Trump's Tax Plan - Everyone Pays Less and Deficit Will Drop

[Jimmy Higgins]

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It is well known that the American tax code is very complicated, approximately 75% as complicated as the NFL Rule Book, which is the standard used to determine how complicated something is.

So the Republicans, fresh off their latest defeat, have released a new tax code reform plan, that would drastically simplify the tax code. Taxes would be dropped heavily for everyone. Now, when I say everyone, I mean people that have really good tax accountants/lawyers. The proposal includes doubling the deduction for individuals and families (which while technically a tax cut, isn't that much), it certainly wouldn't have the same financial affect of say killing the Alternative Minimum Tax! Also, the tax rate for the wealthy will go down, while it might actually go up for some families. That'll likely be covered by the higher deductible, however, when the wealthy get a 5% drop in their tax rate, seems odd to see a person making $50k get a bump up in his tax rate.

And corporation tax rates will be dropped... though a committee will be put together to eliminate certain corporate tax credits and breaks. Yeah, six months of secret negotiations and they have no idea what they'd get rid of.

But the best thing is this. Poor people pay less, middle class pay less, the wealthy pay much less, corporations even pay less in taxes and it helps cut the deficit.

Now! I know what you are thinking, how can revenue drop and the deficit decrease as well? Well duh... economic growth! And boy, will this generate a lot of economic growth... because the Republicans say it will. Now, now... you might say we've been sold this bridge in the early 80s and 00s and it didn't quite work out... at all. But you aren't taking into account diarrhea smoothing, dynamic bullshit, accounting voodoo, and flat out fucking lies.

Not only does it balance (deficit neutral bitches!!!), it cuts the deficit.

 

[sharon45]

Neither party seems anyway near concerned enough with the deficit.

 

[bilby]

Neither party seems anyway near concerned enough with the deficit.

On the contrary, the US budget deficit is nowhere near large enough to be worthy of the slightest concern.

The problem is that everyone 'knows' that you can't spend more than you earn, and they don't have a clue that this is utterly irrelevant to the budgets of sovereign currency issuing nation states, which (surprise!) are not much like households from a budgetary perspective.

Worrying about deficits makes a good distraction from the provision of big tax cuts to the wealthy, and the cutting of benefits to the poor is easily excused as 'fiscal responsibility' or 'unavoidable austerity', but it's really not - it's just ideological crap.

The GOP want to be harsh to poor people because they believe (against all evidence) that this leads to good outcomes (at least for their mates). They can't expect cruelty to be a popular policy, but calling it 'responsibility' or 'living within our means', is a much more popular approach - despite being the exact same thing.

It's noticeable that, while there's never enough money for increasing (or even keeping the current level of) assistance to poor folks, when they are deciding whether or not to spend a few trillion on weapons systems or invasions of foreign nations, nobody even mentions the cost - they decide to go to war (or not) based on foreign policy, not fiscal policy.

 

[sharon45]

The GOP want to be harsh to poor people because they believe (against all evidence) that this leads to good outcomes (at least for their mates). They can't expect cruelty to be a popular policy, but calling it 'responsibility' or 'living within our means', is a much more popular approach - despite being the exact same thing.

Both parties want to be harsh to the poor using different methods, and I do want the government to live within its means in order to finally change all of that quarreling corruption.

It's noticeable that, while there's never enough money for increasing (or even keeping the current level of) assistance to poor folks, when they are deciding whether or not to spend a few trillion on weapons systems or invasions of foreign nations, nobody even mentions the cost - they decide to go to war (or not) based on foreign policy, not fiscal policy.

I specify the price, in blood, time, reputation, and treasure.

 

[ideologyhunter]

Anyone who believes in the possibility of a low-tax super power is coo-coo.

 

[Horatio Parker]

Again, a country that runs a $500B or so annual trade deficit, must run a govt deficit of at least an equal amount, or private financial assets will be drawn down.

The amount of deficit beyond the trade deficit is minuscule; govt spending is too low. Tax cuts are a good idea, but the wrong taxes will be cut.

A payroll tax holiday would be an effective way to generate growth. But don't hold your breath.

 

[Elixir]

Deficit hysteria aside, anyone who thinks that any "tax plan" put forth by the rethuglicans is going to benefit the middle class, and NOT bestow huge gifts upon those who don't need it, is massively deluded.

The current tax plan scam is tailor made for the Cheato clan - get rid of the AMT (ka-ching - $38m right into Cheato's pocket, solely from the one page of tax returns we've actually seen), kill off the inheritance tax (KA_CHING! BILLIONS back in the pockets of Cheato Junior and siblings, to preserve the cheato dynasty for fucking ever), knock down the corporate tax rate (KA-SUPER-CHING! Trump companies laugh all the way to the bank).

Meanwhile, back in middle class reality... be fucking grateful for the extra $200/mo you might have in your pocket.

 

[Jimmy Higgins]

Deficit hysteria aside, anyone who thinks that any "tax plan" put forth by the rethuglicans is going to benefit the middle class, and NOT bestow huge gifts upon those who don't need it, is massively deluded.

The current tax plan scam is tailor made for the Cheato clan - get rid of the AMT (ka-ching - $38m right into Cheato's pocket, solely from the one page of tax returns we've actually seen), kill off the inheritance tax (KA_CHING! BILLIONS back in the pockets of Cheato Junior and siblings, to preserve the cheato dynasty for fucking ever), knock down the corporate tax rate (KA-SUPER-CHING! Trump companies laugh all the way to the bank).

Meanwhile, back in middle class reality... be fucking grateful for the extra $200/mo you might have in your pocket.

Based on what I've read, families with more than one kid will likely lose out. This isn't a tax break that'll benefit the wealthy. It is a Government giveaway to the wealthy.