Trumps tax plan

Hi all, I am not going to go into what will or will not happen if Trump gets his tax cuts passed, primarily because they will not be what he wanted. There are many reasons for this and we should all understand why at this point.

Here is my reason for bringing it up. Does not a Federal Tax cut benefit the more left wing states? It would allow you to tax more locally to show how wonderful all of your socialist programs will work. Then you can sell your socialist agenda much easier.

Imagine, California can finally start its state run single payer health care and be the envy of the rest of the world. Imagine that all Democrat run inner cities will have plenty of money laying around to take down all the Confederate statues they'd like. Imagine you could build a new "careforce" to replace police men to open urgently needed dialogue with misunderstood criminals who's only crime is being arrested by mean right wing police men and women. Imagine, you could offer all people under your control free sex changes so they can finally be free to be who they are. Imagine you can tailor your local area to deal with global warming how you see fit.

Seriously guys and gals, a Federal Tax decrease is a total win win!

a reply to: Fools

Perhaps you could tell us what Trumps tax plan is....or at least a link....

a reply to: olaru12

www.thebalance.com...

I posted a link that was negative toward Trumps plan so no ones feeling would get hurt.

a reply to: Fools

When they say they have a plan, you know thats BS. Wen they do something and tell you afterwards, thats reality.

Like the 'plan' is to lower taxes, but taxes just keep going up.

Like the DOD gets another trillion. They were 'planning' that beforehand, but you didn't hear about it till it was a done deal.

a reply to: intrptr

In so many ways I agree with you. That seems to be the constant track record.

Never mind.

a reply to: Fools

Here is my reason for bringing it up. Does not a Federal Tax cut benefit the more left wing states? It would allow you to tax more locally to show how wonderful all of your socialist programs will work. Then you can sell your socialist agenda much easier.

It really depends what kind of tax cut you're discussing. There's this assumption in the OP that Trumps tax cuts will only serve to raise revenue and benefit states like California. Problem is, there's no indication that these tax cuts do indeed benefit the people. If we're discussing trickle down tax cuts, that is tax cuts that benefit the wealthy and the idea that these tax cuts will create jobs and revenue, I disagree. Trickle down tax cuts only serve the wealthy and there's no indication that when they get these tax cuts, they reinvest it. Instead what typically happens is they hoard this money. This particularly why the Bush tax cuts had such a minimal effect. You look at the stats since 1980 - when there were record tax cuts for the wealthiest, to today, and look at the divide in income inequality since then, it's fairly significant. Prior to the 80's as well you had in common a household with one breadwinner providing for the entire family. That's no reality these days for the vast majority of the population.

The stats show it rather clearly as well. Since 1980 we had the historic Reagan tax cuts and the Bush tax cuts. Below shows the decline in tax revenue over those years:
socioecohistory.files.wordpress.com...

Corporate tax revenue has declined as well:
politicalcalculations.blogspot.com.au...

These kinds of tax cuts really don't benefit anybody but the wealthy.

a reply to: Fools

Seriously guys and gals, a Federal Tax decrease is a total win win!

for the already rich.

if you think a millionaire banker with all of his under the table bonuses paying the same tax amount as a cleaner at say mcdonald's is fair well, that's your prerogative.

I think most of you are missing my point. If the fed tax is decreased by 10 percent, then your state or local government can eat that gain up in your own tax and spend projects and prove to the rest of the world how great socialism really is.

TAX LOCAL! BE THE CHANGE!

I don't know if his tax plan will truly help the middle class but I could be dead wrong

originally posted by: Maximum
I don't know if his tax plan will truly help the middle class but I could be dead wrong

Yep you're dead wrong.

For one, many middle class Americans own their own business and reducing the tax rate from 40 percent to 25 percent is a big deal. Reducing the corporate tax to 20 percent IS A BIG DEAL. Now we can compete again. Already we are seeing Chinese money come here to create American jobs. For example, the largest electric bus factory IN THE WORLD is being funded by the Chinese and built in America creating thousands of middle class jobs. More and more factories and businesses that produce will be coming back to America from overseas. Doubling the child tax credit from 12k to 24k IS A BIG DEAL for middle class America.

originally posted by: growler
a reply to: Fools

Seriously guys and gals, a Federal Tax decrease is a total win win!

for the already rich.

if you think a millionaire banker with all of his under the table bonuses paying the same tax amount as a cleaner at say mcdonald's is fair well, that's your prerogative.

The rich get a tax cut from 39.6 percent to 35 percent and 'may face additional taxes'
the middle class will pay a 25 percent tax rate
the lower class will pay only 12 percent

It is a win win all around.

a reply to: libertytoall

Doubling the child tax credit from 12k to 24k IS A BIG DEAL for middle class America.

It would be. But that's not part of the plan.

It is a win win all around.

The middle class will loose substantial deductions and the rich will loose the AMT.

The rich win, bigly.
The middle class, not so much.

originally posted by: Phage
a reply to: libertytoall

The middle class will loose substantial deductions and the rich will loose the AMT.

The rich win, bigly.
The middle class, not so much.

I don't see anywhere where it states a decrease in deductions. I'm fairly sure you can still have tax deduction under the reduced tax rate.

'Increase of standard deduction and child tax credit
The new plan proposes almost doubling the standard deduction with the goals of both decreasing and simplifying taxes. The standard deduction would increase to $24,000 for married joint filers and $12,000 for single taxpayers.
The plan also aims to provide tax relief by increasing the child tax credit and increasing the income threshold at which a family is eligible to receive this credit. The framework also introduces a provision for a $500 tax credit for dependent care, which will provide some relief to the millions of Americans who care for older family members. '



You're right it wasn't a child tax credit it was for married and single filers. Pretty much EVERYONE.
It eliminates head of household but increases the child tax credit as well.

a reply to: Fools

When you have such a clear partisan bias and axe to grind it's impossible to even have a normal conversation.

When you read your OP do you honestly believe that's a fair representation of approx. half the people in the country?? Because if it is, you're just too caught up in your own bias to take seriously.

This isn't even a thread about Trump's Tax plan. It's just a avenue for you to vent and throw sh*t at people you've already decided to hate rather than understand.

a reply to: libertytoall

I don't see anywhere where it states a decrease in deductions.

You're not paying attention.

President Donald Trump's tax overhaul package is getting resistance from an unusual alliance of interests opposed to his plans to scrap the federal deduction for state and local taxes.

abcnews.go.com...


I don't see where it says this:

Doubling the child tax credit from 12k to 24k IS A BIG DEAL for middle class America.

You're right it wasn't a child tax credit it was for married and single filers.

Still wrong. It's not a credit and it only applies to those who do not itemize deductions.

originally posted by: Phage
a reply to: libertytoall

I don't see anywhere where it states a decrease in deductions.

You're not paying attention.

President Donald Trump's tax overhaul package is getting resistance from an unusual alliance of interests opposed to his plans to scrap the federal deduction for state and local taxes.

abcnews.go.com...


I don't see where it says this:

Doubling the child tax credit from 12k to 24k IS A BIG DEAL for middle class America.

You're right it wasn't a child tax credit it was for married and single filers.

Still wrong.

What does this say

''The standard deduction would increase to $24,000 for married joint filers and $12,000 for single taxpayers. '

That's double what it is now in case you weren't aware.

a reply to: libertytoall

It says a doubling of the standard deduction, which is not a tax credit.
The deduction only affects those who do not itemize deductions.

That's double what it is now in case you weren't aware.

I'm quite aware. It's not going to help me because I itemize.

originally posted by: Phage
a reply to: libertytoall

It says a doubling of the standard deduction, which is not a tax credit.
The deduction only affects those who do not itemized deductions.

That's double what it is now in case you weren't aware.

I'm quite aware. It's not going to help me because I itemize.

I read the ABC article it made your points valid.

originally posted by: mOjOm
a reply to: Fools

When you have such a clear partisan bias and axe to grind it's impossible to even have a normal conversation.

When you read your OP do you honestly believe that's a fair representation of approx. half the people in the country?? Because if it is, you're just too caught up in your own bias to take seriously.

This isn't even a thread about Trump's Tax plan. It's just a avenue for you to vent and throw sh*t at people you've already decided to hate rather than understand.

When have you and I tried to have a normal conversation? When have we conversed at all? Also, I am biased, I don't hide behind any BS, what I say is what I think. Personally I would think someone like that is easier to understand than someone that says they are one way with words and another with actions - for example. My only problem is that I was raised to believe, and I do believe, that lying and cheating and stealing is wrong. That has nothing to do with hating anyone. Not last time I checked anyway.