Can anyone on this board made an educated assumption as to what will happen with taxes in this country? Trying to make some decisions regarding my business and honestly I have no clue as to the direction of personal and corporate taxes. It is very difficult to plan anything.
I can tell you with 100% certainty that taxes will do 1 of 3 things. 1. Go up 2. Go down 3. Stay the same Have a good day!
Separating tax payment from rates, it seems certain that some of the current deductions will be limited or eliminated. What little consensus there is seems to be focused on "loopholes". As to rates, it is anybody's guess. but expect your bill to go up.
For anyone that is currently paying federal income taxes, expect your liability to go up. For anyone that is currently not paying any federal income taxes (or receive it all back in a refund at tax return time), expect the vote-buying to increase.
Uh, tax policy has changed over the years to make income taxes more progressive, particularly the Bush and Obama tax changes.
And investment income goes up exponentially. Imagine that. duh! Or, I guess you think the government should take away the investment income of the wealthy also, which would cash a stock market crash far greater than 1929 and a depression far worse also.
My statement is that though we have a progressive tax system (on its face), the laws are setup in a way to benefit those whom have money. Essentially, the people at the top of the income curve (full transparency: my family included) are paying more in tax revenue because we are taking a much larger piece of the pie. Income inequality is a problem as the more it increases the more the proletariat (working class) desire to overthrow the bourgeoisie (wealthy) increases. This doesn't have to be a military manuever but rather if they get organized they can simply vote themselves into power.
