On CNBC this morning, President-elect Donald Trump’s pick to head the Treasury Department, Steven Mnuchin, described a very interesting tax plan. However, it bears little resemblance to any of the multiple plans that Trump proposed during the campaign.
For instance, Mnuchin said, “Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class.” I don’t know what Mnuchin means by the upper class. However, the Tax Policy Center estimates that under Trump’s most recent plan, the average net tax cut for the highest income 1 percent of households (those making $700,000 or more) would be $215,000 in 2017. The top 0.1 percent, who make north of $3.7 million, would enjoy an average tax cut of more than $1 million, boosting their after-tax income by 14.2 percent. Read the full story on Forbes.com...
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The St. Lawrence County Chapter (SLCC) #2831 is a community of advocacy and volunteers whose purpose is to 1) promote at the local level the priorities, programs and policies specific for the benefit of our seniors, 2) maximize member engagement in a broad menu of services, information and educational activities, 3) demonstrate the contributions and potential of people who are 50+ to encourage their full participation in contemporary life, 4) create fundraising opportunities to achieve self-sufficiency, and 5) stimulate public interest in a variety of issues.
Past Posts:
November 2019
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