Sunday, May 7, 2017

President Trump's tax and health care plans - - all for the 1 percenters

If anyone has any doubts that President Trump is all for the 1 percenters - and not for the 99 percenters, look no further than the latest tax reform and health care plans.   Right to the point it screws the middle class, especially homeowners and those with pre-existing conditions, while benefiting the 1 one percent of all earners.

The smoke and mirrors objectives on Trump's tax plan can be found in left (fake) and right (real) leaning stories - - such as Fox Business telling the top 5 great benefits  of the 2017 tax reform.   On the other side, the tax plan will hurt taxpayers who rely on state and local income taxes as part of their itemized deductions - - especially homeowners in high property tax states like California and New York who pay up to 15K annually.  But first, compare President Trump's tax plan to this plan he "proposed" while running for office - - which had 4 income tax brackets, including no tax liability for married couples up to 50K and just 15 percent for single filers up to 150K (married couples up to 300K). However most filers will give up a lot of "unspecified" deductions which would still be offset by eliminating most tax and the troubles of itemizing deductions, but keeps the wonderful mortgage interest and charitable deductions.  Yes, the wealthiest get a huge cut from 39.6 percent down to 25 percent and that is a problem for me, but at least that plan benefitted the working class a lot.

Now Trump is President, his new one page proposed plan calls for 15/25/35 percent income tax brackets instead of his originally proposed 4 tax brackets, while still eliminating most deductions.   Nothing was mentioned about the specific income levels in relation to each tax bracket but it's not much of a difference from the current 7 brackets. Even when standard deductions are doubled, President Trump still wants to eliminate most deductions and he certainly has said nothing about the Earned Income Credit which was helped low income families with child dependents.

And as of this blog post, President Trump is on the verge of replacing former President Obama's Affordable Care Act, or more commonly know as Obamacare with the American Health Care Act of 2017 or what we call Trumpcare.    Take a look at the moderate website, The Hill's, comparisons between Obamacare and Trumpcare  and surely you will see that while the revised plan will allow more people to be insured than the first disastrous draft, it will cost a lot more for older patients and those with pre-existing conditions.  And allocating only $8 billion for a high risk pool of those who cannot afford the premiums, it will not be enough as estimates call for upwards of $200 billion.

Personally, I never was a fan of Obamacare either, with the communist approach of requiring everyone to have health insurance or pay an IRS penalty - - as well as buying insurance within the state marketplace instead of buying insurance across state lines and I am vehemently opposed to covering abortion and contraception - - it is a woman's choice for her to either abstain until marriage or have premarital sex - - the government should not be paying for what a woman decided which got her pregnant if she was not able to take care of the newborn.  but now with Trumpcare, it's worse with more people will not be able to afford to buy insurance in the marketplace with pre-existing conditions while the wealthiest 1 percent, according to Politifact, will receive two tax breaks.

Once again, the establishment has screwed the working middle class.  Shame!!!

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