combine that with the tax cut for the elites AKA TrumpCare plan , apparently we do not have a deficit.
Who wants to even pay taxes anymore, I sure don't. If the elites are going to get a double bargain here, they do not need my tax money. There is only so much us middle Americans can take, and this is about it.
The number of individual income tax brackets would shrink from seven to three — 10, 25 and 35 percent — easing the tax burden on most Americans, including the president, although aides did not offer the income ranges for each bracket.
Individual tax rates currently have a ceiling of 39.6 percent and a floor of 10 percent. Most Americans pay taxes somewhere between the two.
The president would eliminate the
estate tax and
alternative minimum tax, a parallel system that primarily hits wealthier people by effectively limiting the deductions and other benefits available to them — both moves that would richly benefit Mr. Trump. Little is known of Mr. Trump’s tax burden, but one of the small nuggets revealed in the partial release of a 2005 tax return this year was that
he paid $31 million under the alternative minimum tax that year.
White House Proposes Slashing Tax Rates, Significantly Aiding Wealthy
Let's play a game. Why should there be an estate tax?
There is NOT an estate tax on the first $5 million each, so for a rich mom and dad, there is no estate taxes owed for the first $10 million their children or lover mistress receives....
The person receiving the wealth, NEVER paid taxes on it and their parents or lover, never paid taxes on it either....
Yes, they never paid income taxes on it, because they had their wealth in tax free bonds, or in the stock market, where the increased value of their stocks was NEVER TAXED..., until they die or sell it.....
As example take a papa Hilton, he has most all of his wealth in Hilton Hotel Stocks from 40 years ago when he went public...those shares went from $5 a share for his 500,000 shares to now $100 a share for his 500,000 shares....as long as he did not sell off his stock shares, his profit from the capital gains was never taxed....not a dime of his capital gains was taxed.....
The estate tax, after the $10 million that is not taxed at all and exempt from taxation, the estate taxes covers the profit/gains that was NEVER taxed in all the tax avoidance schemes or tax free investments they made, or delayed tax investments they made.