Of course I had to read the news. Couldn’t help myself. Lo and behold I see this on the front page. I will admit I was a bit excited to see how this would benefit us but my excitement decreased as I continued to read. Now I will say not a lot of detail was in this article which is concerning but they did say here is room for negotiation. I consider that a plus if it holds true.
Let’s see where to begin.
Reduction in taxes on the wealthy–now come on who didn’t see that coming?
Fewer tax brackets–this would reduce the seven tax brackets that we currently have down to three. Now this could immediately help high earners but low earners might not see any change. Again I say doesn’t surprise me one bit.
Most deductions would go away–the only two that would remain would be the mortgage interest and charitable deductions. Gone would be medical and property taxes.
Bigger tax break for parents–could be a good thing for parents but his first plan benefited high income earners so it will be interesting if that coms back.
Corporate tax decrease–this would decrease to 15%. I am struggling to see how that is fiscally responsible. Wouldn’t that be too much of a loss of revenue?
Many more details need to be worked out as this only gave then minimum information. The biggest piece I think is who is going to pay for it, where is the money coming from? No answers yet.
Today I heard a lot of my co-workers chatting. Some stated Trump just shoots out of his mouth and doesn’t think of any details and others stated we have to wait and see and still others said they are standing by Trump no matter what. Now that to me is a scary statement. No matter what…nuclear war, recession, riots. Doesn’t there have to come a time when you really ask yourself what is in the best interest of this country, my family and the security that we should feel? When does the division of democrat and republican stop and our safety and security start, or doesn’t it? Does the bickering always outweigh the “people”?
There is a lot to this plan that has to be worked out and Trump’s words are not law meaning it has to get buy in to pass. With the little information that came out, it wouldn’t now. I also hope that all lawmakers read each piece. What I have heard in the past is who has time to read a 2000 page document so things get through that a majority didn’t know was in the document. It’s what I call the sneaky skark…slowly creeping up and in stealth mode comes up behind and attacks.
I see this plan as reckless at best and probably shouldn’t be taken to seriously since it lacked any detail or substantiated proof of anything.
I am nervous and yes part of it is because I just don’t know enough. As the saying goes…time will tell.
What I do know is after reading this I felt like face planting myself.
I wish you peace.