Trump previews tax plan, announces significant cuts to middle class

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Offline larsonstdoc

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I'M A DEPLORABLE KNUCKLEHEAD THAT SUPPORTS PRESIDENT TRUMP.  MAY GOD BLESS HIM AND KEEP HIM SAFE.

Offline decemberfellow

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Re: Trump previews tax plan, announces significant cuts to middle class
« Reply #1 on: September 30, 2015, 06:39:13 PM »
Quote

Donald Trump’s tax plan was revealed with a message for millions of Americans: “You win!”

But like everything linked to taxes, not everyone would win equally under his plan, which the Republican presidential candidate says is geared toward providing tax relief for the middle class and giving the U.S. economy a boost by lowering business income taxes.

To be sure, there’s a long road ahead before the general election in November 2016, but Trump’s proposal raises evergreen questions about the country’s tax system, such as why it’s so complicated and whether struggling middle-class families should get more of a break. Trump’s plan is geared to appeal to his supporters, one-third of whom earn less than $50,000 a year -- the group that the candidate claims would benefit the most from his plan.

Related: Trump Vows Lower Tax Rates, Deep Spending Cuts

Yet,  the biggest winners under Trump’s plan would be, well, people just like Trump: America’s richest citizens. That’s because he’s proposing a big reduction in income taxes for married couples earning at least $300,000, as well as a plan to eliminate the estate tax, which only kicks in at about $10 million per couplesaid Edward Zelinsky, a law professor at the Cardozo School of Law, who specializes in tax issues.

“The truth is most lower income folks don’t pay tax in our system today anyway,” Zelinsky said, who added that Trump is claiming to remove people from the tax rolls who already don’t pay much, if anything, in federal tax. “Thanks to the earned income tax credit and standard exemptions, roughly half of Americans don’t pay significant income taxes.”

Trump’s plan is “really good for high income tax payers,” he added.

One caveat: Trump’s four-page proposal is short on details. As a result, some issues are unclear, such as his assertion that many deductions would be eliminated, although his plan maintains deductions for charitable giving and mortgage interest, which are two of Americans’ most popular deductions




http://finance.yahoo.com/news/trump-tax-plan-affect-184900354.html



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Offline jofortruth

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Re: Trump previews tax plan, announces significant cuts to middle class
« Reply #2 on: October 21, 2017, 08:55:26 PM »
WAR ROOM (1st HOUR) Fri - 10/20/17 Owen Shroyer - Liberals fooled again, they now like Trumps tax plan after thinking its Bernies plan.  lol

https://www.youtube.com/watch?v=LR97VvUM_MQ


Do these people ever check out anything for themselves? Obviously not, which is why they are so uninformed.

Don't believe me. Look it up yourself!

Offline Geolibertarian

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Re: Trump previews tax plan, announces significant cuts to middle class
« Reply #3 on: October 22, 2017, 07:12:29 AM »
Just as Hillary supporters jumped the shark with their Russia-gate hysteria, Trump supporters have jumped the shark with their laughable portrayal of Trump's tax proposal as being primarily a tax cut for the "middle class."

In reality it is primarily a tax cut for the top 1% (which is composed disproportionately -- not of wage-earners and small business owners -- but of rent-seekers).

Even Zero Hedge had to admit this, for crying out loud:

http://www.zerohedge.com/news/2017-09-29/new-trump-tax-analysis-shows-most-benefits-go-top-1-middle-class-pay-higher-taxes

Trump Tax Plan To Benefit "Top 1%" Most, Cost $2.4 Trillion, Middle Class To Pay More Taxes

by Tyler Durden
Zero Hedge
Sep 29, 2017

Based on what we already know about the proposed Trump tax reform, which can be summarized as follows:

* collapse the seven individual income tax rates to three (12, 25, and 35 percent),
* increase the standard deduction,
* eliminate personal exemptions,
* increase the child tax credit,
* eliminate most itemized deductions,
* repeal the individual and corporate alternative minimum taxes,
* repeal the estate tax,
* reduce the corporate tax rate from 35 to 20 percent, tax pass-through business income at a top rate of 25 percent,
* allow businesses to fully expense investment in equipment and machinery for at least five years,
adopt a territorial tax system that would exempt the foreign earnings of US corporations from US tax

... moments ago the Tax Policy Center released its analysis of what the practical impacts of the Trump tax plan will be on the broader population. Below we present the key findings.

The tax plan will cost $2.4 trillion over the first decade and $3.2 trillion over the second dacade, on a static basis

* The proposal would reduce federal revenues by $2.4 trillion over the first ten years and $3.2 in the second decade. This means that absent a matched deduction in spending, US deficit and debt will increase by a similar amount. This is a problem as a Senate GOP budget resolution unveiled on Friday only allows for adding $1.5 trillion to the debt, implying a revenue shortfall of just under $1 trillion.
    * The business income tax provisions—including those affecting corporations and pass-through businesses—would reduce revenues by $2.6 trillion over the first ten years. Elimination of estate and gift taxes would lose another $240 billion. The individual income tax provisions (excluding those related to business income) would increase revenues by about $470 billion over the same period.


[Embedded video omitted - see original article]

While many Americans will benefit, the biggest gains will go to the 1%, whose after-tax income would increase by over 8%.

[Continued...]
"Abolish all taxation save that upon land values." -- Henry George

"If our nation can issue a dollar bond, it can issue a dollar bill." -- Thomas Edison

http://schalkenbach.org
http://www.monetary.org
http://forum.prisonplanet.com/index.php?topic=203330.0

Offline Geolibertarian

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"The federal estate tax is levied only on the portion of an estate’s value that exceeds the exemption level, minus deductions, such as for charitable giving.  Largely because of its generous exemption levels, only the wealthiest 0.2 percent of estates pay any estate tax, and typically at fairly moderate rates."

"Abolish all taxation save that upon land values." -- Henry George

"If our nation can issue a dollar bond, it can issue a dollar bill." -- Thomas Edison

http://schalkenbach.org
http://www.monetary.org
http://forum.prisonplanet.com/index.php?topic=203330.0

Offline jofortruth

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Re: Trump previews tax plan, announces significant cuts to middle class
« Reply #5 on: October 22, 2017, 01:34:41 PM »
Sen. Rand Paul: Trump’s tax plan could lead to middle class tax hike - Oct 13
http://www.foxbusiness.com/politics/2017/10/13/sen-rand-paul-trump-s-tax-plan-could-lead-to-middle-class-tax-hike.html

Quote
Sen. Rand Paul (R-KY) discussed President Trump’s tax reform plan on Friday, telling the FOX Business Network’s Maria Bartiromo, “I’m absolutely for cutting taxes.” But Paul pointed to one item in the plan that needed to be sorted out before he was fully on board with it.

The only sticking point I’ve had is a detail, but it’s an important detail: if you keep the middle rate at 25% and you get rid of two big deductions, how do we prevent the middle class from having a tax increase on this?,” he asked on “Mornings with Maria.”

But Paul seemed confident the administration would fix the issue, telling Bartiromo, “I talked to the president yesterday about this, I talked to the budget director Mick Mulvaney. They assure me they’re not going to let it happen.”

When Bartiromo asked what happened to the notion of trickle-down economics, Paul responded, “You have Republicans who have insufficient confidence in capitalism.”
Don't believe me. Look it up yourself!

Offline jofortruth

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Re: Trump previews tax plan, announces significant cuts to middle class
« Reply #6 on: October 22, 2017, 02:01:25 PM »
BREAKING: TRUMP JUST KNOCKED CHUCK SCHUMER OFF HIGH HORSE WITH BRILLIANT MOVE ON TAX CUTS (Finally Mitch McConnell did his job)

https://www.youtube.com/watch?v=OjbRrHq9B8Y
Don't believe me. Look it up yourself!

Offline jofortruth

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Re: Trump previews tax plan, announces significant cuts to middle class
« Reply #7 on: October 22, 2017, 02:26:12 PM »
President Trump : "I don't think we'll use a fifth bracket."
https://www.youtube.com/watch?v=dqjLoydeso8

Rand Paul 'all in' for tax cuts
https://www.youtube.com/watch?v=otB_9TCbnTk
Don't believe me. Look it up yourself!

Offline egypt

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Re: Trump previews tax plan, announces significant cuts to middle class
« Reply #8 on: October 22, 2017, 08:13:33 PM »
BREAKING: TRUMP JUST KNOCKED CHUCK SCHUMER OFF HIGH HORSE WITH BRILLIANT MOVE ON TAX CUTS (Finally Mitch McConnell did his job)

https://www.youtube.com/watch?v=OjbRrHq9B8Y

What a lovely family the Murphy's are.  My prayers go out to them over losing their precious son Etienne Murphy, hero.  This was back in May 2017?  I do hope President Trump calls them.  She is still crying, not able to cope with the abyss in her being she feels over her lost son.

love, e