http://www.foxnews.com/politics/2017/04/26/mnuchin-vows-biggest-tax-cut-in-us-history-confirms-plan-to-slash-corporate-rate.html
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."
Hahaha. The 3% growth plan?
https://www.nytimes.com/2017/04/25/us/politics/tax-plan-trump.html?_r=0
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."
Here we go. Trump making Trump wealthy.
26 Apr 17
Originally posted by no1marauderHard 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.
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.
Originally posted by SleepyguyGetting rid of the estate tax, alternative minimum tax and making a maximum 15% tax on "pass through" income from businesses sure is.
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 SleepyguyI 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.
Yep. Can't argue.
Meanwhile the debt climbs. How are we not going to become Greece?
The US can get itself out of debt any time it likes by simply cutting military spending.
Originally posted by LundosI'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.
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.
27 Apr 17
Originally posted by mchillFor whatever it's worth, here's Mnuchin with Tucker Carlson yesterday claiming the following:
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.
"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."
27 Apr 17
Originally posted by SleepyguyMatter of fact we will be taking all deductions out other than mortgage interest and charitable donations,
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
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.
27 Apr 17
Originally posted by SleepyguyNo doubt fairies and unicorns will intervene to make sure the taxes of the 1% don't go down.
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
27 Apr 17
Originally posted by SuzianneTrickle Down Economics is really Golden Showers Economics where the wealthy and powerful just piss all over the rest of us.
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.
27 Apr 17
1 edit
Originally posted by no1marauderUh, yeah that's not going to happen.
[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]
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?