Tax reform or tax deform is what we should really be asking. Look folks, here is where we are. First of all about 50% of our population pays no income taxes. Now I realize that number includes small children and the very old that shouldn’t or can’t pay, but somewhere in that number are people that could and are not.
We are 21 trillion dollars in debt.
Social Security is solvent for now but in less than 12 years it will be paying out more than it is taking in if nothing is done and none of the things that need to be done will put more money in your pocket, trust me when I tell you that.
Medicare and Medicaid costs continue to increase rapidly, and where does that money come from? Both of these entitlement programs become a bigger part of the national budget each year.
We still have more taxes yet to hit us from the Affordable Care Act. The politicians keep hiding those realities. They are there and they are not small.
Let’s dissect the two parties tax cut plans. Democrat Socialist first. Never forget that the first words out of the Democrats mouth is to increase taxes on the rich. The successful are evil greedy people who need to pay more. You must also never forget this as well, that you may become in the households that the Democrats deem as rich. Every one of their plans moves the “successful or rich household income bracket” down to include more people who are taxed at a higher percentage. Never forget that the Democratic Socialist believe that the government should be more powerful and that every program should be run from Washington D.C. They see government entitlements as a system to be used to keep people loyal to socialism and to keep voting for more. Democratic Socialist will do everything they can to take your hard earned money and redistribute it, while protecting their money and their donor’s money with exemptions other financial instruments that we, the middle class cannot qualify for. Look how the Democratic Socialists exempted themselves from the Affordable Care Act!! Democrats have no issue taking your money and protecting theirs. The problem is that there is never enough. The message here is very simple and you can never forget this: “Nowhere on this earth is there an example where socialism is more successful than capitalism, and you can define success anyway you wish. Socialism falls short by not keeping its promises and increasing corruption due to mismanagement and government abuse of power.”
The Republicans at least on face value want to lessen the burden of government. Their problem is the ever increasing demands of the existing entitlement programs. To even mention adjusting an existing entitlement program is political suicide. So what are they proposing? Essentially a pro-growth plan that will eventually lead to increased tax revenues due to more people having better jobs and higher household annual incomes. The main catalyst for this is the proposed lowering of the corporate income tax rate. The hope is that this will cause some re-patriotization of corporations that left the U.S. for lower taxes and cheaper labor. When they come back, higher paying manufacturing jobs with benefits come with them. They are also proposing to simplify the individual tax return by increasing the standard deduction for individuals and removing the need to itemize for most people. Allegedly, they are leaving the interest on mortgages alone so you will be able to claim that, but they are talking about not allowing you to claim state income taxes and property taxes. What’s really bad is I have been unable to find any specific information on what is in the bill so I can’t evaluate my situation. The bill is supposed to end the death tax which is a good thing. This means if a family has a business or farm they can keep it in the family versus having to sell it to pay taxes. Remember, the Democrats do not believe in passing ownership to family members, they think the government should get those assets or the money from the sale of it in lieu of it remaining in the family. The Republicans need to get the details of their proposal out there so we can evaluate it. The Republicans at least are making an effort to lower taxes while the Democrats only want to increase the burden on everybody who pays except of course to themselves.
I will say this Republicans, harping on being able to fill out your taxes on a post card does not mean a damn thing to me if my taxes go up as a result. We are being taxed enough.