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The Trump Tax Plan for Individuals
Zeitgeist posted a topic in Federal Politics in the United States
Under the Trump tax plan, people earning between $9,500.00 and $38,700.00 received a lowering in their tax rate of 3%. People earning over $500,000.00 received a lowering in their tax rate of 2.6%. In some businesses today, the highest paid earners, usually one person, can make over a billion dollars while the lowest paid full-time workers can earn well under $30000.00 a year. Under such circumstances, in an organization where one person is earning $2 billion and another is earning $20,000.00, one person is earning 10000 times what the lowest paid worker earns. The billionaire saves $5.2 million with Trump's tax cut. The worker with the $20000.00 salary will save $300.00 a year. Consider also that this tax plan reduces the amount of tax revenue that the government receives to service its debt and pay for government services by $1.5 trillion. The US has a national debt of over $21 trillion. Is this good tax policy? Only 2% of the US population earns over $500,000.00 a year. Around one percent of the population earns over one million dollars a year. Who do these tax cuts serve the most?