What Utah’s DC Folks are Saying--It’s Just Not True!
The Utah DC Delegation is thrilled with new Trump Tax Plan. Their big selling point is that it gives normal Utahns $4000. HA! I checked into it. Here is how they come up with the figure…let's just say it’s a careless disregard for the truth!
Our delegation says that when they give America’s big corporations a trillion dollar tax cut from 35% to 20%, those companies (having all that extra cash) will then shove it into the pockets of their workers! Not keep the booty for themselves and the shareholders. RIGHT! There is a better chance that Trump will be seen giving a prayer at LDS General Conference than much of corporate America volunteering more cash for workers.
Here are the particulars of the Trump-Hatch-Love Tax Plan. Brief on Trump-Hatch-Love Tax Plan. It's a pacification plan. Offers ordinary people a little something to diffuse opposition, and gives spectacular benefits to the wealthy. If you learned that you were going to get a $500 tax cut, you might say, “Hey, sounds great,” even if the CEO of the company you work for is going to get a $1 million tax cut.
+Cut the corporate tax rate from 35 percent to 20 percent.
+Collapse the current seven income tax brackets to three.
+Lower the top income tax rate from 39.6 percent to 35 percent.
+Eliminate the inheritance tax.
+Eliminate the alternative minimum tax, which is meant to ensure that rich people don’t get away with paying no taxes.
+Create a 25 percent tax rate for “pass-through” companies, many of which are things such as law firms that give their profits directly to individuals. Another notable pass-through company is the Trump Organization.
+Double the standard deduction (although this is done in ways that could mean those at the low end benefit very little).
+Eliminate some unspecified deductions, but keep the mortgage interest deduction and charitable giving deduction that are so vital to wealthy taxpayers.