Treasury Secretary Steve Mnuchin made a surprising revelation on CNBC this morning ... and that is that people earning a million dollars or more a year will see, under the new tax laws, their taxes go UP on average by 3%! If this be true, then not only is this a good populist stance, but it flies in the face of all the Democrat demagoguery ... that this tax reform is a gigantic tax cut for the wealthy.
This Chuck Schumer claim is predicated on the elimination of the Alternative Minimum Tax (AMT) ... an elimination which I hope doesn't happen (see featured post on this blog ... Taxing Times ... which basically is an updated form of an AMT). But, if Mnuchin is being truthful, then I applaud the efforts of Congress on tax reform.
My fingers are crossed.
2 comments:
Hey George, I have a bridge to sell you.
Yes I would feel better if the tax code went from 75.000 pages down to a few hundred. And yes these Goldman Sax alums can hide lots more loopholes among this complexity, but the real test will be in the economic results. If we are screwed once again, then the Trumpers will lose.
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