Trump fans and tax reform

Discussion in 'Political Opinions & Beliefs' started by Sandy Shanks, Oct 12, 2017.

  1. Texas Republican

    Texas Republican Well-Known Member Past Donor

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    I don't know how much his income was, and this was a long time ago, but I remember him complaining about paying all of those income taxes back in the 1970's. He continued to work in NYC until 2003. He saw the World Trade Center buildings come down.
     
    Last edited: Oct 20, 2017
  2. Sandy Shanks

    Sandy Shanks Banned

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    Good point. There is another one the media seems to be missing. Trump is the owner of several corporations. If they drop the corporate tax from 35 to 20%, it stands to reason Trump will benefit handsomely.

    Of course, we don't really know because he won't release his tax returns.
     
  3. Sandy Shanks

    Sandy Shanks Banned

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    It was a hypothetical example. So, now we are where "a long time ago" he was complaining about taxes "back in the 1970's."

    Okay, thank you.
     
  4. Sandy Shanks

    Sandy Shanks Banned

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    Good point. I totally agree. I was referring to Trump and his inability to make up his mind (see OP). A GOP aide said Trump has six positions before noon.

    It's okay to laugh at Trump. One laughs or one cries. I prefer laughing.
     
  5. Texas Republican

    Texas Republican Well-Known Member Past Donor

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    My opinion: paying four different income taxes is excessive. It wasn't "hypothetical".

    He worked his ass off so some could sit at home and watch TV all day. Were you one of them?
     
    Last edited: Oct 20, 2017
  6. CourtJester

    CourtJester Well-Known Member

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    Not to mention making the special provision making pass through income taxed at a maximum of 25% instead of the normal bracket tax rate saving Trump personally hugh amounts of money. This is one of the biggest gifts to the rich in the whole fraudulent Trump tax scheme.

    Help the middle class my posterior. The whole plan is a scam designed to make the rich righer while grossly inflating the national debt. Now it is possible a few crumbs will trickle doen to the middle class but given the results of the Bush tax cuts it seems doubtful even that will happen.
     
  7. Sandy Shanks

    Sandy Shanks Banned

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    That is exactly my point, and, Seth, it makes no sense to me, either.

    BTW, it is not the Republican plan. It is the Trump plan, along with medical expenses, state income taxes will no longer be a deduction. We will have to pay twice on the same income.

    There ought to be a law.

    Actually, I believe there will be. Millions of Republican voters live in those eight states. Republican lawmakers won't allow their constituents to pay twice. After all, they are all bragging about how all this is for the benefit of the middle class. What will happen if middle class Republicans end up paying more taxes as a result of Republican tax reform?

    I don't know, but it won't be pretty.

    Republican lawmakers will get rid of Trump's screwy ideas about tax reform.
     
  8. Sandy Shanks

    Sandy Shanks Banned

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    Could you re-word that. I don't quite understand. I've heard about the 25%, but I'm missing something.
     
  9. Seth Bullock

    Seth Bullock Well-Known Member Past Donor

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    Sandy, Sandy, Sandy ....... *sigh*

    All Trump knows is he that he wants to sign tax cut legislation. The legislation itself is a congressional Republican Party creation.

    For eff's sake, Sandy. It is not a Trump plan. It's a Congressional Republican plan.

    You like criticizing Trump. Okay. Don't say I never criticize him. His faith in the Congressional Republican plan is misplaced. He is not a detail guy, and this is an example of where he should be a detail guy.

    Seth
     
  10. gc17

    gc17 Well-Known Member Past Donor

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    And he thinks barrycare is HC insurance. A 6-10k deductible isn't HC insurance.
     
  11. CourtJester

    CourtJester Well-Known Member

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    This will explain it better than my words could.

    " A Republican tax-cut plan due to be unveiled on Wednesday is expected to call for a new rate for "pass-through" businesses of about 25 percent, which would bring huge tax savings to millions of U.S. business owners, a lobbyist familiar with the negotiations said.

    About 95 percent of American businesses are pass-throughs such as sole proprietorships, partnerships, and S-corporations, according to the Brookings Institution, a Washington think tank. The name comes from the profits and losses of such businesses that pass through directly to their owners, unlike public corporations.


    Pass-through profits are now taxed at top individual income-tax rates as high as 39.6 percent, higher than the top corporate income tax rate of 35 percent — a disparity that pass-through business owners have long complained about."

    Apparently Trump has about 500 hundred or so of these so you can see why this is a big big saving for the really rich at the highest tax bracket. The one thing for sure is if this gift to the rich passes a lot more businesses owned by the rich will become pass throughs. For the middle class at a twenty five percent personal rate of course this saves nothing.
     
  12. gc17

    gc17 Well-Known Member Past Donor

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    I live in a county where my property taxes have been falling/not rising for years. Right now it's about a 100 a month, not a big price to live in a debt free RED county.
     
  13. Sandy Shanks

    Sandy Shanks Banned

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    Do you mean property taxes? You're kidding. Not that, too?
     
  14. Sandy Shanks

    Sandy Shanks Banned

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    Now I get it. Aw, s**t, this is getting worse. Trump wants to shaft everyone and he and everybody like him makes out.

    Congress will change it. They have to. They will just continue to ignore Trump.
     
  15. CourtJester

    CourtJester Well-Known Member

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    Your optimism is admirable. But this is a Republican congress. Remember when Republicans though executive orders were the worst thing in the world, practically treason. Or when the increasing deficit was going to saddle future generations with unbearable debt. Or when a President playing golf was equivalent to original sin. My how viewpoints change when a Republican is President.
     
    Last edited: Oct 21, 2017
  16. Sandy Shanks

    Sandy Shanks Banned

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    It is time to face facts. Trump designed his tax reform plan to benefit his base and punish those who voted against him. Simply put, Trump's tax reform plan will cut taxes for working families. It will simplify the tax code by reducing the number of tax brackets from seven to three and the first $12,000 for an individual and $24,000 for a married couple would be tax-free. It will also increase the Child Tax Credit.

    In other words, the simple man and his wife, probably a blue color worker or an hourly wage earner of some type, maybe a farmer, someone who lacks a college education, and lives in a red state with little or no state taxes, will benefit from Trump's simple tax structure. He probably can't afford a home.

    On the other hand, the middle class businessman or a professional like a doctor, lawyer, scientist, airline pilot, or teacher who lives in a blue state does not benefit. That person probably is buying a home. He and/or his wife might have medical issues, particularly if they are above the age of fifty. Because of his status and responsibilities this person has in the past filed long because of the number of deductions. College educated, this person probably did not vote for Trump.

    Under Trump's plan, state income taxes, property taxes, and medical expenses are no longer deductible. Such deductions could easily be in in excess of the standard deduction.

    Conclusion, the middle class business or professional living in a blue state with relatively high state taxes will be funding the simple man's tax benefit, the man who lives in a red state and probably voted for Trump.

    Trump's objectives are as transparent as pure air.
     
  17. Sandy Shanks

    Sandy Shanks Banned

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    No doubt you are one of those people who will benefit from Trump's tax reform ideas. It is a bit different with the Trump supporter who lives in a blue state. That is my point.
     
  18. Sandy Shanks

    Sandy Shanks Banned

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    Seth, you are wrong. All that has happened so far is that Trump has offered his plan for tax reform.

    https://www.reuters.com/article/us-...-momentum-after-u-s-budget-vote-idUSKBN1CP18W

    The Senate just paved the way for tax reform by finally passing a budget. But that hasn't happened yet. The House still needs to pass the budget. Then they will get work with hearings and so on to come up with a tax reform bill. But there is no such bill at present, no "Congressional Republican plan." The only plan on the table is Trump's.

    If you live in one of those eight states, you should be concerned. I am. Really concerned. Under Trump's plan, the top three deductions are gone.
     
  19. Sandy Shanks

    Sandy Shanks Banned

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    I just finished watching Fox News Sunday. Mulvaney was interviewed extensively concerning Trump's tax reform plan. He failed to mention the fact that state income taxes will no longer be deducted. He failed to mention property taxes will no longer be deducted. He failed to mention that medical expenses will no longer be deducted. He failed to discuss the huge difference between the millions of people living in the eight blue states with high state and local income taxes and those living in red states.

    McConnell, the Republican Senate Majority leader, was also interviewed. He failed to mention those important deductions as well.

    A CA Democrat was interviewed. Those important deductions never came up.

    When the panel began the discussion of important issues, finally, the Democrat, Juan Williams, brought up the state income tax. The moderator, the delightful Dana Perino, followed up with some helpful comments, but the next member of the panel quickly shut down that discussion and brought up the mythical fourth tax bracket again, a convenient topic earlier.

    Fox News is popular with the Trump crowd. Why, it almost seems as though they were working together with the White House to keep its listeners from learning about those vital deductions that will disappear under Trump's plan. As much as possible, Fox doesn't want Trump supporters to know that.

    One thing is for sure. We will never hear Trump or the Trump White House mention state income taxes, property taxes, and medical expenses. According to Trump, the middle class will be enriched by his tax proposals. No sense in informing them otherwise.

    One major problem with Trump. He naturally assumes the American people are as dumb as he is.
     
  20. Sandy Shanks

    Sandy Shanks Banned

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    Yes, I am the eternal optimist. I'm guessing Republicans will be hurt by those missing deductions as much as Democrats, perhaps even more so. If they are being promised tax relief, and instead they are paying more taxes, Republican lawmakers will feel the impact at the ballot box. As things stand today, members of Congress aren't too popular. A new tax law that proves to be a negative is something they can't afford right now.

    There are about 40 Republicans in Congress from those eight states. I don't think Congress will go along with Trump's plan to punish the blue states. Also, blue states can turn red, but that won't happen if the people in those states are mad as hell with Republicans.

    Trump is the dumbass. Most Republican lawmakers are pretty bright. At least they can count. That's what I am counting on.
     
  21. CourtJester

    CourtJester Well-Known Member

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    I applaud your optimism but the only people that Repblicans really answer to are the wealthy donors who buy their seats in Congress. And the wealthy are going to make out like bandits.
     
  22. Sandy Shanks

    Sandy Shanks Banned

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    Well, I hope I'm right and you are wrong. I'm old school. I still think donors can't buy an election. Ironically, we still find that is true with the election of Trump. He was elected by angry people, and the establishment, the donors, lost.

    That is a two-edged sword.
     
  23. Vet1966

    Vet1966 Well-Known Member Past Donor

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    What the hell is the poster talking about?

    There is no tax bill

    Trump presented a "package" of his ideas to the Congress .

    The congress has their own ideas.

    All of this is still at the discussion stage.
     
  24. CourtJester

    CourtJester Well-Known Member

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    Are you not paying attention. There is a Trump plan and there have been Republican plans and they are not too dissimilar. If you want to bury your head in the sand and wait for the final bill which if we are lucky the public might actually get to see a day or two before the vote good for you. The discussion stage is when public opinion matters.
     
  25. CourtJester

    CourtJester Well-Known Member

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    Actually if you look at his cabinet the establishment did just fine. Arguably the richest most politically connected cabinet in history. The wealthy and the establishment ( which by the way are pretty much the same) are doing just peachy under Trump.
     
    Last edited: Oct 22, 2017

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