The Trump and GOP Tax Cuts and Jobs Act should be stopped from putting the taxation burden on the working class instead of assuring fair taxing that would include the 1% of the wealthy in the U.S.
By H. Nelson Goodson
Hispanic News Network U.S.A.
November 30, 2017
Washington, D.C. - Trump's Tax Cuts and Jobs Act bad for Puerto Rico's economy, it includes a 20% tax excise provision for goods imported to the U.S. mainland from the island, which would have a devastating effect and assure the island's economy won't recover.
If passed, 60% of the benefits of Trump's tax bill will go to the top 1% of the wealthy who will pay less taxes than the working taxpaying class in the U.S.
If passed, 60% of the benefits of Trump's tax bill will go to the top 1% of the wealthy who will pay less taxes than the working taxpaying class in the U.S.
Also Manuel "Manny" Perez, the former Secretary of the Wisconsin Department of Workforce Development under Governor Scott Walker (R) and the highest appointed Hispanic Republican in the Walker's administration (effects) released the following information to Hispamic News Network U.S.A. (HNNUSA) on Trump's tax act is expected to have on the U.S.
Perez's statement to HNNUSA, "While I appreciate the President's desire to pass a tax plan, in the effort to pass a Tax Plan by the end of the year, important items are not receiving due consideration...a few examples...
1. The tax plan does not appear aligned to long term U.S. economic strategy and no strategy appears to have formulated.
2. CEOs have already told Gary Kohn that reducing rates does not imply increased investment and jobs.
3. The first in first out, directly hurts Americans.
4. Does not address student loan debt nor future workforce development needs."
Perez also agreed with HNNUSA that the Trump and GOP tax act should be stopped to ensure taxpayer interests accross the board are met including provisions for the 1% of the wealthy and corporations to pay their fair share of taxes.
At least 5.2M senior citizens will see an increase in taxes, if Trump's tax act is approved by the U.S Senate, according to the AARP.
The GOP tax act or tax scam won't generate enough revenue to cover the tax cuts for the 1%, but will reduce the deficit by $408B by 2027, it will cost taxpayers $1.4T on the long run, it also removes the healthcare mandate automatically repealing Obamacare affecting 13M people who would be removed from receiving healthcare, according to a report by the Joint Committee on Taxation.
U.S. Senator Marco Antonio Rubio (R-FL) explained that structural changes are needed to cover the huge tax cut handouts to billionaires and corporations by cutting Medicare and extending the retiring age for Social Security.
The New York Times reported that, “By 2027, people making $40,000 to $50,000 would pay a combined $5.3 billion more in taxes, while the group earning $1 million or more would get a $5.8 billion cut, according to the Joint Committee on Taxation and the Congressional Budget Office.”
At least 5.2M senior citizens will see an increase in taxes, if Trump's tax act is approved by the U.S Senate, according to the AARP.
The GOP tax act or tax scam won't generate enough revenue to cover the tax cuts for the 1%, but will reduce the deficit by $408B by 2027, it will cost taxpayers $1.4T on the long run, it also removes the healthcare mandate automatically repealing Obamacare affecting 13M people who would be removed from receiving healthcare, according to a report by the Joint Committee on Taxation.
U.S. Senator Marco Antonio Rubio (R-FL) explained that structural changes are needed to cover the huge tax cut handouts to billionaires and corporations by cutting Medicare and extending the retiring age for Social Security.
The New York Times reported that, “By 2027, people making $40,000 to $50,000 would pay a combined $5.3 billion more in taxes, while the group earning $1 million or more would get a $5.8 billion cut, according to the Joint Committee on Taxation and the Congressional Budget Office.”
