By John Miller
Friday the 3rd of November, 2017
We’ve gotten our first peek at the Trump Tax CUTS, and for once it’s the Globalists that are footing the bill. Here are the headline spoilers:
Two new taxes on Fat Cat Globalists
A new tax on overseas profits levied at 12% for cash holdings and 5% for illiquid holdings. Time to bring that money back to America and start paying tax boys.
A new 10% tax on U.S. companies’ high-profit foreign subsidiaries, calculated on a global basis.
No more free stuff for Kneelers
Sorry boys, no more tax-exempt bonds for building sports stadiums. OOOOH cop that, kneelers.
Make American Industry Great Again
American corporate tax rate CUT from 35% to 20%. It’s time for American business to MAGA and bring back Morning in America.
Average Joe gets $1,182 in his pocket
Seven individual income tax brackets reduced to four (12%, 25%, 35% and 39.6%).
Top tax bracket for married couples now kicks in at $1,000,000 ($500,000 for individuals).
Bottom tax bracket for married couples extends up to $90,000 ($45,000 for individuals).
Individual standard deduction nearly DOUBLES to $24,400 for married couples ($12,200 for individuals).
Increases child tax credit from $1,000 in 2017 to $1,600, plus $300 for each taxpayer, spouse and non-child dependent.
The average American family will get around $1,182 per year, calculated for a family with an income of $59,000.
Source: Wall Street Journal