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1. Patricia Pomerleau CEOExpressSelect Member
     Forum Moderator
     (10/24/2017 2:19:39 PM)
     Message ID #292440

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We pretty much gave up searching The Google and other targeted sources to find a neutral article or summary of the proposed GOP tax plan. What we found came from sources many would claim to be biased or were too long to summarize. We'll leave the searching up to you.

Depending on who or what you read, you'll find the tax plan benefits the rich, the middle class, is fair, is not fair, etc. The old saw is true: 'Where you stand on an issue depends on where you sit.'

So, let's try to have our own objective, fair and balanced discussion. Here are a couple of ground rules and a few seed questions:

  • Whether we like it or not, any tax plan affects the nation, so let's consider the big picture. For example, if a corporation gets a cut, and the cut benefits the nation, can you support corporate tax reductions?

  • Cite your source(s) when you state facts, and make it clear when you're giving an opinion.
To get started:
  • Do you consider yourself rich, poor, or in-between?

  • Do you itemize or take the standard deduction?

  • Are your state and local taxes high enough to affect you, or are they in the 'noise level?'

  • Regardless of the source, federal tax plans generally are about taxing income and/or profits. There are plenty of ways to increase one's net worth without income just as governments at all levels have dreamed up plenty of ways to extract their taxes. Net-net, how would you like to pay your fair share?

  • From what you read and your own analysis, is the GOP on the right track even though change may be painful?

  • Many people feel the current tax code is too complex and offers too many loopholes. Do you see simplicity as plus or pitfall? For example, the GOP plan doubles the standard deduction but reduces or eliminates personal and dependent exemptions.

  • Do you do your own taxes? Software or a No. 2 Eberhard Faber? Or do you pay a pro?

  • What about corporate taxes? The GOP wants to cut the corporate tax rate from 35 to 20 percent with the goal that corporations, their workers, and stockholders all will benefit.

  • Other tax breaks may change as well such as state and local tax deductions. Plus or pitfall?

  • The 'flat tax' comes up with every reform discussion. What do you think about the ultimate tax simplification?

  • Congress hasn't enjoyed a lot of approval lately. Do you trust anyone to come up with a fair tax? Who?

  • Other than time and money, what do we lose by refusing to move forward?

  • Bottom lines: Do you think a GOP-led plan will create promised economic growth? What effect do you think the GOP plan will have on the debt and deficit?

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Message edited by user at 10/24/2017 9:08:56 PM
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