Trump's tax reform

[Industrialsize]

And we're off to tax reform:
Trump plan will RAISE rates on lowest income taxpayers and CUT them for the rich:
Republicans agree to raise bottom tax rate, double standard deduction

Top White House and GOP leaders have agreed to raise the lowest individual tax rate from 10 to 12 percent, paired with doubling the standard deduction, 5 senior Republicans tell us.

Why this matters: Trump intends to sell the proposal tomorrow as a populist "tax cut." But as recently as yesterday top Republicans on Capitol Hill were nervous as they got word that Trump wasn't entirely thrilled with the product that had been hashed out in immense secrecy for weeks (with two members of his administration, Gary Cohn and Steven Mnuchin, working with GOP leaders.)
Big picture details: Republicans plan to collapse the number of brackets from seven to three. The standard deduction would almost double to $12,000 for a single filer and $24,000 for married couples, meaning Trump can accurately argue that many more low income earners would pay no tax under his plan. As we previously reported, the top tax bracket would fall from 39.6% to 35%.

https://www.axios.com/republicans-a...ate-double-standard-deduction-2489774626.html

 

[deleted15807]

Trump is sounding just like the garden variety republican today calling the fake free lunch plan "tax relief". Notice the messaging here. Relief implies that you are suffering, anxious and in need of comfort. Where does the money come from to fund the cuts since no spending will be cut and the government is already in the RED ? Voodoo that's where!!

 

[deleted15807]

Do note the proposed "pass through" tax:

If you are self-employed, beware! A 25% tax rate on "pass through" income represents a huge tax cut for higher earners, taxed in upper brackets. But for lower income, self-employed people operating as sole proprietorships, reporting income on Schedule C -- the so-called "gig economy" -- a flat 25% rate represents a huge tax hike for those currently taxed in the 15% tax bracket, which extends up to $75,900 for married couples. Talk about reverse Robin Hood, this is literally stealing from the poor to pay to the rich.​

 

[Mr Ed in Mass]

Some people just shouldn't be mods if they're shit stirrers

 

[Max_Polo]

...lower income, self-employed people operating as sole proprietorships, reporting income on Schedule C...

The solution is Subchapter-S which results in a pass-through of that income, taxed at the individual tax rate.

 

[deleted15807]

Some people just shouldn't be mods if they're shit stirrers

What exactly is a "shit-stirrer"? Are members allowed to be shit stirrers and mods not? And where in the TOS is "shit stirring" banned or discouraged? Should it be banned? I see a slew of excessively stupid threads here.

 

[deleted15807]

 

[deleted15807]

A Boondoggle Masquerading as Tax Reform

Clearly the US is in need of "tax relief"

 

[Industrialsize]

 

[Max_Polo]

Clearly the US is in need of "tax relief"
View attachment 835726

Finally you're making some sense.

 

[Max_Polo]

View attachment 836043

New York Post

 

[BULLDOG00]

It is always amazing hear that liberals don't want working people to pay less in taxes.

 

[deleted15807]

I helped create the GOP tax myth. Trump is wrong: Tax cuts don’t equal growth.​

 

[BULLDOG00]

I helped create the GOP tax myth. Trump is wrong: Tax cuts don’t equal growth.​

Why do you want working people to pay more of their income to the government?

 

[keenobserver]

It is always amazing hear that liberals don't want working people to pay less in taxes.

Under Trump's plan, most will not pay less in taxes, so I guess that makes Trump a liberal. Right?

 

[BULLDOG00]

Under Trump's plan, most will not pay less in taxes, so I guess that makes Trump a liberal. Right?

You are spouting industrial size lies.

 

[keenobserver]

You are spouting industrial size lies.

No, just honest sized Truth - http://abcnews.go.com/Politics/trump-adviser-guarantee-taxes-middle-class/story?id=50149729

http://crooksandliars.com/2017/09/trumps-top-tax-adviser-cant-guarantee-your

 

[Max_Polo]

Under Trump's plan, most will not pay less in taxes, so I guess that makes Trump a liberal. Right?

The question is, who would pay more and less? And by how much.

The reality isn't as simple as saying, "we will ass-fuck the rich and give to the poor" like Obama/Pelosi said (and of course did not do).

 

[deleted15807]

The steady stream of lies Republicans are going to use to hoodwink the public to yet another massive Robin Hood in reverse scheme will be breathtaking in the upcoming months.

Trump aides sell tax plan with Pinocchio-laden claims

The Pinocchio Test

Though the details are sparse, both Cohn and Mnuchin made statements that are simply false. Of course the wealthy will do well under the tax cut, even if certain deductions are eliminated, and it’s silly to pretend otherwise. And it’s a fantasy to claim that the tax cut will pay for itself – and even reduce the deficit – especially in an economy that already has low unemployment and a booming stock market.

​

Also given we have not seen Trump's tax returns we have no idea how he will personally gain from "tax reform". But rest assured his "tax burden" will be substantially lighter.

 

[TurkeyWithaSunburn]

Trump Could Save More Than$1 Billion Under His New Tax Plan
Create a tax policy that really benefits yourself, your family, and your billionaire cabinet members. Once in a generation "tax reform"?