The GOP Is Proposing a 250 Percent Tax Hike on Millions of Americans

[turbinetree]

By David Cay Johnson / DC Report November 2, 2017, 1:28 PM GMT


The GOP just declared war on the strivers who start their own businesses.

Or to put it another way: The nice young couple who just opened their own independent coffee shop around the corner will likely be hit with a huge tax increase—as much as 250%—while the corporation that operates thousands of coffee shops all around the world is getting its taxes cut 43%.

The complicated new bill (remember when the GOP promised tax simplicity?) also lavishes federal tax favors on rich individuals and on those who live in low tax states.

No wonder the GOP developed the nearly 500-page tax bill in secret. Had the public’s business been conducted in public, this bill simply would not exist. But it may become law because, if there is anything we know about Washington in the age of Trump, it is that our elected leaders don’t listen to us, they listen to the political donor class, and in Trump’s case, to those advisers he says reside in his head.

https://www.alternet.org/news-amp-politics/gop-proposing-250-percent-tax-hike-millions-americans

[Squinch]

1. "if there is anything we know about Washington in the age of trump, it is that our

elected leaders don't listen to us."

[greymattermom]

2. How do franchise owners fit in with this?

Are they the nice young couple? Will the bill kill franchises?

[mythology]

9. From what I understand, most fast food franchises are set up as pass through corporations

Looking at this estimate for annual profit from a McDonald's franchise:

http://www.mymoneyblog.com/mcdonalds-franchise-cost-vs-profit.html

they would be taxed currently at 34% and in the Republican tax plan, taxed at 25%. Note that is just federal income tax, not other assorted taxes Basically if the net profit to the owner is over $100,000 a year, they are better off under the Republican plan.

The bill incentivizes franchises, the problem is that franchises require certain amounts of start up assets and so generally go to people who already have money. From the above article linked to McDonald's franchise website, it costs about 1 million to get a franchise opened, much of which has to be in personal liquid assets. Not exactly the stuff of scraping together a small business.

[dalton99a]

3. Kick

[marybourg]

4. My taxes will go up

almost 1000℅ if I can't deduct my DH's long term care cost,- $50,000.

[smirkymonkey]

5. K&R

[Bettie]

6. They keep talking about

the average tax cut...well, yeah, if you factor into the average the billions the really wealthy and large businesses are getting, even the probable increase for normal people can be made to look like a small cut.

From the information that's out so far (which, I'm guessing is the "best" spin they can put on it) we're going to get a hefty increase.

We've never minded paying our taxes, but these people seem to want to punish those of us who aren't wealthy simply because they can.

I think it makes their tiny, black hearts happy to know they'll be harming people below them on that economic ladder.

[ancianita]

7. Trickle up equals take from the many to give to the few. Parasitic capitalism debt/wage serfdom

(what the hell is up with no equals sign?!)

[Turbineguy]

8. That's how it works.

In order to transfer lots of money to a few you have to take a little money from the many.

The republican party's continued success lies in its ability to convince the many that this is a good thing. It's the economic version of sado-masochism.

A few wear submit-boots and have whips and chains, the many enjoy the beatings and the splintery damage control plugs pounded into their asses.