President Donald Trump’s long-promised reforms to the U.S. tax code will reportedly include tax cuts for the wealthiest Americans, a feature that will surely spark backlash from Democrats.
The administration and Republican Party leadership is planning to cut the tax rate for pass through businesses from 39.5 percent to 35 percent, Axios reports. The majority of U.S. businesses are not subject to the corporate tax rate and instead pay taxes on profits that are passed through to the proprietors of the business and taxed at an individual rate.
Forty-five Senate Democrats sent a letter to Trump and Republican leadership in August in which they wrote “tax reform cannot be a cover story for delivering tax cuts to the wealthiest … We will not support any tax plan that includes tax cuts for the top 1 percent.”Read the rest of the story HERE and follow links below to related stories:
The Obama administration never took tax cuts seriously, Trump can
Exclusive: Trump, GOP to cut top rate to 35 percent
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2 comments:
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1) We can remove interest charges and penalties that would otherwise ruin you financially.
2) We can prevent or stop wage garnishments that would cripple you financially and leave you with no money to live on.
3) We can remove tax liens and bank levies.
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