by Jack
In short, Trump would like to. . .
o Reduce taxes across-the-board, especially for working and middle-income Americans who will receive a massive tax reduction.
o Ensure the rich will pay their fair share, but no one will pay so much that it destroys jobs or undermines our ability to compete.
o Eliminate special interest loopholes, make our business tax rate more competitive to keep jobs in America, create new opportunities and revitalize our economy.
o Reduce the cost of childcare by allowing families to fully deduct the average cost of childcare from their taxes, including stay-at-home parents.
Trump intends to simplify the tax code and with the help of a republican majority in both houses there is no reason why he can’t. There are only two kinds of people who wouldn’t want this, tax preparers and employees of the IRS. Both have had it their way for too long. Currently the tax code is over 67,000 pages long that contain over 10 million words. Nobody understands it and the loopholes are endless. Even tax and spend democrats can no longer defend the convoluted federal tax codes. It is way past time to overhaul it. ( I think I just heard some liberals actually applauding, but I won’t say who they are…Libby, Dewey)
LOL
Actually trumps Tax Plan is a Trojan Horse. After the loopholes left undone….we will have to have another conversation
Shall we explore it as it is written?
Forget what he says and let’s begin to look at the numbers shall we?
Also if he comes in as a GOP norm the deficit will go up and the blame will go on the next president.
let us hope that trend does not happen as That is exactly what Bush did cut taxes and increase spending. Those pesky little profit wars not on the books ya know.
Under Trump, Fewer Tax Brackets
Trump proposes having three tax brackets, (currently seven) and repealing the head-of-household tax-filing category. The standard deduction would be $30,000 for married couples filing jointly (up from $12,600 currently) and $15,000 for single individuals (up from $6,300).
Trump’s Plan
Tax Bracket
Single
Head of Household
Married Filing Jointly
12% $0 – 37,500 N/A (single-filer rates) $0 – 75,000
25% $37,500 – 112,500 N/A (single-filer rates) $75,000 – 225,000
33% $112,500+ N/A (single-filer rates) $225,000+
Current Plan
Tax Bracket
Single
Head of Household
Married Filing Jointly
10% $0 – 9,275 $0 – 13,250 $0 – 18,550
15% $9,275 – 37,650 $13,250 – 50,400 $18,550 – 75,300
25% $37,650 – 91,150 $50,400 – 130,150 $75,300 – 151,900
28% $91,150 – 190,150 $130,150 – 210,800 $151,900 – 231,450
33% $190,150 – 413,350 $210,800 – 413,350 $231,450 – 413,350
35% $413,350 – 415,050 $413,350 – 441,000 $413,350 – 466,950
40% $415,050+ $441,000+ $466,950+
Source: Tax Policy Center
First I will try to make sure these are correct numbers
For now assume they are and
a family earning between $40,000 and $50,000 a year would get a tax cut of only $560
A single parent who’s earning $75,000 and has two school-age children, would face a tax increase of over $2,400….
no child-care deductions; the increase in taxes comes partly because the Trump plan eliminates the $4,000 exemption for each person in a household.
But until it is in actual writing to be processed this is a prelim
Bottom Line……… let us explore not accuse by some stupid fake party lines
For Me? the Head of Household exemption gone? Will raise my taxes by thousands
Bottom line, Dewey has no idea what the final details of the tax plan will be.
“Ensure the rich will pay their fair share, but no one will pay so much that it destroys jobs or undermines our ability to compete.”
Well, if “none” is to be their fair share, the republic goes the way of Dallas.
Libby the bigot is full of beans!
(2014) The wealthy pay most of the tax burden in America:
Libby has the greed of the person who believes all money is the states (Communism) and the state is there to collect and distribute according to arbitrary notions of fairness.
It’s not enough that the tax the wealthy pay on their investments provides our government with a boatload of revenue…a large percentage of the tax. It’s not enough that their invested wealth works to create millions of jobs and a robust economy or that their foundation wealth funds research into cures for diseases, education, hospitals, charities and the arts. Nope…only confiscation of all wealth will do even if it ends up oppressing opportunities for good jobs and wages.
Dallas is going bankrupt because of similarly greedy demands made by union leaders for their government worker’s pensions. They cannot be sustained. Pigheaded socialists like to pretend the people can afford gold plated pensions for government workers but as Margaret Thatcher said, “sooner or later” they run out of “other peoples money.”
Libby need look toward Venezuela for an example of the “blessings” that flow from her socialist ideal.
Donald is wealthy and he doesn’t. I don’t care if you lose ninety gazillion in some tax avoidance scheme … if you still had 30M, or even 1/2 an M, to live on, you should bloody well pay taxes on it.
The day The Orange One proposes any such thing, I will be suitably contrite.
Wow Libby. I’ll write real slow so you can understand it. It is “income” tax. It is not a wealth tax. If someone has a lot of money in the bank but has no income they don’t pay “income” tax. Are you saying he should pay a wealth tax? Are you now saying you support the government confiscating post tax wealth? Have you gone that far over to the dark side?
Money earned during a year is income. If you lose some portion of it in some tax avoidance scheme, why shouldn’t you pay income taxes on the rest … especially if the rest is millions?
Andrew O’Hehir can turn a paragraph:
“We don’t know whether the election of Trump is an American echo of the winter of 1932-33 in Germany, when a fragile democracy collapsed into tyranny and an infamous demagogue rose to power on a promise of economic renewal and restored national pride, with an unmistakable racial subtext. It’s an inflated comparison in many ways: Trump is too lazy and stupid to be a good Führer, and lacks any semblance of a consistent ideology; his true believers are nowhere near a majority, and are unlikely to participate in any form of mass mobilization that involves leaving the sofa. Kristallnacht is more likely to come back as a hashtag than a physical event. But if you’re anything like me, the parallels seem far-fetched first thing in the morning and way too plausible in the middle of the night.”
That paragraph is pure horse manure, as it “turns” out, which is why the boogie man comes for Mr. O’Hehir in the middle of the night.
He does admit to the lousy state we are in after the influence of Obama over eight years, a small but not insignificant redeeming feature.
“… promise of economic renewal and restored national pride, with an unmistakable racial subtext.”
Sounds bang on to me.
Dewey is right about one thing, we cannot judge a plan accurately until it is written and signed into law.
The intent behind the tax ideas is superb, it will jump start the economy and has worked under both Democrat and Republican leaders.
The deficit Dewey is worried about occurred due to excess spending, spending over budget and unsustainable entitlement spending. As http://www.heritage.org/research/reports/2014/12/federal-spending-by-the-numbers-2014“>Heritage pointed out in 2014:
Trump has a plan to save by downsizing, consolidating, and eliminating waste within the departments. This has proved to be difficult, if not impossible, under presidents of both parties. Our leaders need to get that their job is to manage taxpayer money and use it to best effect for the entire nation under the limitations set forth in the Constitution. They have wrongly been groomed to think it is their job to play Santa.
Party “lines” are not fake. In fact they are well defined and often in direct opposition. The simplest explanation: The Democrat Party stands for DC central planning and control using special interests as a cataylyst to grow federal power. The Republican Party stands for limited DC government that relies on individual liberty, personal responsibility, and support by the rule of law.
Our friend Dewey runs into trouble when he generalizes and makes moral equivalency comparisons to dismiss both parties…but he always reveals his left leaning ideals along the way.
The discovery that the tax plan would raise taxes for certain middle income families has caused Trump spokespersons to say the plan would be refined to address this oversight, something that was never intended.
Let’s not lose sight of the mission…putting more money into private hands where it will be spent and invested to stimulate growth, create jobs, and expand of the economy.
Simplfy the tax code with a FLAT tax.
Would that we could get the wealthy to pay even that.
Why are you so obsessed with the wealthy? The fact that Bill Gates is a billionaire has nothing to do with me. It doesn’t mean he owes me something and it doesn’t mean he has any more responsibility to finance the government than I do. I don’t have any rights to anything that belongs to him nor do I want anything that belongs to him.
Your comment that the wealthy don’t pay taxes is just not true. First, wealth is not taxable! Income is taxable and so is property. Most wealthy people keep only a small amount of their wealth in cash. This is not taxable. However, any income from interest is. The rest of their wealth is in stocks, bonds, and real estate (or variations). If it is stock they own a piece of a company that pays corporate income tax and property taxes. So indirectly they do pay tax on this equity. If the companies stock pays a dividend the share holder gets taxed on the income. If the money is in bonds there is income at the time the bond matures and the taxes are paid then. If the money is in real estate property taxes are paid yearly and the owner pays taxes on any increase in value at the time the property is sold.
I’ve said it before and I’ll say it again; there is no legal way to not pay taxes. You can defer them but you will still have to pay them. You seem to want to believe they don’t pay taxes so then your hate of wealthy people will be justified. Sounds like the issue is more about envy. It sounds like you believe you have the right to take what belongs to someone else just because they have more than you. Well just remember this, there will always be someone that has less than you. Do you want them to be able to take what you have?
If civil service employee contracts are similar to public employee contracts there will be a clause that reads, “Layoffs are allowed for lack of work or lack of funds.”
Trump will be able to down size and/or close down whole depts. and the unions won’t be able to stop him. The only thing the unions can do is negotiate the shifting of the employees to other open/vacant positions, if they exist. Otherwise, the employee is out the door.
For example; the IRS is reduced to 50%, while the VA needs more employees to clean up the mess. Those employees who have the qualifications to perform the VA can be reassigned.
Lack of funds has resulted in layoffs at every city, county and school in the US. It’s time for the feds to do the same.