Another big cut for the rich President, wealthy Senators, and fat-cat traders who fight against minimum wage raises while passing self-serving legislation.
If anything, the rich need to pay more...WAY MORE. Trump said this in 2015 prior to launching his campaign that he and other wealthy Americans pay too little. Now in office, he can give himself and his cronies a huge tax cut. That means less money to universities and public institutions and transit. If the WWII generation was "The Greatest" this group of Boomers is "The Selfish."
2
Mnuchin didn't take that job because he needed the money.
1
Tick tock Tick tock.
Trump promised a plan in two weeks. Time is running out and Republicans are engaged in a circular firing squad.
Once again it will be Democrats to the rescue while Ann Coulter tears her hair out and Breitbart implodes from apoplexy, with Rush Limbaugh firing desperate rhetorical grenades every minute.
What a show! Sit back and enjoy the fireworks as Republicans collapse in ruins. As Margo Channing said in *All About Eve,* "Hold on, it's going to be a bumpy ride!"
1
As a man of 70, having lived and observed Presidents and policies, Republican and Democratic, since Eisenhower, it has been clear to me that beginning with Reagan, Republicans have had only three policy responses to any issue that arises.
The response to any foreign policy situation is military action. The answer to all other domestic issues is to shred the social safety net and "Let them eat cake." And the response to every economic issue is to cut taxes on the rentier class.
As the old novelty song goes, "Oh, what a lovely bunch of coconuts."
2
I think it’s time to go back 53 years to the good old days; when the top tax bracket was lowered from 91% to 77%, With 26 brackets.
In the last 53 years the tax bracket for married couples making average income was lowered from 20% to 15%, a 5% reduction. The top bracket for the wealth was lowered from 77% to 35% total reduction of 42%. The wealth got to keep 42% more and the average married couple got to keep 5% more, that’s fair isn’t it? Corporation top tax rate of 52% in 1964 to 40% in 2017 a 12% reduction, more than the average married couple got. From 1974 to 2014, 40 years, the bottom half of pretax earners in America received a 2.6% gain, the top 10% received 231%gain
So, average couple received a 5% reduction in taxes and a 2.6% gain in income, while the wealthy received a 42% reduction in their taxes and 231% gain in income, like Tony the Tiger would say that’s what makes America great
Republicans tell us lowering taxes for the wealthy and corporations create better paying jobs, I guess they think a 2.6% gain over 40 years is what they call better paying jobs. What confuses me is why people vote for representatives that gave the average couple a 2.6% gain over 40 years and the wealthy a 231% gain, I don’t understand why people vote against their own economic interest.
2
Why don't we start with the core of the problem, attorneys making laws that require budget and accounting expertise? Lawyers gave us all the words and special provisions that have no relation to keeping the government running. What we need is non partisan accountants and economics experts and the total elimination of outside influences, like lobbyists. Let financial experts run cost benefit analysis, and figure out what we need to run the country. Our current tax code is basically a welfare system for corporations and wealthy people. Have accountants figure out the fair share, based on benefits received.
We also need to fund IRS, let them do their job. Americans should not be paying for CPA's, tax services and registered tax practitioners, like me, to calculate their own tax liability. Do we pay a service $100 to fill out our ballots when we vote? Do we pay some specialist to fill out our application for Social Security or Medicare? Does a military enlistee pay a specialist and doctor to get through the induction process? Tax collection is a Federal responsibility, and that includes calculating and billing.
Our tax system is totally backward, the equivalent of paying a negotiator to help us at the grocery store to cut deals on each item we purchase and calculate the final tab.
(Disclaimer: I've been a self employed tax practitioner for 40 years. I favor a national sales (consumption) tax on goods and services to replace the income tax.)
1
Another non-starter which lacks details and lacks leadership. Trump had no clue how to get anything done.
3
Trump's approach is exactly backwards. If he thought healthcare was complex, taxes with their myriad of loopholes and special provisions is even more complex. Further, it requires a long time to even evaluate the impact of a tax overhaul. Hence the time it took Reagan to overhaul the system. This is a place where everyone deserves a change to see what the costs will be and who will benefit. They need to make their case and listen to economic experts who universally deride the notion of supply-side economics. Of course, he also needs an actual plan!
Setting aside the obvious problem with the current system that wage earners from the bottom to the upper middle class pay far more than "investors" and business owners, we really need to have a debate on what is "fair." The debate must also take into account other taxes paid by people like sales tax and real estate taxes that disproportionately hurt the middle and lower classes.
Finally, the number of loopholes from carried interest to accelerated depreciation need to be closed. Perhaps it is also time to discuss phasing out the homeowner interest deductiosn and limiting deductions for the number of children. These are essentially social loopholes that encourage certain behaviors. A larger standard deduction would protect people as effectively, but would not reward people financing McMansions or having 10 kids (which is tantamount to child neglect).
3
America badly needs the tax reform that only President Trump can provide. His is a tax plan for the 21st century; Trump is the president of the 21st century.
1
We need to see Trump's tax returns to see exactly how he would benefit from any proposed legislation. The elimination of the estate tax, which only affects estates greater than $5.5 million, would certainly benefit Trump and do nothing for the middle class. Reducing the corporate tax rate to 15%, and applying that to partnerships and S corporations as he has proposed, would almost certainly benefit him. He organizes his business in this fashion and would basically reduce his own taxes to 15%.
And how will this all be paid for? Increased debt for us all to service? Or will it be offset by reducing deductions that do benefit the middle class (including those who own homes, which is roughly 60% of Americans): the mortgage interest deduction, the deduction for state and local taxes, and your 401(k) contributions. That's right: Trump wants to make it harder for regular Americans to save for retirement (which they do a poor job of as it is) by eliminating the ability to deduct your retirement contributions while at the same time eliminating the estate tax. If that doesn't illustrate his priorities, I don't know what does.
4
Fine for Democrats to meet with Trump and his economic advisers, but I doubt those meetings will have any impact on the tax legislation that merges. They're talking to the wrong people (and the right people aren't talking).
The only really critical information that we need to evaluate the proposedTrump tax scheme is what is contained in his personal and family income tax returns and business records.
Russia are you listening? Equifax hackers are you listening? China are you listening?
4
I am going to scream if someone doesn't start reporting on the proposal to eliminate the mortgage tax deduction, something that's going to increase taxes on most of the middle class. If they refuse to answer, then please report that. Keep asking.
4
It is with great joy that I watch Gary Cohn twist in the wind. He sold his soul , and faith, in his deal with the devil. Trump will continue to feast on Cohn's pathetic weakness , shameful hubris and compromising ambition.
Mnuchin is a bean counter trying to be a player, reinventing himself in Hollywood or DC. Stevie boy has become a parody of himself; his wife is the perfect leading lady.
4
This article could be combined with the one about the Dreamers. The tone of NYT seems changing to me; its fierce criticism against Mr. Trump until a couple of months ago is clearly dying.
In so many instances with this administration the actual words are where they "get you". Or at least their supporters. Repeal and replace, Mexico's footing the bill, no Russian collusion, friends, business. And now the big kahuna- tax reform. Yes, devil is in the detail. That's what the rich consider it. We, the unrich, consider it a tax increase, a taxation without representation, a tax on middle class - but watch out - we are dwindling. When "money pockets Munuchin " expects free airfare , while sweet wife flaunts thousands and thousands of dollars in designer clothes in our faces while she gets off plane. Then with her oh, so model education from England, decides to educate us on finances. Yes, we definitely are due tax reform. But please, whatever you have planned for us , just do the opposite. Then we'll be just fine.
So, what happened to the Tea Party? Let's see they came into existence after Bush Jr. who blew deficits to hell, Cheney even said, deficits don't matter. And now, we are going to lower taxes because helping the economy is most important, what? Why hasn't the economy taken off from all the past tax cuts, and the fact that money is almost free. Maybe, we should pay companies for being here, god knows, they do not hire people anymore and pay people. Well, I guess we do pay some companies, the Military Industrial Complex, don't we. Rest in Peace, Tea Party.
1
"Doubling down"? How about "dumbling down"?
Does anybody have any idea whatsoever as to what criteria this guy will use to determine whether a given tax reform is a "good" one? ANYbody? ANY idea whatsoever? If history is a guide, the only criterion he will apply is whether or not the "reform" benefits Trump International.
Yet, he's pushing a deadline even before he has an agenda.
If a businessman tried this in the private sector, he'd go bankrupt, right? . . .oh, wait.
8
Criteria? Surely you jest. Its all about whether Sean Hannity and Fox and Friends likes it.
3
We need to stop entertaining intellectual curiosity items about this guy and hold him to account for doing everything from obstructing investigations to enriching himself by refusing to divest interests. His henchmen keep trying to normalize the abnormality of his behavior. Nothing about his time in office has been normal and nothing about him has changed. He is grossly incompetent and proves it daily. He is using the office to enrich himself and his spawn, and proves it daily.
8
Every time I see that sleazeball Mnuchin, every time I hear how he asked for a government jet to fly his designer label wife to this or that swank resort, the less I want him designing a tax plan that will undoubtedly benefit his kind while making the rest of us pay more. Please Mr. Mueller, follow the money, drain the swamp and get these creatures out of the White House.
11
The title of this article says it all: ".... Whose Details Remain Unwritten"
Much Ado about Nothing.
5
Whenever some type of tax code reform is proposed, the headlines rarely detail what actually happens to the code. The devil will be in the details. The GOP is going to push full supply-side again despite its decades of failure. And many senators and representatives will insert their special socialist tax breaks into the mix causing the code to explode into the type of nightmare we have now. Nothing can stop it. (and, of course, tax companies/accountants still want to retire early--complexity garners fees.)
To reduce the deficit and debt, the tax reform will have to be a tax increase coupled with reasonable reductions in spending. That just will not happen as it requires too much brain power that congress and the president just cannot muster. Most of them can't even do simple math.
2
It's startling that the Republicans have been talking tax reform for years, yet are just getting around to devising a piece of legislation. Like healthcare, they are a lot of talk, and don't do their homework.
3
So lets see, Mnuchin and Trump want to remove the mortgage interest and SALT deduction, tax employer health care contributions, and 401k contributions. Yet, we are being led to believe the middle/upper middle class will see tax relief? Those four deductions/exclusions are the single biggest benefit to the middle class and a small rate change will not help. Lets be honest, the middle class hasn't disappeared in this country, its just changed. That is, families with a HH income of 150-300k are the new middle class (have been for some time). This is also the class that is the single biggest supporter of the economy. These are the people buying modest homes (the biggest seller's in the US), hiring the plumbers, electricians, and buying clothes (I could go on but you all get the point). People like Mnunchin (i.e., ultra wealthy) aren't consumers of your normal every day services, they instead buy 40m dollar homes and luxury jets. These just aren't things that support the american economy. Moreover, the days of a family grossing 75k a year being considered the middle class are long gone, this is now the working class.
Let me put something else into perspective for all of you and let this sink in- Mnuchin and Trump want to end the PERSONAL SALT deduction but continue to allow it for the oh so poor multi trillion dollar corporations. You can't make this stuff up. Also, why not do away with the capital gains preference...oh yeah...this is how Mnuchin makes his money!
9
Congress shouldn't start work on a tax bill until Trump releases at least the last 10 years of his own taxes (individual and business).
6
One of the budget ideas is to get rid of the state property tax deduction. If you're a Times reader and own a home, this is not a small loss. This is not to be confused with the mortgage interest tax deduction, which Trump appears not to want to get rid of (one doesn't have to wonder why). Rationale? The property tax deduction is most useful in states with high property values, and most of those are BLUE states. If you care about this deduction, the time to contact your congressperson is NOW.
6
This isn't about tax reform, its about tax cuts, massive ones to those who already have been massively over rewarded. The Trump Administration just does not have the technical expertise to put together anything except a tax give away. Mnuchin made his fortune as a vulture capitalist.
5
Will the new tax plan allow Steve Munching to deduct the cost of his wife's flight to Kentucky to see the eclipse? I mean, really, isn't it the least it could do since he got busted and had to pay for it in the first place?
3
If tax cuts to the rich stimulate the economy, I suggest we eliminate taxarion of the wealthy. Only the middle class should pay taxes.
1
how deftly you guessed their plans
1
"Ready, fire, aim" as Mnuchin tries to get me to pay for his trips to impress the trophy wife. There is no plan, no strategy, no advanced thought. It is a 24/7 fire drill trying to understand what is happening in the WH.
13
Now we know how Trump wound up going through bankruptcy 4 times.
15
Trump says the richest Americans, those in the top income brackets, won't benefit from his tax cuts. His supporters, many of whom are in the bottom income brackets, will believe him. Trump, the millionaires in his administration, the rich lobbyists, the contributors to his campaign and his family and golfing buddies will see to it that they pay less and less, while the poor suckers who voted for the billionaire will foot the bill for years to come. The sad thing is, his supporters won't even care. They'll gladly give up their children's future so Trump and his family can keep more of their millions. Go figure.
15
"It is the perfect tax code, the best, really good changes, massive reform..."
Would you care to explain why and what it is?
"Well, it is not written down yet....let me get back to you on the details..."
Rs tax plan will
1. Give handouts to the rich
2. Give multinationals even lower taxes
3. Stick it to small business, working people, and especially pow income Americans.
Saves time to lay it out this way
11
John--Multi-nationals, and the wealthy won't pay the lower rate, either. What's the point? I think they should be paying at LEAST 38%! 50% would be better. (You think they're going to raise wages and invest in their businesses, and the country?) HA! And the IRS should be fully funded to make sure they do.
4
Evidently Trump's tax plan is analogous to his health care plan. It will be wonderful and bring forth near infinite growth -- except he has no idea of what the plan is (other than he's to pay less in taxes). Congress is to dream one up, somehow get it to his desk, and Trump will sign it -- whatever it is, no need to be picky -- and then tout his brilliant success. Of course, if it doesn't work out the fault will be attributed to Congress.
10
Yeah, his idea of the President's contribution is a pen-stroke. That's because he's a businessman who believes that "working" at-the-top, is barking orders. Say what you want about Hillary, she knew her stuff and sweated the details.
3
I am glad the NYT terms the tax "plan" as an overhaul and not the GOP term "tax reform". Reform connotes the new plan will benefit the average tax payer. That's a blatant lie.
The new tax plan will mainly benefit the rich and corporations.
Moreover, DT wants to eliminate the most significant tax deductions average people rely on- including deductions for state, local and real estate taxes which are, in many cases, the most significant deductions.
People tend to salivate over the idea of lower taxes but then get upset when there is talk of reducing entitlements, not having money for essentials, infrastructure and raising the debt limit so we can pay our bills.
Get real people- if you continue to reduce taxes to starve the government- there won't be anything left when it is your time to ask for help or to rely on government to protect the air you breathe, the water you drink, the food you eat, prosecute federal crimes, etc- let alone be responsible to reduce the effect of climate change and all the other government services people take for granted.
There is no free lunch.
35
Let's not forget the Republican party's eternal delusion about how cutting taxes for the wealthy ALWAYS makes the economy roar. The fact that there isn't a shred of supporting evidence and doesn't support any known business model doesn't seem to bother them in the least.
3
marian--Sorry, there IS free lunch for the wealthy. They BANK on it.
3
T3D--Even though the extensive long-term evidence is that that approach does not work, and has the opposite effect. I think they will bring on the next financial crisis, as they did the last one.
1
Has anyone noticed how global corporate mass media is pushing this "tax reform," which is actually tax cuts for corporations and their 1% shareholders?
Why is every pundit constantly talking about how tax reform has to get done, and why it has to include tax cuts? Why are centrist Democrats jumping on the band wagon?
Trump has so far released a one page plan that lays out massive tax cuts for people like himself and Jared. There's no details about loophole cuts, and many Republicans are against loophole cuts anyway.
This is an example of corporate fake news. The pundits are hired by the corporations. They hire people that stick to the supply side assumptions built into our political-economy for 50 years. Supply Side has done nothing for working Americans, but the Democrats don't offer the opposite. They offer watered down versions of supply side nonsense.
While the FED claims we are at full employment, 20% of capital goes unused. We already have too much capital relative to our workforce. Why do we need to cut capital gains more?
Corporate profits, both pretax and post tax, are at record highs. Why do we need cuts to corporate tax rates? If we trade tax cuts for loophole cuts, how long until the loopholes are back?
Investment follows demand, not tax cuts. There is no reason to build factories to make stuff consumers can't afford to buy. As long as consumers don't get raises demand will remain weak.
Resulting cuts in government services further weakens demand.
5
Do we have any laws written that allows people to be charged with "crimes against the public interest?"
4
The only people who believe Trump and Ryan's argument about tax cuts and job creation are ideologues void of all reality.
Trump is touting President Obama's numbers as his own, we have record employment numbers, the stock market is at record highs, there are literally 10's of thousands of open applications for well paid skilled jobs in the heartland (his base). The number of billionaires grew to 600 under the 25 years of tax cuts (the US has the most billionaires in the world, which Mr Trump can count himself a part of). According to recent reports middle class wages has finally returned to pre-recession levels, all under the onerous tax burden.
There is no justification for tax cuts, especially when we're are still fighting 2 wars, with increased defense spending, we still have a mountain of debt, we have recovery efforts for Texas, Louisiana and Florida and facing year over year disasters across tornado alley and hurricane states due to increase storm levels. We having even gotten to the desperately needed infrastructure rebuilding.
For a moment, lets put all that aside. Mnuchin and Trump's plan to pay for these tax cuts rest solely on the mythical increase in productivity, remember this is the same "lotto" fevered dream that Mnuchin's Goldman Sachs pulled off on Greece, which lead to their economic collapse.
5
Learning has not happened in Trumpland. He consistently tries to get big things done in a hurry, lacking any understanding of it's complexity. "Who knew health care was so complicated." He just wants a win, and is unconcerned about the details. On the campaign trail, he said over and over that he had great plans, "you'll love it..." but there was and is nothing there. Give me a policy wonk anytime (Hillary). Unfortunately, the legion of know-nothings that are his core don't care...
5
EXACTLY....unfortunately.
Trump's version of "tax reform" is nothing more that a "Trojan Horse" that offers ever more corporate welfare and tax reductions for the wealthy who do not need them. If tax reform can not be based on the simple principle that ALL must pay their fair share of taxes, then it has no justification and will only worsen the deficit. For those who are "slow learners" , trickle-down economics has never been demonstrated to work. If corporations are considered by the SCOTUS to be people, then it logically follows that they should pay taxes at the same rates as individuals. The deficit is due to a revenue problem, not a spending problem. If we do anything to address the deficit, the maximum tax rate for individuals should be increased to at least 60%. The economy THRIVED when it was that high -- and even higher-- many years ago.
11
Any plan that lowers the tax rate for corporations, partnerships and LLCs DOES favor the rich. The rich buy homes, artwork, pay their nannies and leave their estates in complicated partnership and LLC arrangements. Just count how many LLPs and LLCs Trump himself and Ivanka and Kushner have, not that you can find them all because so many states allow the principals to remain secret (Delaware, Wyoming, Nevada . . .) and often one LLC will form 4 more LLCs, making it difficult to follow the money. And of course lowering corporate taxes is always a gift to investors, the majority of whom are yes, in the top 5%.
3
Donald Trump has the reverse "Mida's touch": anything he touches turns into trash. I seriously doubt Trump even had a position on taxes except on how to exploit loopholes. Everyone in the country must come to the realization that Trumps presidential ambition was merely a stunt........unfortunately for everyone and the country he won.
10
“The rich will not be gaining at all with this plan,” Mr. Trump said.Cutting corporate taxes will clearly lead to increased dividend payments and higher stock prices. This will predominantly benefit the 'rich'. Trump will continually repeat his lie. Key will be how strongly Congressional Democrats and opinion makers/pundits/columnists, and editorial publicly and PERSISTENTLY call him out on this.
9
Blank Check Trump. We'd do better if Chinchilla Mnuchin was running tax policy. At least then we'd know blonde manikin cosmetics would be a tax credit.
4
The 15% tax rate is drawing attention but it is just a smoke screen for the real shocker later. No one is talking about mortgage deduction & state income tax elimination in the federal tax return. How could we get rid of the tax loop holes for the rich without plugging the biggest loop holes of them all?
4
When I see the accompanying photo, with Steve Mnuchin giving the thumbs'-up to the camera, I can't help but recall that Mr. and Mrs. M took tax-payer funded rides out to Kentucky to watch the eclipse and had requested similar flights to Europe for their honeymoon. The latter flight (at a cost of a mere $25,000/hour) was nixed at the last-minute (after getting scrutiny, one suspects).
The concept of 'noblesse oblige' has been taken to astronomical, nausea-inducing heights by this royal couple.
And don't get me started on Gary ("I almost resigned. Really.") Cohn.
These are the utterly amoral individuals who'll be making tax decisions for America?
NOT my president
14
Naive is an understatement when describing the Trump administration's understanding of how the government and legislative process works. Clueless is a better description.
They're setting themselves up to fail once more, by placing an unreasonable timeline to pass a bill that hasn't even been written, and then will only blame others for their pathetic cluelessness and incompetence.
5
I fear that is wishful thinking.
While everyone is calling Trump incompetent or democracy (government) is being dismantled from the inside.
If there is anything Republicans all agree on, it's tax cuts for the rich. Will the Democrats stand in their way, or will they continue to put compromise over principles and the American worker.
This is how he sells things. He sells a final product, without one, believing his word is enough to pull the pieces together. It allows him to say whatever he wants and then he can just shrug it off if it doesn't come true because it's not his fault! Just anold snake oil salesman.
18
Even if the Republicans agree to offset tax cuts with loophole cuts, which they are not sure about, how long would it take to put the loopholes back in? A couple years? Will the taxes go back up if they do? Of course not.
"Tax reform" by Republicans is a scam. They are only trying to push through massive tax breaks for the super rich.
The People want to tax the super rich to invest in themselves. It's called self interest when the rich do it and populism when the workers do it. Trump is a fake populist who promised everything to everyone.It for him elected.
There is no reason that capital gains should be taxed at a lower rate than work. Income from owning stuff should be taxed at the same rates as income from work, especially in a country that is supposed to be all about work.
If something the people want can't happen because Republicans are against it, that doesn't mean you stop pushing for it. You have to let Republicans tell the People it's impossible, not do it for them.
Democrats need to stop following around Republicans like a lost puppy and start fighting for what the people want, subsidized education, healthcare, and infrastructure. That is how you get votes.
6
So Goldman Sachs is writing our tax code?
Do 'real (racist) Americans' think taxes are a problem? I thought they cared about being racist and jobs that can be done by a robot? Am I missing the message?
These other rich white guys only care about not wanting to pay their fair share to enrich our collective society. And the rubes vote them in...
America is mediocre.
2
Hooray for capitalism that has nurtured the fascistic person at our helm.
2
If the Democrats are on the side of the People they should be explain why we need to raise taxes on the super rich.
We have been cutting their taxes for fifty years, and it has sucked the demand out of the economy. Investment does not depend on taxes. It depends on demand. Demand comes from consumers who are also the workers. By shifting more income to the rich, cutting their taxes, and cutting government programs that help the working class, like all of the government money we have sucked out of higher education, we are crippling our own economy.
Supply Side Economics never made sense except as an excuse to cut taxes on the rich, but Democrats won't say so.
For Republicans "tax reform" is all about tax cuts. You can't start negotiations with your compromise position, tax neutrality, and not end up with tax cuts. But that is exactly what the Democratic leadership is doing. Democrats that want to hide in the center are destroying the party.
The Democrats gave cover for Bush's tax cuts in 2001. They got no credit for it, we're still called socialists, gave political cover to Republicans whose weakest members didn't have to vote for it, and helped grow the deficit, which Republicans only care about when out of power.
If you want to win elections you have to fight for the working class.
8
Representative Kurt Schrader, Democrat of Oregon, emerged from the meeting encouraged.
“I took that as a signal that he’s not concerned about the upper 1 percent or 5 percent, he’s concerned about hopefully middle-class Americans,”
And I have a bridge to sell you Kurt.
8
The trouble with trying to "move fast" is that it probably won't be "done right".
7
Please stop using the term "tax reform" as that implies an improvement and we do not know what will be attempted let alone completed.
6
I would think the proposed tax agenda is impossible through budget reconciliation. By definition, a budget reconciliation is revenue neutral. If you cut taxes in one place, you have to make up for them some place else. Plugging fake economic growth numbers doesn't work. That was the reason health care was prioritized over taxes in the first place. If Republicans could eliminate health care subsidies, they would have more room in the budget to enact a tax agenda. That failed. So who is the loser this time? I can't see 60 votes happening between now and December. Someone is going to suffer or no tax plan is getting passed.
3
The problem with letting each state do its own thing, is that older, sicker, more unemployable people will be pushed to states with more generous health benefits. Younger, healthier, employed people will move to red states with economies less encumbered by health spending.
One nation needs common standards of eligibility and care.
4
Trump "wooing" anyone on the tax code and receiving any attention for it would be like me talking about what I can do to fix the country. Without a plan, he is just more hot air. His presidency has about as much sway as I do. He can incite a rally mob, but I see little in the way of actually formulating policy, and when he does come out and say what he wants to do, it is mostly hit and run, with little insight or consideration of the consequences. He doesn't seem to be able to grasp the "learning curve" that his defenders claim is the reason for his many mis-steps. I would really feel much more comfortable with the tax code being kept safely out of his reach for a while. It would be nothing to celebrate if meddling with it makes things worse for the majority of Americans.
4
Include the 3% medical device tax. Include a 3% medical tax on carried interest.
1
I believe there is a consensus on what needs to be done. A restructioning of the tax system is what is needed. Lowering corporate taxes on US based business not on multi-national businesses. The real issue. Should companies who ship jobs out of the US receive any tax benefit? Those whose predominantly business is manipulating currency, commodity, and stock manipulation and create no value to the country should they not have the highest tax rate?
5
We need tax reform. We aren't going to get good tax reform. The real estate industry, state's, church's, big agriculture and lots of other's have a vested interest in the current tax code. A no deduction tax code that treats investment income the same as workers income isn't going to happen, ever.
The Reagan tax cuts reform was much better but it didn't fix the problem. Clinton cut cap gains and Bush 2 doubled down by cutting taxes on dividends.
We can cut corporate tax rates if we increase cap gains and dividend taxes. The profits that pass through will be taxed at a higher rate. If they are reinvested in plant, equipment and people we will gain employment and wages will be pushed up which will be taxed. Cutting corporate tax rates without raising cap gains and dividend taxes will incentives companies to to give more earnings to passive investors who are taxed at a low rate now. It will not be an incentive to invest in their business.
Republicans and Democrats will not give up a single special interest for the good of the country. There was a much more collegial environment between Democrats and Republicans in the 80's. They didn't get a perfect reform but it actually taxed passive income at the same rate as workers income and reduced much of the tax breaks the rich routinely used to avoid taxes all together even though rates were high. This tax reform looks like a giveaway from day one.
2
The ending comment sums it up. No amount of acrobatics will balance the income outgo of the federal budget, so no tax structure will work.
Remove the special interests, starting with the military industrial complex and the financial sector. Create a budget that pays Americans first with infrastructure, healthcare, education, and job training. Give up the "Policeman of the World" badge and the massive military budget that goes with it.
Pie in the sky, I know. Our military budget will drag this country into bankruptcy. Tax reform is simply rearranging the deck chairs in the Titanic.
5
Just Stop.
What has been articulated by numerous 'talking heads' in Washington does not, in any sense of the word, constitute a "Tax Plan".
An actual "Tax Plan" is a written document; it is clear, concise, and has specific, listed goals (that include actual Numbers, Mr. Ryan), that is the basis to *begin* a discussion or debate.
What the GOP has thrown out there is a series of "Gee, we'd like x and y and z.....but we won't close a single loophole, and we haven't formulated it into a written document....with verifiable facts to back up our assertions that these changes will improve the lives of Ordinary Americans.
No.
The GOP has a Top 1%'s Christmas Wish List that masquerades as a "Tax Plan".
5
I'm not sure what all the fuss is about. This article claims that the Trump team is inexperienced in tax policy and chaotic in their approach and presentation of their ideas. I don't see that. The goal has been clear from the beginning of the 2016 campaign.
Mr. Trump and his team are, as Mr. Obama put it so simply during his years in the White House, a bunch of "millionaires and billionaires." Their vast experience with the tax system comes from paying lots (in their view) of taxes, and the goal is for them to pay less of them. What happens to government funding, programs for the bottom strata of the society, etc... is secondary. Even the deficit and the national debt, bedrock issues for the GOP when the Democrats are in the majority or in the White House, don't matter when the GOP and the Trumpistas have the chance to cut their tax bills.
Mr. Trump promises that taxes for the rich will remain about the same. But he wants to eliminate the estate tax, which only affects the top few percent of Americans. If you have less than $5.5 Million in assets, you need not worry about the Estate Tax, so who is that cut for?
After the election, I told my Republican friends locally that a tax cut might be the only thing that the new government would get done. They told me that would not be enough to stave off a serious backlash in 2018 or 2020.
Well, we shall see.
20
In a show of good faith, eliminate the carried interest
provision then move on to the next issue. I'm afraid a major rewrite is doomed, just too darn complicated. Get on base and advance the runner.
4
How can anyone take the current president seriously about a tax "overhaul" when, a) he openly refuses to disclose his own taxes and, b) he actually brags about not paying taxes ("because I'm smart")?
31
Staging for yet another mass depression so the ultra greedy, wall street, and corporations can swoop up even more capital gains. We may not find another Obama to fix it.
9
W Bush cut taxes and spent trillions on a counterproductive war in Iraq. Haven't we learned anything from that fiasco? The US National Debt is already too high. This is no time for a tax cut - like buying luxuries on a credit card. US taxpayers will have to pay later, if taxes are cut now.
13
tax cut should. I apply to the low income earners.
2
We need to see Trump's tax returns.
7
The Trump administration doesn't know what they're doing. They don't get how to convert lofty campaign impossibilities into legislation. It's like a five year old who tells you he's going to build a really big house, then picking up his plastic pail and shovel marches to the sandbox.
It's like this for every issue from Russian spies in the Oval Office to removing confederate statues to health care. The very real threat to average Americans is that the big money interests don't care about the dangerous side of this. Republican pols go along for the ride because they slurp from the same trough. That's why the "skinny" health care bill failed by only one vote. When it comes to tax reform and benefitting the wealthy at the expense of everyone else I fear the Senate Republicans might not be as morally strict as they were on health care.
5
Centrist Democrats also go along for the ride because they slurp from the same trough.
Whatever Trump is doing it looks like the right will have to do it without the Left. Trump is showing he is willing to deal with the Left but is the Left capable of dealing with anyone? Nancy and Chuck seem to be unable to walk past a microphone after meeting with Trump. Why do these two wheeler dealers have an immediate need to tell the world they just rolled the president. They have a need to tell their nbase that they just made a Chump out of Trump. In the real world how long do they think Trump is going to let them make him look like a rube? They ate dinner with Trump on Wednesday and after dinner Chuck and Nancy couldn't wait for the food to digest before they was telling the world they had just made a deal. They bravado is going to cost them a place at the table of tax reform.
This two failed to pass immigration reform when they ran Congress and had a Republican and a Democratic President who wanted compassionate immigration reform and would have signed it.
It's all politics, no compromise. This is all about one side winning and one side losing.
Let us see the details of the tax plan. Let us see the White House visitor logs. Let us see tax returns for Trump, the Trump Organization, and the many LLCs spun off from the Trump Organization. That anyone, especially President Trump, can claim to be "for" or "against" the tax plan before any of its details are made public is irresponsible and dishonest political gamesmanship.
6
Trump epitomizes the worship of force and the practice of cruel intolerance, an ugly spirit now emerging and taking hold in the US. It is the antithesis of securing a national minimum of civilised life ... open to all alike, of both sexes and all classes, by which we mean sufficient nourishment and training when young, a living wage when able-bodied, treatment when sick, and modest but secure livelihood when disabled or aged. What’s so unreasonable and unjust about that?
7
The working and middle classes are so ignorant in American: many voted for a man who will redistribute the wealth, via an even more crooked tax system, from the bottom to the top. Again. Last time Bush did this, and sank our economy into the Great Recession. When will Americans learn: the affluent cannot drive the economy and don't care about the rest of us; they are greedy and short sighted. Struggle against the rich!
5
Typical Republican statesmanship: bicker and argue over something that has not even been written. The original creators of our Constitution must be spinning in their graves...............
2
“I said to him: ‘I want you to know something. Six secretaries of the Treasury have sat there and told me exactly what you’ve told me,’” And it never happened. Gary Cohn is a securities peddler. Mnuchin a sap who does what he is told to do by the boys downtown at GS. Too dumb to recognize the bad optics in flying off with your glam wife(well at least 2nd string glam) on the taxpayers dime to see the eclipse and not smart enough to avoid being lunch for the Freedom Caucus. These are dumb people. Bring out the clowns, this show is over.
6
Tax rates are on the last pages of the IRS bookleet. Changing them takes little effort but has maximum impact. All the rest of the tax code consists of intricate instructions about what constitutes income. Reforming these provisions is the hard work of tax reform. Getting rid of loopholes, deciding how to depreciate property, and deciding what to do about the home deduction requires maximum effort. If Congress were to streamline the Code and reform the intricacies, it would improve the tax system without substantially changing its progressive nature. I'd like to see technical tax reform first. Arguing over the rates can wait until the Code itself is simple and fair.
3
Unfortunately, when republicans say tax reform, what they really mean is tax cuts for the rich.
Bit global corporate mass media and centrist Democrats take their propaganda at face value.
This is why government keeps flung the opposite of what the people want.
And this repetitive scam is what gave Trump his opening.
I work with some of the most creative minds on tax policy, and from what I can tell at the water cooler, none of them have the slightest idea where the tax code revisions are going to end up. But on the good side, I worked with most of the same people 20 or 30 years ago during the last tax code revision, and none of them knew then what was going to happen, and we all survived.
1
We survived, but the economy was weakened by it.
The 1980s tax reform worked because Bob Packwood, Republican from Oregon. was an extremely capable, experienced, old-fashioned moderate Republican. He represented the views of many in the political center, both Democrat and Republican. He also had the goal of improving government for Americans, not blindly shrinking it. The second major reason it worked is because he worked very effectively, in a bipartisan manner with Bill Bradley, a Democrat. That relationship made all the difference.
The current political environment is nothing like what existed in the 80s. There is absolutely no reason to believe that the excellent work done then can be done today.
3
All of the loopholes are back with a vengeance but the rates on the rich are still down. What did that do for the rest of us?
Elimination of the many (if not all) loopholes that allow tax avoidance would be a welcome thing, but I fear what a Republican authored tax overhaul would bring. A handful of ultra-rich families now control more wealth than 90% of the country. If their taxes are lowered even further and the Federal estate tax is eliminated, it will ensconce a permanent aristocracy on this country the likes of which hasn't been seen since the middle ages. Is that the kind of country we want to live in ?
6
What this country needs is a simplified tax code that favors the middle class and where anyone can file a tax return without having to pull one's hair out. This will never happen while there are so many Republicans in Congress and so many accountants.
The top 1% of income earners pays almost 40% of all taxes paid and the top 25% pay almost 80% of all taxes paid. Higher income earners also have a higher propensity to invest. Therefore pointing out that tax cuts help the highest earners is obvious and uninteresting. The question is: do those investments turn into jobs? Sure they do. And taxes on corporations add cost to doing business. Lower the cost and more business will be done. These aren't hard ideas to grasp. Should we provide the least amongst us handouts or opportunities? Matthew tells us that Christ told his followers, "as you have done to the least amongst, you have done unto Him". There are situations and circumstances when we should use government to provide to all, especially the most needy, but we must see that, when we can provide opportunity and gainful work, we've done better than when we give handouts. Give a man a fish...
1
Pretty sure if you add in state taxes, sales taxes, property taxes (paid either directly by the homeowners or indirectly through rent), the rich aren't paying 80% of all taxes paid. Kindly reference the statistical analysis of your statement.
As for corporation tax cuts generating jobs, the question is where are those jobs? China? Pakistan? Turkey? They aren't here and they won't be returning to the U.S. any time soon, no matter how much you cut the corporate tax rate. In fact, many corporations, through legitimate business deductions, already have a 0% tax rate.
3
Those ideas about taxes, investment, and jobs are not hard to grasp, but they are not necessarily true. https://www.google.com/amp/s/www.theatlantic.com/amp/article/262438/#amp...
https://www.thebalance.com/do-tax-cuts-create-jobs-3306325
2
Higher investments do not turn into jobs! Companies are sloshing in cash and cheap debt. Job growth (expanding capacities and entering new fields) is driven by demand. Otherwise no rational company is going to add jobs.
Btw, you statement about "all taxes" is false! You may be referring to income taxes (which account for less than half of tax revenue) but in terms of all taxes the share goes down significantly because every other tax is regressive.
2
Yeah, well, here in Ohio we have a governor who boasts about how his tax cuts stimulated the economy. I decided that, out of gratitude, I would make every to ensure that I stimulated the economy of only my state by spending the extra 95 cents per week that sainted tax cut provided to me inside the state boundaries. I can't see that it made much difference.
To paraphrase a very famous quote, this GOP tax "reform" plan will be the same as every other GOP tax "reform" plan: Take two tax cuts for the rich and don't call me in the morning. And if that doesn't work, take two more tax cuts for the rich. Rinse and repeat ad nauseaum. And then claim to worry about the deficit.
7
Yes, we need Tax Reform.
Roll back ALL the "Tax Cuts" of the last generation, increase the top rate and raid the rate on capital gains (over $250,000?).
The a higher estate Tax (rate) with claw backs and teeth. Five mission dollars is plenty to leave your heirs tax free.
Then we can begin to repair our infrastructure, and patch the holes in the safety net.
The Government does not have a spending problem, it has a (deliberately engineered by the Republicans) revenue problem.
5
When it comes to military spending and undeclared wars, we do have a spending problem.
2
Where are the details of the Trump tax overhaul? His immigration and health care bill were complete failures so he needs to accomplish something of significance, he turns to tax reform. Democrats should not aid and abet Republicans with any tax reform that favors the rich. They need to pay their fare share. I have not seen any Republicans tax reform in recent history that included the poor and middle class.
With Minuchin, Cohen, McConnell and Ryan , tax reform which benefits all Americans will not be an option.
4
Gosh, wait to see what the Trump team submits, our tax code is clearly in need of revision and there are are billions of $ offshore that may come back home. It may also help the rich and upper middle class because, guess what, they pay almost all of federal income taxes.
Letting that money come back tax free will just encourage them to hide more money until they get another deal.
If you want to really bring home hidden money empower the IRS to go get it.
2
“The rich will not be gaining at all with this plan,” Mr. Trump said. “I think the wealthy will be pretty much where they are.”
Isn't this the problem? We don't want the 0.01% to be "pretty much where they are."
41
AKJ,
I agree with you. The 0.01 and up ought to pay more in taxes. The 0.1% also ought to pay more. The inequality has been very high, and is going up still.
Extreme inequality is bad for the rich as well. That's one reason why the billionaires' pledge is expanding, which is a good sign.
Too many of the very rich wouldn't have such good will. If that were the case, the billions who perished solely because of inadequate purchasing power, over the millennia wouldn't have happened.
Besides, though the rich generally work harder, hard work alone couldn't make you wealthy. You need luck also. That's where governments, the society, comes in and redistributes the wealth a bit by various means, which includes progressive taxation.
1
Read his one page plan. It completely contradicts that statement.
1
The whole thrust of Trump's tax plan is to benefit himself and his cronies with huge tax cuts at the cost of the people and the treasury.
35
The only thing that gets a bounce from lower taxes on business is the stock market. Workers get nothing from the new profits and tHats the problem. Even the NYTimes loves to repeat the new high in average yearly of $59,000 but fails to note that when that number is adjusted for inflation the average worker hasn't had an increase in income in 18 years! Worse yet things like housing and transportation cost way more today than 18 years ago.
Bottom line? Tax reductions for businesses, especially major corporations, has done nothing in this country but to make the already obscenely rich even richer and to increase income inequality and the anger and resentment that put an incompetent into the White House -- apparently to match the incompetents [sic] in the Congress.
11
“I took that as a signal that he’s not concerned about the upper 1 percent or 5 percent, he’s concerned about hopefully middle-class Americans,” he said. “Proof’s in the pudding. We’ll see how it comes out.”
Charlie Brown, believing that the guy holding the football in the White House is going to do anything different THIS time is pure stupidity. Or, if you prefer:
Fool me once, shame on you - fool me (twice? fifty?) times - shame on me.
(XXX) is doing the same thing expecting different results.
6
The devil, as they say, is in the details. Therefore, no details. The best lobbyists in Washington are writing this tax "reform". Hold onto your wallet. Oh, and anyone who thinks that working class and middle class people are actually going to come out better from this "reform" -- I have some wonderful waterfront property in Florida that I want to sell you. Its only underwater when it rains... Trump's tax "reform" is all wet, all the time. We need one thing from this tax "reform" - any changes cannot apply to Donald Trump and his family. Ever.
7
Anyone who thinks Trump's end game here is anything but lowering his taxes -and the taxes of the wealthy and ultra-wealthy- is completely delusional. period.
15
We've seen many photos of the First Lady's nudity and naked modeling days; but we've yet to see the president's tax returns.
5
Following the footstep of replacing ACA, this will be going down to defeat when details are known. Incompetence begets incompetence.
4
Rush to vote on something that doesn't actually exist.
Yep. That's how it goes now.
9
'The rich will not be gaining at all from this plan.'
Oh, I thnk I understand. He's dropped the proposal to abolish estate taxes?
4
Can't somebody just give Trump a trophy or something with "winner" engraved on it. That seems to be all he really wants.
10
I believe the markets really took off when Trump's tax overhaul loomed like a shining disco ball in the financial heavens. When should I place my puts to capitalize on the awakening realization that tax reform is just another pointless endeavor for this Republican government?
1
If the Congress and Trump grant tax cuts to the meat and potatoes of America, the middle class, and the poor don't pay taxes, then it's a given that the rich and wealthy people and corporations have to pay taxes. It seems like they want to drown the government in a bathtub. Like I said before, Republicans in Congress are a Trojan Horse, destroying the government from within. And the clueless Kumbaya party loves to be cooperative, unlike the Republicans who keep winning more and more power by fighting. The Democrats really are isolated in that echo chamber of a Capitol.
Republicans have been promising tax cuts for decades as written of here. It buys votes and always did. And who makes the most and biggest campaign "Donations"? What a coincidence that Trump and the Republicans both know how to win and stay in power. You don't make it to the top and rich by adhering to honest actions and policies.
2
Since the White House's plan still lacks details, here are mine.
Fairness is paramount.
1. Tax all income at the same rates. (Basic fairness requires that money-made-from-money be taxed at the same rates as money-made-from-labor.)
2. Combine the federal personal income tax and payroll taxes into a single tax. (This would create a greater sense of shared destiny and avoid factually accurate, but highly misleading comments about "47-percent" of American's not paying income tax, even though many middle income workers pay a greater percentage of their income in federal taxes than the wealthy as a result of payroll taxes.)
3. Cap all deductions at one- or two-times the median American family's income. (This would be simpler than eliminating the myriad of tax breaks.)
4. Index capital gains to inflation. (No one should pay taxes on inflation, even the wealthy.)
5. Create more and higher tax brackets with the highest bracket starting at $10,000,000 or more.
6. Impose graduated income tax rates on each bracket from about 2% to about 30-40%.
7. Eliminate the current estate tax, but treat the transfer of the deceased's assets as if it were a taxable sale and assess taxes on the inflation adjusted capital gains at the standard rates. Allow heirs to pay the resulting taxes over a number of years to reduce the risk of forced sales.
8. Finally, set the specific tax rates on each tax bracket so that the entire plan is revenue neutral.
1
You forgot one additional item: Fully fund the IRS so that they can go after the tax cheats. Funding for the IRS has dropped nearly 20% since 2010, and audits are down because of lack of personnel
1
Ahhh, what tax plan? There is not anything on the table but what do we know? Less taxes for the wealthy, less taxes for corporations, everyone else? Not so much. No thanks.
2
He's attempted to link the plight, and future, of those who have suffered (and in some cases lost everything) in Texas and Florida with the need to carry out tax reform, which will abolish estate tax for the super wealthy.
Now it's pretty clear he's attempting to link the future of the Dreamers with funding for his wall.
Are there no depths to which this man will not sink?
2
The debt ceiling discussion is a pointless exercise because the money is already spent. Tax reform is a pointless exercise because the tax breaks have already been sold. Too much time and money went into breaking the tax code to ever let anyone fix it.
1
He can't possibly have read it because it hasn't been written yet, but even if he did it would make no difference. He has no mind for or interest in the CONTENT of being president or passing bills; all he's interested in is praise.
"Pass it whatever it is so I can get some attention and credit for getting SOMETHING passed."
4
Since when do we need tax reform? Why does every administration come in and say "We need to change the tax code!"
Yeah, right. Every time there's an election and the opposing party gets into power it's time to flip-flop the taxes. What a terrible way to govern.
OK, in the spirit of the need to constantly change taxes, here the reform we need:
1) no paid income tax for anyone who makes $24,000 or less, or for families, a multiple of that number equal to the size of the household;
2) For the first multiple above the $24,000 someone makes, they pay 10%, and for every multiple above that they pay a marginal rate of 10%. A single person making $120,000 would pay $36,000 for an after tax income of $84,000.;
3) The highest marginal rate would be 90% like it was in the period after WWII, coincidently, the sentimental time period of MAGA -- a single person making $240,000 would pay $115,200 and earn $124,800;
4) Deductions would be permitted for donations to 501(c)3 non-profits and not for any other form of donation, especially political funds. Individuals and families could take a standard deduction, and businesses could itemize only expenses for which receipts are retained in the current tax year, including employee training. Matching contributions to employee benefits and other non-income employee expenses could be deducted;
5) There would be nothing more to the tax code than this, except for farms, which can deduct all of the above plus labor expenses and depreciating assets.
1
He doesn't do anything. He sits on h is throne and waits for people to bring him things. No matter what the issue he tells Congress to bring him something. When they do his staff tries to explain what it is which he still doesn't understand and he makes pronouncements. He'll listen to the last person who speaks with him. He has no core beliefs, knows nothing of the issues he is supposed to be making decisions about. And how do we know this? He describes everything as "It's going to be beautiful, the best." And he does this all the time. "I'll let you know." "You'll see." It's pathetic.
Republicans have succeeded in diminishing the Office of the President of the United States to an intellectually devoid game show. What serious administration would allow an Omorosa to wander the building going in and out of meetings she has no reason or right to be in? Or to have the king's daughter sit in on high level policy meetings? Or have security meetings with a head of state in a public restaurant? It's astonishing we are here. We've become an amalgam of Nkrth Korea and any banana republic.
30
As we've learned with Trump, everything is backwards. The detail is in the devils.
13
This entire Administration is beyond stupidity. They have no agenda other than to hate (especially President Obama). This has destroyed the view that the Republicans were the smart people of Wall Street and Main Street. Even a simple White House News Release has to be checked and double check for accuracy and there just isn't any. We the People can't believe a simple press release from the White House.
6
Where is the Democrat tax plan. Why wait and snark at the Republicon/Trump offering. The Dems have been moping and hand wringing. No leadership, no fire in the belly, nothing on the news.
Get out front, or go home.
3
The Democratic tax plan is status quo on rates, plus loophole closing. Only the Republican party has prioritized changing tax policy.
Any democratic proposal on the corporate side would be in the area of 28% corporate rate with elimination of deferral on certain foreign earnings currently exempt from immediate U.S. tax ala the Camp proposal from several years back.
Plus, you might not have noticed, but there is no proposed legislation on the table from Trump or Ryan.
3
Which one do you want? Hillary's? sanders'? They both had in pretty detailed tax plans outlined on their website when running in the primaries. Obama had his tax plan released in details when he pushed for the economic recovery legislation. The dem's don't have control congress, which means they don't have lead chair positions in any of the budget committee's. (you know the ones who release such things)
4
How about reverting to the tax law as it existed under that great Republican president Dwight D. Eisenhower. I think the highest individual tax rate was 91%? I think most middle class Democrats could get behind that one.
Hurry up and pass a tax bill before you know what it is, you know, like when you voted for Trump.
16
Here we go another clown show, all the GOP bozos should just sit down and let the man prove that he can do it alone. Let him learn the lesson that it's easier said than done.
1
I knew the Democrats would cave and kiss Trump's ring. I can't ever vote for them again after having done so all my long life. They lost future elections when they resorted to that invented cliché "Bipartisanship"...... Dupes.
2
Your reasoning seems destined to lead you to the Republicans. Seems about right for someone from Long Island.
The "rich" hurt themselves with these tax cuts. What's the point of driving a $100,000 dollar car if the roads are in disrepair? You can head to your chalet in the Alps but you won't be skiing if the snow pack is a goner because your oil company killed funding for Climate Change amelioration. If Un drops the big one on your condo in Vail because we have no diplomats the tax savings are nil.
Dreamers are about to be punished for working hard, getting educated and wanting to be Americans. Schemers are about to be rewarded for manipulating the political system for the benefit of a few.
19
[[What's the point of driving a $100,000 dollar car if the roads are in disrepair?]]
The car is leased through a company and is a tax deduction. Drive it for a couple of years and trade it in for a new model.
1
The tax code needs to be more progressive: allowing the Kochs and Mercers of this country to amass fortunes that they in turn weaponize against democracy is beyond foolish. No one needs billions. No one deserves billions. It's beyond immoral where this world is heading.
29
There's a reason it's called "pulling a fast one."
3
Since this guy had no clue what was in the TPP, NAFTA, Paris Climate Accord, NATO, the ACA, what makes you think he has any idea what's in the tax cut proposal. He's a con man. He doesn't need to know.
6
Yep, all in for whatever the Republicans come up with. Does he care what's in tax reform/tax reduction, with emphasis on reduction? Not a bit, all he wants is the ratings resulting from a win.
Donald is dangerous. We have elected a president who is an ego manic, without any social filters. He doesn't understand himself, let alone what the country needs, what he cares about is public acclaim, TV ratings and getting reelected in 2020. Given what I am seeing he just may.
3
"When you're skating on thin ice, your safety is in your speed." This image is an archetype for comedy bits. This too might be funny if it weren't so bald faced dishonest and sad. That Obama can be cited for hurrying legislation along doesn't a defense for it make. The GOP has been offering this periodic tax breaks gimmick like it was a Jerry Lewis telethon. If it were being offered only to people who were in need of making mortgage payments and health care treatments it wouldn't be obviously a scheme to funnel money to fatten bank accounts. But the bribable will fall in line because that's why some out of the middle class will vote for GOP candidates; just ignoring the shame.
There's a couple of reasons that Donald Trump's business record is checkered with failures - his inability to plan coupled with his need to win, even when he has has no idea what game he's playing at.
4
So Trumps $40m inheritance from '74, earning 9% average a year for 43 years, would be worth $1.627 billion in 2017. Trumps $300 million inheritance from 1999, earning the same S&P Commercial RE Index average for 18 years, is worth $1.415 billion.
I.E. $3.042 Billion in inheritances, as at today.
But he's only worth $1.5 bill?? Where did it all go? Donnie "adding value"?
Here's your tax plan:
Tax corporations the same exact way that we tax individuals.
Individuals are liable for US income tax for all money that they earn overseas whether they bring their money home or not, (though we give them a foreign tax credit which wipes out much of the US income tax) .
Presently US corporations do not pay income tax on their overseas earnings until they bring their money home. Going forward let's deem as US Taxable Income ALL money earned by US corporations and their phony-baloney foreign subsidiaries and tax it, giving credit for foreign income taxes which were paid on that same money, just as we do with individuals.
At the same time we should reduce the corporate tax rate to about 15%. Do that and we will collect more tax revenue overall by holding corporate entities responsible for paying income tax on their income. No loopholes. That's fair. No more US corporate tax inversions. Plus foreign corporations in high-tax jurisdictions will move here instead of to places like Ireland, Luxembourg and the Caribbean.
As far as the Individual Income Tax goes, leave it alone, except repeal the detested and unfair Alternative Minimum Tax, "AMT".
Donald needs a WIN, any win. Sure, make a deal. But first, Medicare For All. Seriously.
1
I recently saw a BBC interview with Bill Gates. He said he'd be happy to pay more taxes but wouldn't pay more than the law required. Makes sense. He volunteered that taxes on capital (read businesses and top 1%) should be looked at as an opportunity to address disparity. I was astounded that, one year, he paid six billion--with a "B"--in taxes. He volunteered, too, as context, that he'd paid more in taxes than anyone in history. The problem, to him, in the interview, was self evident. The interviewer challenged him on Microsoft tax strategies that allegedly minimized their tax burden by $500 million per month. He challenged the interviewer on the source and substance, not the strategy because the strategy was legal. Nowhere in the interview did he say that current business tax law was precluding growth or innovation. Moreover, he pointed to education as a problem if, as a country, we want long term growth. Where do you get money for education? Hmmmmm.
Now, he's the richest man on the planet so paying more won't hurt him. But he got to be the richest guy by understanding technology, economics and investment. It helps that he's a brilliant man. Perhaps I view him the same way Trumpers view DonJon. A gifted, aggressive, smart, savvy business man whose opinions matter and who says what he means and says it plainly--without bombast, ignorance,threats, fear-mongering,etc.
Oh yeah, he's worth 20 times DonJon, too.
1
What's the rush? Does the President want to get this done before Mueller asks for his tax returns?
Seriously, after the events of the last month, there are higher priorities. They need to focus on our aging infrastructure first.
3
"The rich will not be gaining at all with this plan", Mr. Trump said....Is this a joke or a lie or both? If the corporate tax rate is lowered, it will save Trump millions of dollars. And I thought corporations were 'people', some of the richest 'people' amongst us, and they seem to be the only ones that will benefit from what is being discussed and worked toward so far.
1
I have yet to hear an agreement on the basic principles of tax reform. Revenue neutral or not? Which income classes come out ahead? Which pay more? What share of revenue to be paid by corporations vs. individuals? Estate tax in or out? Until the president, Republicans, and Democrats issue a joint communique on these principles, the staff can crank away on the numbers but it will bog down in partisan bickering. My guess is that the principals: Chuck, Nancy, Mitch, Trump, and Ryan, are still very far apart on the principles.
1
An overhaul of the tax code will require 60 votes in the Senate. I suspect that's why Trump has been playing nice lately with Sen. Schumer...
2
No they could find a way to use reconciliation to avoid a filibuster threat. AFAIK that is the current plan. Whether they can design something that fits within the rules for reconciliation I cannot say. It should be easier than with healthcare where things like cutting off Planned Parenthood got in the way.
Trump: "do ot fast, do it fast, do it fast." Citizens: "Mr. President, what exactly is the plan and how will it effect each of us?" Trump: "it'll be beautiful, the best tax plan ever!" Citizens: "that's too vague." Trump: "do it fast, do it fast."
7
There is nothing wrong with improving the tax code, but it should not be done in haste, i.e. willy nilly. I do not see how a thoughtful revision of the tax code can be done without far more time devoted to discussion and hashing things out, than has happened so far.
I am encouraged that Trump is trying to bargain and that he promises to help the middle class.
I am also encouraged that the Democrats refuse to support tax cuts for the rich.
Let us hope some reasonable compromise can be reached.
3
Nobody is gonna award you a Ph.D. for a dissertation that's just in the idea stage and hasn't even been researched.
Nobody will give you an M.D. for a hunch about what diagnosis and treatment might mean, absent any book learning or patient contact.
Nobody is gonna marry you if you're merely a dreamer and just desperately want a spouse.
DJT wants a win. So everybody should just rush over to him, as he sits in a sailboat with no knowledge of how to sail? That boats gonna tip over!
Already there was a mess when they tried to come up with a healthcare plan: Without any preparation or understanding of heathcare as a system or what people really need.
This unready, unvetted, nonexistent tax plan is a pipe dream for a deluded old man, who hasn't gotten much further than being a kid wanting a new toy - ready to have a tantrum if he can't have it NOW! Never mind, it's only in the idea stage and doesn't really exist...
This is the healthcare fiasco - deja vu - all over again!
38
For those of you wondering, what, exactly, does a Tax Plan by The President look like ?
Well, when R Reagan submitted his plan to Congress, he submitted three binders of 500 pages each (1)
that's a tax plan
As far as I can tell, Trump and his minions aren't even the B team, and they aren't even close
1) I saw this on twitter this spring; I don't recall the author, but it was someone whose CV seemed appropriate for the anecdote
6
Dear Democratic Senators - Do not let this bait and switch lull you into a false sense of power Agree to nothing on taxes without first fixing Obamacare, fixiing DACA, etc.
10
It is not written in stone that an airplane need be completely assembled and functional to fly. One needs only WANT the plane to fly hard enough, even with just one wing, and it will get airborne.
Same goes with Tax Overhaul Legislation. It needn't be completely finished and functional to "fly." One needs only WANT to bill to pass hard enough and it will get airborne.
But in each case....."airborne" for how long?
3
Certainly the White House knows exactly what the Koch Bros and a group of extremely wealthy GOP donors desire in this upcoming "overhaul". We'll all see soon how much Trump cares about the working class.
We do know Trump held a party in the Rose Garden celebrating the House bill that would've gutted health care for millions of working class and elderly Americans.
Now we're hearing a lot of lies about trickle-down prosperity and this how round of tax reform is all about helping the little guys and the President is a serial liar and how can anyone believe one word he says?
8
How about we all get to see Mr. Trump's tax return before listening to what he thinks is good for the rest of us?
42
Even Trump supporters should howl with disgust over this one. Announced as help to small business and the middle class, but with NO LIMITS on breaks for huge companies and for billionaires, this tax reform as presented is a LIE.
The big companies mainly buy back their own stock, which creates no jobs.
The rich individuals mainly buy stocks real estate and other investments, again creating no jobs.
When the first $10 million is already inherited tax free, repeal of the inheritance tax is simply another gift to the ultra-wealthy who are already pulling away from the middle class without this gift. And much of the money has never been subject to capital gains tax, so it is certainly NOT at risk of being taxed twice.
If Trump and Congress really wanted to help the Middle Class and Small Business, they would give a tax cut ONLY to these groups, thereby obligating everyone's grandkids with less government debt to pay off.
It would be enough of a victory to have a one-time break on the repatriation tax rate, that is certainly low hanging fruit that would provide a shot in the arm to the US economy. No other tax cuts to big business are necessary. Even Trump supporters (except billionaires) should be able to see this.
1
You say: ". . repeals the estate tax, as the president wants."
Yes -- repeal the death tax! Replace it with an inheritance tax. Make the tax payable by the overjoyed recipient, on the amount he receives-- not the corpse on the amount he left.
And tax the recipient's receipts at rates at least as high as a worker would be charged for EARNING the same amount by WORKING.
There's no reason receipts from WORKING should be taxed at higher rates than other receipts.
And a big disadvantage: Economic Inequality. It shapes a medieval society of Barons idling in the castle while serfs slave away in the fields.
5
So, is this what you wanted when DT promised tax reform?
A plan written by millionaires
a plan with input from corporations, special interest groups, and none from you
a plan where we have no information on the personal benefit to trump
a plan which they are trying to tie to recovery funding for hurricane victims
a plan which is hustled on a fast track by a party which failed, after having 7 years, to come up with a better health care option.
a plan written by people who still profess that trickle-down economics works
Hold tight to your wallets, it’s going to be a bumpy ride.
14
Well DT's attention span lasts only so long, that's why he's in such a hurry for everything...
9
Was it under Bush and his trickle down economic tax cuts that most of us regular folks got a one time tax rebate check for something like $50 or less? That much money in our pockets sure did a lot to boost the economy..lol........if I recall it cost more to administer the stupid plan than it amounted to in putting meaningful dollars into the pockets of the working class.
The wealthy on the other hand got enough to buy Porsches and second homes.
The GOP never learns and the public rarely remembers - so we are doomed to repeat these failures. Fiscal groundhog day all over again.
37
it's really quite depressing to read an article like this. Just so much disarray, wasted time, and partisanship.
Eight months working to repeal the ACA, and replace it with some supposed improvement, and nothing to show for it. Now they're trying to rewrite the tax code which just happens to be a 76,608 page document and accomplish it in a matter of weeks. And with a Republican Congress and Administration that don't even get along, never mind their partisan behavior towards the Democrats.
This will be just a big waste of taxpayers money. There will be little or nothing to show for it.
5
Why does this item contain quotes from a president whom most readers take to be liar?
16
'“The rich will not be gaining at all with this plan,” Mr. Trump said. “I think the wealthy will be pretty much where they are.”'
Everyone who believes that, stand on your head...
Trump will throw a sop to Joe Sixpack, say $300-600 like Bush--a one-time payment, of course--and cut a real check so he 'sees' he got something. Then the lion's share goes to the rich in the form of tax cuts that keep giving year after year, and Joe Sixpack is ok with that and will applaud Trump's tax 'reform.'
31
Rushing to pass legislation is highly suspicious. Didntt the Republican led Congress learn that when they tried to pass Trumpcare before it was written?
If a bill has the potential to become good legislation, it withstands debate on the floor of Congress before asking for a vote.
7
Trumpy the Clown on the tax "overhaul:" "Ready, fire, aim!"
8
Once again, it's "quick, hurry up before they find out there's nothing there" from the pathetic WH.
There is no plan. There never was any plan. The man in the WH wants HUGE tax cuts for HIMSELF, not anyone else, then, for HIS businesses, and he doesn't care about any other corporations, either.
The greed of this un-American man knows no bounds. He has never served this country IN ANY CAPACITY, and does anything he can to not have to contribute one cent to the treasury.
There should be NO tax cuts for wealthy individuals. Indeed, they should have their taxes RAISED. And corporations stash their money offshore, NOT investing in anything except buybacks of their own stock.
Any mention of 'trickle down" gains for anyone is a ludicrous lie, proven repeatedly to be a false. But this was never about the national economy, ONLY the greedy traitor in the WH.
15
In fact, as David Leonhardt wrote a few days ago in this newspaper, when the top tax rate was 91% (under republican president Eisenhower) the rich were not so greedy--and the country was fairer, there was enough money to fix the roads, schools, hire government workers in good jobs that paid a living wage, etc., etc.
The middle classes paid less than they do now because the tax burden fell more on those with high earnings they did not need to live a decent life.
2
The hustle is on.
12
Look at increases (%) of national debt under the following Presidents:
Obama- 68
Bush W-101
Clinton-32%
Bush H.W.-54
Reagan-increase of 186
Trump should target an increase higher than Reegan,,,,a HUGE one
4
Still in the READY - FIRE - AIM mode, I see.
6
The more I see partisan politics in action, I'm certain I know why so many people pray so much. Their odds are for sure a lot higher in getting what they want that way. Whether God is really or not is irrelevant, watching mortals trying to fill those shoes is so pathetic nothing is still better than that.
We should move fast on this plan that does not yet exist?
Per Kevin Brady, we should have a doodled wish list from the back of a cocktail napkin by the end of the month.
And then next month they will begin writing the bill.
7
Trump urged quick action and nonsensically tied tax reform/cuts to hurricane relief, showing that his thoughts on the matter are irrelevant.
My earliest political momories are from the early 80s, sitting around listening to my dad harangue about Reagan's foolish cuts. It's astounding that nothing has changed. Republicans have learned absolutely nothing about what's good for the economy. They listerally only care about fattening the rich and pay lip service to the rest of the country.
15
“The rich will not be gaining at all with this plan,” Mr. Trump said. “I think the wealthy will be pretty much where they are.” Hahahahaha...Didn't realize Trump had such a great sense of humor. Funny stuff.
3
It is obvious and self-evident that Trump and the super-rich don`t like to pay taxes. What is not so obvious is that Trump supporters, who are mostly working class whites many of whom are borderline poor, are more than happy to pay more in taxes to make up for the tax avoidance of the super rich, including Trump. Does this mean that the Trump base is made up of not-very-smart people? Of course it does. If Trump supporters were smart they would be engineers, doctors and scientists and wouldn`t worship Trump. This simple logic escapes most people, including many in the press who feel there is a sort of nobility about the white working class. The cold fact is that all there is to the Trump base is ignorance. Other traits of the Trump base, such as racism and bigotry arise from that ignorance, plain and simple.
4
I'll be honest, I don't like to pay taxes either. Does anyone really "like" paying them? I'd perhaps hate it less if I thought the Congress would spend my money better, but I'd rather pay nothing at all if Congress would implement a way to pay for government without income taxes.
4
Of course many, many people who voted for trump are not very smart people. They voted their anger and not their interests. Many are misogynistic, and sexist and racist and xenophobic and bigoted. But don't slight the working class whether white, black, brown or green for not being smart enough to be doctors and scientists etc. They're smart enough to fix your car or your leaking roof or take out your garbage and wish you a nice day and there has always got to be someone to take out the garbage -- there's no dishonor in doing a job well no matter what that job might be and many people in these United States do just that.
3
If we paid enough in taxes to provide good education in high schools--(no $40,000 a year college needed) Trump's "base" would have a better understanding of the economy--and of how they are being swindled by Trump's lies.
He will cost them more in taxes--so the rich can pay less.
1
74 percent of Americans's want Trump to reveal his tax returns. Democrats should stand firm. No tax bill without Trump showing his taxes! How the tax bill will enrich him is something we all need to know. I've contacted my Senators and congressman.
14
Until POTUS releases his last Tax Returns, no future alterations should be considered. Let this latest plan begin with honesty.
17
Please, Mr. President - Don't reform our 74,608 page tax code. Couple more big cuts for the rich, and call it good.
3
The people should march in their millions to the Hill and to Trump Tower to DEMAND that he releases his tax returns before the proposed tax changes are even considered.
If he refuses, they should immediately declare war on the Trump Organisation. There is no other way of dealing with the grifter.
6
So, perhaps Mr. Trump would publicly release his tax returns so we can all see how the current system is hurting him so badly that it must be revised.
7
It's been true throughout our history but is now so glaringly obvious. A bunch of rich guys run our government for their own benefit. Funny how for so many decades those screaming long and loud about taxes are... rich guys. The only people in our nation who have ANY political clout when it comes to taxes are... rich guys. If we keep on this road, the one that Reagan amplified; the nation will be in shambles in another thirty years. You think the roads are bad now? Thirty more years of this and their won't be a government employee to set out a cone to warn drivers of a road hazard. Just think, in the future community groups will form just to fix potholes in the neighborhood. And then they'll go over to the local mall and ask for charity donations for asphalt and cement. Wouldn't paying taxes be a little easier? One day I hope Grover Norquist is shown to be the simplistic carpetbagger he really is. Following his ideas will be the downfall of a nation.
8
One can get a clue, and have input, by reading the survey being sent out to Trump supporters.. Reducing taxes for all, eliminating the loopholes for the very rich, reducing the number of tax brackets, and making America Great Again are all suggestions to be rated and/or commented upon. Of course at the end of the survey there's a place for donations, but don't let that deter you.
4
WHY should anybody donate to Trump?
[[Mr. Trump made clear on Wednesday that he was ready to deal.]]
It bears repeating that Trump's entire professional career has been as a real estate developer and what those people do is create a false sense of urgency in order to close a deal.
Buy now or you'll miss out!!!
Chaos, confusion and uncertainty are his most useful tools.
But of course, the most important lesson for a real estate buyer is to never fall in love with a piece of property and ALWAYS be willing to walk away from the table.
What's really sad about this president is that he doesn't understand - and doesn't seem to want to learn - how government works.
5
This is not about putting money into the hands of people who are guaranteed to spend it buying commodities and services that create jobs. Remember about 45% of the population pays no taxes except social security. There is nothing in this for them, at all.
Moreover, cuts for corporations are, in fact, tax cuts for the wealthy. Data has been presented so often as to be boring that shows that very little that goes into the pockets of corporations is invested. It goes into such items as stock buyback, which raises the prices of stock artificially, but has nothing to do with increased corporate productivity. Stock ownership is in the hands of the upper middle class and the rich; that's where the benefits of this plan would go. For Trump LLC's, the tax breaks would go straight through to Trump himself and reduce his personal taxes by a massive amount.
Any claims that the tax break is has nothing to do with the rich is utter nonsense and total lies.
8
Great description of the process by Alan Rappeport. Trump voters elected someone to the presidency with no political experience, and now we are seeing the failed results.
It validates my premise that anyone who gets close to Trump gets burned:
"To old hands of America’s biggest tax policy battles, the Republicans’ accelerated timeline appears virtually impossible. One big reason: the diminished standing of Gary D. Cohn, director of the president’s National Economic Council, and Steven Mnuchin, his Treasury secretary. That diminution is largely of the team’s own making; Mr. Trump has let it be known that Mr. Cohn is in disfavor for publicly disparaging the president’s response to violent racists in Charlottesville, Va., and Mr. Mnuchin suffered public scorn after jetting to Kentucky on a government plane with his wife to witness the solar eclipse."
Trump exhibits the frustration of a child who csn't make things work. Republican legilators are too afraid of Tump to confront him with a rational tax overhaul. So Trump has to turn to Democrats to effect some sort of agreement. Once again, Republican congressmen are the schlimazels.
The "taxes on a postcard" vision isn't going to be accomplished in a few months. And Trump, the Insulter in Chief, can't motivate anyone to do better. This is not reality TV.
6
So much winning! I can't take it anymore. Make it stop!
Hey, while we're talking, do you think Treasury Secretary Mnuchin can loan me a government jet for a trip to Europe? I'm sure the growth from tax cuts to the rich will generate the revenue needed to pay for my use of the jet, so it will be budget neutral.
Gotta love these fiscal conservatives, almost as much as we love all this winning.
6
If 45% of taxpayers pay no federal Income tax, it's hard to see how the true 'middle' will benefit from this very much. Ivanka's child care deduction is really more of a nanny-rebate. as low income families won't benefit unless the Earned Income Tax Credit is raised considerably. As raising the EITC is similar to raising welfare benefits, I can't really see that happening in this environment. So.. we're back to trickle dowm, where the economy will improve enough (as a result of the cuts for the rich) to drip down to every middle class household and child care center.
3
Donald just wants us to trust him. Please do not read the plan, have the CBO grade the plan and measure the success of the plan over time. Problem is, he lies more than 50% of the time and has no idea what he is doing.
24
I would think that basing any plans on what the President said at any meeting is delusional. Those adults left in both political parties would be better advised to meet with each other and decide first if any tax change is needed for economic or fairness reasons and I would like to know their answers.
14
The Republican party, fond of referring to itself of as the 'party of ideas', is completely intellectually and morally bankrupt when it comes to anything that would improve life for all but the most benighted of Americans, or anyone else on planet earth. Because they have promoted their own retrograde views and policies for decades, they are now left with their man-child leader, and have less than a handful of 'adults' to corral the president.
Interesting 'ploy' by Republicans - how about a FIRST ACT and demand release of Trump Tax Returns! His dishonesty would hold up any thoughts by anyone that he does NOT lie and cheat!
23
Can't wait. 6th highest rate for kids living in poverty among 34 "first world" countries -- just below Latvia and Turkey. When these billionaires are done - we'll be at the top of the list. MAGA
42
The Money God rules here..many examples...pretty obvious. Having real civics or a civic environment. Not rally
4
I fear the Republican plan will count on most middle/working class people to not know the difference in marginal tax rates and what their effective tax rate after deductions is. They'll give us a 2 percentage point drop in marginal tax rates on the lower end of the scale, take away deductions, so we end up with our effective tax rate being a few percentage points above what it is with current deductions. And hey, whatever happened to the deficit hawks? Are they gonna jump on board with this?
17
Republicans haven't had any new ideas since they enacted "voodoo economics" under the sainted Ronald Reagan. Ever since, their solution to every problem has involved cutting taxes for the wealthiest Americans, at the expense and sacrifice of the least wealthy Americans (in the name of "the Deficit"). Never mind that after 30-plus years, the trickle-down has never happened. Republicans keep promising it as they do everything they can to transfer the nation's wealth to their wealthy donors.
Thus, the Republican "replacement" for Obamacare they've been promising for seven years turned out to be a tax cut for the wealthy and a special tax break for insurance company CEOs, funded by condemning 32 million people to misery and death from lack of health care. It's now undeniable that Republicans are intellectually and morally bankrupt. They have no ideas other than cutting taxes for wealthy donors, and have nothing to offer 99.9% of Americans beyond lies, hate, and empty promises.
When Ryan and McConnell finally do unveil their "tax reform," we can be certain it will be more of the same "voodoo economics," as they don't know anything else: Tax cuts for wealthy persons (corporate and human), sacrifice for the non-wealthy, and fake promises of trickle-down growth. The rising tide raises the biggest yachts to ever higher altitudes; but its waters continually inundate and sweep away the eroding middle class while smashing the humblest rafts and dinghies to desperate splinters.
46
Getting rid of thestate tax is the number one reason Trump ran for President . Mr. $10 Billion dollars . He can't hide enough from the taxman.
35
While they're at it, could they slip in a request to Trump to release his income taxes. He did promise. We could use some transparency to engender trust in this rather ugly environment. In the last 40 years, all others who were President or aspired to be revealed the documents. Should this positive tradition die now. And others in the future cite this as their excuse for being secretive. Does a President have any duty to promote faith/trust in government? Just another example of cynicism- promoting behavior I see out there.
12
Trump once again displays his brilliance. He states that because of the huge costs that will be incurred due to the two "Greatist" hurricanes in history now is the perfect time for huge tax cuts. Who picks up the tab when 45 goes out for dinner? Does Trump ever pay for anything?
29
This plan of action has a certain ring to it. It has the quality of another piece of legislation that waa introduced this year. Kind of went like this. House places bill on docket, all see it through a rainbow of colors, good, bad, terribly bad, and downright horrible. Ok, redo, getting close, President jumps into fray. Ouch! Back to square one. Ryan called a wimp by Trump, Ryan says the President didn't say that. Finally it passes the House, it's tossed over to the Senate. They take one look, say it's horrible and will develop their own plan. "In secret". Don't need any women to help either. Plan introduced, lots of back and forth. Threats they'll have to work through August recess. Finally, finally, it is brought to the floor, and fails! ACA continues to live for another day!
This tax bill is headed in the same direction because you have the same players involved in passing a piece of legislation that hardly anyone can agree to or is willing to negotiate a compromise.
This tax bill is headed in the same direction because you have the same players involved in passing a piece of legislation that hardly anyone can agree to or is willing to negotiate a compromise.
4
So the tax plan consists in removing the deductions that help the middle class: for state income taxes (yay, now you too can pay tax on the tax you pay!), for healthcare expenses (only the poor get sick and don't pay grandma's bills!), for mortgages (hey, if you are not rich enough to buy with cash, no homeownership for you!), and for education (the less you know the better!), and to boot, no more retirement tax advantages (if you need a 401K just pay up more!).
M.
M.
8
Republicans are like naughty children who are oddly impatient for Christmas to arrive considering they have no legitimate reason to expect anything but lumps of coal waiting for them under the tree.
6
Yes, give them two weeks to whip something up! They've only had years to do so and have controlled the entire federal government for nine months now but hey, they just don't like to be rushed.
Thankfully their seditious partisanship is exceeded by their gross incompetence.
Thankfully their seditious partisanship is exceeded by their gross incompetence.
22
First up: Make state taxes non-deductible. Make sure the blue states pay an even more disproportionate amount to support the red states. (And also a way to force blue states to act more like red states.)
8
To my fellow Democrats: Two things, first don't talk about tax rates, that is meaningless thanks to deductions and loopholes. Instead talk about "effective rates", what individuals and companies actually pay thanks to the aforesaid deductions and loopholes. Also, make a point that the estate tax (death taxes) has an exemption of 11 million dollars for a joint return and its elimination would only benefit multimillionaries like President Albatross.
JD
JD
83
The estate tax exemption is 11 millions $ PER person....so we are far away the average farmer !!
4
You would think that after all these decades Democrats wouldn't need such obvious advice.
At this juncture with hurricane disasters causing hundreds of billions in property damages, fortunately with so few lives lost, unlike during Katrina, tax-cuts for the rich ought to be unthinkable. Much more so when the national debt topped $20 trillion.
Republicans have been so obsessed with national debt when president Obama was in the White House. Their persuasive words profoundly influenced the public as polls then showed. Now they seem to be oblivious to debt!
At least leave the marginal tax rates in place. But eliminate carried interest loophole. Cut corporate tax but no lower than to 25%.
To help the working poor & middle class, cut payroll tax permanently to 1% on the first $10K & to 2% on the second $10K. Eliminate the cap, if at all possible, but add a sweetener of cutting payroll tax on the rich beyond say, $150K to 1% to be more palatable to them.
If at all possible raise the marginal tax rate on top 0.1% incomes to 50%. They would still pay at current rates on 99.9% of their incomes. Maybe on top 0.01% incomes raise marginal rate to 70%. Remember, in 1980, this 70% tax was paid on all taxable incomes over $625K in current dollars!
Until Arthur Laffer & other supply-siders who brainwashed the Republicans, for keeps, tax-cuts were anathema to both parties - when JFK wanted to cut top marginal rate FROM 91% to 65%, law makers of both parties opposed. Only after JFK assassination could the top rate be reduced to 70%, not 65%.
Republicans have been so obsessed with national debt when president Obama was in the White House. Their persuasive words profoundly influenced the public as polls then showed. Now they seem to be oblivious to debt!
At least leave the marginal tax rates in place. But eliminate carried interest loophole. Cut corporate tax but no lower than to 25%.
To help the working poor & middle class, cut payroll tax permanently to 1% on the first $10K & to 2% on the second $10K. Eliminate the cap, if at all possible, but add a sweetener of cutting payroll tax on the rich beyond say, $150K to 1% to be more palatable to them.
If at all possible raise the marginal tax rate on top 0.1% incomes to 50%. They would still pay at current rates on 99.9% of their incomes. Maybe on top 0.01% incomes raise marginal rate to 70%. Remember, in 1980, this 70% tax was paid on all taxable incomes over $625K in current dollars!
Until Arthur Laffer & other supply-siders who brainwashed the Republicans, for keeps, tax-cuts were anathema to both parties - when JFK wanted to cut top marginal rate FROM 91% to 65%, law makers of both parties opposed. Only after JFK assassination could the top rate be reduced to 70%, not 65%.
6
"Before Republicans can fully dive in to their tax effort, they must pass a budget resolution to unlock the procedural tool allowing them to move a bill through the Senate using a simple majority, rather than the usual 60 votes that would require support from Democrats."
If their plan is a good one the Republicans shouldn't have to add this "extra step" - Democrats would buy in. OK, I get it -the devil will be in the details -they'll sell the bill is tax relief for all while they comfort and shelter corporations and the uber rich. Get lost Trump!
If their plan is a good one the Republicans shouldn't have to add this "extra step" - Democrats would buy in. OK, I get it -the devil will be in the details -they'll sell the bill is tax relief for all while they comfort and shelter corporations and the uber rich. Get lost Trump!
4
This tax plan is only for enriching the already rich. Contact the House Ways and Means Committee to say NO to repeal of the Estate Tax, NO to further Corporate Tax Cuts, NO to lowered taxes on the 1%. Unless, of coarse, you'd be overjoyed with the $300 tax cut you might get. https://waysandmeans.house.gov/contact/
4
In view of our extreme revenue shortfall Republicans propose tax cuts. Kind of defines the GOP doesn't it? Do the opposite of what is required?
5
No tax reform without Trump showing the voters, all the voters, his taxes for the last five years.
66
Last 20 years.
1
Make it fifteen.
No need to wait for a big unveiling, I can tell what will happen now. Big tax breaks for the wealthy and corporations and little for the middle class. The hard part is explaining to the middle class how this will benefit them. Sadly a couple of FOX headlines conflating my middle class outcomes and those of the rich, a total reversal, by the republicans, on how important deficits are and a steady stream of economic argle bargle and outright lying should do the trick. I used to wonder how people could be fooled so easily, now I factor it in regardless of the topic. Anyone who would trust tax reform to someone who refuses to show his taxes is waiting to be scammed.
50
Same old plan, originally from Alan Grayson: Don't get sick. If you do get sick: Die quickly. Thanks, GOP.
12
Difficult to imagine anything even remotely fair coming out of a body of representatives most of whom are multimillionaires. Just my 2 cents -
12
So, in other words, the plan that President Trump is already selling doesn't even exist yet. OK. I get it.
6
All the recent pictures of Steven Nuchin leading his followers look just like the scenes of the Ministry head in the Movie "Brazil".
2
What I don't understand is why Schumer (D-NY) says the mortgage interest deduction is sacred?
It's the biggest rob-from-the-poor to give--to-the-rich there is in the personal tax code ... other than the separate capital gains tax rate, of course.
It's the biggest rob-from-the-poor to give--to-the-rich there is in the personal tax code ... other than the separate capital gains tax rate, of course.
3
And don't forget the 15% "carried interest" rate that multibillionaire hedge fund managers pay on the INCOME they earn for managing their wealthy clients money.
Of course that is not really income according to our legislators.
Of course that is not really income according to our legislators.
8
Lee,
Perhaps they should amend the mortgage interest deduction to a maximum of about $25K. Charitable contributions and mortgage interest deductions are age-old sacred deductions. Actually by limiting mortgage interest deductions, the money saved & more should be ear-marked for rent subsidies. Rising rents are a huge burden on so many.
Jim, Carried interest is now 20% plus another 3.8% Medicare tax, since 2013. It ought to be treated as ordinary income.
Perhaps they should amend the mortgage interest deduction to a maximum of about $25K. Charitable contributions and mortgage interest deductions are age-old sacred deductions. Actually by limiting mortgage interest deductions, the money saved & more should be ear-marked for rent subsidies. Rising rents are a huge burden on so many.
Jim, Carried interest is now 20% plus another 3.8% Medicare tax, since 2013. It ought to be treated as ordinary income.
7
AG- if I remember correctly the mortgage deduction was to be used on primary residence. Now the wealthy use it on multiple homes and even on yachts that they claim they live on! I agree limit it to a capped amount, 25k is more than adequate. Especially with such low borrowing rates. I don't think it should be eliminated completely since this is how many working class can afford to own a home. Remove it completely and this will cripple the construction and real estate markets.
And yes carried interest should be treated as ordinary income. use because it's not earned through actual sweat and labor doesn't make it any less an income than actual income earned by laboring for it. It's time to eliminate all the loopholes only the wealthy among us enjoy.
And yes carried interest should be treated as ordinary income. use because it's not earned through actual sweat and labor doesn't make it any less an income than actual income earned by laboring for it. It's time to eliminate all the loopholes only the wealthy among us enjoy.
1
Tax reform and universal health care for all, all in the same day. Who knew things could turn around so fast and so effortlessly. Surely it's a miracle.
4
If the American public cannot see Donald J. Trump's tax returns, then we should not accept any new tax proposals from him or his Republican enablers.
123
Whatever plan Republicans come up with, one could write the headline now: Rich get thousands to millions, poor and middle class get crumbs, we all pay for it later.
7
Mitch and Paul should tweet: Been hearing about your tax reform plan for 2 years, Don, so where is it?
In fact, aside from the goal of huge tax cuts for the uber-rich, the only "reforms" I've heard are: 1) eliminate mortgage interest deduction (a middle class mainstay), 2) make it harder to get the Earned Income Tax Credit, and 3) eliminate the estate tax altogether.
In fact, aside from the goal of huge tax cuts for the uber-rich, the only "reforms" I've heard are: 1) eliminate mortgage interest deduction (a middle class mainstay), 2) make it harder to get the Earned Income Tax Credit, and 3) eliminate the estate tax altogether.
9
They could limit the mortgage deduction to the primary residence, but that would limit the propaganda value of saying, "taking away loopholes would hurt the middle class too!"
It is imperative that Republican disinformation be met with solid opposing views such as the paper referred to by Sarah Anderson in a recent NYT column. The importance of social responsibility for all (including the wealthy) toward a more humane and prosperous society rather than the greedy 'I got mine, forget you' attitude of the Republicans.
To whom much is given, much is expected.
Resist, educate, protest, vote. Kick the Republican bums out.
To whom much is given, much is expected.
Resist, educate, protest, vote. Kick the Republican bums out.
10
I am not "rich", but I have been fortunate enough, for a limited time, to have reached a level of earnings some might call "rich".
Who are we to place the so called rich in a discriminated class as if they were some how less deserving of a tax cut? For the most part, they have earned their economic status through hard work, and give most of us our livelihood by employing us. Who decides who is rich ? Is it simply anyone with more money than you? I'll bet many of you fortunate enough to be solidly in the middle class would be considered "rich" by people in far less fortunate circumstances.
I was raised by a single mother in Brooklyn , NY. We lived on government assistance and the earnings of my grandmother who worked in a sweatshop. I had a job the entire time I was in college, and went to law school at night so I could work full time during the day. When I finally earned a lot, it resulted from considerable sacrifice by my family and very hard work.
Yet, had there been a proposed tax cut, using today's logic, without knowing anything whatsoever about me or my circumstances, many would have just labeled me as "rich', vilified me, and decreed that I should not participate in a general tax cut.
I absolutely believe that any tax cut must give a substantial benefit to the middle class, and must further provide tax credits or other measures which benefit our most disadvantaged citizens. But don't deny the cut to higher earners, just because they are higher earners.
Who are we to place the so called rich in a discriminated class as if they were some how less deserving of a tax cut? For the most part, they have earned their economic status through hard work, and give most of us our livelihood by employing us. Who decides who is rich ? Is it simply anyone with more money than you? I'll bet many of you fortunate enough to be solidly in the middle class would be considered "rich" by people in far less fortunate circumstances.
I was raised by a single mother in Brooklyn , NY. We lived on government assistance and the earnings of my grandmother who worked in a sweatshop. I had a job the entire time I was in college, and went to law school at night so I could work full time during the day. When I finally earned a lot, it resulted from considerable sacrifice by my family and very hard work.
Yet, had there been a proposed tax cut, using today's logic, without knowing anything whatsoever about me or my circumstances, many would have just labeled me as "rich', vilified me, and decreed that I should not participate in a general tax cut.
I absolutely believe that any tax cut must give a substantial benefit to the middle class, and must further provide tax credits or other measures which benefit our most disadvantaged citizens. But don't deny the cut to higher earners, just because they are higher earners.
1
If you're so rich, why do you need a tax cut at all? Perhaps you might consider foregoing your tax cut this time to help benefit those less rich than you so they might get a larger tax cut.
Who said everyone gets a tax cut? And lets see Mr. Trumps recent taxes so we can find out how he'll benefit from any tax cut. Fair is fair.
Who said everyone gets a tax cut? And lets see Mr. Trumps recent taxes so we can find out how he'll benefit from any tax cut. Fair is fair.
6
Where do you think government assistance comes from? Let Paul Ryan know too. He seems unsure about it.
1
My life has been similar to yours. There were years when I paid almost nothing and years when we paid the top rates. During my adulthood every public service has declined, we fought wars in Asia and the Middle East with military action in Latin America, we endured an economic collapse second only to the Great Depression. Since 1980 virtually all economic gain has gone to the richest Americans while every tax cut has benefited them the most. Gimme, gimme, gimme...that's all I hear. Who is going to pay the bills? Attitudes like yours are destroying us!
3
Somehow, we've got to wean the rich from their dependence on government handouts. I would propose that billionaires be required to undergo mandatory drug testing before they receive any tax breaks or financial incentives. They should also be required to show that they are actively looking for a job that will allow them to become independent. We should place a lifetime cap on handouts -- a billionaire can receive a maximum of 3 years handouts in a lifetime and they they are cut off and have to go it on their own. The current situation is undermining he incentives for the rich to achieve financial independence.
We could use the savings to fund "trickle up" economics. If we were to use the funds that are currently supporting the rich to instead support the poor and help them find homes and earn a living wage, the money will "trickle up". They will buy things, pay for services, etc. and the money will eventually find its way to the billionaire's pockets, eliminating their need to keep seeking government support.
We could use the savings to fund "trickle up" economics. If we were to use the funds that are currently supporting the rich to instead support the poor and help them find homes and earn a living wage, the money will "trickle up". They will buy things, pay for services, etc. and the money will eventually find its way to the billionaire's pockets, eliminating their need to keep seeking government support.
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Very nice, thank you!
This is my favorite comment, thank you.
1
I, for one, am relieved our president is tackling this tax thing.
If there is one issue more critical than addressing
runaway climate change or nuclear holocaust,
it's making sure corporations don't pay much,
if anything, in taxes.
If there is one issue more critical than addressing
runaway climate change or nuclear holocaust,
it's making sure corporations don't pay much,
if anything, in taxes.
68
These are accurately described as tax cuts for the rich. Period.
I commend write Alan Rappeport for not using the false language of "reform" to describe something that is not. It would have helped if Trump's deceptive tweet were excluded as well.
Next we need the NY Times editors, headline writers, caption writers and others to never mention it.
I commend write Alan Rappeport for not using the false language of "reform" to describe something that is not. It would have helped if Trump's deceptive tweet were excluded as well.
Next we need the NY Times editors, headline writers, caption writers and others to never mention it.
7
President Trump said many many times before he was elected that he already had a tax plan ready to go that would be beautiful for the middle class and produce unbelievable growth. Where is that tax plan? I guess he is hiding it in the same place that he is stashing the plan to have Mexico pay for the wall and the plan to defeat ISIS in 30 days. Must be a beautiful hiding place. Probably the best hiding place ever.
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And the place where he hid the plans for his great replacement for O-Care.
I sometimes put things in places I am _sure_ to remember later on. And then I forget, and they stay hidden for a long time. Maybe Trump's the same.
I sometimes put things in places I am _sure_ to remember later on. And then I forget, and they stay hidden for a long time. Maybe Trump's the same.
3
Those are in the vault along with the repeal and replace that was going to be 'beautiful' too. I think he lost the key and is a little embarrassed to admit it.
Yes, and it's hiding along with his beautiful health plan to insure everyone.
1
Our tax code is complicated and full of perverse incentives and loop holes. That much is true.
What's NOT true is that (A) we're the highest taxed nation in the developed world; and (B) tax cuts for the wealthy and corporations will stimulate growth and actually increase revenues.
There are any number of credible sources available showing total tax burdens and effective tax rates by country, and though reasonable people can disagree about specific methodologies, any intellectually honest assessment must conclude that we're in the middle of the pack in taxes paid, nowhere near the highest.
Also, there is no reason to believe that giving tax cuts the rich and corporations will stimulate growth. The wealthiest Americans already save 30-50 percent of their income. Giving them more money won't make them spend proportionately more. Corporations, for their part, are enjoying nearly the highest profits, highest cash balances, and lowest interest rates in history, yet they're not hiring and investing, they're buying back shares and acquiring competitors (both of which LOWER productivity). Why would anybody think that giving them even more money will somehow change that?
It's time for Congress to eschew tax cut absolutism and do it's job. Simplify the tax code, but keep revenue neutral (or actually higher), eliminate incentives for corporations to invert or book profits off shore, and give a tax cut to those who will spend the extra money.
What's NOT true is that (A) we're the highest taxed nation in the developed world; and (B) tax cuts for the wealthy and corporations will stimulate growth and actually increase revenues.
There are any number of credible sources available showing total tax burdens and effective tax rates by country, and though reasonable people can disagree about specific methodologies, any intellectually honest assessment must conclude that we're in the middle of the pack in taxes paid, nowhere near the highest.
Also, there is no reason to believe that giving tax cuts the rich and corporations will stimulate growth. The wealthiest Americans already save 30-50 percent of their income. Giving them more money won't make them spend proportionately more. Corporations, for their part, are enjoying nearly the highest profits, highest cash balances, and lowest interest rates in history, yet they're not hiring and investing, they're buying back shares and acquiring competitors (both of which LOWER productivity). Why would anybody think that giving them even more money will somehow change that?
It's time for Congress to eschew tax cut absolutism and do it's job. Simplify the tax code, but keep revenue neutral (or actually higher), eliminate incentives for corporations to invert or book profits off shore, and give a tax cut to those who will spend the extra money.
135
So becuse people save over 50% of their income (I am one of them), you think it is okay to take their money? Or somehow they did not earn this money and it becomes the property of those that did not? This is just Robin Hood, at best.
People who are lucky enough to be in the top 5% already fund this country. Tax the bottom.
People who are lucky enough to be in the top 5% already fund this country. Tax the bottom.
Scott that is not what he is saying. He is saying that giving the rich tax cuts does not trickle down and expand the economy. They will just save more. I am probably in the top 3% and this year I am set to be in the top 1% of earners. I also save a good percentage of my income. If I get a tax break I will just save more.
People on the lower end don't earn enough to pay taxes and are struggling as it is. Many in the middle classes are struggling too and using all their income to stay afloat. These are the people who need the tax cuts. They will have more in their pockets to spend which will help the economy. People like you and I will just save more as we don't need the extra money. How is that going to help this country and the economy?
People on the lower end don't earn enough to pay taxes and are struggling as it is. Many in the middle classes are struggling too and using all their income to stay afloat. These are the people who need the tax cuts. They will have more in their pockets to spend which will help the economy. People like you and I will just save more as we don't need the extra money. How is that going to help this country and the economy?
"With Irma and Harvey devastation, Tax Cuts and Tax Reform is needed more than ever before. Go Congress, go!"
Quite the opposite! The federal government has provided billions of dollars of much needed relief to those affected by Harvey and Irma, but such efforts increase the deficit.
Issuing tax cuts to the top 1 percent earners in the nation will only widen that deficit, while providing financial benefits to individuals and institutions that are not in need of financial assistance (and that is a gross understatement).
Tax cuts do not spur economic growth. They merely augment the wealth of the richest among us.
Quite the opposite! The federal government has provided billions of dollars of much needed relief to those affected by Harvey and Irma, but such efforts increase the deficit.
Issuing tax cuts to the top 1 percent earners in the nation will only widen that deficit, while providing financial benefits to individuals and institutions that are not in need of financial assistance (and that is a gross understatement).
Tax cuts do not spur economic growth. They merely augment the wealth of the richest among us.
56
It strikes me that when a nation forgets its real history bad things and bad policy invariably happen.
The Boston Tea Party was not a revolt over tyrannical government and unjust taxes it was a demonstration again an all powerful corporate and its ability to control government policy.
The tea dumped into Boston Harbour belonged to the East India Company and the ship that was boarded flew the flag of the East India Company. The tea was not taxed and it was the East India company that was charged with providing government services in the colonies.
Meanwhile back in London two warehouses filled with tea lay testament to East India's board of directors greed and miscalculation. East India owned and was responsible for governing over half the planet and need to pay the bureaucrats and mercenaries who ran the Empire. When the crown put a tax on everyone else's tea it was to help the East India Company empty its warehouses so it could pay its employees who ran not only the British Empire but the world's mercantile system.
La plus ca change.
Today's GOP is simply following orders. It is not Voodoo Economics it is neoliberalism and simply new wine in old bottles.
The Boston Tea Party was not a revolt over tyrannical government and unjust taxes it was a demonstration again an all powerful corporate and its ability to control government policy.
The tea dumped into Boston Harbour belonged to the East India Company and the ship that was boarded flew the flag of the East India Company. The tea was not taxed and it was the East India company that was charged with providing government services in the colonies.
Meanwhile back in London two warehouses filled with tea lay testament to East India's board of directors greed and miscalculation. East India owned and was responsible for governing over half the planet and need to pay the bureaucrats and mercenaries who ran the Empire. When the crown put a tax on everyone else's tea it was to help the East India Company empty its warehouses so it could pay its employees who ran not only the British Empire but the world's mercantile system.
La plus ca change.
Today's GOP is simply following orders. It is not Voodoo Economics it is neoliberalism and simply new wine in old bottles.
8
Help!
Should it be old wine in new bottles?
It is the same old corporate control. It is the same feudalism. It is the same unAmerican government of the few at the expense of the many.
Should it be old wine in new bottles?
It is the same old corporate control. It is the same feudalism. It is the same unAmerican government of the few at the expense of the many.
2
Hurri-conomics 101
Help a Hurricane Victim By Giving Suffering Millionaires Another Tax Cut: Trump 2017
Ummmmm.....I don't think 'tax cuts' will helped rebuild Texas, Louisiana, or Florida, but thanks for the economically bankrupt stupidity, Donald Trump.
Greed Over People; fashionably acceptable mental illness.
Help a Hurricane Victim By Giving Suffering Millionaires Another Tax Cut: Trump 2017
Ummmmm.....I don't think 'tax cuts' will helped rebuild Texas, Louisiana, or Florida, but thanks for the economically bankrupt stupidity, Donald Trump.
Greed Over People; fashionably acceptable mental illness.
140
The tax code is terribly flawed and allows those with deep pockets to abuse the system. Tax cuts primarily help the people who don't need it.
You don't hit bedrock and just decide that it's easier to break out a jackhammer than start climbing out.
You don't hit bedrock and just decide that it's easier to break out a jackhammer than start climbing out.
6
We need a tax code that contains no deductions, therefore no way to reduce your tax bill. Plus, progressive rates that take a bigger bite the more you earn. All income, no matter what type, is taxed at the same rate. The government would look at the budget of what it wants to spend, and adjust the rates to achieve enough income to cover expenses. There you go, a tax reform plan that is simple and effective.
"Republican Plan for New Tax Code"?
Let me make a wild guess: windfall tax-cuts for the rich and big business -- and of course for the Trump family itself! -- and less money for our collapsing national infrastructure... Such suspense!
Let me make a wild guess: windfall tax-cuts for the rich and big business -- and of course for the Trump family itself! -- and less money for our collapsing national infrastructure... Such suspense!
89
Here's a little mantra for the Democrats. "No tax returns from Trump, no discussion of tax reform."
219
Exactly. If we can't know how changes to the tax code will affect him and members of his administration who have anything to do with them, then we can't allow tax reform to go forward.
Now they're adopting Trump's procedural change which will again entail a mere majority in the Senate. Brady's tax reform will be no different than the GOP's prior plans for the ACA without any input from the Dems, as McConnell previously advertised.
For the last few years, Brady has been touting a proposed tax bill, parts of which would only continue to subsidize the wealthiest in this country, and decimate the middle, working and impoverished classes. It would include not only the abolition of the federal estate tax, only applicable to multi-millionaires like them, but also provisions that would gore social security, etc., etc., etc.
There is no such thing as "trickle down". Since most of them are multi-millionaires themselves, many of whom have become rich as Congressmen and Senators, their inhumanity and greed will unfathomable for the rest of us.
For the last few years, Brady has been touting a proposed tax bill, parts of which would only continue to subsidize the wealthiest in this country, and decimate the middle, working and impoverished classes. It would include not only the abolition of the federal estate tax, only applicable to multi-millionaires like them, but also provisions that would gore social security, etc., etc., etc.
There is no such thing as "trickle down". Since most of them are multi-millionaires themselves, many of whom have become rich as Congressmen and Senators, their inhumanity and greed will unfathomable for the rest of us.
10
You know your tax proposal is weak and largely unacceptable when, before you even unveil it, you seek to pass it on a reduced number of Senate votes. Well played, GOP. November 2018 can't get here soon enough. Personally, I'm going to start tearing multiple pages from my calendar in hope of accelerating time.
118
You think 2018 will be bad GOP? Let us hope so. If the House flips, what a great event.
3
If the Democrats don't develop a positive agenda for making the lives of the working class better, instead of making excuses for why they can't support the things large majorities say they want, nothing will change in 2018.
The "plan" is as always: eliminate as many taxes for the 1% as possible without appearing to do so.
191
The middle classes and working poor are always stealing from the top 1% and it's gotta stop right now!
1
I'm looking forward to seeing this important bill become law. Because tax breaks always lead to faster growth, always pay for themselves, and always lead to more Americans leading more virtuous lives. And I hope Paul Ryan is able to contribute. His ideas on taxes and government spending will revolutionize our economy. He's like the Babe Ruth of public finance. Ryan is even better at public finance than healthcare. Just think how lucky we all are!
7
You're sarcastic, right? It's a little difficult to see that. That's why only one recommendation. I couldn't even recommend it. I wanted to be accurate. If you're indeed sarcastic make it more obvious.
6
A.G.- I agree. We need a sarcasm font!! I usually either write wink, wink or use the wink keyboard combination ;-) to indicate sarcasm. there are several diehard conservatives who post here so one is never sure if it's sarcasm or adulation!!
3
If we just don't tax rich investors they can take advantage of lots of bankruptcy opportunities to get more of the land, property, etc., in those areas.
3
This GOP tax debate is the classic example of "whose ox gets gored".
Under the Byrd Rule they cannot use simple majority of 51 votes if their tax plan explodes the debt beyond the ten-year-window. So that means cuts will have to be made (somewhere) to offset any spending areas they want to increase.
Fiscal responsibility has (supposedly) been one of the primary pillars of conservatism. And now that they control all the committee machinery in this unitary government, it will be interesting to see how closely they adhere to party ideology.
Under the Byrd Rule they cannot use simple majority of 51 votes if their tax plan explodes the debt beyond the ten-year-window. So that means cuts will have to be made (somewhere) to offset any spending areas they want to increase.
Fiscal responsibility has (supposedly) been one of the primary pillars of conservatism. And now that they control all the committee machinery in this unitary government, it will be interesting to see how closely they adhere to party ideology.
6