Franz, who said he “voted against Clinton,” hasn’t lost hope that Trump and the Republicans in Congress will take some kind of action that will help taxpayers in his county of about 24,000 people.
“He’s looking at significant changes in capital gains and some of the other taxes, which could help and have a significant impact for a lot of our professionals,” he said. “If Trump can do tax reform and deregulation that will stimulate economic activity, Michigan is in a wonderful position to be able to take advantage of that.”
Overall, preliminary IRS data from returns filed in 2016 show the additional Medicare tax collected $8.6 billion in 2015, and the investment income tax collected $18.3 billion.
Comparing the county and national data isn’t perfect because the IRS, for privacy reasons, excludes from release items with fewer than 20 returns from a given county. Also, some Americans who live outside the U.S. and must pay taxes may not be associated with a particular county.
Ken Brown, 55, a Wisconsin Republican who runs a designer eyeglass shop a few blocks from where Trump spoke in downtown Racine in April 2016, said he doesn’t begrudge higher-income people who might get the first round of tax cuts.
“They are the first ones who are going to return to where they were before Obamacare,” he said. “I don’t think we should call it a tax cut. It’s canceling a tax increase.”
This article was provided by Bloomberg News.