Need an extension? Form 4868. But you still have to pay a good estimate of what you owe.
And don’t forget that — if you’ve had significant 2017 income on which taxes were not withheld — your first estimated quarterly tax is also due today.
I, of course, have not done either, and neither of us wants me to get in trouble, so today I’ll just offer some tax-related headlines the DNC press shop has pulled together on how Trump would revise the tax code.
They tell quite a story.
Washington Post: “Analysis: By 2025, most of Donald Trump’s tax cuts would go to the wealthiest 1% of Americans”
Vox: “Study: Donald Trump would raise taxes on millions of middle-class families”
Politico: “Think tank finds Trump’s tax plan would increase deficit by $10 trillion”
It’s clear Trump’s proposed ‘tax reform’ is a giveaway to billionaires like Trump.
Fortune: “Donald Trump’s Tax Plan Is Really Good for Donald Trump”
Wall Street Journal: “The first big tax cut moving through Congress under President Donald Trump would likely benefit the president himself, potentially saving him millions of dollars in taxes on his rental income next year and even more money on other income if he wins a second term.”
Catherine Rampell in Washington Post: “The top 1 percent of taxpayers get the biggest cut in raw dollar terms, as a percentage of their incomes and as a percentage of total tax cuts. They’d receive nearly half the total tax cuts under Trump’s plan.”
Trump’s tax plan would hurt, not help, the many Americans who voted for Trump.
Washington Post: “A new poll suggests that ordinary Republican voters…might even object to current plans to reduce taxes on corporations and the wealthy.”
Washington Post: “Large groups of Republican voters say they were already upset by the fact that some corporations and rich households pay too little.”
Washington Post: “The plan would also reduce the rate on corporate income from 35 percent to 20 percent and reduce taxes on corporations by $891 billion in total over a decade. Yet even more Republicans worry that corporate taxes are already too low. In the poll, 44 percent of GOP respondents said corporations paying too little bothered them a lot.”
Trump plans to pay for tax breaks for the rich by repealing or changing the Affordable Care Act, putting quality healthcare out of reach for millions of Americans.
New York Times: “Wealthy Would Get Billions in Tax Cuts Under Obamacare Repeal Plan”
Quote of the Day
A penny saved may be a penny earned, but it's one boring penny. A penny invested, on the other hand, bounces around. It gets bigger one day, smaller the next. A bit player in the drama of global finance, that penny buys a guy a balcony seat in the theater of macroeconomics.~Susan Stewart
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