Remember that
‘Massive (Rich only
Tax Brake)?
This is trumps
"Make America Great Again Thinking"!
CNN Business Center
How the new tax law
benefits wealthy business owners
If many average
Americans aren’t noticing or loving the tax
cut bill yet, it might be
understandable — it benefits
the wealthy by design. And a congressional
report released this week shows that one specific new deduction for
so-called “pass-through” companies is heavily benefiting the rich.
The Joint Committee
on Taxation on Monday released a report outlining some of the initial effects of the tax
law passed in December. (NBC
News was first to report on it.)
The committee estimates that the owners of pass-through entities — companies
organized as sole proprietorships, partnerships, LLCs, or S corporations that
don’t pay corporate income taxes — will save $40.2 billion in 2018 thanks to
the tax bill.
Of that total, $17.4
billion will go to individuals and households making more than $1 million per
year. (Revenue estimators are based on tax returns, so a married couple filing
jointly is one taxpayer, and a married couple filing separately are two.)
By 2024, the
committee estimates pass-throughs will save $60.3 billion on taxes via the new
law. More than half of the benefit — $31.6 billion — will go to individuals and
households earning more than $1 million.
U.S. Treasury Set to
Borrow at least $1 Trillion
Treasury to borrow
$1 trillion to pay for deficit!
$779% better from
2018 and up 17% from 2017
This is trumps
"Make America Great Again Thinking"!
U.S. Treasury Set to
Borrow Nearly $1 Trillion This Year
Published: February
5, 2018
Again this year
01/30/2019
U.S. Treasury Set to
Borrow at least $1 Trillion This Year
Dec 18, 2017
- In its last year, the bill
raises taxes on more than 53
percent of Americans. ... By 2027, more than half of all Americans — 53
percent — would pay more in taxes under
the tax bill agreed to by House
and Senate Republicans, a new analysis by the Tax Policy Center finds.