Trump administration considers tax cut for the wealthy

[hollodero]

(08-03-2018, 05:35 PM)PhilHos Wrote: You have to remember that the vast majority that go into politics (at least, at the federal level anyway) were wealthy before they were elected. 

OK, maybe so. I wouldn't consider that a particularly good develepment though. And less pay for politicians would further amplify that trend. 

Politics shouldn't turn into a hobby only the rich can afford.

[Devils Advocate]

(07-31-2018, 12:28 PM)GMDino Wrote: Hyperbole!

He only "said" it.  We can only care about things he actually does! 


All seriousness aside how dumb are these guys to even talk about such things?  I mean I understand that Trump defenders/supporters don't care what he says or does even if it hurts them, but really, how dumb are they?

Or how dumb are we the people to allow it?

[Yojimbo]

Dug up this old thread due to recent news that the GOP tax cut will not pay for itself (only 30%) and that companies did not go on a hiring blitz or investment blitz after getting the tax cut and its lead to the 5th largest budget deficit in U.S. history.

https://splinternews.com/shocker-the-tax-cuts-didnt-trickle-down-1832126198/amp

https://www.nbcnews.com/news/amp/ncna963411

https://news.google.com/articles/CAIiEABacULwoFBYBQWDLgHL558qFQgEKg0IACoGCAowt6AMMLAmMJSCDg?hl=en-US&gl=US&ceid=US%3Aen

[GMDino]

(01-28-2019, 05:24 PM)Yojimbo Wrote: Dug up this old thread due to recent news that the GOP tax cut will not pay for itself (only 30%) and that companies did not go on a hiring blitz or investment blitz after getting the tax cut.

https://splinternews.com/shocker-the-tax-cuts-didnt-trickle-down-1832126198/amp

https://www.nbcnews.com/news/amp/ncna963411

https://news.google.com/articles/CAIiEABacULwoFBYBQWDLgHL558qFQgEKg0IACoGCAowt6AMMLAmMJSCDg?hl=en-US&gl=US&ceid=US%3Aen

Yes but these are just stories....might as well be fairytales! 

All seriousness aside none of DJT's supporters will care.  They only care that he tell them every day how well the stock market is doing because one day they hope to have enough money to invest in the stock market.  

[Benton]

(01-28-2019, 05:24 PM)Yojimbo Wrote: Dug up this old thread due to recent news that the GOP tax cut will not pay for itself (only 30%) and that companies did not go on a hiring blitz or investment blitz after getting the tax cut and its lead to the 5th largest budget deficit in U.S. history.

https://splinternews.com/shocker-the-tax-cuts-didnt-trickle-down-1832126198/amp

https://www.nbcnews.com/news/amp/ncna963411

https://news.google.com/articles/CAIiEABacULwoFBYBQWDLgHL558qFQgEKg0IACoGCAowt6AMMLAmMJSCDg?hl=en-US&gl=US&ceid=US%3Aen

Unfortunately, it'll likely not gain much traction. Neither side cares about the deficit or inproving quality of life

[*michaelsean*]

(01-28-2019, 05:39 PM)Benton Wrote: Unfortunately, it'll likely not gain much traction. Neither side cares about the deficit or inproving quality of life

Well as I mentioned in a previous thread, doubling the standard deduction will do a lot of good for a lot of people not in the top bracket.

[GMDino]

In relation to his supporters not caring:  There was a story on NPR this morning about manufacturing in Ashtabula OH.  

One owner said 

Quote:"I don't agree with all that he's done and definitely some of his methods sometimes. I think if you take him at his word, he does have the American worker at heart. I think he is concerned about America."

Therein lies the problem.  If anyone takes this proven conman and liar "at his word" at this point they fall under the "you can fool some of the people all of the time".

[Belsnickel]

(01-28-2019, 10:31 PM)michaelsean Wrote: Well as I mentioned in a previous thread, doubling the standard deduction will do a lot of good for a lot of people not in the top bracket.

What's interesting is that I was listening to NPR while working a little late, yesterday, and there was a discussion about how there will be a sizeable segment of the population that will be seeing a tax bill when they were used to seeing a refund. The reason is because of the change in the standard deduction and the updated withholding tables not adequately taking into account how these changes will effect people that itemized.

[*michaelsean*]

(01-29-2019, 10:52 AM)Belsnickel Wrote: What's interesting is that I was listening to NPR while working a little late, yesterday, and there was a discussion about how there will be a sizeable segment of the population that will be seeing a tax bill when they were used to seeing a refund. The reason is because of the change in the standard deduction and the updated withholding tables not adequately taking into account how these changes will effect people that itemized.

They shouldn't be middle class or even probably upper middle class.  If you are married filing jointly, you are getting $24,400.  That's a hard number to get to itemizing.

[Belsnickel]

(01-29-2019, 11:08 AM)michaelsean Wrote: They shouldn't be middle class or even probably upper middle class.  If you are married filing jointly, you are getting $24,400.  That's a hard number to get to itemizing.

Unfortunately, they didn't discuss their income or the specifics around what caused the discrepancy. However, based upon context clues these were salary workers that were likely in the middle class segment. I have looked around to learn more about this, because NPR made it seem like it would not be an uncommon thing this year.

[Yojimbo]

We’ll have to wait until the numbers come in, but during the tax cut debate, it was theorized that people making between $75k-$250k would get the hardest.

[*michaelsean*]

(01-29-2019, 11:11 AM)Belsnickel Wrote: Unfortunately, they didn't discuss their income or the specifics around what caused the discrepancy. However, based upon context clues these were salary workers that were likely in the middle class segment. I have looked around to learn more about this, because NPR made it seem like it would not be an uncommon thing this year.

Well I know SALT has been capped at $10,000 but I can't imagine that hurting middle class people.  There's probably something about the changes I'm not aware of.

[*michaelsean*]

Found it. They got rid of the personal exemptions. Yeah that changes a lot. Thought it sounded too god to be true but didn't investigate.

[*michaelsean*]

So if you have two kids, if you took the standard deduction and exemptions you are looking at about $28,000. Now it's $24,000. If you had itemized deductions of say $15,000 you got around $31,000. Now $24,000. That's what i get for reading the headlines.

[*Nately120*]

(01-29-2019, 10:33 AM)GMDino Wrote: In relation to his supporters not caring:  There was a story on NPR this morning about manufacturing in Ashtabula OH.  

One owner said 




Therein lies the problem.  If anyone takes this proven conman and liar "at his word" at this point they fall under the "you can fool some of the people all of the time".

You gotta take Trump at his word...unless he's bragging about doing sex-offender stuff, because that's just locker room talk.  Otherwise, take him at his word.