Trump and his staff are on their way with a new tax plan.
What should we expect from it?
Personally I think this is why he entered politics, so I expect tax cuts for the wealthy and every corporate business model that Trump or his family have invested in or directly own.
From the article:
"Mnuchin also said the administration wants to “do the whole thing,” and not pursue tax reform piece by piece. Amid concerns that such sweeping tax cuts would significantly reduce revenue for the government, he suggested economic growth will help pay for the plan."
From the article:
"But Mr. Trump’s decision to extend the corporate tax cut to real estate conglomerates like his own will give Democrats a tailor-made line of attack."
Originally posted by no1marauder There were few details in the plan, but enough to know that it will save Trump and his family billions IF he's as rich as he claims to be.
Hard to call it a "plan" without even saying what the income levels will be for the three brackets. Getting rid of ALL deductions besides mortgage interest and charitable contributions doesn't seem geared to help the super wealthy though.
Originally posted by Sleepyguy Hard to call it a "plan" without even saying what the income levels will be for the three brackets. Getting rid of ALL deductions besides mortgage interest and charitable contributions doesn't seem geared to help the super wealthy though.
Getting rid of the estate tax, alternative minimum tax and making a maximum 15% tax on "pass through" income from businesses sure is.
Originally posted by no1marauder Getting rid of the estate tax, alternative minimum tax and making a maximum 15% tax on "pass through" income from businesses sure is.
Yep. Can't argue.
Meanwhile the debt climbs. How are we not going to become Greece?
Meanwhile the debt climbs. How are we not going to become Greece?
I doubt you would ever become Greece. Now if China called in its debts, you might be headed that way, but lower taxes and higher debt? No, not Greece.
The US can get itself out of debt any time it likes by simply cutting military spending.
Originally posted by Lundos Trump and his staff are on their way with a new tax plan.
What should we expect from it?
Personally I think this is why he entered politics, so I expect tax cuts for the wealthy and every corporate business model that Trump or his family have invested in or directly own.
I've seen his tax plan. Typical GOP drivel. Massive tax cuts for the rich, a few crumbs for the working class, and no clue how to finance government operations with far less tax revenue coming in than before. Welcome to George W Bush reincarnated.
Originally posted by KazetNagorra We should expect the same we've seen since Reagan and Thatcher: tax cuts for the wealthy funded by the next generation.
It's been proven time and again that 'trickle-down' just doesn't work. It ALWAYS gets hung up on the pockets of the wealthy.
Originally posted by mchill I've seen his tax plan. Typical GOP drivel. Massive tax cuts for the rich, a few crumbs for the working class, and no clue how to finance government operations with far less tax revenue coming in than before. Welcome to George W Bush reincarnated.
For whatever it's worth, here's Mnuchin with Tucker Carlson yesterday claiming the following:
"This is all about creating jobs and growing the economy, and on the personal side this is about tax simplification and about limiting deductions. So although the rate is coming down on the top end of 35 percent, there will be many many deductions gone. Matter of fact we will be taking all deductions out other than mortgage interest and charitable donations, and so effectively, the effective tax rate will not be a reduction for the rich."
Originally posted by Sleepyguy For whatever it's worth, here's Mnuchin with Tucker Carlson yesterday claiming the following:
"This is all about creating jobs and growing the economy, and on the personal side this is about tax simplification and about limiting deductions. So although the rate is coming down on the top end of 35 percent, there will be many many deductions gone. Matt ...[text shortened]... x rate will not be a reduction for the rich."
https://www.youtube.com/watch?v=fjNRxYdpmtQ
Matter of fact we will be taking all deductions out other than mortgage interest and charitable donations,
I wonder what will happen when people realize that would mean their contributions to 401(k)s and IRAs would no longer be tax deferred.
Rate on a scale of 0-100 the percentage chance of such a plan being enacted this year.
Originally posted by Sleepyguy For whatever it's worth, here's Mnuchin with Tucker Carlson yesterday claiming the following:
"This is all about creating jobs and growing the economy, and on the personal side this is about tax simplification and about limiting deductions. So although the rate is coming down on the top end of 35 percent, there will be many many deductions gone. Matt ...[text shortened]... x rate will not be a reduction for the rich."
https://www.youtube.com/watch?v=fjNRxYdpmtQ
No doubt fairies and unicorns will intervene to make sure the taxes of the 1% don't go down.
Originally posted by Suzianne It's been proven time and again that 'trickle-down' just doesn't work. It ALWAYS gets hung up on the pockets of the wealthy.
Trickle Down Economics is really Golden Showers Economics where the wealthy and powerful just piss all over the rest of us.
Originally posted by no1marauder [b]Matter of fact we will be taking all deductions out other than mortgage interest and charitable donations,
I wonder what will happen when people realize that would mean their contributions to 401(k)s and IRAs would no longer be tax deferred.
Rate on a scale of 0-100 the percentage chance of such a plan being enacted this year.[/b]
Uh, yeah that's not going to happen.
But doesn't this rhetoric sound a bit different than Bush's? I remember Bush's position being that of course rich people were going to get the biggest benefit of a tax cut because they are the ones paying the most taxes. Mnuchin's singing a different tune. Isn't that a not so subtle shift in the culture war that progressives can be happy about?
Trump tax plan
26 Apr '17 15:381 edit
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