DawgTalkers.net Forums DawgTalk Palus Politicus President Trumps and the GOP Tax Plan...

So if you make 100K annually... The first 24K is not taxed at all and only 75k is taxable? I doubt that's going to happen.

That is the plan!
$12,000 single
$24,000 Hitched

That is the standard deduction.

Good.

You seem to always want others to pay more. It's about time you do. So, you'd be paying 12%?

Aww..Got it now. Thanks

Yuk Yuk... I'd be paying 25% which would be a substantial increase.

Good. We need people like you to pay more, since you're always wanting the gov't. to spend more.

If I were president and congress, I'd have a separate rate for "perfectspiral" - 90%, no deductions.

Thanks you Arsholiness

You spelled it wrong. Consequently, another 2% added on to the 90.

That is the old repub mantra that give it to the top and it will trickle down. And if they try that to this extent with this tax bill, there will be a very large increase in the deficit-there simply isn't enough revenue being created. Its just math

It must be a wonderful world in your mind...

- More people working, we'll see but a prediction is not a reality.
- Another prediction that most likely will not come to pass.
- Corps will not pass on the savings, that will simply be added to profit.
- At what costs in other areas, I think this is the honey in the trap.

In what delusional world do people believe people will hire people they don't need because they got a tax break? Business hires the fewest people it needs to get the job done. They're not just going to suddenly hire more people when the job is being done just fine without those people.

jc

i always found it odd how businesses, specifically big ass corporations, complain about the tax code.

you knew what the tax code was before you started a business. now all of a sudden it's a problem?

the biggest con ever pulled in this country (besides trump winning the oval) is corporations convincing the american people that their multi billion dollar companies somehow need a tax reduction.

if your business is reliant on the tax code changing for a lower rate than what you ALREADY don't pay in the first place, you're either one greedy ass SOB, or you really suck at the business practices you're using.

Ah, yes. The last 3 posts by the negative nellies who put down America at every turn now share with us their wisdom on why this can not work...

-One of the largest tax cuts in history.
-Tax Reform lifting the burden of figuring our taxes each year, off the backs of all Americans.
-Tax cuts for Businesses of all sizes to make them competitive again on the world stage.
-Regulation cuts to untie the hands of industry in America.
-3.1 percent growth as of today, ahead of schedule, with more to come as companies stay in America, return to America, and thrive in America again.
-GDP growth to pay the costs of the plan, cause employers to hire, cause small business to open and thrive, and cause wages to rise through it all.
-Unemployment is already at a 16 year low, just in anticipation of what is to come.

But of course it can't be true to those negative nellies because, yes because, Trump.

In case you missed it, which you obviously have, standing up for the rights of every American is far more patriotic than making excuses why your rights are somehow more important than the rights of other.

Better to be a Negative Nellie than a delusional dimwit Dilbert!

Your list of amazing things that will happen when the great and mighty Trump speaks will disappear the moment somebody looks behind the curtain! We've all seen this movie before.

Thank you sir ...May I have summor

94% now.

what's up with you conservatives and trickle down? How many times are y'all gonna screw this up before you realize it doesn't freaking work?

Trump's tax plan just got its first brutal review showing how it would benefit rich Americans but almost no one else

https://finance.yahoo.com/news/trumps-tax-plan-just-got-180000645.html

President Donald Trump's new tax plan may result in the richest getting richer and the middle class eventually seeing a slight tax increase, a study released Friday found.

In an initial analysis of the nine-page framework for tax reform, the Urban Institute and Brookings Institution's Tax Policy Center found that Americans among the top 1% of earners would see the bulk of the plan's benefits, while lower- and middle-class Americans — even most upper-class people — would see few benefits.

The TPC said that its analysis was preliminary and that many of the aspects of Trump's tax plan were still up in the air, since its principles haven't yet been crafted into legislation.

The report also used static scoring, which does not factor in potential economic growth in the years after the plan's implementation. The White House prefers dynamic scoring, which assumes higher tax revenues from more economic growth.

The report says the average tax bill for all income groups would go down in 2018 if the framework were implemented — but what's eye-popping is how much the highest-earning Americans would save.

"Taxpayers in the bottom 95 percent of the income distribution would see average after-tax incomes increase between 0.5 and 1.2 percent," the TPC's report said. "Taxpayers in the top 1 percent (incomes above $730,000), would receive about 50 percent of the total tax benefit; their after-tax income would increase an average of 8.5 percent."

During that time, some Americans would see their tax bills increase, the report said. The TPC found that households earning between $150,000 to $300,000 annually would "experience a slight tax increase on average."

The TPC analysis says the average household in the top quintile would see its tax bill decline by $8,470 in 2018 under the plan — a drop of 2.4 percentage points from the average federal tax rate. For people in the middle quintile, making between $48,601 and $86,100, it would mean a decrease of just $660 — or 1 percentage point.

But the top 0.1% of income earners (those making above $3.43 million) would get a tax break of $722,510 on average, or a decrease of 6.8 percentage points.

The TPC estimated that in later years, the middle class would shoulder more of the load of the tax plan.

"By 2027, taxes would rise for roughly one-quarter of taxpayers, including nearly 30 percent of those with incomes between about $50,000 and $150,000 and 60 percent of those making between about $150,000 and $300,000," the study said. "The number of taxpayers with a tax increase rises over time."

The report says that in 2027, people making between $150,000 and $300,000 annually would see an annual tax increase of $800 on average, and that 80% of the benefit from the plan would go to people in the top 1%.

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(Tax Policy Center)

Trump has repeatedly said the tax plan would not unfairly benefit the wealthy.

"I think the wealthy will be pretty much where they are, pretty much where they are," Trump said at a bipartisan meeting on tax reform on September 13.

The analysis also estimates the plan would increase the federal deficit by $2.4 trillion in the first decade after its implementation.

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(Tax Policy Center)

Most of the lost revenue would come from the proposed cuts to corporate and business taxes, while overall revenue from individual taxes would increase, the study found.

"Over the first 10 years, the individual income tax provisions — excluding those related to the taxation of corporations, pass-throughs, and estates — would raise $470 billion, the business provisions would reduce revenues by $2.6 trillion, and repealing the estate tax would cost another $240 billion," the study said.

Called it.

so much for conservatives caring about the federal deficit.

that was all a massive lie.

First of all, "Finance Yahoo"?

Secondly...

A family farm has 800 acres, 100 cows and a big barn.

The net worth of all that is millions of dollars if you were to sell it to realtors to turn into housing.

To you, they are rich.

So this family works hard and eeks out a living all these years running their own family farm and the parents die, leaving the farm to the kids.
The kids who could barely pay for the funerals are now taxed on of the value of the property, which is millions.
They can't pay that amount and have to sell. No choice.

Not justice. Not rich.

Come on swish. This article is "playing with numbers." (and mixing percentages as well)

If this quote doesn't prove it: nothing will.

Bottom 95% get to keep an average of ,,,,,say 1% more of their income. "Taxpayers in the top 1% would receive about 50% of the total tax benefit."


They are "mixing" stats here.

Here's how it is: Person A makes 50 grand a year. They get to keep 1% more. That's $500.

Person B makes $2 million a year. They get to keep an extra 1%. That's $20,000.

Huge, HUGE discrepancy in dollars. Not one bit of discrepancy in percent.

So, that ""Taxpayers in the top 1 percent (incomes above $730,000), would receive about 50 percent of the total tax benefit; their after-tax income would increase an average of 8.5 percent." makes total sense, and is fair.



Hey, what does the top 1% pay in taxes as a whole, compared to the bottom, say, 80% of the population? Do some research on that.

And for oldcold to say "called it" based on the fact that a person making 50 grand a year won't save as much dollar wise as someone making a million a year is.........dumb.

Of course not. Percentages. It's a neat concept.

The deficit is about spending. Not income.........I think I just threw up in my mouth a little....the gov't. doesn't have "income", they have mandatory giving.

sorry but if they slice taxes, what suffers because of it?

how many times have we seen this play out?

these corporations don't hire more people if they don't have to. they hire based on supply and demand, not their tax rate.

lowering their taxes isn't gonna change the fact that they only need 5 workers for a specific job. they aren't gonna hire 6 just because the govt lowered their taxes.

more of these reviews are coming out bro. and look around; articles around the news outlets are saying the same thing.

this benefits the rich, and the middle class pays more.

'Two-thirds of manufacturers' say tax plan will lead to reinvestment and new jobs, says industry group CEO

https://www.cnbc.com/2017/09/29/two-thir...-group-ceo.html

-Not Yayhoo financials from Yahoo.

yea, just like Ford said it wouldn't move it to mexico.

Corporate spending isnt always about new jobs either.

When Delta was broke they werent spending money on anything for employees.
When they started making money again they started again with raises, bonuses, catering food for meetings and parties, corporate celebrations, employee days at sporting events, etc

Sometimes extra money means giving back to your employees, and the community. It doesnt always mean hiring people.

I think you are combining corporate taxes with personal taxes? And then juxtaposing personal savings for the lowest 95 % with personal savings of the top 1%?

I didn't see where the middle class pays more. I guess I need to re read that, or maybe you could help me out and show me where the article says that?

you should probably reread it.

and here:

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

https://www.washingtonpost.com/news/wonk...m=.848412ec1123

http://abcnews.go.com/US/trump-tax-plan-benefit-wealthy-americans/story?id=50152989

Trump Could Save More Than
$1 Billion Under His New Tax Plan

https://www.nytimes.com/interactive/2017/09/28/us/politics/trump-tax-benefit.html?mcubz=3

https://www.nytimes.com/2017/09/27/us/politics/trump-tax-plan-wealthy-middle-class-poor.html?mcubz=3

Even One Percenters Think Trump's Tax Plan Is Trash

https://www.vice.com/en_us/article/vb7yaj/even-one-percenters-think-trumps-tax-plan-is-trash

Trump's Tax Plan: The Good, The Bad And The Ugly

https://www.forbes.com/sites/johntharvey/2017/09/29/trump-tax-good-bad-and-ugly/#4f7e9c95303f

Trump's tax plan just got its first brutal review showing how it would benefit rich Americans but almost no one else

http://www.businessinsider.com/trump-tax-reform-plan-analysis-study-rich-rates-2017-9

____________

and out of all those links, this one is the most damning. straight out his boy's mouth:

Trump economic adviser Gary Cohn admits tax plan doesn’t guarantee middle-class help

http://www.nydailynews.com/news/politics...ticle-1.3527621

Appearing on ABC News, Cohn said he could not assure taxes won’t shoot up for some middle-class families under Trump’s proposed plan.

GOP tax plan cuts state, local property tax deductions for N.Y.
“I can't guarantee anything,” he said.

“You can always find a unique family somewhere.”

Cohn claimed the plan is “purely aimed at middle-class families,” though he noted that the benefits would depend on “which state you live in.” He also falsely assured "the wealthy are not getting a tax cut under our plan."

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Cohn’s cryptic comments covered up the effects the tax plan will have on the middle class — something that Trump has also been misrepresenting.

GOP tax plan cuts state, local property tax deductions for N.Y.
Under Trump’s tax plan, lower-income taxpayers would indeed benefit from an increase in the standard deduction as well as a lift in the income that allows for a $1,000 child care credit.

But the plan would simplify the tax system from seven income brackets to three, and while the highest tax level would go down — from 39.6% to 35% — the lowest level would increase from 10% to 12%.

In other words, the highest-paid Americans can expect heftier tax cuts than the lower classes.

Trump has falsely stated that people like himself — billionaires — will not benefit from the cuts.

Trump promises 'middle class miracle' tax plan with little detail
The tax plan also calls for an elimination of state and local tax deductions on federal returns — which will take the hardest hit on middle-class taxpayers in higher-taxed states like New York and California.

For example, in New York, 3.2 million residents claim those deductions, and nearly 60% of them would see their taxes jump if the deductions disappeared, according to a study by City Controller Scott Stringer’s office.

A family that makes $75,000 a year would have to pay an additional $1,800 in taxes.

Meanwhile, the plan eliminates two taxes — the estate tax and the alternative minimum tax — that only wealthy Americans pay.

____________

yikes. and again, what is gonna be cut to reduce federal spending on top of that?

the government needs to be funded somehow, right? are we gonna cut defense spending?

oh we can't we just increase it by how many billions, again?

your boys are trying to cut taxes in increase federal spending. I remember doing research reading how reagan slashed taxes and had to keep raising the debt ceiling to pay for it.

guess that's where you guys are trying to be at again?

speaking of taxpayers:

Health Secretary Tom Price resigns in private plane controversy

http://www.nydailynews.com/news/politics...ticle-1.3527621

First, I can't read many of the links because I have an ad blocker.

Second, I still think you misunderstand some of the terms...as is percentages vs. dollars. If there's a tax cut, of course the wealthy will get more dollars back. They make more, they pay more, and they benefit more from, say, a 1% tax cut than us poor people.

Funny you remember reagan, as you were all of .........how old again?

And, the debt ceiling? You talking debt ceiling? Really? DEbt ceiling?

Check out history bud.........our ignorant, "can't find a way to not increase spending" gov't. has increased the debt ceiling constantly. Get this: even under Obama.

yes, i remember reading about reagan's economic policies.

i don't understand what that has to do with age but ok.

there's no benefits to middle class, and in case some will have to pay more, the the rich pay less.

you get that, right? based on the brackets, some in the middle class will see a tax INCREASE.

that isn't "percentages vs dollars". that's straight up "somebody who needs the money got screwed, somebody with money got a pot of gold".

Nah, I missed it. Unless you're talking about 2027 (I believe that was the year mentioned)

Can you copy and paste the part of the article that says .............oh, wait.........you said "some" of the middle class would pay more.

But, link me to the proof.

Oh, here's a "wowzer" for you......a tax cut means - get this, even the rich would pay less. I'm still wondering where you get the middle class would pay more.

And I still don't think you get percentages vs. dollars.

But, it's all good. Had Obama presented this, you'd be all for it.

Isn't like when Dems got mad when people who didn't pay taxes didn't get a tax break? One more thing DOW 2200. Say thanks President Trump

Dow notches longest quarterly win streak in 20 years!

I give Trump credit for the Trump effect that has investors positive, but much more credit goes to Obama who took a collapsed economy and put us on this path. The trend you are seeing now was started and steadily growing under Obama. The trump effect has escalated it, but he really has done NOTHING to cause it other than bloviate about making America great again.

.

8 years of stagnation and low growth followed his being handed the collapse Democrats caused through Dodd/Frank. Congress also oversees the Banks.

But yes, Bush was President at the time of the collapse so by all means, be happy.

Obama was handed a complete mess and did get us on path to recovery. I do give him a lot of credit for that. However, Investors react PRIMARILY to NEWS not actual policy. This market exploded when Trump ran on tax reform and reducing corporate tax rates. If this does not get done the market will collapse.

Our Federal Budget has got to be taking a big hit as we deal with the 3 Hurricanes that destroyed us. I haven't heard anything on it but I know its got to be there.

Nobody wants tax reform more than me. But what I have seen so far, this "reform" will not pass based on the details we have seen so far.

A 25% tax rate on income is extremely high for starters. That rate needs to be on taxable income above $500k. Anything less than $500 should be a rate well below 25%.

Only the poor and rich will like this "reform". the middle class (I am defining as $50k to 500k in taxable income on a joint return).

If I did not know better, I think the Republicans are doing everything in their power to lose the 2018 mid-terms.