Quote:President Donald Trump and congressional Republicans are proposing a far-reaching, $5 trillion plan Wednesday that would cut taxes for corporations and potentially for individuals, simplify the tax system and nearly double the standard deduction used by most Americans.
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There are no details on how much it would cost, though back-of-the-envelope estimates by outside experts put the tax cuts in the range of $5 trillion over the next 10 years. The net cost to the federal debt would be far less — probably in the range of $1.5 trillion under deal put together by Senate Budget Committee Republicans — and the real battles will come as lawmakers quarrel over which tax breaks might be eliminated to help pay the balance.
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The plan would collapse the number of personal tax brackets from seven to three.

The individual tax rates would be 12 percent, 25 percent and 35 percent — and the plan recommends a surcharge for the very wealthy. But it doesn't set the income levels at which the rates would apply, so it's unclear just how much of a tax change there might be for a typical family, and whether its taxes would be reduced.
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The plan would nearly double the standard deduction to $12,000 for individuals and $24,000 for families. This basically would increase the amount of personal income that is tax-free.

Deductions for mortgage interest and charitable giving would remain, but the plan seeks to end most other itemized deductions that can reduce how much affluent families pay.
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The plan would retain existing tax benefits for college and retirement savings such as 401(k) contribution plans.

It would seek to help families by calling for an increased child tax credit and opening it to families with higher incomes. The credit currently is $1,000 per child.

Also proposed is a new tax credit of $500 to help pay for the care of the elderly and the sick who are claimed as dependents by the taxpayer.

The estate tax — which is paid by those with multimillion-inheritances — would be eliminated
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Corporations would see their top tax rate cut from 35 percent to 20 percent. For a period of five years, companies could further reduce how much they pay by immediately writing off their investments.

New benefits would be given to firms in which the profits double as the owners' personal income. They would pay at a 25 percent rate, down 39.6 percent.

Quote:There are no details on how much it would cost,

(09-27-2017 02:41 PM)Redwingtom Wrote:  This will not address the end problem which is congress spending too much money. This will only make it worse because they will have less money to spend.

Therefore, massive deficits and larger debt.

(09-27-2017 02:44 PM)WalkThePlank Wrote:  

(09-27-2017 02:41 PM)Redwingtom Wrote:  This will not address the end problem which is congress spending too much money. This will only make it worse because they will have less money to spend.

Therefore, massive deficits and larger debt.

The debt will go up anyway. I'd rather have a more robust economy and keep what I earn.

(09-27-2017 03:40 PM)Redwingtom Wrote:  

(09-27-2017 02:44 PM)WalkThePlank Wrote:  

(09-27-2017 02:41 PM)Redwingtom Wrote:  This will not address the end problem which is congress spending too much money. This will only make it worse because they will have less money to spend.

Therefore, massive deficits and larger debt.

The debt will go up anyway. I'd rather have a more robust economy and keep what I earn.

If only there were a guarantee reducing corporate taxes would improve the economy. See Kansas.

(09-27-2017 02:33 PM)Lord Stanley Wrote:  ARRRRGH!

Quote:There are no details on how much it would cost,

Americans keeping more of their hard earned money from the government is not a cost, it's a SAVINGS.

(09-27-2017 03:47 PM)WalkThePlank Wrote:  

(09-27-2017 03:40 PM)Redwingtom Wrote:  

(09-27-2017 02:44 PM)WalkThePlank Wrote:  

(09-27-2017 02:41 PM)Redwingtom Wrote:  This will not address the end problem which is congress spending too much money. This will only make it worse because they will have less money to spend.

Therefore, massive deficits and larger debt.

The debt will go up anyway. I'd rather have a more robust economy and keep what I earn.

If only there were a guarantee reducing corporate taxes would improve the economy. See Kansas.

Each time we reduce the corporate tax rate more revenue flows into the federal government. Explain that.

Quote:There are certain components that will obviously benefit the Trump family (at least two of whom work directly for Trump). Repealing the estate tax, for example, would save the Trump estate half a billion dollars by Bloomberg’s estimate — money that would then go to his heirs.

What’s more, as Wonkblog reports, Trump’s vague articulation that he’s protecting the non-rich but not the rich is not borne out by the details. “The wealthy get a tax cut,” our Heather Long writes. “They will pay only 35 percent on their income taxes (down from 39.6 percent). At the moment, this rate applies to any income above about $418,000.” If you make $500,000, in other words, you’ll save about $25,000 a year in taxes. What’s more, business gets a significant cut, which obviously benefits Trump through the Trump Organization (which still puts money in his pocket).

(09-28-2017 09:27 AM)BobcatEngineer Wrote:  Trump claims this helps middle and low income households, and not the "wealthy and well connected". He added this tax reform plan is "not good for me, believe me".

Don't believe this clown...

Quote:There are certain components that will obviously benefit the Trump family (at least two of whom work directly for Trump). Repealing the estate tax, for example, would save the Trump estate half a billion dollars by Bloomberg’s estimate — money that would then go to his heirs.

What’s more, as Wonkblog reports, Trump’s vague articulation that he’s protecting the non-rich but not the rich is not borne out by the details. “The wealthy get a tax cut,” our Heather Long writes. “They will pay only 35 percent on their income taxes (down from 39.6 percent). At the moment, this rate applies to any income above about $418,000.” If you make $500,000, in other words, you’ll save about $25,000 a year in taxes. What’s more, business gets a significant cut, which obviously benefits Trump through the Trump Organization (which still puts money in his pocket).

https://www.washingtonpost.com/news/politics/wp/2017/09/27/tax-reform-is-not-good-for-me-believe-me-trump-said-dont/?utm_term=.b1a3299b0271#comments

Can someone elaborate how this doesn't benefit Trump and his family?

(09-28-2017 09:27 AM)BobcatEngineer Wrote:  Trump claims this helps middle and low income households, and not the "wealthy and well connected". He added this tax reform plan is "not good for me, believe me".

Don't believe this clown...

Quote:There are certain components that will obviously benefit the Trump family (at least two of whom work directly for Trump). Repealing the estate tax, for example, would save the Trump estate half a billion dollars by Bloomberg’s estimate — money that would then go to his heirs.

What’s more, as Wonkblog reports, Trump’s vague articulation that he’s protecting the non-rich but not the rich is not borne out by the details. “The wealthy get a tax cut,” our Heather Long writes. “They will pay only 35 percent on their income taxes (down from 39.6 percent). At the moment, this rate applies to any income above about $418,000.” If you make $500,000, in other words, you’ll save about $25,000 a year in taxes. What’s more, business gets a significant cut, which obviously benefits Trump through the Trump Organization (which still puts money in his pocket).

https://www.washingtonpost.com/news/politics/wp/2017/09/27/tax-reform-is-not-good-for-me-believe-me-trump-said-dont/?utm_term=.b1a3299b0271#comments

Can someone elaborate how this doesn't benefit Trump and his family?

(09-28-2017 09:27 AM)BobcatEngineer Wrote:  Can someone elaborate how this doesn't benefit Trump and his family?

(09-28-2017 09:41 AM)Lord Stanley Wrote:  

(09-28-2017 09:27 AM)BobcatEngineer Wrote:  Can someone elaborate how this doesn't benefit Trump and his family?

Are you suggesting that the tax plan is only legitimate if it doesn't benefit Trump and his family?