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

let's choke off the economy to stick it to rich people

Leaving taxes the same as they've been for years is choking the economy? I think not.

What this will do is let the rich, who have been attacking the rest of us for decades, have even more ability to take away our rights and what little money we have already. They already spend way too much on thinktanks, lobbysts, bribing policticians, etc.

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.

originally posted by: Zanti Misfit
a reply to: xuenchen

The Death of Itemized Deductions........What a Refreshing Idea !

National Realtors Association will disagree with you, they have been fighting for years to keep the mortgage interest deduction.

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.

Because most of those that have money did not work for it, the money worked for it, and while the rich get richer, they use their money to screw over the rest of us. Have you followed the Wells Fargo story?

a reply to: BlueAjah

I believe the thread is about Trump's tax plan. Not the plight of the rich. I'm not going to genuflect my knees to a group of people who like this plan of taking more when most americans can hardly pay the rent.

a reply to: BlueAjah

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

Because those who Lack the Intellect to Generate Income are Jealous of those who Can . Sourgrapenomics 101 .

a reply to: Phage

Not exactly pertinent without knowing how many small business owners there are and, more importantly, how many small business owners died last year who didn't have to file for the estate tax. People have gotten smart and usually place their businesses into trusts or break them up among their children and whatnot before the big day hits.

originally posted by: Zanti Misfit
a reply to: BlueAjah

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

Because those who Lack the Intellect to Generate Income are Jealous of those who Can . Sourgrapenomics 101 .

Guarantee you I could make more money with a 1 mil loan from daddy, than I could starting out with a dollar in my pockets.

It is not the fact that they have money, but they don't want to pay taxes on what their money earns, while I have to pay taxes on what my body or brain earns.

a reply to: BubbaJoe

Enjoy your scraps, then. I'll certainly enjoy my buffet while you're too busy searching for excuses to attack those who have answers you're struggling to comprehend.

Geez. ok, once again.

Trump's tax plan says :

Eliminate targeted tax breaks that mainly benefit the wealthiest taxpayers

and:

Tax relief for American families, especially middle-income families:

• Reducing the 7 tax brackets to 3 tax brackets of 10%, 25% and 35%

• Doubling the standard deduction

• Providing tax relief for families with child and dependent care expenses

and:

Protect the home ownership and charitable gift tax deductions

and:

Provide tax relief to American families—especially middle-income families

So, all of the misinformation in the above posts is maddening.
The plan is not to make rich people pay less.
The plan is not to take away home mortgage or property tax deductions.

The plan is to reduce taxes for middle class.
We are the ones who need taxes reduced, because we already pay most of the taxes.

The very poor already pay little to no taxes.

Full Text of Trump tax plan

Be something if you people had same concerns about monetary devaluation (the hidden tax) when bozo the clown was inventing trillions by adding zeros at the Federal Reserve and Treasury.

Surely anyone who's been an adult longer that ten years has noticed increased price and reduced quantity of products.

20 - 30% hit right there - but no outrage as most cannot comprehend.

On 15% Corp tax, it's good as any and all taxes in this form are passed to consumer.

So when you Holla "tax them filthy rich corps" you are taxing yourselves - kinda stupid way I see it.

a reply to: BubbaJoe

After I finished chuckling at this post, I searched a little bit. Amazing what people can find if they just look.
minnesota.cbslocal.com...

MINNEAPOLIS (AP) — The upper Midwest timber industry is welcoming the Trump administration’s announcement that it’s imposing tariffs averaging 20 percent on softwood lumber entering the United States from Canada.

The industry has been struggling in Minnesota and Wisconsin in recent years. The housing market crash in 2008 cut demand for softwood lumber products such as pine 2×4 studs and other kinds of boards used to build homes, which are among the products affected by the administration’s move. So industry groups in both states saw Monday’s announcement as good news for communities with sawmills, and for loggers who supply them.

The Trump administration and U.S. industry groups say Canada unfairly subsidizes its softwood lumber industry. The dispute goes back to the 1980s. The U.S. contends that the prices charged by Canadian federal and provincial governments for harvesting timber on public land are below market rates, amounting to a subsidy that puts U.S. companies at a competitive disadvantage.

www.npr.org...

At Seneca Sawmill Company in Eugene, Ore., a team of lumbermen stand watch as wooden boards are spit out one-by-one onto a planing platform.

"We're taking rough lumber from the saw mill, bringing it over and putting a smooth surface on all four sides and then grading it based on lumber grading rules," explains Todd Payne, Seneca's CEO.

Payne says his business is thriving. A "now hiring" sign even hangs out front. Seneca Sawmill has weathered the past few decades better than many of Oregon's other timber operations.

The region's logging industry says it has struggled under the cumulative weight of a tough economy, unfavorable trade deals, job-stealing automation and environmental regulations that have restricted the supply of timber from federal lands.

The sawmills are hiring. Why? To fill the gap left by removal of Canada's government subsidized exports. MAGA

a reply to: BlueAjah

The plan is not to make rich people pay less.

Actually, reducing the business tax rate to 15% (from 39.6%) will mean that wealthy business owners will pay less. A lot less.

Actually, not many middle class people will benefit from the elimination of the AMT.

You know I haven't seen one media article say how Trump's tax plan will help the middle class.

I've seen a few dozen about how it helps the rich, it's like they have organized their propaganda with each other.

No doubt this plan will help me, I don't care if it helps the rich also. I need the higher deductions and lower class rate.

It amazes me that Democrats are trying to push an across the board tax cut as a bad thing for the common voter; it'll amaze them that they lose the next election again.

a reply to: xstealth

No doubt this plan will help me,

I have my doubts. But without something more than the arm waving we've been given, it's hard to say.

a reply to: Phage

The rate change would affect all businesses, including small business.

Sure the owners of some businesses make money. But often the income is put back into the business to help it grow or stabilize.
The lower tax rates may result in companies hiring more workers, or paying workers better.
It will result in purchases to expand, which then benefits other businesses.

And before you claim that owners will keep it all to themselves and not hire or pay more - consider the free market.
If a few businesses decide to offer more to attract better employees, because they can now afford to, it creates a competitive market where good workers are valued, and paid more, or they will leave to go to the other companies that are now willing and able to pay more.

It becomes a win-win for everyone.

a reply to: BlueAjah

It becomes a win-win for everyone.

Yay! Of course, those at the top win a bigger piece of that bigger pie. But that's not part of the plan, just a side effect. Trickle down!

How does ending the AMT help me? How does increasing the deficit help me?

a reply to: Phage

Maybe they'll base it how the weather is that day. So if it rains you have to pay more, if it's sunshine outside you get it for FREE.

They should research policies that drive the cost of treatment down. They should forget about policies on how better to cope with high cost of treatment.

a reply to: gpols
Get what for free?

What treatment are you talking about?

a reply to: Phage

It will help us because our economy will be stronger, resulting in more jobs, and a better future for our children and grandchildren.

It looks like my standard deduction would go up and tax rate down, so as of now it looks like that would directly help me.

Everyone that it helps will spend more money. which also helps the economy.

I do not begrudge the owners of businesses who earn a profit, especially small business owners.