If I had a nickel for every time my children said— “When am I going to use this in real life?”— I would have a lot of nickels.
“The biggest winners will be the everyday American workers as jobs start pouring into our country, as companies start competing for American labor and as wages start going up at levels that you haven’t seen in many years” ~Donald Trump
Donald Trump has launched his new tax plan proposal. How does this affect me? Let’s say I earned so many nickels in one year that I ended up in the $10,000 annual income tax bracket, poverty level, with this tax plan my taxes would go from 10% to 12%. Is that > or <? I think I’m getting screwed.
Gary Cohn, Director of the White House Economic Council, didn’t pay attention in his economics class. He says middle class people with average household earnings of $55,000 will see “substantial” tax cuts with Trumps new billionaire tax cut plan.
How much is substantial Gary? He says substantial enough to “buy a new car or renovate your home.” Can you be more specific? $650 to $1,000. (First of all, where does he shop?) But he’s quick to say “there are no guarantees,” you may end up paying more.
Trump’s Tax Plan takes aim at the same people his healthcare plan wanted to murder. His goal as president seems to be to increase the divide between the obscenely rich and everyone else. Let’s take a look at a few people who will actually benefit from this plan—
The top 00.1% see a will drop in their taxes from 39.6% to 25%. He was asking to drop it to 15%, but someone must have had an eraser.
Here are some examples of what those numbers mean to Trump and his friends:
- Donald Trump’s Trump’s estate would save $564 million.
- Wilbur Ross, Trump’s Commerce secretary choice, would save about $545 million.
- Richard DeVos, the father-in-law of Trump’s education secretary choice Betsy DeVos, would save $900 million.
- Linda McMahon, Trump’s pick to head the Small Business Administration, and her husband Vince McMahon, might save more than $250 million.
And Donald Trump keeps talking about the death tax. “It creates problems for so many people,” so he’s eliminating it. It’s a tax that only applies to estates worth over $5.45 million. I don’t have that many nickels.
Trump’s tax plan will save billionaires approximately $20 billion annually, and he wants it to be retroactive so they’ll get that money with their 2017 refund. They can buy a lot of new cars come April.
Meanwhile, Trumps buddy, Health and Human Services Secretary Tom Price, has no problem burning through tax payer dollars. He has reportedly spent over $500,000 on private jet travel. But he’s sorry we found out about it, so he intends to reimburse us. He “will write a personal check to the US Treasury for the expenses of my travel on private charter planes” for $52,000. “The taxpayers won’t pay a dime for my seat on those planes.” Wait…he spent over $500k is saying he’ll pay back $52k and call it even?
Somebody get these guys a calculator.
So kids, math and economics do come in handy in everyday life— but maybe ignorance is bliss.