Author Topic: Trumps tax reform plan  (Read 697 times)

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Trumps tax reform plan
« on: October 26, 2017, 03:27:15 PM »

Offline JSD

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- Nearly doubling standard deductions for individuals and families:

Individual: $6300 to $12,600
Married/Joint: $12,700 to $24,000

- Collapse seven tax brackets into three:

35%, 25%, 10%

- Corporate tax rate would be cut from 35% to 15%!!

- Repeal: Death Tax, alt minimum tax, 3.8% Obamacare Tax. Eliminate Special Interest breaks, increase relief for families w/child & dependent care.



Trump gets this through, I'm buying a Make America Great Again hat.

Re: Trumps tax reform plan
« Reply #1 on: October 26, 2017, 03:57:02 PM »

Offline kozlodoev

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Repeal Obamacare tax, use it as proof that Obamacare is "failing" because it ran out of money.

Why not just do away with the concept of taxes altogether? That's so 20th century...
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Re: Trumps tax reform plan
« Reply #2 on: October 26, 2017, 06:12:34 PM »

Offline 2short

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So top 1% gets main tax break.  Medicare/Medicaid take huge hit and bonus...(wait for it)
Corporations get more than half of tax rate cut.

Good thing trickle down economics work right...? :'(

Re: Trumps tax reform plan
« Reply #3 on: October 26, 2017, 06:36:25 PM »

Offline Sketch5

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So top 1% gets main tax break.  Medicare/Medicaid take huge hit and bonus...(wait for it)
Corporations get more than half of tax rate cut.

Good thing trickle down economics work right...? :'(

Yeah anyone who believes trickle down economics work, I have some magic beans to sell.

They keep saying the corporations get bigger tax cuts they will produce jobs, but question is, were is the extra demand for their products going to come from, since it looks like the bulk of the country going to get hosed in one way or an other.

This is why you're seeing cuts to services that they are saying aren't needed, like education. They want to change middle class and low income to low class and dirt @$$ poor.

That and cutting healthcare programs that help the lower class could cost my wife her job were she's a Pt that works for a non profit that provides mainly for the lower class.

Re: Trumps tax reform plan
« Reply #4 on: October 26, 2017, 06:45:11 PM »

Offline 2short

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So top 1% gets main tax break.  Medicare/Medicaid take huge hit and bonus...(wait for it)
Corporations get more than half of tax rate cut.

Good thing trickle down economics work right...? :'(

Yeah anyone who believes trickle down economics work, I have some magic beans to sell.

They keep saying the corporations get bigger tax cuts they will produce jobs, but question is, were is the extra demand for their products going to come from, since it looks like the bulk of the country going to get hosed in one way or an other.

This is why you're seeing cuts to services that they are saying aren't needed, like education. They want to change middle class and low income to low class and dirt @$$ poor.

That and cutting healthcare programs that help the lower class could cost my wife her job were she's a Pt that works for a non profit that provides mainly for the lower class.
Sad thing is a lot of the base voters think the tax reform will benefit them, the working class.  The health care cuts will affect EVERYONES parents, republican, democratic and all those other groups.

Re: Trumps tax reform plan
« Reply #5 on: October 26, 2017, 06:49:08 PM »

Offline KGs Knee

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So top 1% gets main tax break.  Medicare/Medicaid take huge hit and bonus...(wait for it)
Corporations get more than half of tax rate cut.

Good thing trickle down economics work right...? :'(

I'd say the biggest tax break here would be the doubling of the standard deduction. That would be huge for lower income individuals and families. A way bigger deal than whatever tax savings the 1% would see by the elimination of the estate tax, or lowering of corporate tax rates (which really would just level the playing field for small businesses more than anything - most major corporations pay way less than what small business end up paying due to loopholes only the largest companies can take advantage of).

Complaining about these proposals is basically nothing more than typical partisan BS.

Re: Trumps tax reform plan
« Reply #6 on: October 26, 2017, 07:04:13 PM »

Offline smokeablount

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So top 1% gets main tax break.  Medicare/Medicaid take huge hit and bonus...(wait for it)
Corporations get more than half of tax rate cut.

Good thing trickle down economics work right...? :'(

I'd say the biggest tax break here would be the doubling of the standard deduction. That would be huge for lower income individuals and families. A way bigger deal than whatever tax savings the 1% would see by the elimination of the estate tax, or lowering of corporate tax rates (which really would just level the playing field for small businesses more than anything - most major corporations pay way less than what small business end up paying due to loopholes only the largest companies can take advantage of).

Complaining about these proposals is basically nothing more than typical partisan BS.


No it's not, I'm firmly independent but this BS as well as the way Obamacare was/is treated (without any real post-implementation plan) are major gripes. 

I've recently in my late 20s and early 30s been working and planning under a limit of $18k a year and now instead of putting away $10,000 now that I can afford it, I can only put in a quarter of that amount of money in a country where inflation has run rampant. 

For reference, $100 in the year 1980 is equivalent to $297.07 in 2017 (link below).  I want the benefits of compound interest and it has nothing to do with being a democrat or a republican.

http://www.in2013dollars.com/1980-dollars-in-2017?amount=100
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Re: Trumps tax reform plan
« Reply #7 on: October 26, 2017, 07:15:35 PM »

Offline liam

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So top 1% gets main tax break.  Medicare/Medicaid take huge hit and bonus...(wait for it)
Corporations get more than half of tax rate cut.

Good thing trickle down economics work right...? :'(

Most Corporations don't pay any tax now.

Re: Trumps tax reform plan
« Reply #8 on: October 26, 2017, 07:19:12 PM »

Offline saltlover

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So top 1% gets main tax break.  Medicare/Medicaid take huge hit and bonus...(wait for it)
Corporations get more than half of tax rate cut.

Good thing trickle down economics work right...? :'(

I'd say the biggest tax break here would be the doubling of the standard deduction. That would be huge for lower income individuals and families. A way bigger deal than whatever tax savings the 1% would see by the elimination of the estate tax, or lowering of corporate tax rates (which really would just level the playing field for small businesses more than anything - most major corporations pay way less than what small business end up paying due to loopholes only the largest companies can take advantage of).

Complaining about these proposals is basically nothing more than typical partisan BS.

Yeah, no.  The biggest tax break would either be eliminating the AMT or the estate tax.

Re: Trumps tax reform plan
« Reply #9 on: October 26, 2017, 07:21:40 PM »

Offline kozlodoev

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I assume that since this list of tax cut is being bandied around as a "plan", there's at least a halfhearted attempt to demonstrate how they will be funded? Otherwise, I can give you an even better "reform".
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Re: Trumps tax reform plan
« Reply #10 on: October 26, 2017, 07:52:11 PM »

Offline Fafnir

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So top 1% gets main tax break.  Medicare/Medicaid take huge hit and bonus...(wait for it)
Corporations get more than half of tax rate cut.

Good thing trickle down economics work right...? :'(

I'd say the biggest tax break here would be the doubling of the standard deduction. That would be huge for lower income individuals and families. A way bigger deal than whatever tax savings the 1% would see by the elimination of the estate tax, or lowering of corporate tax rates (which really would just level the playing field for small businesses more than anything - most major corporations pay way less than what small business end up paying due to loopholes only the largest companies can take advantage of).

Complaining about these proposals is basically nothing more than typical partisan BS.

Yeah, no.  The biggest tax break would either be eliminating the AMT or the estate tax.
Especially since the standard deduction "doubling" eliminates the personal deduction, which means its in fact merely a 15% increase in the deduction people can take if they don't itemize.

Re: Trumps tax reform plan
« Reply #11 on: October 26, 2017, 08:03:32 PM »

Offline More Banners

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So top 1% gets main tax break.  Medicare/Medicaid take huge hit and bonus...(wait for it)
Corporations get more than half of tax rate cut.

Good thing trickle down economics work right...? :'(

I'd say the biggest tax break here would be the doubling of the standard deduction. That would be huge for lower income individuals and families. A way bigger deal than whatever tax savings the 1% would see by the elimination of the estate tax, or lowering of corporate tax rates (which really would just level the playing field for small businesses more than anything - most major corporations pay way less than what small business end up paying due to loopholes only the largest companies can take advantage of).

Complaining about these proposals is basically nothing more than typical partisan BS.

Um, no. The Trump family alone will save a billion dollars from the estate tax repeal on its own, never mind the other uber wealthy cabinet members.

The lower class, the working poor I mean, won't experience much of a change in their life due to the SD increase. The rate there is only 10% anyway, and other credits wipe out most of the tax on the working poor anyway. True fact.


Re: Trumps tax reform plan
« Reply #12 on: October 26, 2017, 08:19:27 PM »

Offline 2short

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Power to the people


Re: Trumps tax reform plan
« Reply #13 on: October 26, 2017, 08:42:49 PM »

Offline Fan from VT

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I assume that since this list of tax cut is being bandied around as a "plan", there's at least a halfhearted attempt to demonstrate how they will be funded? Otherwise, I can give you an even better "reform".

Not really. True to republican ACTUAL practice, and not republican rhetoric, there is no attempt to balance the budget or decrease deficit, but simply expand the deficit for the enrichment of the already rich. MO of conservatives for decades.

From 538:

Quote
1. They chucked aside concerns about the deficit

The original House version of the budget bill called for a tax reform plan that would be deficit-neutral, meaning that any tax cuts would have to be made up for with tax increases. The Senate, however, passed a budget last week that said tax reform could increase deficits by as much as $1.5 trillion over the next 10 years.

How did congressional Republicans deal with this difference? At President Trumpís urging, House leaders simply took up the Senate bill and adopted that version. The resulting budget does not guarantee that the GOPís eventual tax bill will raise the deficit by $1.5 trillion, but itís a clear signal that Republicans are not committed to a deficit-neutral tax plan despite constantly complaining about rising deficits when Barack Obama was president.

and

Quote
Are Republicans committed to the general tax structure that they laid out last month, which showed huge reductions in taxes for the wealthy and either modest cuts or even increases for middle-income Americans, or are they open to changing the distribution of the cuts?

This is nothing more than a massive transfer of wealth toward the wealthy, when the wealth gap is already at an incredible level, with a little window dressing to try pretend to not be incredibly obvious about it.

Re: Trumps tax reform plan
« Reply #14 on: October 26, 2017, 08:45:01 PM »

Offline Surferdad

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Baynes is one tough dude.