First, there are no tax cuts coming. Bush reset the rates. The Dems want to raise the rates on any of the "millionaires and billionaires" making over $250,000. (how that is a millionaire or billionaire, I have no clue)
Looks great, I will take the Rep version here is why.
The Estate tax- no I have no estate worth over a $1,000,000 however, the money was already taxed once. It is bad enough to give the govt an additional 35% (Rep) but 55% is criminal (Dem). Large farms that have been in families for generations could be highly impacted due to the price of good farmland. It is not fair.
Dividends- Rep 15% Dems 20%- What about the elderly that enjoy dividends from their portfolios? Why do the DEms want to punish the elderly by taking 5$ more of their money. Do the Dems want the old people eating cat food? My father-in-laws mother was left a very nice portfolio that paid her around $300 a month in dividends (yes very nice) why do dems want to punish her late husbands decades of wise investment
Capital Gains- Rep 15% Dems 20%- Once again not only rich people invest money. However 5% increase may dissuade investors.
Income Support- Dems increased earned income tax credits Rep eliminate programs- Of course more give aways. My mother works with a lady whose daughter got a $9000 return last year. She paid under a $1000 in federal income taxes. The most you should get back is all of what you paid, not thousands of dollars in bonus. Question any money that would be above and beyond would that not be a capital gain, thus the Dems want to increase taxes on poor workers from 15% to 20%. Why do Dems hate poor working families?
Business Write offs- I actually like both parties ideas- Rep better because it doubles the amount of capital purchase write offs
AMT- Boy another great idea from DCgrad. A tax designed to punish (yes punish like all taxes) 400 families that has ensnared tens of millions of people because it was not indexed for time (kind of like social security- collect at 65 when life expectancy was 63, today collect at 65 and life expectancy is 80).
Dems shield for one year Reps for two. Once again, most people dont plan things on short term basis. Thus the longer time goes that you know the rules the better you are. Rep
Looks like a landslide for the Rep plan. Have Harry bring it to the floor for a vote (wont happen).