Trump Tax Cuts to Expire in 2025

originally posted by: watchitburn
a reply to: CriticalStinker

The spending needs to be addressed first. And that can be accomplished by cutting the size of the Federal government.

Most of the departments and agencies can be axed completely, and the remaining ones need to be reduced by 50% or more.

Another huge overlooked issue is the interest owed on our national debt. The Federal Reserve is fleecing us to the umpth degree by constantly increasing interest rates. The government paid $76 billion last month in interest alone, first month of FY 2024, up 77% from the $43 billion tab in October 2022/ FY23. That’s an insane jump in interest in only one year. The Federal Reserve must get a big smile every time we borrow more money to spend, they have to love the Democrats thirst for more Federally funded social programs that we don’t need, such as gender studies, DEI studies, illegal immigration, repatriation studies etc, etc…….

Our future generations have no clue of what’s coming their way if we continue down this path, but…hey we only spent 470 billion just in October🤣🤣🤣

a reply to: watchitburn

They're intentionally killing the middle class. It pretty much already is just the wealthy and everyone else now. And that usually doesn't end well.

yep the pretentious snotty have's and the have's not's, is their idea of freedom.

originally posted by: network dude

originally posted by: Annee

originally posted by: network dude

originally posted by: Annee

originally posted by: CriticalStinker

originally posted by: watchitburn
a reply to: CriticalStinker

The spending needs to be addressed first. And that can be accomplished by cutting the size of the Federal government.

Most of the departments and agencies can be axed completely, and the remaining ones need to be reduced by 50% or more.

I agree 100%. There’s massive bloat in the federal government.

A vast majority of American do most of their interaction with local and state. There’s no reason the federal government should be taxing us to the ratio they do, but we have to downsize them before we can see the tax cut on the backend.

How many jobs will be lost?

The need for people is becoming obsolete.

how many useless jobs will be lost is the key point to this. Government jobs aren't free rides, or at least shouldn't be.

Didn't say they were.

But they provide a lot of jobs.

Elimination aftermath. It's a real thing.

do you know how many jobs could be lost if Trump isn't allowed to operate in NY? Are those jobs equally important?

The businesses in NY will just be under different management.

Not really comparable.

a reply to: KrustyKrab

Interest rates had to increase after being close to near zero. If you want people to buy treasury bonds, you have to have an interest rate that competes with other financial products. That’s a bedrock to the USD prominence in global trade.

As for spending, you’ll see every admin in the 2000’s seemingly in competition to out spend eachother, it’s bipartisan.

originally posted by: CriticalStinker

originally posted by: Annee

originally posted by: CriticalStinker

originally posted by: watchitburn
a reply to: CriticalStinker

The spending needs to be addressed first. And that can be accomplished by cutting the size of the Federal government.

Most of the departments and agencies can be axed completely, and the remaining ones need to be reduced by 50% or more.

I agree 100%. There’s massive bloat in the federal government.

A vast majority of American do most of their interaction with local and state. There’s no reason the federal government should be taxing us to the ratio they do, but we have to downsize them before we can see the tax cut on the backend.

How many jobs will be lost?

The need for people is becoming obsolete.

The IRS for example could probably lose 75% or more of its weight if we just eliminated loopholes and created a well defined tax structure.

It could still be scalable like it is today, but no more deductions, you get taxed x% of profit. No loopholes, no deductions. In its current form a lot of people aren’t even paying their share anyways, so why this huge bloated agency if the tax code is written in such a convoluted way it can be skirted all together?

State tax agent (retired) and former paid preparer here.

The vast majority of the tax code (federal and state) has been written by those most interested in preserving their wealth and its sources....

Which is why the tax code goes to great lengths to differniate between Earned (wages and profits), and Unearned income (interest and dividends).

Ever notice how funds from Unearned income can be easily "deferred", or "averaged", or "offset" to reduce their current year tax consequences? Can't do that with wages, can you?

"Loophole" for the already wealthy Investor? Try cutting it out of the tax code! You'll hear cries of "unfair taxation of the the very people who "provide jobs", and "build the country", and even "Communism/Socialism!"


"No deductions"? You do realize that the SALT (State And Local Tax) deduction was, until it was eliminated, the single most common deduction claimed among "middle-class" tax filers? The SALT allowed tens of thousands of middle class families to deduct the interest paid on their mortgage from their taxes.

With mortgage rates hovering around 8%, and home prices still soaring (my home, purchased in 2012 with a 3.75% 30 year fixed rate has increased in estimated value by 351% since purchase), that is a massive lost opportunity to recoup some of their income.

And despite years long efforts by the IRS itself to make preparation and filing both easy, and Free for most taxpayers,


Firms like Intuit and HR Block have consistently used their lobbying power to delay, and even prohibit the IRS's efforts to simplify the tax code and filing requirements/procedures.

a reply to: Mantiss2021

Thank you for real factual information.

I greatly appreciate your contribution to this discussion.

Democrat Candidates licking their chops as they keep lying about the great economy since 2021. ☠️✔️

a reply to: Mantiss2021

No deductions"? You do realize that the SALT (State And Local Tax) deduction was, until it was eliminated, the single most common deduction claimed among "middle-class" tax filers?

It was also a form of wealth distribution to states with high tax rates. So states with lower state income tax has their citizens paying more to the federal government while states with high income tax rates were being subsidized.

a reply to: Xtrozero

Most Americans didn't appreciate the tax cuts anyway. They were viewed as "crumbs".

Source: www.usnews.com...

a reply to: CriticalStinker

I personally see that point, but believe that they will decrease their spending only AFTER we refuse to pay the taxes.

The people in charge now don't even listen to any of us 'not in charge' people, regardless that they are supposed to.

Screw them!

a reply to: CriticalStinker

Unfortunately they have to go up unless congress can reduce spending.

The irony.

Those that are ostensibly there to represent the voters will not, as a long standing principle, not reduce spending and also increase taxes.

a reply to: CriticalStinker

Unfortunately they have to go up unless congress can reduce spending.


Might not matter. They'll just keep authorizing more Treasury Market Issues. 👩‍🏫

originally posted by: watchitburn

They're intentionally killing the middle class. It pretty much already is just the wealthy and everyone else now. And that usually doesn't end well.

We need to drastically reduce spending and taxes.

Spending a good deal at least while not inflating taxes anymore.

originally posted by: CriticalStinker

Unfortunately they have to go up unless congress can reduce spending.

Tax is a dirty word, and considering what it’s spent on I can empathize with comparing it to theft.

When I think about my interactions with government, it’s a vast majority state and local. Roads, schools, emergency services, courts, ect. The only time I interact with the Feds is when I have to file taxes to see they take the lions share.

But, we’ve been increasing our debt at an alarming rate. Either the taxes go up or spending goes down. There isn’t much room for compromise. Taking tax cuts while leaving spending the way it is is no different than using a credit card. That interest just get passed to us or future generations at a higher amount than if we had ran on debit. It’s a big reason why a lot of things including spending is so inflated, because of debt from previous fiscal years.

If you just keep raising taxes then they will just keep increasing spending. It's like a fat kid on a sugar high with a big box of Twinkies. How about cutting Government jobs by 50%, doing a flat tax of 8% across the board, and getting rid of 95% IRS to start?

There is about 12 trillion in gross wages and today with our system about 1.58 trillion comes in as taxes, so if we did a flat tax based on a bracket like 10% to 20% high we would bring in well over 2 trillion.

originally posted by: Degradation33

I will be forever f*cked by my tax obligation, so it really doesn't matter what the rate is for me. But I imagine the more liquid person making 50k is pretty pissed about a 25% increase ($1,500 more).

I guess my big point was that Trump really didn't give the top earners that much of a tax break, but below 182k he did percentage-wise even though the liberals screamed for years it all was a break for the rich.

originally posted by: WeMustCare

Most Americans didn't appreciate the tax cuts anyway. They were viewed as "crumbs".

Well, I guess they can pay back those 15 to 20% crumbs... Maybe it was because of other things hitting their paycheck and cost. It will be interesting to see what people say when they pay more.

a reply to: Mantiss2021

Your post reminded me of what was taught in an Entrepreneur class I took in the prior century.

We were told that the IRS Tax Code was written by Entrepreneurs (self-employed doctors, attorneys, accountants, etc..). To keep the most money in our pocket, (and away from the IRS-Treasury) we had to play the game as it was designed.

The mandatory action was to start a business of any kind. Once you did that, you had opened the door to deductions that allowed you to keep more than 90% of your income. It's worked like a charm for decades.

originally posted by: Xtrozero

originally posted by: WeMustCare

Most Americans didn't appreciate the tax cuts anyway. They were viewed as "crumbs".

Well, I guess they can pay back those 15 to 20% crumbs... Maybe it was because of other things hitting their paycheck and cost. It will be interesting to see what people say when they pay more.

What's ironic is that it will be DEMOCRATS hammering President Trump and the Republican Congress to extend the puny little tax cuts for another 7 years.

a reply to: WeMustCare

The tax cuts are not "puny".

It's MY MONEY!

originally posted by: DBCowboy
a reply to: WeMustCare

The tax cuts are not "puny".

It's MY MONEY!

"our money......"