My inheritance from God
Trump Tax Reform
- Thread starter patrick jane
- Start date
Trump's first 100 days have been amazingly successful !!!
I think they need to cut the corporate taxes. As to individual taxes, it seems any large cuts to the most wealthy will not be received well, and as corporate tax cuts do benefit the wealthy, in their investments, such additional tax cuts would seem to favor the wealthy more than would be accepted. He would be stupid to not make individual tax cuts more beneficial to lower income workers.
ok doser
lifeguard at the cement pond
trump's success is huuuge!
drbrumley
Well-known member
The (mostly) good, the bad, and the ugly in Trump's tax plan
POSTED BY Norm Singleton April 27, 2017
Yesterday, *President Trump unveiled *a tax "reform" plan. Here is the (mostly) good, a few bad, and one ugly piece of the plan:
The Good
1. Lowers taxes for millions of Americans;
2. Removes many Americans from the tax rolls;
3. Lowers the corporate tax rate -- which is currently one of the highest in the world -- to 15%;
4. Increases the standard deduction from $6,300 to $12,600 for individuals, and* from $12,600 to roughly $24,000 for married couples;
5. Reduces the tax rate from 39.5% to 35% and collapses the current seven rate system to three rates of 10%, 25%, and 35%;
6. Allows a one-time reparation to bring millions of dollars of capital into the United States, thus jump-starting job creation and economic growth. (This was also a key feature of Ron Paul's Restore America Now budget plan.);
7. Provides tax relief for families with child care expenses;
8. Repeals the Alternative Minimum Tax, which was created in the 1960s to squeeze more revenue out of the "wealthy" but now affects many middle-class taxpayers;
9. Repeals the death tax;
10. No VAT;
11. No border tax;
12. Repeals ObamaCare's 3.8% tax on investment income;
13. Preserves the mortgage deduction, which helps reduce the tax burden of middle-class homeowners, and saves charitable deductions.
The Bad
1. "Pays for" the tax cuts by eliminating numerous deductions that enable Americans to lower their tax burden. The very notion that tax reduction needs to be "offset" with tax increases is rooted in the idea that the government has some moral claim to a certain percentage of your income and can never lose a penny of revenue.
Of course, the main reason tax increases are necessary to offset is because of:
The Ugly
1. Even with the elimination of tax deductions, many are claiming Trump's tax plan would cause the deficit to skyrocket. Of course, we shouldn't reject Trump's tax plan out-of-hand. Instead, President Trump and Congress should work to merge tax reform with spending cuts.
President Trump has made a good start on cutting domestic spending in his proposed budget. Unfortunately, he uses those savings to increase the already bloated "defense" budget instead of using the savings to reduce the deficit and provide meaningful tax relief for the American people.
Here is Tim Carney on the plan.
POSTED BY Norm Singleton April 27, 2017
Yesterday, *President Trump unveiled *a tax "reform" plan. Here is the (mostly) good, a few bad, and one ugly piece of the plan:
The Good
1. Lowers taxes for millions of Americans;
2. Removes many Americans from the tax rolls;
3. Lowers the corporate tax rate -- which is currently one of the highest in the world -- to 15%;
4. Increases the standard deduction from $6,300 to $12,600 for individuals, and* from $12,600 to roughly $24,000 for married couples;
5. Reduces the tax rate from 39.5% to 35% and collapses the current seven rate system to three rates of 10%, 25%, and 35%;
6. Allows a one-time reparation to bring millions of dollars of capital into the United States, thus jump-starting job creation and economic growth. (This was also a key feature of Ron Paul's Restore America Now budget plan.);
7. Provides tax relief for families with child care expenses;
8. Repeals the Alternative Minimum Tax, which was created in the 1960s to squeeze more revenue out of the "wealthy" but now affects many middle-class taxpayers;
9. Repeals the death tax;
10. No VAT;
11. No border tax;
12. Repeals ObamaCare's 3.8% tax on investment income;
13. Preserves the mortgage deduction, which helps reduce the tax burden of middle-class homeowners, and saves charitable deductions.
The Bad
1. "Pays for" the tax cuts by eliminating numerous deductions that enable Americans to lower their tax burden. The very notion that tax reduction needs to be "offset" with tax increases is rooted in the idea that the government has some moral claim to a certain percentage of your income and can never lose a penny of revenue.
Of course, the main reason tax increases are necessary to offset is because of:
The Ugly
1. Even with the elimination of tax deductions, many are claiming Trump's tax plan would cause the deficit to skyrocket. Of course, we shouldn't reject Trump's tax plan out-of-hand. Instead, President Trump and Congress should work to merge tax reform with spending cuts.
President Trump has made a good start on cutting domestic spending in his proposed budget. Unfortunately, he uses those savings to increase the already bloated "defense" budget instead of using the savings to reduce the deficit and provide meaningful tax relief for the American people.
Here is Tim Carney on the plan.
Only the conservatives would attempt to blame the Democrats for their own failures - conveniently ignoring the embarrassing fact that they currently control the White House and have majorities in both Houses of Congress!
If the federal government shuts down tomorrow, it will only further highlight that the Republicans aren't ready for prime time!
Anyone with an once of common sense knows we cannot lower taxes, then raise spending.
It's up to the demonrats
Yep, releasing his taxes could indeed reveal a quite lot - including...
"How Trump’s tax proposal could impact his own business empire"
https://www.washingtonpost.com/busi...omepage/story&utm_term=.f2dfd5e5d5d5#comments
:rotfl:
Maybe you haven't heard, Trumpcare is alive and well and so is tax reform :yawn:
Tax Reform heats up in DC
K:
The new Tax reform will make taxes simplified, most people will be able to file their own taxes on a single page. Big cuts on the way, but not for the rich. Say good bye to places like H & R Block. Americans spend about 6 billion per year on tax help.
The republicans are so used to being obstructionists, that they are completely unable to get anything done. It goes without saying that a party in control of the presidency and both houses of Congress should have no trouble passing anything they want.
But the republican party has retreated from the American people. Bills, instead of being openly debated and worked out by our elected representatives, are now designed in secret by a few old men who then expect everyone else to do their bidding.
And they are baffled when it doesn't work.
It's time for change.
You have some good points.
GOP gives up on voting on Obamacare repeal, but bipartisan approaches remain stalled
https://www.usatoday.com/story/news/politics/2017/03/24/house-obamacare-repeal-vote/99573690/
:yawn:
We'll see six months from now, baby genius.