Originally posted by: masamuneehs
Today I learned (actually, its been over the past month...) that the proposed changes to the US Tax Code are extremely regressive. Basically almost all the moves will decrease taxes for the rich and raise them for the poor. This effect will be seen in Retail Taxes, elimination of Estate and Gift taxes, repeal of the Alternative Minimum Tax and numerous other changes.
Here is the President's Tax Panel's official report of proposed tax changes.
The Future of US Taxes
They claim that the objective is to "simplify the tax code", but that basically means allowing more room for high-income households to worm their way out of paying taxes while sweeping up middle and lower income households under broad categories that generally mean in increase in taxes.
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