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Who’s paying all the taxes?

President Trump has given Americans a look at his tax reform plans. It has lower income tax rates, and they are across the board. The corporate tax rate drops from 35% to 20%, the largest cut ever to this tax. The 35% was the highest corporate rate than any other country in the developed world. Supply-side economics experts believe this to be a “pro-growth and pro-jobs” plan. Supply Side Economics is defined as  economic growth most effectively created by investing in capital and by lowering barriers to the production of goods and services.” “Barriers” include taxes and onerous regulations.
Please understand that our yearly growth, the Gross Domestic Product, has been almost at a standstill for the last 7 years at a measly 2% per year. Basically, the GDP is “a monetary measure of the market value of all final goods and services produced in a time period. GDP estimates are commonly used to determine the economic performance of a whole country or region.When compared to the period of time after World War 2, it has been the poorest recovery ever. Most economists who have taken a non-partisan look at this plan think a faster growth of 3% is very possible. Mr. Trump will also have a grace period for all corporations who have parked their profits, $2.5 trillion, overseas and allow them to bring these profits back to America to invest without taxing them at the present rate. On top of this, his plan allows small businesses, S Corporations and others, to be eligible for the 15% rate. This is really a big-time addition to the tax code because about half of all corporate taxes are paid by workers in the form of lowering take-home pay, so dropping to 15% actually increases their wages!
President Trump’s plan reduces the number of tax rates from 7 to 3: 35%, 25%, and 15%, and makes it more simple for individuals by doubling the standard deduction to $24,000, so many Americans would not need to spend time and money to itemize. Overall so far, sounds pretty good, eh?
Well, you will hear from the Democrats that this plan is only to reduce the burden of the rich and that it doesn’t allow them to “pay their fair share.” How many times have you heard this from the lefties? Well, it does benefit some rich people AND millions of people like you and me for the reasons above! You see, many small businesses are taxed at nearly 40%, so the reductions and doubled deductions would allow Americans to file their taxes alone as well as to benefit from the robust economy and created jobs.
But you will still hear the Democrats screaming, “Tax Relief For The Rich!” Really? The top 1% actually gross less than 20% of the population’s total income, but they are paying about 40% of federal income taxes. The top 20% make a little over 50% of the total population’s incomes, yet pay a whopping 90% of federal income taxes AND 70% of all federal taxes! Folks, I’m sorry, but this partisan Democrat rhetoric that the rich do not pay their fair share is pure unadulterated malarkey. How many of you knew these figures? Be honest now!
Now that’s just federal taxes, my friends. If you include state, county, city and town taxes, and other taxes, the “rich people” are paying up to 50% of their income while 50% of the population does not pay any taxes, and if they play the system right will actually receive refund checks!
The liberals have deceived us with this false narrative that the rich never to pay their fair share. The federal government doesn’t have a tax revenue problem, it has a SPENDING PROBLEM!
Enacting Trump’s plan, reducing the size of government, reducing the burdensome regulations, cutting out the waste, fraud, and duplication of programs and agencies, and eliminating lobbyists interacting with the Congress will take America far beyond our present tenuous financial and economic position.

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