Trump adviser 'can't guarantee' taxes won't go up for middle class

Cutting taxes for high-income people, however, has long been a major priority for Republican donors

Screw the Republican donors, what a bunch of asshats. They have no regard for this country or the people in it.

a reply to: Phage

He said "Believe me", isn't that good enough for you?

"Believe me" does seem to precede one of his lies, I've noticed. It's a tell-tale sign.

Of course, we have no choice but to believe him since we have no idea what his tax situation is.

If Mueller has anything to do with, we will know eventually. The fat lady will sing sooner or later. heh.

originally posted by: Dudemo5
So Trump's getting a giant tax cut? Is that what I'm hearing?

Correct. I don't think this plan was written by Trump specifically so he can get a cut, but he would get one, and a very large one at that.

Basically, his cut would be in the change (removal) of AMT which is something conservatives have wanted to get rid of for a long time. Again, I don't think Trump put that there for his own benefit specifically (and that's making the argument that he even wrote his tax plan in the first place), it's just been a platform issue for nearly 2 decades now.

What I would be more concerned with is the linking of tax brackets to CPI. Because CPI lags and is effectively untethered from real inflation rates these days, eventually everyone would rise in the brackets and pay more.

a reply to: Southern Guardian

Taxes are going up, buddy, regardless of the outcome of tax reform.
Healthcare is going to nail hard. We need to cut the massive military budgets, but we won't because China is the boogyman real and imagined, and we need to protect ourselves as a nation as we drown in dept as individuals and families.

So...anyone else wondering how we pay for more military spending?

Reducing tax "income" and simultaneously increasing expenditures doesn't really work long term - it tends to tank the economy over time. Not to mention deficits.

Are we back to the good old Republican days of "now we are in power, deficits don't matter...?"

a reply to: AboveBoard

So...anyone else wondering how we pay for more military spending?

Sure, massive cuts to NASAs environmental programs. Massive cuts to the EPA. Massive cuts to the State Department. Massive cuts...everywhere.

That should make up the difference. Totally.

All really good ideas.

well, I guess I`m a better man for the job than he is because I can pretty much guarantee that taxes will go up for the middle class,so pay me his salary and let me get back to sleep.

a reply to: Southern Guardian

Get rid of Obama's give away programs will be a large tax break once they are defunded

a reply to: Dudemo5

We're talking about Donald Trump here. Of course taxes will go down for the wealthy.

a reply to: Phage

I understand your concern about itemizing, but if there is a significant increase in the standard deductions. That's what I feel people don't get.

I thought I heard that the standard deduction was doubling. The question is, how many of the people have more deductions than the $12K/$25K being proposed? And if so, aren't they the people we should supposedly be taxing more?

originally posted by: Southern Guardian
a reply to: LesMisanthrope

Yes I've watched that full interview, did you? The question was clear. There will be middle class families seeing an increase. He didn't want to answer this directly. He says he can't guarantee.

It's fairly clear Les. I'd recommend others watch the video you linked.

Some advice for you. You are allowed to have a mind of your own and disagree with Trumps plans. It won't compromise your beliefs as a whole. Haven't seen one ounce of criticism from you on Trump. You seem to be eager to defend everything and anything.

I watched it, yes, and you talked about two words of it, while suspiciously leaving the rest out. I wonder why that is.

Your advice is worth the pixels it is made out of.

a reply to: Southern Guardian

Your being intellectually dishonest the bill isn't even finalized and written yet. So this whole thread is just a useless attack until we can see some numbers. But I'll bet doubling the deduction will have a huge effect on most people.

Things are getting bad everyone is actively working to discredit and destroy the other side. People do have to agree to work together. But now when trumps involved people actively attack him and trying to make sure he fails. When I see attacks like this it confirms my belief. The attacks are all ready starting and the bill isn't even finnished.

originally posted by: dragonridr
a reply to: Southern Guardian

Your being intellectually dishonest the bill isn't even finalized and written yet. So this whole thread is just a useless attack until we can see some numbers. But I'll bet doubling the deduction will have a huge effect on most people.

Things are getting bad everyone is actively working to discredit and destroy the other side. People do have to agree to work together. But now when trumps involved people actively attack him and trying to make sure he fails. When I see attacks like this it confirms my belief. The attacks are all ready starting and the bill isn't even finnished.

There's plenty that can be said about the bill right now based on what has been released.

For example, I think the estate tax changes are a good thing. Don't get me wrong, I'm very pro estate tax, but I admit that right now it's basically just a hoop to jump through, and that it affects very few people (under 100 per year). A tax that's so small should just be removed from the tax code.

I've also been reading some good arguments for the mortgage deduction. Basically, that deduction has been artificially increasing the price of homes as the deduction is factoring into the cost to buy. I think that's a bad thing, and in general I think housing prices are too high so removing the deduction will eventually help to correct the market.

So that's two good things the bill is doing. There's some others though that are more questionable. For example, not allowing deductions of state taxes is a big issue because it hits states that have income taxes hard, while giving a pass to other states that don't have income taxes but instead have high sales taxes. As someone who dislikes sales taxes in any form (I think they rob you of freedom by "encouraging" purchases), this provision seems to me like it's going in the wrong direction.

Gary Cohn , former Goldman Sachs head honcho will make sure the rich get richer and the poor get poorer , I don't doubt many loopholes will be created in the new measures to ensure the wealthy can exploit them , the sweety jar is open.

a reply to: Aazadan

Regarding the state/local tax deductions, maybe it's time for the states to similarly reform their tax structures as well.

For example, I am in Upstate NY and housing is pretty cheap but the local property taxes are pretty high. You can get a decent house in a good school district in these parts for well under $150K. But be prepared to shell out $5K a year or more in property tax. Talking with friends around the country, they can't believe the amount of tax we pay.

That's the bigger problem IMHO, not that you can't write it off your federal tax.

originally posted by: dragonridr
a reply to: Southern Guardian

Your being intellectually dishonest the bill isn't even finalized and written yet. So this whole thread is just a useless attack until we can see some numbers. But I'll bet doubling the deduction will have a huge effect on most people.

Things are getting bad everyone is actively working to discredit and destroy the other side. People do have to agree to work together. But now when trumps involved people actively attack him and trying to make sure he fails. When I see attacks like this it confirms my belief. The attacks are all ready starting and the bill isn't even finnished.

Does the bill have to be passed first before the contents can be read?

Sounds awfully familiar.

originally posted by: Willtell

The administration and its congressional allies are proposing to sharply reduce taxation of business income, primarily benefiting the small share of the population that owns the vast majority of corporate equity. President Trump said on Wednesday that the cuts would increase investment and spur growth, creating broader prosperity. But experts say the upside is limited, not least because the economy is already expanding

The plan would also benefit Mr. Trump and other affluent Americans by eliminating the estate tax, which affects just a few thousand uber-wealthy families each year, and the alternative minimum tax, a safety net designed to prevent tax avoidance.
Mr. Trump has also pledged repeatedly that the plan would reduce the taxes paid by middle-class families, but he has not provided enough details to evaluate that claim. While some households would probably get tax cuts, others could end up paying more.

This is so blatant and clear. The two main elements of this tax plan directly aids rich people tremendously.

And hardly any mention of middle class tax cuts--just vague ideas of " helping the middle class"


What do you people need to hear and see to understand the nature of this con man

So he gets a Goldman Sachs guy to talk for him, Gary Cohen, and as the OP says cant promise anything helpful for the little guy


LINK

How dare he lower capital gains to be more in line with Scandinavian countries.

GOP tax plan would provide major gains for richest 1%, uneven benefits for the middle class, report says

Despite repeated promises from Republican lawmakers that the plan is designed to provide relief to the middle class, nearly 30 percent of taxpayers with incomes between $50,000 and $150,000 would see a tax increase, according to the study by the Urban-Brookings Tax Policy Center. The majority of households that made between $150,000 and $300,000 would see a tax increase.

Meanwhile, the study found that 80 percent of the tax benefits would accrue to those in the top 1 percent. Households making more than about $900,000 a year would see their taxes drop by more than $200,000 on average.

When you make so much money that you think 'middle-class' is somewhere in the $900,000 range...

one thing we can all agree on is that we are 20 trillion in debt,the only thing we disagree on is who should bear the burden of paying that 20 trillion dollars back?

personally I believe it should be the people who gained the most from that 20 trillion dollar debt.

so, the question is where did most of that 20 trillion dollars go?

did it go to the military?
did it go to politicians in the form of corruption and graf?
did it go to the poor in the form of obamacare, welfare, food stamps etc?

until we know where that money went we don`t know who to hold responsible for paying it back.

one thing is for sure, the politicians don`t care where the money went because they know who to hold responsible for paying it back, we the tax payers.

a reply to: Tardacus

It mostly went to bond holders... retirement funds and the wealthy.