Trumps new tax plan

So I was listening to political news in the radio today and one of the news blurbs was that Trump has scrapped his old tax plan and come out with something new. For now the details are light but it sounds like he's cutting the brackets from his old 5 to now 3, increasing the top rate, adding in a whole bunch of deductions, a tax holiday to bring money back into the US from overseas, and a new loophole which gives independent contractors almost no tax at all, only real employees pay tax.

As I said, concrete details are still light but it looks to be a mix of Paul Ryan's and Ted Cruz's plans. How do Trump supporters feel about this? I know a big reason people were drawn to him was his tax plan and the fact he was telling the establishment financial hawks to go F themselves. But his new plan appears to have been written by those very same people.

www.forbes.com...

www.wsj.com...

www.bloomberg.com...

originally posted by: Aazadan
So I was listening to political news in the radio today and one of the news blurbs was that Trump has scrapped his old tax plan and come out with something new. For now the details are light but it sounds like he's cutting the brackets from his old 5 to now 3, increasing the top rate, adding in a whole bunch of deductions, a tax holiday to bring money back into the US from overseas, and a new loophole which gives independent contractors almost no tax at all, only real employees pay tax.

As I said, concrete details are still light but it looks to be a mix of Paul Ryan's and Ted Cruz's plans. How do Trump supporters feel about this? I know a big reason people were drawn to him was his tax plan and the fact he was telling the establishment financial hawks to go F themselves. But his new plan appears to have been written by those very same people.

www.forbes.com...

www.wsj.com...

www.bloomberg.com...

Absolutely dastardly....Let's go with Hillary's massive increases....Yeah right....

a reply to: nwtrucker

I have no problem with tax increases, we need a very large one right now if we hope to eliminate the deficit and programs we really need funded like rebuilding our infrastructure.

This new plan from Trump represents an increase over the plan he ran on for the primary. If the numbers in the articles I linked are to be believed, it's an increase of about $1 trillion/year in revenue over his previous plan. Which means it's about $1 trillion/year less than what we're currently bringing in.

As far as being responsible about taxes go, it's a start.

My question though wasn't about Hillary it was about how Trump supporters feel about the bait and switch? A major part of Trumps domestic policy was just scrapped, and in it's place was put an establishment Republican plan.

a reply to: nwtrucker

I was reading even after all her tax increases we still going to accumulate another 1.5 or 3.5 trillion dollars (one of the two) in debt over ten years. Her tax plan solves nothing either. All I know is we need to try something different. What we are doing isn't working. What that is I do not know.

raising taxes is backwards if all we going to do is keep spending borrowed money.

Here is what was laid out earlier :

INCOME TAX
Currently: Seven tax brackets start at 10 per cent and go up to 39.6 per cent
Under Trump: A zero tax band for the lowest earners, then bands of 12 per cent, 25 per cent and 33 per cent

ESTATE TAX
Currently: 40 per cent tax on all estates over $5.45 million for individuals and $10.9m for couples
Under Trump: Abolished

CHILD CARE
Currently: Up to 35 per cent of childcare costs of $3,000 for one child or $6,000 for two ore more is tax deductible. Actual amount depends on parents' income
Under Trump: 100 per cent of childcare costs tax deductible

CORPORATION TAX
Currently: Statutory rate of 35 per cent, effective rate can be as high as 39 per cent
Under Trump: Effective rate of 15 per cent

originally posted by: Tarzan the apeman.All I know is we need to try something different.

So you think that the something different we should be doing is implementing a tax plan that's straight out of the establishment Republican playbook? This plan is VERY similar to what Paul Ryan has championed in the past, in fact he probably wrote this one as part of the reconciliation with Trump.

a reply to: Aazadan


It's not 'bait and switch', it's called compromise. It adds incentives for monies returning to the U.S. which will be invested in the U.S. market hopefully.


As far as the age old 'infrastructure' goes....always at election time, is simple. A little jolt from the federal Gov't works for me...IF, legislation is passed that revenues form that infrastructure in the form of gas and fuel taxes are mandated to be spent on that 'infrastructure' rather than being syphoned off elsewhere.

At which time the infrastructure issue is handled from here on out. God forbid....


Increase taxes even more, eh?? Thank you for your view.....

originally posted by: Tarzan the apeman.
a reply to: nwtrucker

I was reading even after all her tax increases we still going to accumulate another 1.5 or 3.5 trillion dollars (one of the two) in debt over ten years. Her tax plan solves nothing either. All I know is we need to try something different. What we are doing isn't working. What that is I do not know.

Understood.

originally posted by: Aazadan
I have no problem with tax increases, we need a very large one right now if we hope to eliminate the deficit and programs we really need funded like rebuilding our infrastructure.

I have no problem with tax increases also as long as they come from growing the tax base and not trying to suck more blood from the same stones.

I've said this before, loopholes are the white space between the letters of the law. That white space is where our freedom is.

I don't necessarily see a problem with this tax scheme except for the fact that cuts need to be made somewhere.

Big cuts.

Entire departments need to be abolished over time in order to make this happen. I have a few ideas on where we could start:

Department of Education. Repatriation of DOEd funds to the states that pay them in order for the states to fund their own education programs.

DEA. End the war on drugs. How long are we gonna pursue of a policy of civil destruction with this fake money laundering scheme that self perpetuates?

BAFTE. Any organization whose sole purpose is to curb the rights Americans that are guaranteed in the Constitution needs to go. Especially since they are but a political tool to make gun ownership more difficult for good people while running guns to the criminals that kill us.

DHS. Those people are simply frightening to me. They can declare anything a national security issue and start really hurting our freedoms. They are trying to do so with guns. How long will it be before an Internet post is grounds to jail you indefinitely?

DOD. A lot of money is wasted at the DOD and it isn't all bullets and beans. Hell most of it isn't even operational. Its congressionaly mandated spending on development of land and facilities that go unused and the salaries of contractors who do the same jobs as troops.

There's plenty of room for a tax plan like this to work. But we have to cut a lot of government. I have no problem with it if that is the route we take.

a reply to: projectvxn

In Trump's speech today he laid out a plan that included cuts in wasteful government spending.

By improving trade agreements and reducing taxes on corporations, more people will have jobs, so more people will be paying taxes, which will also offset the tax reductions.

So before Trump can have any credibility on any new (or old for that matter) economic plan for the country, he needs to earn some credibility on his own economic status. The only way to do that is to release his tax returns.

Speaking of tax returns, did you hear Donald Trump is refusing to release them because Donald Trump has donated to NAMBLA? That’s what all the best sources, the most tremendous sources are saying anyway.

What is he hiding?

originally posted by: BlueAjah
By improving trade agreements...

I keep hearing him go on about improving trade agreements. How exactly? What are the specifics?

originally posted by: rnaa
...because Donald Trump has donated to NAMBLA?

I am not a Trump supporter by any means but that is possibly the stupidest thing I have heard regarding him.

Actually, not possibly, it is the stupidest thing I have heard.

a reply to: rnaa

Geez.
That's the stupidest rumor. And it is a rumor, started as a joke, with NO facts to support it.
Spreading unsubstantiated rumors goes against the motto of this site - Deny Ignorance.

a reply to: projectvxn

man that could not be better said.

a reply to: rnaa

Why did you quote The Daily Beast? If you're going to do that, you should at least quote the whole article.
Maybe then, you won't look quite so dishonest and manipulative.

MAN-BOY LOVE08.08.16 12:00 AM ET NAMBLA Becomes Donald Trump’s Birther Moment Did Donald Trump donate to money to the North American Man-Boy Love Association? A bot certainly wants you to think so. Donald Trump absolutely, unequivocally did not donate money to the North American Man-Boy Love Association.
But that’s not what “some people” are saying.
“Speaking of tax returns, did you hear Donald Trump is refusing to release them because Donald Trump has donated to NAMBLA? That’s what all the best sources, the most tremendous sources are saying,” said EnoughTrumpSpam’s AutoModerator.
AutoModerator is, of course, a robot that’s been fed code to spit out this exact, completely baseless and fact-free conspiracy theory about Donald Trump every single time somebody brings up taxes. It started on Reddit, but in just a couple of days, the conspiracy theory has flooded Twitter and other corners of the web. “Trump and NAMBLA” saw a spike on Google Trends this week. And it’s not just an effort to get Trump to release his tax returns. It’s a way to show off how Trump’s conspiracy rhetoric is always precisely worded, but also based on nothing at all. Take this, for example:

www.thedailybeast.com...
Hmm. So, it was a bot that generated it, not these so called "best sources".

ETA - The guy who created this thought it would be funny. "A good laugh" is the way he put it.
It takes a special kind of brainless assh**e to spread a rumor like that with absolutely no proof.
Hint.





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There was a report that the USA had a increase in tax recipes of one point something (1.3 ?) trillion dollars since February.. Nothing new for you can go back at least 3 years and the tax revenues hit records every year.. All the extra money is gone evidently because the deficit continues to increase day by day..... Getting more money for taxes is not the answer... Spending cuts and getting rid of government workers like the supposedly 10,000 IRS agents hired to manage Obama care for starters and military acquisitions that do not rip off the public coffers would only be a beginning for this is a deep hole .. or otherwise it is like you trying to bail out a sinking ocean liner with a thimble...

originally posted by: AugustusMasonicus
I have no problem with tax increases also as long as they come from growing the tax base and not trying to suck more blood from the same stones.

That only works when you have small gaps in wealth inequality. Currently the bottom 50% only own 0.5% of the nations wealth. They simply don't have the resources to tax any meaningful amount. Either you reduce wealth inequality and have a broad tax base, or you have a system where 1% have 40% of the wealth and accept that the tax base will be rather narrow. You can't tax what isn't there.

If he's actually talking about cutting big gov and dropping taxes on the middle class, I might vote for him.

Granted it's all campaign lies at this point- we all know any real promises won't be kept... but when we know the other option will promise to raise taxes a little and then raise them a lot...

I'm starting to feel like Old Max, from Lucky number Slevin.
Not so much old as I am tired.