Republican Tax Cuts promised prior to the 2016 elections.
Overall, Republicans support a variety of tax cuts. They wish to increase the child tax credit, a credit that reduces your federal income tax per child that qualifies. They also wish to get rid of the marriage penalty, which is the term for when a couple pays more filing jointly as a married couple than they would have filing separately. Republicans want a full repeal of the death tax (also known as the federal estate tax, under which a tax is applied to the transfer of the deceased’s estate at the time of their death). The death tax takes a particular toll on family businesses or farms, where it is common that the family has to sell the business or farm to pay for the tax. In this situation, the employees and customers suffer as well, supporting the theory that overtaxing can harm American’s financial prosperity, as well as the growth of the economy. The Republican Party supports the housing industry’s efforts to make home owning easier, without setting quotas and giving preferential treatment. This is because they believe that lower taxes and lower interest rates could allow more Americans to be homeowners, which is in the national interest. They also believe in providing deductions on premiums of long-term insurance plans, with additional exemptions for elderly spouses, parents, or relatives that a family tends to in their own residence.
The Republican plans to reduce taxes were reflected in the Bush tax cuts. In addition to the measures listed above, these include having four lower tax brackets, providing tax cuts for all, but focusing them on the lower classes, and promoting charitable giving and education.
And this is what we are told now.
Mitch McConnell and Paul Ryan want you to know they didn’t really mean that everyone would get a tax cut under the Republicans’ proposed tax reform plan, and now both the Senate Majority Leader and the Speaker of the House have clarified their previous statements. What McConnell originally said: “Nobody in the middle class is going to get a tax increase.”.
What he said later: “You can’t guarantee that absolutely no one sees a tax increase,” he clarified, saying that every income group, on average, would see a tax cut.
Ryan was faced with the necessity of issuing that same correction earlier this week. What Ryan originally said: “So actually, even though there’s a lot of false information out there, everybody gets a tax cut.”.
What he said later: “At every income level, there is a tax cut for the average family,” Ryan said Thursday. A spokeswoman for Ryan told The Washington Post that Ryan initially misspoke. While middle class tax payers would see their tax rates either decrease or stay the same under the new plan, there are potentially millions of taxpayers who could actually end up paying more when all is said and done due to the elimination of many deductions.
Sounds to me, Ryan and McConnell, that what you are offering the American people is what any Marxist/Progressive (Democrat) would support; take more money from the rich and redistribute that income just like Marx and Engels wanted. Please Ryan and McConnell, get out of the way so real conservatives can lead.