It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Trump Tax "Hoax" Would Blow $5 Trillion Hole In Budget Over Next Decade: Analysis

page: 2
25
<< 1    3  4  5 >>

log in

join
share:

posted on Sep, 27 2017 @ 04:37 PM
link   
Who would have guessed that tax cuts would result in a lower federal budget... lol.




posted on Sep, 27 2017 @ 04:40 PM
link   
Federal Sales tax; eliminate all other taxes, including corporate taxes, estate tax, income tax, everything. The Tax code could be a single page.



posted on Sep, 27 2017 @ 04:40 PM
link   

originally posted by: Gandalf77
a reply to: face23785

They haven't been very specific about what exemptions they intend to take away, though.
They've already acknowledged a few sacred cows--mortgage interest, for example.
And given the threshold where it kicks in, cutting the estate tax sure seems like a giveaway to the rich.


That's a misconception. I think it should be a little lower, but not everyone who has a $5.5M estate is as rich as you think. There are many small businesses whose assets may total into 7 figures, but who have annual income less than $100K. Their assets may be all tied up in land or a building or two, and when they try to pass that on to their children when they die they are taxed out the ass, even though they've paid taxes on the land every year and all their earnings from the business. It's not as clear cut as you think.

Edit: The uber-rich who you are trying to punish, they just cough up the dough for it. It's middle-class and upper-middle class business owners who are most damaged by the estate tax.
edit on 27 9 17 by face23785 because: (no reason given)



posted on Sep, 27 2017 @ 04:58 PM
link   
Ex Soviet countries all have flat tax. It is more effective than progressive tax.



posted on Sep, 27 2017 @ 05:04 PM
link   
I read the tax bands haven't even been released yet... what has been used for the analysis?
If the 25% rate has the same tax bands then the plan most certainly introduces cuts for the middle class.


...oh I just saw the source.
More propagandist drivel.

edit on 27/9/2017 by UKTruth because: (no reason given)



posted on Sep, 27 2017 @ 05:07 PM
link   
Russia has 13% tax for everyone, rich or poor. Americas has close to 40% tax for the rich. Even if Americans pay 50% tax for everyone, it's still not as effective as Russia because of corruption.



posted on Sep, 27 2017 @ 05:13 PM
link   
a reply to: UKTruth

They have proposed 12, 25 and 35% for the brackets, but they haven't identified which income levels will fall into which brackets yet. They've identified some of the deductions they want to cut and some they want to keep, but all of the details are fluid right now. Even calling it a proposal at this point is almost a misnomer. The devil will be in the details. All the bellyaching over it is just spin.



posted on Sep, 27 2017 @ 05:34 PM
link   

originally posted by: Gandalf77
Well said OP.
Notice how they really can't (or won't) say how they intend to pay for it?
Notice how the Greedy Old Parasites only care about budget deficits when a Dem is in office?
Notice how complete and utter fiscal irresponsibility is always OK when the cons have the reins?
No matter what type of poopulist spin Comrade Cheeto and his orange minions try to put on this, it's NOT about the middle class. It never is w/Republicans. This is just another giveaway to the wealthy elite--the plutocracy doing its thing.
Economists have pointed out time and time again that NOTHING trickles down. Fuzzy Republican math doesn't work out, but they really don't need it to. All they need to do is keep convincing their mindless moonies that they too can be rich and prosperous if they support these scams--licking up the Kool-Aid like pee at a soma sacrifice.


Oh, they’ll bark out he same old lies that the tax cuts will produce more jobs through the economic growth

In the 80’S when Reagan cut taxes on the rich the deficit went up so much they went and raised taxes on the middle class to stem the tide of widening deficit Reagan created through the tax cuts

They lied then by saying the tax cuts would create economic growth, and now Trump is lying again, as the OP points out with the same old lie about trickle down economics.



posted on Sep, 27 2017 @ 05:38 PM
link   
a reply to: FyreByrd

The source of the study.

Endorsements-


MoveOn.org
Media Matters
National Education Association
The Daily Kos
AFL-CIO


The study.

Estate Taxes are a tax on money that has already been taxed, not on new wealth. It destroys family farms/ranches and makes it impossible for family farms/ranches to continue, not to mention drives up the cost of food overall. Why do Progressives always ignore that and pretend that they are rich? What's the logic behind that in your opinion? It actually helps destroy the little farms/ranches and makes it so only the large corporations can succeed. How does that fit into the Progressive agenda?

How many times should the same dollar earned be taxed as if it's new income?



posted on Sep, 27 2017 @ 05:45 PM
link   
It turns out Trump didn’t even say how he will cut taxes for the middle class. He only promises to do it through the congress

HA!

Depend on the congress to agree on a tax cut for the middle class?

The congress cannot agree on the weather

However, he did guarantee a huge tax cut for the rich



Shareholders of corporations would enjoy a rate cut from the current maximum of 35 percent down to 20 percent, according to a White House briefing Tuesday. Owners of “small businesses,” who pay taxes on their individual returns rather than with a corporate filing, would pay no more than 25 percent, instead of the current maximum of 39.6 percent. And the wealthiest Americans would see that top 39.6 percent rate fall to 35 percent.

So far NOTHING for the poor and middle class

The American people have been conned again

LINK


edit on 27-9-2017 by Willtell because: (no reason given)



posted on Sep, 27 2017 @ 06:29 PM
link   

originally posted by: SammyB0476
Federal Sales tax; eliminate all other taxes, including corporate taxes, estate tax, income tax, everything. The Tax code could be a single page.


Why should we use a sales tax? Sales taxes place a higher percentage paid on the poor, who divert larger percentages of their income to taxable goods.

Why not use a progressive income tax like we already have with brackets? Just eliminate the deducations.

But then you have to explain to people why we should eliminate deductions. People like them, they enjoy seeing a tax bill that was $15,000 reduced to $10,000 because of choices/purchases they made throughout the year.



posted on Sep, 27 2017 @ 06:32 PM
link   
a reply to: face23785

Here's the thing about the estate tax as it currently stands: It has already been removed. With even a minimum level of estate planning, there is no estate tax. You can pass $5 million in cash to your children, and you can sell them physical assets for $1. It bypasses the entire estate tax.

The only people who pay it are rich people who do no estate planning... which is basically no one.



posted on Sep, 27 2017 @ 06:34 PM
link   

originally posted by: Willtell
In the 80’S when Reagan cut taxes on the rich the deficit went up so much they went and raised taxes on the middle class to stem the tide of widening deficit Reagan created through the tax cuts

They lied then by saying the tax cuts would create economic growth, and now Trump is lying again, as the OP points out with the same old lie about trickle down economics.


Reagan called it base broadening. He would get a tax change, that reduced the amount the wealthy paid, and increased taxes for everyone else. Then he would say this was a tax cut which resulted in increased revenues, when in reality revenues went up because taxes on average went up.



posted on Sep, 27 2017 @ 06:35 PM
link   
a reply to: Blaine91555

Most family farms are held in family trusts which are already exempt from estate taxes.

What actually destroys family farms is inheritance. The land has a high dollar value, but the farm itself has a low annual return. So you'll typically see a split where one person wants to keep it, the rest want to sell it, and the farm has to take on enormous debt in order to buy out the other family members. That has nothing to do with estate taxes.



posted on Sep, 27 2017 @ 07:03 PM
link   
Be sure and watch the “double the standard deduction” as it is combined with “removing deductions for individuals”. That’s the claim yourself, claim your spouse, claim another if your 65+. Historically these have been separate, with the former in place of itemization. The article I read admitted it would lead to approx 15% less taxes, but the advertisement has been double standard deductions while not explaining everyone would be losing their dependent deductions...



posted on Sep, 27 2017 @ 07:17 PM
link   

originally posted by: Aazadan
a reply to: Blaine91555

Most family farms are held in family trusts which are already exempt from estate taxes.


Correct. That has been the going trend for many years. Putting family farm assets in to a LLC which is managed by the trust has been a very easy way to protect those assets from taxes, local, state and federal, and lawsuits...etc.

The biggest problem with family farms is that commodities, while their prices do flow up and down, generally trend downward. It is very hard for family farms to compete with the giant corporate operations because the corporate operations can produce vast amounts of commodities in a more efficient and profitable way than the family farms can.



posted on Sep, 27 2017 @ 07:30 PM
link   


Last I looked we live in the USA not FGA (Federal Government of America)


It's only the FGA the keeps the poor from dying and the middle class from being complete slaves. Once you defund the FGA, which this plan does, then those things will happen and America will be an aristocracy, which of course is what Trump and his buddies want.



posted on Sep, 27 2017 @ 07:35 PM
link   

originally posted by: carewemust

originally posted by: IAMTAT
Well, if you can't trust
'Common Dreams: Breaking News & Views For The Progressive Community'
for an unbiased political assessment...

Who CAN you trust?


That's a good sign that this Tax Cut / Tax Reorganization package is on the right track. Bernie Sanders hates it too. Another indicator of how good it is.



quickly browsing an article about the tax xuts it doesnt look good for the middle class.

it looks like the breaks and deductions are still aimed at corporations and business and not the majority of working families.

not looking promising. the new looks like the same as the old, just with a shiny polish outside to hide rusted inner workings.


edit on 43930America/ChicagoWed, 27 Sep 2017 19:43:06 -0500000000p3042 by interupt42 because: (no reason given)



posted on Sep, 27 2017 @ 07:36 PM
link   
a reply to: FyreByrd

Need you be reminded that that 5t is about exactly half of the 10t that Obama racked up in his two terms of eight years?

So who's the spendthrifty?



posted on Sep, 27 2017 @ 08:13 PM
link   

originally posted by: Aazadan

originally posted by: seasonal
a reply to: FyreByrd

Flat tax, no exceptions no exemptions.

The top cries, the bottom cries and the middle class gets a tax cut.


No one wants that though. People want a tax break for being married, they want a home buyer tax credit, they want a credit for installing green energy or upgrading their home, they want a depreciation credit on their assets, they want a tax deferred retirement account, they want HSA's, they want a credit for their kid, and so on.

The very last thing anyone wants is a removal of exemptions and deductions. Deep down people like deducations because it makes them feel like they're putting one over on the man by playing the system and paying less.


Wrong, I am not a nobody. And I want it.




top topics



 
25
<< 1    3  4  5 >>

log in

join