drbrumley
Well-known member
Buying the propaganda again I see. I will let you answer yourself.
Trump Tax Reform
- Thread starter patrick jane
- Start date
Buying the propaganda again I see. I will let you answer yourself.
Nothing makes you happy dr.
drbrumley
Well-known member
His plan, what I like and dislike.
Getting rid of the estate tax is great.
Cutting the corporate tax is good, should be 0%. but any cut is better than none.
Doubling the standard deduction is very good.
Eliminating the deduction for the state and local taxes..bad idea.
Getting rid of the estate tax is great.
Cutting the corporate tax is good, should be 0%. but any cut is better than none.
Doubling the standard deduction is very good.
Eliminating the deduction for the state and local taxes..bad idea.
The problem is, they have until the 30th of September to pass the bill on a straight majority vote. After that, it won't be possible.
So it's dead for the foreseable future.
It's the usual problem. Cutting taxes is popular. But ballooning the deficit is poisonous; it's a huge delayed tax increase, to be paid down the road.
And while the corporate tax is too high, the experiment in Kansas showed that cutting business taxes won't necessarily cause businesses to employ more people. And that is what causes the huge budget shortfall in Kansas.
The other approach, as you suggest, would be to somehow raise taxes on someone by eliminating substantial deductions to pay for it. Under Trump's plan, the wealthy and powerful would get a huge cut, and the middle class would be expected to pay for it.
Nope, dunce. Reconciliation can begin anew next year.
Their ultimate goal is a flat tax. Higher rates for the poor, lower rates for the rich, no estate tax. They think it's "fairer" somehow to have a permanent ruling class across generations.
An election year? Yeah....right. That'll go well.
Darn right it will MAGA !!!!
drbrumley
Well-known member
Will Tax Reform Increase or Limit Liberty?
By Ron Paul
Ron Paul Institute
October 10, 2017
President Trump and the congressional Republican leadership recently unveiled a tax reform “framework.” The framework has a number of provisions that will lower taxes on middle-class Americans. For example, the framework doubles the standard deduction and increases the child care tax credit. It also eliminates the alternative minimum tax (AMT). Created in the 1960s, the AMT was designed to ensure the “wealthy” did not use “loopholes” to “get out of” paying taxes. Today the AMT is mostly a means to increase taxes on the middle class.
The framework eliminates the “death tax,” thus enabling family-owned small businesses and farms to remain family owned. It also helps the economy by lowering the corporate tax rate to 20 percent, reducing taxes on small businesses. The framework also adopts a territorial tax system, which means US companies would only pay tax on profits earned in the United States.
However, the framework is far from a total victory for liberty. Concerns have been raised that, depending on what income levels are assigned to what tax brackets, the plan could increase taxes on many middle- and lower-income Americans! This is largely due to the framework’s elimination of most tax deductions.
The framework also contains a stealth tax increase imposed via the chained consumer price index (chained CPI). Supporters of chained CPI clam the government is currently overstating inflation. The truth is exactly the opposite: government statistics are manipulated to understate inflation.
Chained CPI enhances the government’s ability to lie about inflation. One way it does so is by claiming that inflation does not lower our standard of living if we can substitute cheaper goods for goods made unaffordable by inflation. So inflation does not harm you if you can’t afford a steak dinner as long as you can still buy a cheeseburger.
Chained CPI allows the government to take maximum advantage of “bracket creep,” where individuals are pushed into higher tax brackets not because they are actually earning more money, but because inflation creates the illusion they are wealthier. In fact, by decreasing their purchasing power, inflation makes most people poorer. The inflation tax thus raises taxes on declining incomes. It is hidden and regressive, making it the most insidious of all taxes.
Most of the framework’s problems stem from Congress’ continued refusal to offset tax cuts with spending cuts. Instead, Congress continues to increase spending, with the only real debate over whether the government should spend more on welfare or warfare.
Pairing tax cuts with increases in federal spending and debt — and the drafters of the framework admit their plan will increase the debt by at least $2.2 trillion — means that the economic benefit from the tax cuts will be outweighed by the economic harm caused by the increase in debt. Increasing the debt also means the Federal Reserve will further devalue the dollar in order to monetize that debt. While the Republican tax and budget plans predict uninterrupted economic growth, the US economy is far more likely to undergo a major economic crisis caused by a rejection of the dollar’s world reserve currency status.
While all supporters of individual liberty and sound economics should support tax cuts, the Republicans’ failure to cut spending means that their tax plan will do little to increase liberty or prosperity. Instead of increasing debt, eliminating deductions, and relying on the inflation tax to “pay for tax cuts,” Congress should cut two dollars in spending on the military-industrial complex and other forms of corporate welfare for every dollar in tax cuts. Cutting both taxes and spending is the only way to protect prosperity and liberty.
By Ron Paul
Ron Paul Institute
October 10, 2017
President Trump and the congressional Republican leadership recently unveiled a tax reform “framework.” The framework has a number of provisions that will lower taxes on middle-class Americans. For example, the framework doubles the standard deduction and increases the child care tax credit. It also eliminates the alternative minimum tax (AMT). Created in the 1960s, the AMT was designed to ensure the “wealthy” did not use “loopholes” to “get out of” paying taxes. Today the AMT is mostly a means to increase taxes on the middle class.
The framework eliminates the “death tax,” thus enabling family-owned small businesses and farms to remain family owned. It also helps the economy by lowering the corporate tax rate to 20 percent, reducing taxes on small businesses. The framework also adopts a territorial tax system, which means US companies would only pay tax on profits earned in the United States.
However, the framework is far from a total victory for liberty. Concerns have been raised that, depending on what income levels are assigned to what tax brackets, the plan could increase taxes on many middle- and lower-income Americans! This is largely due to the framework’s elimination of most tax deductions.
The framework also contains a stealth tax increase imposed via the chained consumer price index (chained CPI). Supporters of chained CPI clam the government is currently overstating inflation. The truth is exactly the opposite: government statistics are manipulated to understate inflation.
Chained CPI enhances the government’s ability to lie about inflation. One way it does so is by claiming that inflation does not lower our standard of living if we can substitute cheaper goods for goods made unaffordable by inflation. So inflation does not harm you if you can’t afford a steak dinner as long as you can still buy a cheeseburger.
Chained CPI allows the government to take maximum advantage of “bracket creep,” where individuals are pushed into higher tax brackets not because they are actually earning more money, but because inflation creates the illusion they are wealthier. In fact, by decreasing their purchasing power, inflation makes most people poorer. The inflation tax thus raises taxes on declining incomes. It is hidden and regressive, making it the most insidious of all taxes.
Most of the framework’s problems stem from Congress’ continued refusal to offset tax cuts with spending cuts. Instead, Congress continues to increase spending, with the only real debate over whether the government should spend more on welfare or warfare.
Pairing tax cuts with increases in federal spending and debt — and the drafters of the framework admit their plan will increase the debt by at least $2.2 trillion — means that the economic benefit from the tax cuts will be outweighed by the economic harm caused by the increase in debt. Increasing the debt also means the Federal Reserve will further devalue the dollar in order to monetize that debt. While the Republican tax and budget plans predict uninterrupted economic growth, the US economy is far more likely to undergo a major economic crisis caused by a rejection of the dollar’s world reserve currency status.
While all supporters of individual liberty and sound economics should support tax cuts, the Republicans’ failure to cut spending means that their tax plan will do little to increase liberty or prosperity. Instead of increasing debt, eliminating deductions, and relying on the inflation tax to “pay for tax cuts,” Congress should cut two dollars in spending on the military-industrial complex and other forms of corporate welfare for every dollar in tax cuts. Cutting both taxes and spending is the only way to protect prosperity and liberty.
The dems dust off their old playbook and lie about the tax plan. Dems basically tell Americans they are too stupid to see whether it's good or bad so we'll tell you it's bad for the middle class. You're deplorable and can't see for yourselves.
WizardofOz
New member
| Pairing tax cuts with increases in federal spending and debt — and the drafters of the framework admit their plan will increase the debt by at least $2.2 trillion — means that the economic benefit from the tax cuts will be outweighed by the economic harm caused by the increase in debt. Increasing the debt also means the Federal Reserve will further devalue the dollar in order to monetize that debt. While the Republican tax and budget plans predict uninterrupted economic growth, the US economy is far more likely to undergo a major economic crisis caused by a rejection of the dollar’s world reserve currency status. While all supporters of individual liberty and sound economics should support tax cuts, the Republicans’ failure to cut spending means that their tax plan will do little to increase liberty or prosperity. Instead of increasing debt, eliminating deductions, and relying on the inflation tax to “pay for tax cuts,” Congress should cut two dollars in spending on the military-industrial complex and other forms of corporate welfare for every dollar in tax cuts. Cutting both taxes and spending is the only way to protect prosperity and liberty. |
Yup...:sigh:
WizardofOz
New member
One recent study concluded that 30% of the "tax cuts" will benefit the wealthiest top 0.1% - Trump stands to get a $ billion windfall!
I don't think that's quite right:
Spoiler
I don't think that's quite right:
Spoiler
Thanks. That graphic is helpful. Based on that my tax rate would remain the same. :think:
https://www.nytimes.com/2017/11/03/business/how-to-improve-the-trump-tax-plan.html
How To Improve the Trump Tax Plan - N Gregory Mankiw
NYT doesn't let you copy/paste so a few points:
1) He likes the corporate tax cut and the pass-through cut
2) He fears that the pass-through rate cut being lower than the individual rate will encourage people to reorganize to pay the lower rate. To fix that he suggests cutting the individual rate
3) One problem with that is the lost revenue. To help with that he gives two ideas. 1) carbon tax 2) consumption tax
4) A second problem is it may not help with inequality enough. His ideas: 1) increase the EIC and child credit, 2) use the carbon tax revenue to give people a dividend, similar to universal income
How To Improve the Trump Tax Plan - N Gregory Mankiw
NYT doesn't let you copy/paste so a few points:
1) He likes the corporate tax cut and the pass-through cut
2) He fears that the pass-through rate cut being lower than the individual rate will encourage people to reorganize to pay the lower rate. To fix that he suggests cutting the individual rate
3) One problem with that is the lost revenue. To help with that he gives two ideas. 1) carbon tax 2) consumption tax
4) A second problem is it may not help with inequality enough. His ideas: 1) increase the EIC and child credit, 2) use the carbon tax revenue to give people a dividend, similar to universal income
It goes without saying that if you don't cut the size of government that tax cuts are nothing but a façade.
That being said: What area would you Libertarians cut the size of government?
Would you start off by cutting the Dept. of Defense, as everyone knows that if you leave Islam alone, they'll leave us alone.
How about social programs for AIDS victims, drug addicts, etc.? You know, people whose lives Libertarians have helped destroy.
Thoughts?
WizardofOz
New member
Yes. We can absolutely cut defense spending. It's out of control.
drbrumley
Well-known member
That's one place, the Education Dept, among others..
drbrumley
Well-known member
Thoughts? Your still a pathetic authoritarian who thinks he's a real conservative.