The GOP Tax Plans: Who’s Really Going to Pay?
By November 22, 2017 0 61•
The most recent attempt at refining our tax system may look like a tax cut on the surface, but the devil is always in the details. On closer inspection, both the House and Senate tax proposals leave no taxpayer group unscathed — other than corporations, which have been the biggest beneficiaries of tax incentives since 1986.
On the other hand, the wealthy would be fine . They can earn up to $1 million, keep their existing million – dollar mortgage deduction and their tax bill would go down by $34,120 in the House version and $45,088 in the Senate version — not to mention $1,650 per child from the child tax credit . If they a re one of the 1,800 people who stand to inherit more than $22 million, they are in even better shape.
It seems that the tax bills, as written, say that cities, young families and the elderly — not corporations or the wealthy — should pay to Make America Great Again. That sounds less like tax reform and more like a tax takeover.
Author of “ Take Back Your Money ” and “ The Ten Truths of Wealth Creation, ” John E. Girouard is president and CEO of Capital Asset Management Group, a registered principal of Cambridge Investment Research and an investment advisor representative of Capital Investment Advisors in Georgetown.