Cruz is right. The only way to reduce the debt is through growth.
However, we don't need the top 1% to get a personal tax rate cut.
We do need to help the middle class. We need increase the earned income credit. We need to continue to IMPROVE medical services, which can happen if both parties work together. The child care credit needs to be increased.
All rates can decrease. However, rate changes should be revenue neutral in all groups. This would mean cutting deductions.
I'm OK with paying for a middle class tax reduction by taxing the rich a bit more, or by allowing the projected debt to increase (assuming no increase in growth). Finally, the middle class tax cut could be paid for by repatriation corporate monies held overseas to the US at relatively low rates.
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Reduce the corporate tax rates and greatly reduce deductions. Make the changes revenue neutral.
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In the end, the Republican plan isn't terrible as long as
1) Those with incomes over $200K should not have a tax cut. Thus any reduction in rates must be balanced by getting rid of deductions.
2) Taxes to middle class citizens should be decreased.
3) Medicaid is not be cut.
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BOTTOM LINE
This will NOT pass because Republicans want to do it alone. Trump would eventually make a deal, since he has little problem the highest 1% getting a small tax increase.
However, we don't need the top 1% to get a personal tax rate cut.
We do need to help the middle class. We need increase the earned income credit. We need to continue to IMPROVE medical services, which can happen if both parties work together. The child care credit needs to be increased.
All rates can decrease. However, rate changes should be revenue neutral in all groups. This would mean cutting deductions.
I'm OK with paying for a middle class tax reduction by taxing the rich a bit more, or by allowing the projected debt to increase (assuming no increase in growth). Finally, the middle class tax cut could be paid for by repatriation corporate monies held overseas to the US at relatively low rates.
============
Reduce the corporate tax rates and greatly reduce deductions. Make the changes revenue neutral.
============
In the end, the Republican plan isn't terrible as long as
1) Those with incomes over $200K should not have a tax cut. Thus any reduction in rates must be balanced by getting rid of deductions.
2) Taxes to middle class citizens should be decreased.
3) Medicaid is not be cut.
==
BOTTOM LINE
This will NOT pass because Republicans want to do it alone. Trump would eventually make a deal, since he has little problem the highest 1% getting a small tax increase.
