I have made a career out of individual income tax planning for the extremely wealthy. They don’t need more help getting rich.
Here are a few tips to Trump to actually help the middle class:
-increase the amount that can be put into a daycare FSA that actually reflects the amount of childcare, for example a maximum a $24,000 per dependent child
-allow Medical and Daycare FSA contribution amount to be changed at any point in the year so they function like an HSA account
-much higher HSA account limits so that a middle tax tax payer can put enough in the account at any point in the year to cover ALL out of pocket medical expenses
-above the line deduction for mortgage interest for Taxpayers with an AGI under a certain threshold
-remove the cap of $10,000 of state tax deduction per tax return for taxpayer under a certain AGI
-increase the earned income tax credit dramatically
Now, how do we pay for theses? Here are some suggestions:
-disallow back door Roths
-disallow the deductibility for HSA at a certain very high income level
-make oil and gas investments subject to the passive activity limitations
-eliminate carried interests
-reinstate the phase out of itemized deductions
-reinstate the highest tax bracket of 39.6%
-introduce higher capital gains rate of 25%
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Good grief, doesn't the GOP have any imagination? Tax cuts, increased military spending, trickle down economics. Jeez.
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"Fool me once, shame on you; fool me twice, shame on me.”
And Lord knows, we've got a LOT of fools in this country. Keep waving those MAGA hats and cheering for, well, you know ......
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Donnie, Donnie, Donnie! I already know where you're going to get the money for your generous tax cut for us middle classers. Why it's going to come for the Medicare fund, or the Social Security fund. The Savior giveth and taketh away. Shrewd, but not shred enough. As a late REAL president once commented, "You can't fool all of the people all of the time."
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@Windwolf
No, but Trump can fool most of the Republicans most of the time.
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"Republicans insisted that the new law would buoy their prospects in the midterms."
Another tax cut announcement, huh? And just before an election day. Isn't that what we used to call "buying our vote"???
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No different than Sanders buying votes with an offer of free college or JFK promising that if he were elected, he’d broaden and raise the minimum wage.
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@From Where I Sit
I was talking about timing. As far as free college is concerned, I've lived in countries that have it, and guess what? It worked!! Be careful you don't confuse the best European socialism with communism. For the record, we already have socialized medicine in this country. It's called Medicare -- or for the military, Tricare. I have both, and they're great!
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Promises, promises, promises and nothing but out and out theft.
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Because the deficit isn't high enough yet? I thought Republicans worried about deficit spending. Oh right, only when Democrats are in office.
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So am I wrong to draw the conclusion that the pitching of a 'middle income' tax cut is an implicit confirmation that the previously passed tax reform was intended for the ultra-wealthy?
Not that we didn't already know this, but it seems as though he is just coming right out and saying it!
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I so wish that our election was held right after tax season when every American has just seen the results of the last tax cut and how much they pay every year. Or the total due from tax table changes, so it looked like you got a tax break before the election. How does the GOP get away with the same old tax cut dodge with the voters?
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As Trump well knows, this is the American way: live high on borrowed money and pass the debt on to someone else, in this case our children. Add this to the burden of college debt, and wonder why when the economy crashes. We're all about greed and welfare mentality.
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The Republicans said that last year's tax cut was for the middle class. Did they not receive the promised net take home pay increase? If they did, why another middle class tax cut? Neither Trump nor the Republicans have any intention to help the middle class !
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He's running the country like the Trump Organization. Live large until you go bankrupt & then seek foreign money.
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More lies to ensure the party stays in control. He likely even KNOWS this is never going to happen, but he dangles it out there to win favor among those who will never question a single word the man states.
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"Independent analyses show they [the Republican tax cuts] are disproportionately helping high earners — particularly high-earning white Americans":
Oh -- so the tax cuts discriminated against high-earning non-whites?
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Apparently the deficit isn’t high enough to suit the republicans. Yeah, let’s give the wealthy another tax cut and do away with Social Security, Medicare and Medicaid all together. Maybe when every senior and poor person in America starves to death they’ll finally be satisfied.
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This is coupled, I suppose, with McConnell's idea of "fixing" Social Security retirement pensions and Medicare retirement health insurance (he calls these "entitlements"—I call them a pension and prepaid health insurance into which I contributed for over 4 decades). By "fix," he means lowering benefits in the first case and discontinuing in the second. And where will the money really go from a "tax cut": as usual to corporations, their share holders, and the very wealthy. The rest of us can eat cake.
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Between this tax malarkey and the Republicans recent conversion to protecting pre-existing health conditions, the desperation of conservatives reeks to high heaven.
VOTE.
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Trump knows that republican voters are like Pavlov's dogs, they respond to the words "tax cut" and run out to vote. When they discover only the rich profit from the tax cuts and the deficit climbs, they go back home and wait for the next Trump rally and the next "tax cut" for the middle class.
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After the midterms, this ploy won't be seen again until a couple months before the 2020 election.
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This from the same guy who promised a wall the Mexicans would pay to build? When will we hear that other countries should pay the US tax bill? At least that might address the deficit. Implicitly anyone who buys US treasuries is paying for the US deficit and it remains to be seen how long anyone will be so bold as to imagine their money is safe. Trump's biggest ever default? He'd boast of it.
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I guess the unfolding GOP deficit run-up ..projected to top $1 trillion in 2019 ... isn't making America great fast enough, so Trump wants to give it boost.
As a factual matter, when you look at annual change in real federal deficit and/or on a per capita basis over the post-war period since Ike, deficit growth over GOP tenures far exceeds the Dems. The GOP has been the party of deficits for a very long time.
So this shouldn't surprise anyone paying attention.
MAGA!!!
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