The Republicans want to simplify/reform the tax code. Very few would disagree with this idea. But, this is where the agreement drastically changes.
To simplify the issue, how many middle-class American families will receive approximately a 46.4 percent tax break? The answer is zero. So, who gets this excessive tax break? If the Republicans repeal the estate tax, 17 percent after deductions and the alternative minimum tax, 29.4 percent, persons with incomes of $200,000 and up, plus the top 1 percent will benefit the most.
Corporate/business taxes, corporate America, plus real estate developers and investors will make out like bandits. Currently, corporate taxes are at 35 percent, but what the Republicans are failing to tell us is the effective rate after deductions means many corporations are paying between 14-18 percent, well below the corporate rates in other parts of the world.
As for the “pass-through taxes," the current rate is 39.6 percent. The Republicans want to reduce this to 25 percent. Again, who benefits the most? It is not the middle-class.
Republicans are touting their plan as a middle-class plan. They must think that the middle-class is stupid. The facts are that this tax plan is for the top 1 percent and corporate America, which will result in a $1.5 plus trillion increase in the deficit for which our children and grandchildren will have to pay.
Trump supporters will be negatively affected by this plan, as well as other innocent Americans. Are they still proud of their vote?