Time: Overhauling the Tax Code

The following is an excellent article written by Haley Sweetland Edwards in the November 28 – December 5, 2016 issue of Time magazine on page 28 and I quote:  “Overhauling the Tax Code – Donald Trump and congressional Republicans agree on this much: they want to change the U.S. tax code.  Both Trump and House Speaker Paul Ryan have proposed streamlining the number of tax brackets, scaling back individual deductions and nixing the estate tax.  But Ryan wants to reform social-spending programs like Medicare, while Trump’s plan doesn’t touch entitlements and could add up to $9.5 trillion to the national debt by 2026.  Both plans would deliver windfalls to the wealthiest Americans.”

(I TRIED TO BRING THIS STORY UP FROM THE TIME MAGAZINE ISSUE OF NOVEMBER 28 – DECEMBER 5, 2016 ISSUE ON PAGE 28 WRITTEN BY HALEY SWEETLAND EDWARDS ON THE COMPUTER WHERE WE COULD SEE THE CHART AS WELL AS THE MESSAGE AND IT DIDN’T COME UP.  THE MESSAGE I’LL BE GIVING YOU BUT I’LL TRY TO EXPLAIN THE CHART THE BEST I CAN.  YOU’LL HAVE TO BUY THE MAGAZINE AND LOOK ON PAGE 28 TO SEE FOR YOURSELF OR READ IT IN YOUR LOCAL LIBRARY.  WELL, HERE GOES.  THE CHART CONSISTS OF THREE DIFFERENT TAX CHARTS CONSISTING OF PRES OBAMA’S, WHICH HAS SEVEN BRACKETS, AND A DEDUCTION OF $18,550, WHERE THE TAXPAYER PAYS NO TAXES UNTIL THAT POINT AND THEN THEY PAY AT A 10% RATE.  ON SPEAKER RYAN’S, WHICH HAS JUST THREE BRACKETS, THERE’S NO DEDUCTION OF $18,550 AT ALL.  IT SHOWS THAT YOU START PAYING INCOME TAXES ON THE FIRST DOLLAR YOU MAKE AT A RATE OF 12% MEANING THAT EVERY DOLLAR YOU MAKE, YOU OWE THE GOVERNMENT 12% WHICH WILL REALLY KEEP THE PERSON ON THE BOTTOM FOR A MUCH, MUCH LONGER TIME, WHILE THE PERSON ON TOP WILL HAVE HIS TAX RATE REDUCED FROM 39.6% TO 33% WHICH WILL GIVE THE RICHEST MILLIONAIRES AND BILLIONAIRES A TERRIFIC ADVANTAGE.  THIS WOULD DEFINITELY INCREASE THE INEQUALITY THAT HAS BEEN TAKING PLACE OVER THE LAST THIRTY YEARS TO GET MUCH, MUCH WORSE.  IF THERE WAS EVER A TIME FOR A FILIBUSTER, THIS WOULD BE IT AND I BELIEVE YOU WOULD GET A LOT OF REPUBLICANS GOING ALONG WITH THE DEMOCRATS ON THIS BECAUSE THERE ARE JUST AS MANY REPUBLICANS AS DEMOCRATS WORKING THEIR WAY UP THE LADDER.  THE SCARY PART IS DONALD TRUMP’S BRACKETS ARE SIMILAR TO SPEAKER RYAN’S WHERE IT STARTS OUT TAXING AT ZERO DOLLARS AND AT 12%.  NOW, IF DONALD TRUMP IS GOING TO MAKE AMERICA GREAT AGAIN LIKE HE SAYS, HE’D BETTER LEAVE IN THE DEDUCTION OF $18,550.  IF YOU ARE GOING TO TAKE ON THE BIG INVESTMENT BANKERS AND WALL STREET, YOU’RE GOING TO HAVE TO LEAVE THE PEOPLE ON THE BOTTOM WITH SOME MONEY SO THEY CAN SPEND FOR THE NEEDED NECESSITIES SUCH AS FOOD, CLOTHING AND SHELTER AND AN HONEST BANKING SYSTEM SO THEY CAN GET FAIR LOANS AT A DECENT INTEREST RATE AND THE LOAN HAS TO BE KEPT LOCAL.

LaVern Isely, Progressive, Overtaxed, Independent Middle Class Taxpayer and Public Citizen Member and USAF Veteran

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About tim074

I'm a retired dairy farmer that was a member of the National Farmer's Organization (NFO). Before going farming, I spent 4 years in the United States Air Force where I saved up enough money to get my down payment to go farming. I also enjoy writing and reading biographies and I write about myself as well as articles and excerpts I find interesting. I'm specifically interested in finances, particularly in the banking industry because if it wasn't for help from my local Community Bank, I never could have started farming which I was successful at. So, I'm real interested in the Small Business Administration and I know they are the ones creating jobs. I have been a member of Common Cause and am now a member of Public Citizen as well as AARP. I have, in the past, written over 150 articles on the Obama Blog (my.barackobama.com) and I'd like to tie these two sites together. I'm also on Twitter, MySpace and Facebook and find these outlets terrifically interesting particularly what many of these people did concerning the uprising in the Arab world. I believe this is a smaller world than we think it is and my goal is to try to bring people together to live in peace because management needs labor like labor needs management. Up to now, that hasn't been so easy to find.
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