Trump proposed tax cuts will mostly benefit the wealthy and increase tax on the low to middle income

[Zaap]

In this case however we're talking about how to reduce taxation. If you think the proper way is to always give the shaft to the rich guy just because "they deserve it" then you should abandon all pretense of fairness and not be surprised when those rich folks don't exactly cooperate with you.

Good luck but its his ilks way to always conflate the issues between income and consumption taxes.

In a nutshell, its like believing the ONE millionaire in a town of 10,000 other non-millionaires is going to (by virtue of his wealth status) pay the same amount of consumption taxes as the 10, 000 other residents. So never mind his higher share of income taxes paid. Nope, toss that out. Roast him for the fact that when he buys groceries he doesn't automatically outspend (and pay more taxes doing so) than the entire rest of the town.

Roast him because as a millionaire he doesn't register and pay taxes on 10,000 vehicles at the DMV, rather, just the one or two he actually owns.

It totally makes sense that the numerically smaller 1% who have large incomes must do everything tax wise in numeric proportion to the 99%.

 

[agent00f]

Right on cue as exhibit A for previous statement:

Good luck but its his ilks way to always conflate the issues between income and consumption taxes.

In a nutshell, its like believing the ONE millionaire in a town of 10,000 other non-millionaires is going to (by virtue of his wealth status) pay the same amount of consumption taxes as the 10, 000 other residents. So never mind his higher share of income taxes paid. Nope, toss that out. Roast him for the fact that when he buys groceries he doesn't automatically outspend (and pay more taxes doing so) than the entire rest of the town.

Roast him because as a millionaire he doesn't register and pay taxes on 10,000 vehicles at the DMV, rather, just the one or two he actually owns.

It totally makes sense that the numerically smaller 1% who have large incomes must do everything tax wise in numeric proportion to the 99%.

 

[Jhhnn]

Does anybody else old enough to remember recall Rich people hurting back in 1980? I certainly don't. Because they were Rich, obviously, if not nearly as Rich as today. Their share of national income was less than half of what it is today & the average tax rate of the 1% was 7.4% higher than today.

https://taxfoundation.org/summary-latest-federal-income-tax-data-2015-update.

That's *adjusted* gross income, & we all know guys like Trump get to adjust more than guys filing 1040EZ.

But Donald & the Repubs want to cut 1% taxes further... balance the budget on the backs of the least fortunate among us... and have it all trickle down. Like that's ever happened.

 

[Sonikku]

Maybe after they lose their healthcare, lose their various other forms of public aid, AND get stuck with a higher tab come tax time, his voting base will truly be tired of all this winning.

No they won't.

but but... BATHROOMS! ABORTION! PLANNED PARENTHOOD! RABBLE RABBLE RABBLE!!

 

[Jhhnn]

No they won't.

but but... BATHROOMS! ABORTION! PLANNED PARENTHOOD! RABBLE RABBLE RABBLE!!

Donald loves the uneducated. They're such good fuckin'.

 

[Balt]

Maybe after they lose their healthcare, lose their various other forms of public aid, AND get stuck with a higher tab come tax time, his voting base will truly be tired of all this winning.

All of Trump's voters would be millionaires if it weren't for those snowflake Dems taking all of their money and giving it away to furriners and welfare queens. Not to mention killing their jerbs with automation errr.... regulations.

 

[theeedude]

Is everyone ready to register a pass through corporation to act as a middle man between you and your employer so you can pay 15% federal taxes? How would health benefits work in such a scenario?

 

[khon]

This tax proposal by Trump is a joke, and not even a good one.

Luckily it's so ridiculous that even Republicans in the house won't go along with it.

 

[trenchfoot]

So now every single blue collar working stiff that voted for Trump can now fully realize for whom Trump was referring to when he loudly and proudly declared he was going to "Make america Great Again", right?

Yeah, I know it's a rhetorical query seeing as if no matter how badly Trump has scammed, lied to and turned his back on his working class admirers, they still see stars in their eyes whenever Donny Boy's name is mentioned, but damn if I still hold out hope that these folks will finally see the light, that they will have that much needed epiphany to see through the facade, the smoke and mirrors that Kasich referred to in regards to Trump's primary function as POTUS and vote his ass out of office come 2020.

Maybe only 2% of Trump's former supporters freely admitted that they don't like him anymore, but there's got to be many more of them that refused to admit it but have come to realize how they got royally rolled by Trump and will make up for their error in judgement in the next election cycle. One can hope, eh?

Trump has already made things perfectly clear what demographic of society he wants to take care of and curry favor from and it can't be made any more obvious than the agenda he has been pursuing during his first 100 days on the job. It's all the proof any person with an ounce of common sense needs to determine that Trump's sympathies lie within himself and by mere coincidence those very wealthy folks like him that would be more than happy, well, ecstatic to get rid of the protections and benefits that the gov't provides for the middle class and the poor.

He's selling the same gag inducing snake oil to the hourly worker folks who are still willing to drink what really is a shit ton load of putrid pig sty swill, but that's all they're going to get from him. Well, that and a half-ass wall that we are all going to pay $Billions$ for.

 

[VRAMdemon]

He's creating jobs in the American face-palm industry. I only hope the factories can keep up.

 

[zinfamous]

Did you even try reading the article? A typical NY millionaire will receive tax cut of $113,000 while a single mother making $50K raising two children will face tax increase of $464. And all of that to put us in a 2 trillion dollars in a hole over 10 years?

Seriously, how do you look at these numbers and say "hey, that sounds like a great idea"?

Reagan brain. There's a lot of idiots out there, to this day, that continue to suffer from Reagan derangement brain. It seems that death is the only cure, unfortunately--but they have loud and uninformed mouths, which they use to compromise other people. It's like zombies. They never go away.

 

[ivwshane]

Well trump just released his tax "plan" and as expected its a huge win for the rich and for businesses.

I lol'd at the argument that the tax code is too complicated so they decided to remove a couple of tax brackets as if that's where the complication comes from.

Obama's 3.8% tax on capital gains will also be eliminated, another give away to the rich and directly effect the ACA.

I also couldn't help but laugh when trumps budget guys used the standard Republican talking point that these tax cuts would be deficit neutral because growth will increase revenue. Its as if history and the experiment in Kansas didn't prove exactly the opposite.

 

[sm625]

Does anybody even know where the 10% bracket ends and the 25% bracket begins? lol because without knowing that, it is impossible to calculate anyone's tax.

 

[manly]

This tax proposal by Trump is a joke, and not even a good one.

Luckily it's so ridiculous that even Republicans in the house won't go along with it.

http://www.cnn.com/2017/04/25/politics/donald-trump-tax-plan-senate-rules/index.html

Seems like he doesn't much care if it can even get passed; Trump is just desperate to cut his own personal and corporate taxes. Good news for middle America I suppose.

 

[khon]

http://www.cnn.com/2017/04/25/politics/donald-trump-tax-plan-senate-rules/index.html

Seems like he doesn't much care if it can even get passed; Trump is just desperate to cut his own personal and corporate taxes. Good news for middle America I suppose.

Actually I don't think he's trying to cut his own taxes, if that was the goal he would have instructed his people to come up with a proposal that could actually pass through Congress. What he is trying to do it get news coverage before the end of his first 100 days, so he can tell everyone he tried his best to lower their taxes, but Congress wouldn't let him. He's playing to the cameras, with no intention of governing.

 

[MixMasterTang]

Of course, the answer is always: "THEY need to pay more. I pay too much!"

The problem is (And what they don't realize) is that taking income is a choice. Much like getting jobs done remotely in foreign countries (India), income can be had in other countries. The more you push to tax, the more it will become a reality. They just want to keep pushing it further and further as they rely more and more on the rich to pay the fat government bills. When the rich suddenly departs and says "Eh, not worth it anymore", you fall flat on your face and everything erupts into chaos.

Even if a US Citizen moves abroad they are still responsible for paying income tax to the US even if it was not earned in the US. So they would technically have to denounce their US Citizenship.

 

[boomerang]

Doubling the standard deduction suits my household just perfectly. :thumbsup:

 

[Drako]

Doubling the standard deduction suits my household just perfectly. :thumbsup:

+1 for killing off AMT.

 

[hal2kilo]

Does anybody else old enough to remember recall Rich people hurting back in 1980? I certainly don't. Because they were Rich, obviously, if not nearly as Rich as today. Their share of national income was less than half of what it is today & the average tax rate of the 1% was 7.4% higher than today.

https://taxfoundation.org/summary-latest-federal-income-tax-data-2015-update.

That's *adjusted* gross income, & we all know guys like Trump get to adjust more than guys filing 1040EZ.

But Donald & the Repubs want to cut 1% taxes further... balance the budget on the backs of the least fortunate among us... and have it all trickle down. Like that's ever happened.

http://www.cnbc.com/2017/04/26/trum...pays-for-itself-with-growth-in-fairyland.html

President Donald Trump's call to slash business tax rates will no doubt win wide support in American corporate boardrooms.

But one of the main tenets of the plan — offsetting lower revenues with faster economic growth — is getting a cooler reception from critics of the plan

 

[manly]

Actually I don't think he's trying to cut his own taxes, if that was the goal he would have instructed his people to come up with a proposal that could actually pass through Congress. What he is trying to do it get news coverage before the end of his first 100 days, so he can tell everyone he tried his best to lower their taxes, but Congress wouldn't let him. He's playing to the cameras, with no intention of governing.

Time and time again, his administration has proven itself not very shrewd when it comes to considering whether an EO or bill passes muster.

Whether his tax cuts are optimized to pad his own personal net worth is at least debatable:
https://forums.anandtech.com/thread...s-tax-cuts-for-himself.2504741/#post-38866252

 

[brycejones]

Any tax reform bill should be filibustered until Trump and his family members publicly release their returns.