Why the Trump tax cuts are flopping
Bill Mead of Houston is glad the tax cuts signed by President Trump last year lowered the corporate tax rate, aligning it more with rates in other nations. But the naval architect, 71, still feels the cuts were far too generous to the wealthy. “I don’t know why they need it,” he says. “They’re just going to use it to overpay for something they could have anyway. They all need to sit down at the club and think about this. They could make the country better by paying a little more.”
Overall, Mead—a Republican—
disapproves of the new tax law.
So do a lot of other Americans. In the
latest Gallup poll, 48% of respondents said they disapprove of the
tax cuts, while just 39%
approve–which seems surprising, given that the cuts have
boosted take-home pay for roughly two-thirds of workers. Republicans in Washington are so dismayed by the tax law’s unpopularity that they’re considering another round of tax cuts, although passage seems unlikely.
“It bothers me, because I have children and grandchildren and I wonder how this is going to affect them,” a database architect who lives in the Pacific Northwest told Yahoo Finance. His income is in the top 3%, he says, and his after-tax pay rose by about 5% this year due to the tax cuts. His daughter earns far less than he does, however, and she has seen little gain. “I got a huge benefit,” he says, “but my daughter, who makes about one-eighth what I make, saw a negligible increase in pay. We should have had a tax cut targeted at the class that’s really hurting.” The data architect is an Independent.
https://www.yahoo.com/finance/news/trump-tax-cuts-flopping-181953692.html
