Monday, December 4, 2017

Seven Myths About the GOP Tax Reform

An American Flag and a Donald Trump flag wave outside a Donald Trump rally at Millington Regional Jetport on February 27, 2016 in Millington, Tennessee. / AFP / Michael B. Thomas (Photo credit should read MICHAEL B. THOMAS/AFP/Getty Images)

MYTH #1: They’re cutting taxes on millionaires while raising them for the middle class and the poor.
FACT: Middle-income Americans are the biggest winners under the tax bill.


MYTH #2: Tax cuts will blow up the budget deficit.
FACT: Budget deficits depend on economic growth, not tax policy.

MYTH #3: Millions will lose health insurance.
FACT: Ending the Individual Mandate does not take insurance away from anyone or make insurance unaffordable.

MYTH #4: Social Security, Medicare, and the social safety-net will get defunded because we cut taxes.
FACT: Tax cuts do not mean any spending falls.

MYTH #5: The bill creates a tax break for private jets.
FACT: The bill simply codifies the existing taxes on jets.

MYTH #6: The bill takes money away from schools and teachers.
FACT: The Senate bill expands the deduction for teachers and increases funding for schools

MYTH #7: The bills will bankrupt graduate students and hurt people with college debt.
FACT: The higher standard deduction makes the student loan deduction irrelevant, and grad students will likely benefit from the change in the way tuition is charged. 

Detailed explanation @ Breitbart

10 comments:

  1. Trump tax plan - no way
    https://youtu.be/N4fAerO9HNU

    ReplyDelete
    Replies
    1. Thanks. He is wrong about the first income tax as Lincoln enacted it and I'm not convinced that people won't still buy houses and be patriotic for the most part. Rand Paul voting for it is my selling point.

      Delete
    2. Wasn't aware of Rand Paul support.
      Will check further about the bill and the support of Mr. Paul.

      Delete
    3. That's the last I heard and please let my know if it's incorrect. Thanks.

      Delete
  2. Trumps tax plan for families and individuals
    https://youtu.be/Hl8R2Kvnqcc

    ReplyDelete
  3. How it affects small business
    https://youtu.be/KKZJI3fSBis

    ReplyDelete
  4. Tax bill versus small business owners
    https://youtu.be/5eEJP9e-i30

    ReplyDelete
  5. Updates, last minute revisions, and loopholes.
    Why was some of the items even considered?
    The swamp pigs are always hungry.
    http://www.ibtimes.com/political-capital/tax-bill-adds-new-deduction-blackstone-ceo-gop-donor-schwarzman-2622738

    ReplyDelete