Extension of Lower Rates for the Middle Class!
Benefits for Small Business Owners!
Government not allowed to take Children's Inheritances!
More Incentives For Businesses to stay instead of move!
Potential cuts that would benefit retirees who are on limited income and those who earn tips, particularly for those who depend on them!
Man, good stuff!
When Social Security began in 1937, about 92% of workers earned below the taxable maximum, meaning their entire income was subject to payroll taxes. The cap was set at $3,000, covering nearly all wages.
Today, only 80-85% of total wages fall under the cap, leaving 15-20% of earnings untaxed for Social Security. This decline is due to income inequality, as higher earners have seen disproportionate wage growth. As a result, wealthier individuals contribute a smaller share to Social Security, worsening its financial strain.
We see the same pattern in tax policy. Trump’s 2017 tax cuts raised the child tax credit phase-out threshold to $400,000, giving high earners the same benefit as those making $30,000—despite needing it far less. Meanwhile, Elon Musk pays the same Social Security tax as someone making $176,200, highlighting the system’s imbalance.
Despite deficit concerns, tax cuts have disproportionately favored the wealthy. The 2017 Tax Cuts and Jobs Act (TCJA), per the Congressional Budget Office (CBO), is projected to add $1.9 trillion to the deficit (2018–2028) due to lower corporate tax revenues. Cutting the corporate tax rate from 35% to 21% caused revenue to plummet, worsening fiscal challenges.
The 2017 TCJA preserved the lower tax rate on capital gains, which allows investment income (stocks, real estate profits, etc.) to be taxed at a lower rate than wages. Long-term capital gains are taxed at a maximum of 20%, compared to the top income tax rate of 37% on wages. Since high-income earners derive a large portion of their wealth from investments rather than salaries, this system disproportionately benefits the richest Americans.
Now, Trump is proposing $4 trillion more in debt and a $100 billion military spending increase—hardly a deficit-reduction strategy. With a $36 trillion national debt, continued tax breaks for the rich serve only the wealthy, not the economy.
Oh and let's not forget, even if Trump laid off 200,000 federal workers at an average salary of 100,000 dollars per year, that would still only be roughly 20 billion dollars, or roughly 1% of the annual federal deficit.
Which is to say that even if Trump laid off 200,000 people, including tens of thousands of veterans, it still wouldn't even begin to scratch the deficit. It's all ideological. They don't care about the debt. They only care about the wealthy.