S. Adelson: I need a tax break. YOU should pay for it.
Tax policy is not a central concern to VDARE.com, but the corruption of the GOP by irresponsibly selfish Billionaires most definitely is: their influence is unquestionably what is keeping the Amnesty/Immigration Surge legislation alive this year.
Sadly, the House GOP Tax Plan is further proof that the Party is controlled by these Plutocrat donors. Important tax cuts for large owners and manipulators of capital are planned, purchased by serious tax increases for Professional upper income earners. Associated Press reports
The top income tax rate would drop from 39.6 percent to 25 percent, but the plan would impose a new 10 percent surtax on some earned income above about $450,000. The top corporate income tax rate would fall from 35 percent to 25 percent.
The plundering of the Middle Class is intensified because
The plan would repeal deductions for state and local taxes, medical expenses and moving expenses. Tax credits for child care, adoption services and energy-efficient upgrades to homes would be gone.
The mortgage interest deduction would be reduced for people buying houses costing more than $500,000. The deduction for charitable giving would be limited to contributions that exceed 2 percent of a taxpayer’s income.
For people enjoying 7 figure incomes these deductions are of minor importance – the lower rate on short term capital gains which get treated as ordinary income is much more relevant. They are important if the taxpayer is on even quite a high salary, supporting a family and probably with limited liquid assets with which to speculate.
This strategy is a reprise of the the GOP`s collapse on opposing Obamacare – the ultra wealthy were not themselves affected and did not care about the middle class who will bear the brunt of that monument of Racial Socialism. The Congressional Republicans are more interested in getting paid than in protecting their natural supporters.
Of course when the Democratic Class Warriors get involved the income thresholds will be drastically lowered and the Middle Class burden increased.
Unsurprisingly Ways and Means Chairman Congressman Dave Camp who is leading this disgrace has a miserable C+ Numbers USA ranking.
The whole GOP House leadership needs to go.