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Trump's Tax Plan

Discussion in 'Politics Forum (Local/National/World)' started by searcher, Sep 27, 2017.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    'It's just hard to do': Treasury Secretary Steve Mnuchin says it’s difficult not to cut wealthy American's taxes
    • Steve Mnuchin said 'when you're cutting taxes across the board, it's very hard not to give tax cuts to the wealthy with tax cuts to the middle class'
    • The 54-year-old made the claim on Wednesday while speaking to Politico
    • His comments are a dramatic reversal from his initial assertions on the subject
    • When Trump won in November, Mnuchin appeared for CNBC segment and pledged wealthy Americans would receive no tax cut whatsoever


    Read more: http://www.dailymail.co.uk/news/article-4995470/Steve-Mnuchin-says-s-hard-not-cut-taxes-rich.html#ixzz4vwf3Xd97
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  2. Joe King

    Joe King Gold Member Gold Chaser

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    Taxes. Something everyone wants less of for themselves and more of for everyone else.
     
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  3. Alton

    Alton Gold Member Gold Chaser

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    'Tis the way of socialism...make someone else pay for what you want or what you have done. Have a toxic spill? Make the EPA pay for it. EPA has no money other than what congress gives it. Congress has no money except for what they steal in taxes from you and me or borrow from the federal reserve and pass the debt liability on to you and me. Business that had the toxic spill pays NOTHING and has fully socialized the cost s of their liability AND loss. Of course, all of their employees who were laid off as the business was getting out of their liability and sidestepping their loss are now on unemployment and or welfare getting FREE to them, medicaid, fully charged EBT cards, and a sex change operation for not so little Susie so she get her very own penis on your and my dime. If you play the game right ALL corporate and individual stupidity costs can be socialized in today's America...unless you actually work for a living. After all, some fool has to pay for paradise.
     
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  4. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    'Who knows?' Trump says he's not sure if Republicans have enough votes to pass a budget as Senate prepares for 'vote-a-rama' chaos that could lead to tax cuts
    • Senate Republicans plan to put a 2018 budget up for a vote on Thursday
    • President Trump tweeted that he doesn't know if they have enough support to push it through: 'Who knows?'
    • The GOP needs a budget deal in place so it can consider tax reform under rules that allow for a simply majority vote
    • Without a budget they would need 60 votes – impossible without wooing many Democrats


    Read more: http://www.dailymail.co.uk/news/article-4996924/Trump-unsure-GOP-Senate-votes-pass-budget.html#ixzz4vxPB0D88
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  5. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    I've often thought we might come close to paradise if we would only use our tax dollars here, get rid of our bought & paid for good shepherds and rein in big biz.

    If I only had the keys to the kingdom..................
     
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  6. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Senate passes $4 trillion budget blueprint by two votes in crucial step for Trump’s 'once-in-a-generation' tax overhaul - ignoring fears of a growing deficit
    • Republicans passed a $4trillion budget through the senate Thursday night
    • The motion passed 51-49 and sets the stage for Trump's promise of tax reform
    • The proposed cuts would add up to $1.5trillion to the deficit in the next decade


    Read more: http://www.dailymail.co.uk/news/article-4996332/Senate-Republicans-cruise-passage-budget-plan.html#ixzz4w2RQhqOH
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  7. Cigarlover

    Cigarlover Gold Member Gold Chaser

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    1.5 trillion in the next decade seems like nothing compared to the last 8 years.
     
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  8. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  9. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Yeah, they want to cap 401k contributions at $2,400. If they really wanted a middle class tax cut, they could leave the top two tax brackets alone, and adjust everything below it.
     
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  10. Joe King

    Joe King Gold Member Gold Chaser

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    That'd just give the lower classes even more of a free ride than they are getting now.

    Since everyone in this nation seems to love a progressive tax system where anyone making two bits more than they do pays more taxes, why should tax cuts also not be applied progressively? Ie: those that pay the biggest share of taxes, also get the biggest reduction? 'Tis only fair.

    It's a fact that if DC had to rely on only what joe6pack could afford to pay in taxes, our gov would be on par with something the size of Portugal's government.
     
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  11. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  12. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  13. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  14. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Trump heads to the Capitol for awkward lunch with senators he has battled for months in a bid to focus push for tax cuts
    • President Donald Trump attends his first Senate policy luncheon Tuesday
    • Tuesday morning he said Sen. Bob Corker 'couldn't get elected dog catcher'
    • Corker is urging Trump to leave North Korea 'to the professionals'
    • Corker said Tuesday Trump has 'proven himself unable to rise to the occasion'
    • Trump also has tangled with Senate majority leader Mitch McConnell
    • Sen. John McCain blasted people who got out of Vietnam with a 'bone spur' (Trump got medical deferments)
    • Trump has had a parade of lawmakers visit him at the White House and invited individual senators to join him on his private golf courses


    Read more: http://www.dailymail.co.uk/news/article-5011401/Trump-plans-lunch-GOP-senators-focus-turns-taxes.html#ixzz4wR7CNnxP
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  15. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  16. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  17. southfork

    southfork Mother Lode Found Mother Lode

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    Trickle down wont work anymore, they gave away our industry to all the offshore and they wont come back to any meaningful rate, cant grow an economy with 10 buck service industry jobs and the only ones really making out in this are the rich bankers
     
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  18. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    This is simply in the talking stage now. Can't wait to see what it'll look like and what's attached to it in the end.
     
  19. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  20. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  21. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  22. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  23. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  24. Ensoniq

    Ensoniq Midas Member Midas Member Site Supporter ++

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  25. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  26. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  27. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  28. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Trump's massive tax shake-up revealed: Republicans claim it will save average family $1,182 - but it abolishes state and local tax and student loan deductions and takes the ax to mortgage interest perk
    • House Republicans rolled out their tax plan Thursday with House Speaker Paul Ryan saying it would save $1,182 for the average family of four
    • Republicans are also cutting the corporate tax rate - lowering it from 35 to 20 percent - and using popular deductions to pay that bill
    • On the chopping block are deductions for student loan interest, medical expenses, along with state and local tax


    Read more: http://www.dailymail.co.uk/news/article-5043469/Families-save-1-182-Trump-tax-plan-claim-GOP.html#ixzz4xIGLfuNy
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  29. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  30. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Democrats denounce ‘greedy’ Republican tax proposal at rally
    RT America



    Published on Nov 2, 2017
    Democratic officials including United States Senator from Vermont Bernie Sanders joined a rally denouncing proposed Republican tax reforms in front of the Capitol Building in Washington DC on Wednesday.
     
  31. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    It's a great plan for those who pay taxes. If you are a crook or a freeloader, well you deserve nothing anyway. It's taxpayer's money, it's not the government's or the Treasury's.

    The high tax states will need to restructure because even with a $10k pass through deduction, many residents are going to see higher tax bills. They did not vote for Trump so it doesn't matter anyway. Great news for Florida and Texas.
     
  32. Joe King

    Joe King Gold Member Gold Chaser

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    So many stupidly ignorant people all in one place. The collective IQ of those people is in negative territory. Ie: same place as the average tax rate for the bottom 20%, yet they want it go even lower while talking about wanting a "fair" tax policy? lol
     
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  33. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    'Like lemmings to the sea!' House Democratic leader Nancy Pelosi skewers GOP tax plan and her California colleagues over elimination of state and local deductions
    • Democrats are using the state and local tax deductions, SALT, as a wedge issue in their battle to defeat the Republican tax plan
    • They are also complaining that the plan doesn't do enough for the middle class
    • One Democrat from New York called it a 'ponzi scheme
    • Another senator said it's a 'massive giveaway to big corporations and the very wealthy, financed by socking it to working people in Maryland'
    • Railing against the proposal, based on the speculative changes to SALT, Pelosi said the the plan is punitive to certain states' and 'devastating to California'


    Read more: http://www.dailymail.co.uk/news/article-5043789/Like-lemmings-sea-Pelosi-skewers-GOP-tax-plan.html#ixzz4xItXciXy
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  34. Goldhedge

    Goldhedge Moderator Site Mgr Site Supporter

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    50% of $1 million





    GOP Tax Bill Slashes Size of Deductible Home Mortgage by 50%
    By Terence P. Jeffrey | November 2, 2017 | 4:09 PM EDT


    [​IMG]
    (Screen Capture)

    (CNSNews.com) - The tax reform bill that the House Ways and Means Committee released today slashes in half the size of a mortgage that qualifies for the mortgage-interest deduction from federal income taxes.

    It also eliminates the provision in current law that allows a taxpayer to deduct the mortgage interest on a secondary residence as well as their principal residence home.

    Under current law, taxpayers can deduct the mortgage interest on a mortgage as high as $1,000,000. Under the Republican proposal, a taxpayer will only be able to deduct the mortgage interest on a mortgage of $500,000 or less.

    Also, a married person filing singly will only be able to deduct the interest on a mortgage of $250,000.

    This change in the deductibility of mortgage interest is made in Section 1302 of the bill.

    The official summary of the bill, published by the Ways and Means Committee, explains both the relevant provision in current law and how the Republican bill will change that provision.

    This is how it explains the current law:

    “Under current law, a taxpayer may claim an itemized deduction for mortgage interest paid with respect to a principal residence and one other residence of the taxpayer. Itemizers may deduct interest payments on up to $1 million in acquisition indebtedness (for acquiring, constructing, or substantially improving a residence), and up to $100,000 in home equity indebtedness.”

    And this is how it explains what the Republican tax-reform bill would do:

    “Under the provision, a taxpayer may continue to claim an itemized deduction for interest on acquisition indebtedness. For debt incurred after the effective date of November 2, 2017, the $1 million limitation would be reduced to $500,000. Interest would be deductible only on a taxpayer’s principal residence. Similar to the current-law AMT rule, interest on home equity indebtedness incurred after the effective date would not be deductible. In the case of refinancings of debt incurred prior to November 2, 2017, the refinanced debt generally would be treated as incurred on the same date that the original debt was incurred for purposes of determining the limitation amount applicable to the refinanced debt. In the case of a taxpayer who enters into a written binding contract before November 2, 2017, the related debt would be treated as being incurred prior to November 2, 2017.”

    This is how the Ways and Means Committee summary explains the change in the size of the mortgages that will be eligible for a mortgage interest deduction:

    Screen Shot 2017-11-02 at 3.06.41 PM.png
     
  35. andial

    andial Sir Midas Member Site Supporter ++

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    I like the plan.
     
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  36. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    I would of removed all deductibles and credits, and also remove the 25% tax bracket in addition to the proposed tax brackets.
     
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  37. Ensoniq

    Ensoniq Midas Member Midas Member Site Supporter ++

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    I,don't think tax policy should be set to influence gov desired behavior, but if they are going to,do,it, at least incentivize good behavior

    Don't go as far in debt, buy a smaller house, put more down so the mortgage stays under 500k - will lessen the default rate in my opinion
     
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  38. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  39. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  40. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    The GOP’s bill is ‘a sensible framework’ — but ‘still a deficit-exploding tax cut’ for the rich and corporations 8 / 35
    [​IMG]

    The Washington Post
    Heather Long
    9 hrs ago


    Many of the ideas in the Republican tax proposal unveiled Thursday have found bipartisan support in the past and endorsements from economists who see a way to improve the U.S. economy. That includes plans to make the corporate rate more competitive, simplify personal taxes, curb several tax breaks of dubious value and provide more assistance to working families.

    The controversy is over who will gain the most: the rich and corporations. The GOP bill would cut the corporate rate well below previous attempts, eliminate a tax on inheritance that affects only people with many millions of dollars, and take other actions that do not provide direct benefits to most Americans.

    And the proposal represents a significant break with previous tax-rewrite discussions. Republicans have in the past focused on the importance of not adding to the nation's debt through tax reform. Democrats have favored overhauling the tax code to raise revenue to pay for needed improvements in America's infrastructure or to provide services for the middle class and poor.

    But in this case, Congress's Joint Committee on Taxation estimated Thursday that the tax plan would be paid for by $1.5 trillion in additional borrowing over the next decade. Much of that reflects tax reductions benefiting the wealthy and companies.

    Budget experts say the GOP's decision jeopardizes what could otherwise be one of the great legacies of Republican-controlled government: fixing the U.S. tax code and improving the economy.

    "I do think this is a sensible framework. It emphasizes the need for corporate reforms and how our tax system works," said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget. "But this is still a deficit-exploding tax cut at a time when the deficit is at near-record levels."

    At heart, the GOP plan cuts taxes on large businesses and pays for those reductions by raising taxes on individuals, the exact opposite of what was done in the 1986 Tax Reform Act under President Ronald Reagan. Republicans have long held up the 1986 effort — which did not add to the deficit — as a model.

    The cut in corporate taxes will deplete the Treasury by nearly $847 billion over the next decade, according to the Joint Committee on Taxation. The elimination of the estate tax — which is paid only by the small portion of Americans with estates worth more than $5.49 million — and related measures will cost $172 billion. The creation of a 25 percent rate for people who pay corporate taxes through the individual code — a popular way for the wealthy to reduce their tax obligation — will cost $448 billion.

    The GOP offsets some of those costs by raising taxes on individual earners who use tax breaks such as the mortgage interest deduction and the state and local tax deduction. But critics say the GOP could have chosen to overhaul the tax code in a way that concentrated benefits on middle- and working-class Americans — and chose not to.

    "You can very much achieve tax reform without giving higher-income earners a tax cut," said Chye-Ching Huang, deputy director of federal tax policy at the left-leaning Center on Budget and Policy Priorities.

    President Trump and top Republican leaders argue that the middle class and working poor will benefit from lower taxes of big businesses because corporations will use the money they save on taxes to hire more workers and pay existing employees higher wages.

    "We will be creating jobs like you have rarely seen," Trump said in the Oval Office, as he kissed a postcard of the House GOP tax plan, hailing it as a "great Christmas present."

    Invariably, overhauling the tax code creates winners and losers, and the writers of the legislation argued that they were making progress toward a top policy goal.

    "None of [the critics] thought we would even get this far with tax reform, and they're wrong," Rep. Kevin Brady (R-Tex.), the chief author of the tax bill, said Thursday.

    The plan contains several policies that have attracted bipartisan support before. The current corporate tax rate of 35 percent is far higher than those of most other wealthy countries, leading many companies to say they are at a disadvantage and must spend a disproportionate amount of time and resources on complying with tax rules. In his last year in office, President Barack Obama proposed lowering it to 28 percent.

    The GOP has pursued a much lower rate, proposing on Thursday a 20 percent rate. Earlier this year, the GOP planned to offset the deep cut in the corporate tax rate by imposing a substantial new tax on imports, a move that was killed by retailers and other industries. The bill unveiled Thursday didn't have many revenue streams from businesses.

    Likewise, many experts agree the tax code contains numerous tax breaks that don't provide much benefit to the economy. For example, while many existing homeowners may appreciate the mortgage interest deduction, research suggests that it disproportionately benefits higher-income earners and does little to spur home-buying. Democrats have proposed limiting its value before — just as the GOP tax bill on Thursday proposed allowing new home buyers to deduct interest on only $500,000 of mortgage debt rather than the current $1 million threshold.

    Only 5 percent of mortgages in the United States are worth more than $500,000, according to the National Low Income Housing Coalition.

    The mortgage interest change, among other limits to tax breaks benefiting individual earners, would raise more than $1.25 trillion over the next decade, according to the Joint Committee on Taxation.

    Alan Auerbach, professor of economics and law at the University of California at Berkeley and one of the country's top tax scholars, said some provisions in the plan make a lot of sense. For example, he praised how the GOP proposal would allow companies to deduct the cost of investing in new equipment, which is likely to spur immediate spending in the economy. But he lamented how much the plan adds to the deficit, among other provisions.

    The bill "has a pulse," he said, but he's "not sure it can be resurrected" into something that is good policy for the United States, especially after so many interests groups and lobbyists pressure Congress for changes in the coming weeks.

    Republicans are pushing an aggressive timeline to get the bill to the president's desk. The idea is to limit lobbying by moving quickly, but many are skeptical it can happen.

    "The problem is we're creating policy in an era of free-lunch economics," MacGuineas said. "No one seems to acknowledge budget constraints and real choices."

    http://www.msn.com/en-us/news/money...-corporations/ar-AAunNLW?li=BBnb7Kz&ocid=iehp
     

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