Author Topic: Half of Trump Tax Cuts Go To Top 1/2 of 1%  (Read 689 times)

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #30 on: November 03, 2017, 12:06:24 PM »
With the full monty presented in the last post, I feel its time to resume the critical comment.

The NY Times editorial board has the same old same old to say about the Republican's same old same old tax scheme. Big cuts for the rich, tiny tiny pretend cuts for the middle class if they twist their returns into a pretzel, the poorest move into a higher tax bracket, and corporations, already floating in cash, get to buy more corporate jets and increase CEO pay beyond 271 times that of the average worker (2016 data). And, and, Republican candidates get a big boost in contributions from their rich donors, and they add another $2 trillion to the deficit. Go back to sleep America, nothing to get riled up about. That's right...sleep...sleep. When you wake up Republicans will be complaining about Obama's debt and how we simply MUST cut Social Security and Medicare. Our great nation can NOT afford to waste good money on such extravagances for the peons. 

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With their new bill that would slash taxes on the wealthy and blow up the federal budget deficit, House Republicans and President Trump are making it absolutely clear whom they are working for — the top 1 percent — and whom they consider dispensable. Well, that’s pretty much everybody else.

The bill, which House leaders unveiled on Thursday after weeks of back-room negotiations that only Republicans were privy to, contained multibillion-dollar gifts for corporations, Wall Street titans and rich families. While there are a few peanuts thrown at lower-income and middle-class families, many people of modest means who take advantage of deductions and credits for things like housing, state and local taxes, medical expenses and education costs could end up paying more in taxes.

At the same time, the bill would add $1.51 trillion to the federal debt over the next decade. In coming years, Republicans will surely point to that inflated debt to argue that it is imperative that Congress slash spending on infrastructure, Medicare, Medicaid and Social Security.

A Tax Plan for a New Gilded Age
https://www.nytimes.com/2017/11/02/opinion/trump-republican-tax-plan.html?ribbon-ad-idx=6&rref=opinion&module=Ribbon&version=context&region=Header&action=click&contentCollection=Opinion&pgtype=article
« Last Edit: November 07, 2017, 08:30:01 AM by Solon »
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #31 on: November 06, 2017, 10:33:38 AM »
I watched Paul Ryan lie through his teeth yesterday in his interview with Chris Wallace on Fox News Sunday. Once and for all, this is NOT in any way a middle class tax cut. The data below provides the evidence. This is not from a Democratic think tank, but the Joint Committee on Taxation, Congress’ official estimator of tax legislation,



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The Tax Cuts in the House Bill Are Overwhelmingly Skewed to the Top

The Joint Committee on Taxation (JCT), Congress’ official estimator of tax legislation, has released an estimate of how the tax bill proposed by House Ways and Means Committee Chairman Kevin Brady would change revenues at different income levels across the distribution.[1] Because the JCT estimates exclude the bill’s proposed cuts to the estate tax and present a limited set of distributional measures, understanding them requires some analysis and adjustment. But the estimates show that the tax cuts proposed in the House bill are overwhelmingly skewed to the top. They also show that some income groups, including some moderate-income households, would see tax increases (on average) in some years, in a bill that cuts taxes overall by $1.5 trillion over a decade.

...The Bill Would Raise Taxes on Many Individuals

The House and Senate adopted a budget resolution that allows them to add $1.5 trillion in tax cuts to the deficit over ten years. Overall, Chairman Brady’s bill includes tax cuts that are close to that total. Yet the JCT distribution tables show that the bill does not provide tax cuts to every income group in every year over the decade.

Specifically, the JCT estimates of the individual and business provisions show tax increases for filers with incomes between $20,000 and $40,000 from 2023 to 2025; filers with incomes between $20,000 and $30,000 in 2027; and filers with incomes between $200,000 and $1 million in 2023.[6]  JCT also presents the effects of the individual and business provisions separately. These tables show that the business tax provisions would increase taxes for all income groups in 2023, while individual income taxes would increase for filers with incomes between $20,000 and $40,000 in 2023 and each year after; and for filers with incomes between $200,000 and $500,000 in 2023 and each year after.

Joint Committee on Taxation Distribution Tables Confirm Skewed Priorities of House Tax Bill
https://www.cbpp.org/research/federal-tax/joint-committee-on-taxation-distribution-tables-confirm-skewed-priorities-of
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #32 on: November 07, 2017, 08:25:41 AM »
Now that the "plan" is available for analysis, the tax cut for the rich looks more and more like a tax increase for the middle class. Congressional Republicans are truly the party of Trump: a lie at the heart of every pronouncement, a morbid self-absorption with past policies dangerously irrelevant to the present, and a determined rejection of reality.

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Nearly half of all middle-class families would pay more in taxes in 2026 than they would under current rules if the proposed House tax bill became law, and about one-third would pay more in 2018, according to a New York Times analysis, a striking finding for a bill promoted as a middle-class tax cut.

President Trump and congressional Republicans have pitched the plan unveiled last week as a tax cut for most Americans. But millions of middle-class families — particularly those with children — would see an immediate tax increase, averaging about $2,000. Among the hardest-hit under the plan would be some of the most vulnerable taxpayers: those with huge out-of-pocket medical expenses.

By 2026, 45 percent of middle-class families would pay more than what they would under the existing tax system.

......Senator Mitch McConnell of Kentucky, the majority leader, went further, telling the MSNBC host Hugh Hewitt over the weekend that “nobody in the middle class is going to get a tax increase” under the bill.

Few independent economists find evidence to support that claim. Analyses published since the plan was introduced last week have consistently found that some middle-class families would see their taxes go up immediately, compared with existing law.

Republican Plan Would Raise Taxes on Millions
https://www.nytimes.com/2017/11/06/business/republican-plan-would-raise-taxes-on-millions.html?hpw&rref=business&action=click&pgtype=Homepage&module=well-region&region=bottom-well&WT.nav=bottom-well&_r=0
« Last Edit: November 07, 2017, 08:30:46 AM by Solon »
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

jonas_24112

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Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #34 on: November 07, 2017, 09:23:17 AM »
Krugman points out that the lazy rich are the biggest beneficiaries of the Trump tax cut. The people who just inherit their money or sit back and let the dividends flow get the biggest breaks.

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According to the nonpartisan Joint Committee on Taxation, by the time the law would be fully phased in, there would be huge income gains for millionaires — even bigger if you take repeal of the estate tax into account — with minimal benefits for a great majority of the population. In fact, tens of millions of middle- and lower-income families would end up facing tax increases, which is pretty amazing for a bill that would add $1.5 trillion to the deficit.

But just looking at how different income groups fare is only part of the story. Even among high-income Americans, the plan seems designed to reward those who don’t work for a living — or more precisely, the less you actually do to earn your income, the bigger your tax break. Business owners would owe less in taxes than high-earning professionals; passive investors, who just sit there and collect dividends, would owe less than those who at least run their businesses. And wealthy heirs, who did nothing to earn their wealth except choose the right parents, would pay no taxes at all.

Wait, there’s more. You may have heard that the plan would end the deductions for state and local income and sales taxes — which is true, if you’re an ordinary working American. But if you’re a business owner — or can pretend to be a business owner, since the law would open huge new opportunities for tax avoidance — you would still be able to deduct those taxes as business expenses.

In short, Trumpist tax policy is as elitist if not more elitist and anti-populist than the policies of previous Republican administrations.

Trump, Gillespie and the Same Old Party

https://www.nytimes.com/2017/11/06/opinion/gillespie-republicans-virginia-election.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-right-region&region=opinion-c-col-right-region&WT.nav=opinion-c-col-right-region
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #35 on: November 07, 2017, 07:52:45 PM »
Of course Republicans who worked on the tax plan knew that many in the middle class would eventually pay higher taxes. Trump can't analyze 2 + 2 and he could care less about the details of anything as long as he looks good signing it. Republicans have been successful in the past by just making stuff up--especially about the ACA.

How did cutting regulations on banks and securities work out? It resulted in the Great Republican Recession, but we were supposed to get Dow 36,000. Ditto Bush's tax cuts for the rich. What happened to all that phony "growth" and rising wages when we reaped the whirlwind for these policies in 2008. Naturally, they want to take the same idiotic actions all over again. Lying about policy effects has worked brilliantly in the past, why not now? Maybe it's because the rest of the universe understands it's not 1980 anymore.

Tax hike reports throw Republicans on political defensive

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House Republicans are on the defensive after a new analysis, the latest in a string, shows some middle-income people would see tax increases under their plan to rewrite the tax code.

While most taxpayers — 61 percent — would see their taxes fall in the next two years, almost one-fifth would pay higher taxes by 2027, the Joint Committee on Taxation said Tuesday.

Forty-six percent that year would get a tax cut while more than one-third would see only minimal changes in their tax bills, totaling less than $100.

It promises to be an explosive issue, especially given President Donald Trump and other Republicans’ promises to make the middle class the focus of their tax plans.

The JCT analysis is the second the agency has issued showing some modest-income people at risk of tax increases. The Tax Policy Center and other tax experts have come to similar conclusions.

https://www.politico.com/story/2017/11/07/gop-on-defensive-analysis-tax-hike-244642
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #36 on: November 09, 2017, 05:30:33 PM »
The Tax Policy Center has a new analysis of the House tax bill (we really can't call it a tax CUT bill anymore). It calculates that taxes will rise on 47.5 million households by 2027. Included in that group are people earning from $48,600 to $86,100 who would wind up paying $1,000 more per year. Fully one quarter of the federal income tax paying households will enjoy a TAX INCREASE.

NEARLY HALF OF ALL TAX CUTS GO TO THE TOP 1%. The first post in this thread, based on Trump's plan from wayback before the election was more generous to the very, very rich, so the House, in a spirit of generosity,  has spread the benefits to include the entire top 1%. How very democratic of them.



The GOP tax plan will raise taxes on lots of people. A new analysis shows how many.
https://www.washingtonpost.com/blogs/plum-line/wp/2017/11/09/the-gop-tax-plan-will-raise-taxes-on-lots-of-people-a-new-analysis-shows-how-many/?utm_term=.905e9ecec2b8

Brief Preliminary Distributional Analysis of the "Tax Cuts and Jobs Act"
http://www.taxpolicycenter.org/publications/preliminary-distributional-analysis-tax-cuts-and-jobs-act

The Senate Tax bill is being published today and it will offer a very different set of figures to deal with.
« Last Edit: November 09, 2017, 05:32:28 PM by Solon »
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #37 on: November 10, 2017, 06:49:17 PM »
McConnell fesses up. Mitch (The Turtle) McConnell, Paul (Ayn Rand) Ryan, Donnie (Little Hands) Trump, and other shills for the tax cut for the rich scheme promoted by Republicans have been lying left and right about their plan.. Adjusting here and there in an effort to find 50 Republican votes in the Senate and a Republican majority in the House, they have continually stated that this is a "middle class" tax cut. Every analysis by an independent organization has found that to be a ridiculous lie. It's a big tax cut for the rich and, ultimately (in the House plan), an increase for 47.5 million tax paying families--mostly from the middle class. Finally, Mitch admits that it's true for the Senate bill too.

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Mitch McConnell, the Senate majority leader, acknowledged on Friday that the Republican tax plan might result in a tax hike for some working Americans, saying he “misspoke” days earlier when he said that “nobody in the middle class is going to get a tax increase” under the Senate bill.

Senate Plan Could Increase Taxes on Some Middle-Class Workers
https://www.nytimes.com/2017/11/10/us/politics/senate-tax-bill.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news&_r=0

In acknowledging that he "misspoke", Mitch just couldn't bring himself to tell the whole truth, but a little lie is not a big giant whopper, so I guess he will settle for that.

On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #38 on: November 15, 2017, 08:11:47 PM »
In order to meet the 51-vote rule for the tax cut for the rich plan, the Republican leaders have run into problems. They can only afford to lose two Senators and still pass the bill. One has already stated he will not vote for the current proposal because there is a 2025 sunset provision on tax cuts for individuals and small businesses. Only big corporations with deep pockets to fund political campaigns get the permanent tax cut. Added to that, another Senator was openly disturbed that terminating the health insurance mandate would do immense harm to the health system. To begin with 13 million people are projected to lose insurance, but, in addition, markets would be destabilized and policy premiums would rise an estimated 10% EACH year after the bill is enacted.

If one more Republican decides to vote against the bill, it will fail. Several, including John McCain, remain uncommitted.

Democrats appear to be united against the current proposal since repeal of the health insurance mandate was added. Before that, a group was trying to find a way to work in a bipartisan way, but that attempt fell flat.

Republicans have tweaked their plans several times in the last week and the differences between the House and Senate bills have created some confusion over what would remain and what would go during the reconciliation process. Neither House nor Senate leaders can guarantee what the final compromise would look like exactly, so whatever each House eventually passes, assuming the Senate can get its 51 votes, will remain somewhat unclear, even though the bills differ only slightly. Two provisions seem certain: a permanent cut in corporate tax rates and repeal of the insurance mandate.

Republican leaders have moved the process along at warp speed in the hope of avoiding a deep analysis of the bills and a public outcry. They believe they must deliver the corporate tax cuts or their donors will not be passing out checks in 2018. One Senator has already been quoted to that effect. That, and that alone, can explain the complete absurdity of the process and proposals.

Even so, public sentiment sampled by Quinnipiac finds that voters oppose the tax scheme by 52-25 percent. There is no hiding this turkey.

GOP tax plan in trouble after Republican senator says he won’t back it
https://www.washingtonpost.com/business/economy/democrats-furious-over-new-gop-attempt-to-gut-obamacare/2017/11/15/fdc382f8-ca23-11e7-8321-481fd63f174d_story.html?tid=a_inl&utm_term=.c997b515a078

GOP lawmaker: Donors are pushing me to get tax reform done
http://thehill.com/homenews/house/359110-gop-lawmaker-donors-are-pushing-me-to-get-tax-reform-done

November 15, 2017 - Latest Massacre Drives Gun Control Support To New High, Quinnipiac University National Poll Finds; Voters Reject GOP Tax Plan 2-1
https://poll.qu.edu/national/release-detail?ReleaseID=2501
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #39 on: November 16, 2017, 12:04:41 PM »
A a report released Thursday by the Joint Committee on Taxation, Congress' official nonpartisan analysts, plainly states that the Senate tax bill will give large tax cuts to millionaires while raising taxes on American families earning $10,000 to $75,000 over the next decade.

This is even worse than previous reports on the House bill. This one is particularly harsh because it targets the poorest working Americans.

This has to rank as Trump's biggest betrayal yet. It is a direct strike against the working class. In the process, Trump is violating another pledge. He claimed that he would never cut Medicare. The welfare for the rich bill will CUT $13 billion in Medicare payments.

https://www.jct.gov/publications.html?func=startdown&id=5040%20

Senate tax bill cuts taxes of wealthy and hikes taxes on families earning under $75,000 over a decade

https://www.washingtonpost.com/news/wonk/wp/2017/11/16/senate-tax-bill-cuts-taxes-of-wealthy-and-hikes-taxes-of-families-earning-under-75000-over-a-decade/?hpid=hp_hp-top-table-main_senatetax-1125a%3Ahomepage%2Fstory&utm_term=.b758c78e9bce

Another blow against the administration's claims for corporate tax cuts was on video. A group of CEO's were in a meeting with Gary Cohn when they were asked for a show of hands for how many of them would invest the tax cuts in their businesses. Very few hands went up. It was a humiliating blow to the primary economic argument for the tax cut. With no investment there is no growth, no new jobs, no wage increases, no NOTHING but salary increases for CEO's and stock buybacks. The latter two items have been occurring since the end of the Great Republican Recession and corporations have been swimming in profits. 

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Many CEOs did not raise their hands when asked about whether they would increase their capital expenditure because of the GOP's tax reform plan.

The CEOs were gathered at an event with Gary Cohn hosted by the Wall Street Journal.

There's little evidence to support the claim that tax breaks boost employment.

CEOs raise doubts about Gary Cohn's top argument for cutting the corporate tax rate right in front of him
https://www.cnbc.com/2017/11/15/ceos-raise-doubts-about-gary-cohns-top-argument-for-cutting-the-corporate-tax-rate-right-in-front-of-him.html

« Last Edit: November 16, 2017, 12:18:40 PM by Solon »
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

Common Sense

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #40 on: November 16, 2017, 12:59:32 PM »
Well, agent Orange will be on Capitol Hill today talking with the House GOP to get this thing passed. And IF it gets passed just watch for him to have another White House rose garden party about how he changed the tax code, and tax reform, and a big hooplah party BEFORE it even goes to the Senate.

Just like he did when the House passed the 1st attempt at killing the ACA/Obamacare.
"It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something." - POTUS #32

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #41 on: November 17, 2017, 12:09:44 AM »
It's a fact that US multi-national corporations have been making huge profits since the Great Republican Recession. It has been reported repeatedly that virtually ALL of the profits since the recovery began have gone to the top 1%--the people with major stock holdings. So why, why does the Republican party believe that corporations and the people who are major share holders and the people who run them, need a tax cut. They are millionaires and billionaires. CEO's made clear to Cohn that they are NOT going to invest in new production or hire more workers. Indeed, they may cut production because the workers will have less money to spend since their taxes are going up!

What makes this even more incredible is that people in Henry County vote overwhelmingly for this policy and the people who pursue it. I guess it must be that the good people of HC are opposed to all that liberal social policy so much so that they would give up their health insurance, pay higher taxes, and strangle their future and that of their children to prevent gay marriage, abortions, and transgenders in the military. But, guess what? It's all for nothing. Gay marriage is constitutionally protected; abortions have been happening since women have been getting pregnant whether safely in hospitals and clinics or unsafely in backrooms and basements; and transgenders are still serving in the military in spite of Trump's tweets. The stern face of social probity has had absolutely no effect. Do you think maybe you have been snookered by Republicans? Even more astonishing is with all the tough talk about immigration, the Obama administration expelled more illegals on average than Trump during a similar time period.

They control both houses of Congress, the presidency, the Supreme Court and yet...the major effort of the party is to cut off health insurance for millions of average people and raise their taxes while cutting taxes for corporations and the wealthiest people in the country. Even more distressing is that Conservatives are supporting the legalization of marijuana in more and more states. It is a good source of tax revenue and it will ease the incredibly expensive cost of incarcerating millions of people. We currently have by far the highest incarceration rate of any major country in the world. 

Don't you think it is time to judge people by what they do rather than by what they say?

Nah, just go back to sleep.

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There's an easy way to tell the Republican tax plan from the Republican health-care plan.

The first one would cut the corporate tax rate to help mostly wealthy investors, and pay for some of that by cutting health-care spending for the poor and the middle class. The second one, on the other hand, would cut health-care spending for the poor and the middle class to pay for the capital-gains tax cuts it would give to mostly wealthy investors. See the difference?

Now, there are a lot of ways to think about the GOP's latest tax bill, but the simplest one is this: It would temporarily cut taxes for the middle class the next 10 years (while actually raising them on a number of the working class), before turning into a permanent tax hike on them to help pay for its permanent cuts to corporate taxes. In all, the budget scorekeepers at the nonpartisan Joint Committee on Taxation (JCT) estimate that the Republican plan would, on average, force households making $75,000 to start paying higher taxes by 2027 at the latest. Households making between $10,000 and $30,000 would actually face higher tax bills beginning in 2021.

Republicans only have one plan. Sometimes they call it “tax reform.” Other times “health-care reform.”
https://www.washingtonpost.com/news/wonk/wp/2017/11/16/the-republican-tax-plan-looks-a-lot-like-the-republican-health-care-plan/?utm_term=.9442b585b8ad
« Last Edit: November 17, 2017, 12:19:06 AM by Solon »
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #42 on: November 18, 2017, 01:29:42 AM »
Senate Finance Committee Chairman, Orrin Hack..er..Hatch grew up poor and he is sick and tired of hearing it said that the tax bill he and his fellow Republicans are putting out is nothing but a big fat tax cut give away to the rich and a knife in the back to people he used to know 60 years ago. Instead of saying it, we will let the non-partisan Joint Committee on Taxation show it in graph form.

The effect of the Senate tax "reform" bill will result in poorer people having higher taxes by 2027 and rich people having lower taxes. The graph shows this in after tax income estimates where the poor have less income and the rich have more income as a result of the plan. The richer you are the higher your percentage of gain.

How does this make sense in a country that has the highest wealth inequality in its history as it continues to grow at an increasing pace. This tax "reform" only makes it worse.



JCT Estimates: Amended Senate Tax Bill Skewed to Top, Hurts Many Low- and Middle-Income Americans
https://www.cbpp.org/research/federal-tax/jct-estimates-amended-senate-tax-bill-skewed-to-top-hurts-many-low-and-middle
On some great and glorious day, the plain folks of the land will reach their heart’s desire at last, and the White House will be occupied by a downright fool and a complete narcissistic moron.
...H. L. Mencken