President Trump's tax plan: Here's what it includes

originally posted by: FamCore
a reply to: xuenchen

Apparently this tax plan will cost the US Government $4 trillion over the next few years (I've heard reports at costing the gov. only $2 trillion, and others stating it as high as $6 trillion).

Not sure how they will finance this.

It might force the government to borrow MORE money, discouraging economic growth and private investment.

Not to mention the Democrats in Congress will probably never vote for it anyway. Just my quick and dirty assessment - I haven't thoroughly reviewed how the tax plan is supposed to be implemented but from a surface level, those are my concerns.

Or...if we hold them to logical spending, budgeting and accounting they will be forced to spend less, spend more effectively and cut the fat. That is where Trump is leading...anyone in government that fights it is an enemy of the people. They are willing to take from us to avoid responsible financing.

a reply to: Byrd

THis sounds like Chicken Little. I usually file my taxes mid February. Tihs year i was busy and did it on Saturday, April 15. 8 days later i had my return in my bank account.

Wal Mart doesn't pay the lowest wages. in west texas, they are a solid employer and community partner. I know the community laison for my town, and he's a compassionate and hard working man. The wages at the local wal mart are about 40 cents an hour higher than other similar outlets. The people who work there have been there forever....a solid employer with a long term employment history among the local pool.

What im seeing is that people don't care what does or doesnt benefit them, so long as we screw over the rich. I would have never expected to see some of the people I see in this thread making political arguments against their own best interests simply because they can't stand the idea of wealthy people faring better, too. Its like with some, the idea of a prosperous America means we all get to poke the rich with sharp, hot sticks for entertainment.

And yet not a single person can address the fact that our corporate tax rate looms among the highest in the world, because other nations are stupid enough to want to screw over their wealthy just for kicks and grins.

Usually im more worried about the government. Right now, im looking at my neighbors, though, and wondering what in the hell they are thinking. If you want to screw over the wealty, fine. But don't pretend that this desire is somehow due to your love for America, and not hatred of wealthy people.

originally posted by: bigfatfurrytexan
a reply to: Byrd

THis sounds like Chicken Little. I usually file my taxes mid February. Tihs year i was busy and did it on Saturday, April 15. 8 days later i had my return in my bank account.

Not this year's taxes. Next year's. There's a Federal hiring freeze, so things are expected to slow down as attrition takes its toll.

Wal Mart doesn't pay the lowest wages. in west texas, they are a solid employer and community partner. I know the community laison for my town, and he's a compassionate and hard working man. The wages at the local wal mart are about 40 cents an hour higher than other similar outlets. The people who work there have been there forever....a solid employer with a long term employment history among the local pool.

Local stores do vary, as do wages paid by these stores (as low as $7-hour up to $9.40/hour). In my area it pays $7/hour.

Wal-Mart has been hit with a lot of lawsuits lately (including one where cashiers were simply asking for a chair at the checkout station so they could sit on the long shifts) and I have friends with horror stories of working there. With the kind of profit that the company makes, they could afford to pay more (it is not unusual for their workers to be on food stamps.)

What im seeing is that people don't care what does or doesnt benefit them, so long as we screw over the rich. I would have never expected to see some of the people I see in this thread making political arguments against their own best interests simply because they can't stand the idea of wealthy people faring better, too. Its like with some, the idea of a prosperous America means we all get to poke the rich with sharp, hot sticks for entertainment.

A pushback, I think, against the excessive lifestyles. The "old rich" were well aware of this, which is why they took their money and created foundations and built libraries and museums and funded parks and theaters instead of spending it on themselves. Steve Jobs was never slammed for his wealth (nor the other Apple founders) and society viewed Bill Gates much more favorably after his wife encouraged him to do good with his money.

But - the wealthy also have tax-reducing methods unaccessable to most of us that lowers their tax rate considerably. Very few pay the actual 35% tax and many loopholes are designed to assist the wealthy rather than the working guy. It's the middle class that bears most of the burden, and the changes proposed favor the upper class and soak it to the middle class by taking away even more.

This (from my reading) is what we're seeing here: the rich are getting more breaks and it's being handed down to the rest of us. How much tax relief do you need if you're making a million dollars a day? At that income level, I believe you have no problem running out for a burger or three... this is not the case with the people whose exemptions will go away if this thing becomes law. So the resentment is against "more for those who already have more" and less about how much they make.

I'd go for a flat tax, myself, if you want to know the truth.

And yet not a single person can address the fact that our corporate tax rate looms among the highest in the world, because other nations are stupid enough to want to screw over their wealthy just for kicks and grins.

Not all tax rates are created equal. You'll find that because of the loopholes, a lot of our corporations can get away with paying very little (like GM)... in those other countries, they have to pay the rate and can't wiggle out of it.

We need tax reform, but a rather blind "okay, 15%" is not the way to do it. What it really needs is a good team to go over the laws with a goal AND the US budget in mind and streamlining and reforms to be made on a thoughtful basis instead of a ham-handed "hold my beer and watch this!" kind of action.

originally posted by: ketsuko

originally posted by: buster2010
No surprise the tax plan laid out it's to benefit the wealthy and screw the rest of America over. Just like when that other idiot Reagan was in office.

This is to make us competitive with all those so-called Euro-socialist nations you put up on pedestals. Their corporate tax rates are 24, 27 and 22% respectively.

that's because their personal taxes are higher....seems like that gets left out all the time, due to the republicans not wanting their base to know that part of the equation.

republican plan....

1...cut federal taxes
2...money needed to run government agencies is cut
3...the agencies cut, start doing a bad job due to not employing enough people
4...republicans point to agencies failing the "American people", blames it on socialist democrats
5...republicans cut even more of the government agency, claiming they are saving tax payer money.
6...cut taxes on the wealthy and corporate claiming jobs will be created.
7...tax money goes out to investors, owners, or stock buybacks, very few or no jobs created.

rinse, start over

a reply to: jimmyx

It's insane that people still fall for that bait and switch...

a reply to: Byrd

I won't argue much of what you say here. Other than standing for a full shift is not an excessive request, and ADA "reasonable accomodations" are maintained. I've worked in the hotel industry where we have servers and front desk agents standing for a full shift for years. Factories are similar. I believe Wal Mart has codified the recommended breaks from FLSA, so there are breaks assigned for sitting/relaxing your feet a bit. Its something you have to become physically conditioned for, if you've been a desk jockey. That is for sure.

RE: the flat tax....i would agree with that but for one issue: how do we keep the poor from being screwed. Same as consumption tax. A 10% VAT would hurt poor much, much more than middle class and wealthy. Its not like you can adjust VAT at the point of sale (without another enormous government bureaucracy in the way to administer it).

What we cannot continue having is a bell curve that takes a higher percentage from the middle class than the poor and wealthy. While the tax rates may not show this, as you mention...there are tricks that create net tax rates which put the wealthy in a low tax percentage category.

originally posted by: burdman30ott6
I'm a fan of he who earns it decides where best to bequeath it.

I can understand that, I just don't agree. Speaking as someone who is guaranteed several million later in life on an inheritance, it's not actually a comfort. As I said before, I think each generation should earn their own way in life. I don't like dynasties, financial, business, or political. I think it's a very anti American concept.

Furthermore, the way I see it, one is able to amass their wealth in life due to the country. Not only should your children not get the money but one can only succeed due to what their nation gave them. I'm not saying the feds should get it all, my personal preference would be donating the wealth to public works projects that are locally controlled. But I'm not in favor of passing estates on to ones children.

I think Benjamin Franklin did it right. His money went into a public trust where local businesses could borrow against it to get started, instead of using the banks. Then after X years it was cashed out, at a profit, to fund public infrastructure.

Quick Google search shows local, state and federal spending (not including deficit) is 39+% of GDP, Federal being 20%.

Every four of ten dollars spent !!!!

Worse is deficit spending/borrowing is not even in that number.

104 years of income taxation has led to unhealthy dependancy on government spending for livelihood or subsistence.

Just the way "they" like it!

I think folks against revenue reduction (tax cuts) are either benefitting or controlling via big government.

Put lipstick on pig, still a pig - no matter how pretty a picture you paint.

originally posted by: BlueAjah
a reply to: CB328

Why oh why is there so much hate against people who have money?

If someone worked hard to become successful, they deserve to keep what they earn.
The rest of us are not entitled to a share of what they earned.

I think it comes from people who work for rich people, are underpaid, and feel they were exploited so that person could become wealthy A lot of times its because they were told they were working towards a great career, so if they just work real hard....Then a few years later when they are no longer needed they get thrown under the bus. This happens to a lot of people in 9 to 5 jobs. You have to always remember, you are working for someone else's success when you work for someone else. Yes, some people do work hard to become successful, but some people exploit other people to become successful and then just throw them away like the trash. Its this latter category that is causing the problem.

a reply to: BubbaJoe

I dunno about that , Remember the " .Com " Boom of the Late 90's ? A Lot of Middle Class People Became Members of the Super Rich for Awhile . The " American Dream " was at Least Still Alive back then . Today ? Fagetaboutit !

originally posted by: Zanti Misfit
a reply to: BubbaJoe

I dunno about that , Remember the " .Com " Boom of the Late 90's ? A Lot of Middle Class People Became Members of the Super Rich for Awhile . The " American Dream " was at Least Still Alive back then . Today ? Fagetaboutit !

When that bubble popped, the result wasn't a bunch of new rich folks. It was a bunch of people who were unemployed in an industry that couldn't afford to go on. People went from middle class lifestyles to working at mcdonalds. Several of them are still there.

a reply to: Aazadan

Not the ones who took that New Found Wealth and Invested it Well . Enough of the Generalizations Already.....

a reply to: Zanti Misfit

Well you obviously align with those that lost everything working at McDonalds because honestly there's plenty of opportunity today and I would argue even more so today than when the economy is in it's steady 3 percent growth. You just don't know where to invest to become the next millionaires going forward over the next decade. It's kind of a shame because for you I guess it's

fughedaboutit

originally posted by: xuenchen
Trump has put out a tax plan for Congress to consider.

It seems to cut and consolidate the income tax system.

Looks like a "3 rate" system of 10% - 25% - 35%, and it increases the standard deduction (for some?).

And it looks like "Business" tax goes down to 15%.

And it addresses the problem of companies holding profit money overseas.

Well ?


President Trump's tax plan: Here's what it includes

President Trump’s top economic advisers laid out an ambitious tax plan Wednesday afternoon that the administration contends will simplify the process for average Americans and “stimulate” business investment.

Chief economic adviser Gary Cohn and Treasury Secretary Steve Mnuchin unveiled the first official details -- printed on a single sheet of paper -- of a plan Cohn called “the most significant tax reform legislation since 1986, and one of the biggest tax cuts in American history.”

The document is mostly a series of broad principles under three headings: Goals for Tax Reform, Individual Reform and Business Reform. But there are a series of specifics laid out, including:

Interesting thanks for sharing!