rate for pass through businesses from 39.5 percent to 35 percent, Axios reports.
The majority of U.S. businesses are not subject to the corporate tax rate and instead pay taxes on profits that are passed through to the proprietors of the business and taxed at an individual rate.
Forty-five Senate Democrats sent a letter to Trump and Republican leadership in August in which they wrote “tax reform cannot be a cover story for delivering tax cuts to the wealthiest … We will not support any tax plan that includes tax cuts for the top 1 percent…”
Other features of the plan will include dropping the corporate tax rate from 35 to 20 percent, which is 5 percent higher than Trump wanted on the campaign trail.
Democrats lie to their supporters, claiming that they only want to tax the richest one percent of America. And while corporate taxes aim to do that, taxes that target pass through business hurt everyone.
It is the democrat’s loophole for taxing businesses of all sizes. You see, taxing the one percent isn’t enough to meet their massive government costs. So they need to tax everyone–including the working class, middle class, and small businesses—into oblivion.
With tax cuts to pass through business, more companies of all sizes will save more money. That means more cash to create jobs, expand businesses, and grant higher pay.
The democrats don’t want you to know about these kinds of taxes, though you pay them every day. A cut to them means real tax cuts, cuts that we will all notice.
We’ll see, though, if the rest of republicans in Congress have the stones to actually pass them.
Source: Daily Caller