Author Topic: Half of Trump Tax Cuts Go To Top 1/2 of 1%  (Read 787 times)

Solon

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Half of Trump Tax Cuts Go To Top 1/2 of 1%
« on: August 17, 2017, 06:21:29 PM »
Populists critics denounced the Democratic and Republican parties for fostering the gross inequality that plagues the country and voted for Trump to restore justice for the average guy. Guess what? You have been had. Yes, those ex-Democrats who put Trump in power are about to get the shaft by the biggest liar in presidential history.

Trump's tax cut proposal was analyzed by the Institute on Taxation and Economic Policy and, no surprise, Trump would heavily reward himself and others in his tax bracket. The average guy gets a pittance. This would ultimately make US income inequality the highest in the world. Currently, the US ranks 23rd out of 30 developed countries for inequality.

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A tiny fraction of the U.S. population (one-half of one percent) earns more than $1 million annually. But in 2018 this elite group would receive 48.8 percent of the tax cuts proposed by the Trump administration. A much larger group, 44.6 percent of Americans, earn less than $45,000, but would receive just 4.4 percent of the tax cuts.

The first group, the millionaires, would receive an average tax cut of more than $217,000 in 2018, equal to 7 percent of their income. The second group, those making less than $45,000, would receive an average tax cut of just $230, equal to less than one percent of their income.



Nearly Half of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million Annually
https://itep.org/trumpmilprelim/

U.S. Ranks 23rd Out of 30 Developed Countries for Inequality
https://www.theatlantic.com/business/archive/2017/01/wef-davos-inequality/513185/
« Last Edit: October 22, 2017, 08:19:27 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 #1 on: August 19, 2017, 04:12:44 PM »
Bannon may have helped Trump craft his winning populist appeal, but he failed miserably in governance. He was responsible for the disaster of the first travel ban and that, no doubt, was sufficient to diminish his influence almost immediately. Trump also admitted to the Mexican president that the build-a-wall nonsense was rhetoric with a high price tag. A governing strategy would have been to pursue the infrastructure promise as the first legislative priority. Bannon couldn't pull that off because Trump is a phony populist. If Bannon believes otherwise then he is as big of a sucker as the dumbest redneck. Trump went with the Congressional Republican priorities because he cares about the bottom line--his bottom line. The objective in taking up the repeal of Obamacare first was to extract a trillion dollars in taxes and roll that into the tax "reform" plan that would accomplish exactly what the plan described in the first post does: put hundreds of thousands of dollars in Trump's pocket and that of other very wealthy people. The "middle class" tax cut promised by Bannon's Trump is a fraud. Only if the middle class family earns 2 million dollars per year or more is Trump's tax cut for them.

Bannon's departure may get a lot of attention from the media, and he may prove to be an effective publicity hound in his alt-right afterlife, but he was a failure in the White House. He failed not only for his own deficiencies, but because of the insincerity of his boss who deceived the electorate with populist bombast, but governed to benefit his own pocketbook. See chart in post #1. 
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 #2 on: August 21, 2017, 07:58:53 AM »

Trump's betrayal of his working class voters has been a theme from the beginning of his administration. Trump was a fraud from Day One. The Wall and the Muslim Ban qua Travel Ban were never going to help the working class. The attacks on immigrants will not raise the wages or provide health insurance for the workers whose income has been frozen or declined since Reagan. So how will Trump continue to stab average Americans in the back?

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His agenda, such as it is, amounts to reverse Robin Hood with extra racism — the conventional Republican strategy of taking from struggling families to give to the rich, while distracting lower-income whites by attacking Those People, with the only difference being just how blatantly he plays the race card.

...Looking only at taxing and spending, then, one might conclude that the conservative economic agenda has largely failed. But here’s the thing: While the rich still pay taxes and the safety net has in some ways gotten stronger, the decades since Reagan have nonetheless been marked by vastly increased inequality, with stagnating wages for most, but soaring incomes for a tiny elite. How did that happen?

Yes, globalization probably played some role, as did technology. But other wealthy countries, just as exposed to the winds of global change, haven’t seen anything like America’s headlong rush into a new Gilded Age. To understand what happened to us, and in particular to American workers, you need to look at policy — and especially the kind of policy that often flies under the media’s radar.

Take one example, covered a few months ago in a striking Times essay: the decline in the fortunes of truck drivers, whose pay used to make them members of the middle class. No more: Their real wages have fallen about a third since the 1970s, with most of the decline taking place during the Reagan years.

Now, globalization and technology haven’t destroyed trucking jobs; on the contrary, the industry is facing a labor shortage. What happened to truckers was, basically, the collapse of their bargaining power due in part to a changed ideological climate — not least at the National Labor Relations Board — that encouraged private employers to fight unionization, and in part to deregulation that undercut the position of unionized firms.

Take another example, at the opposite end of the spectrum: Does anyone doubt that financial deregulation played an important role in surging incomes at the very top of the income distribution?

Which brings us back to Trump and the effect he’ll have on America’s working class. Right now it looks as if he may have much less impact on taxing and spending than most people expected. But other policies, often made administratively by federal agencies rather than via legislation, can matter a lot.

True, Trump failed in his attempt to appoint a deeply anti-labor fast-food executive to head the Department of Labor. But the fact that he even tried to appoint Andrew Puzder tells you a great deal.

...As long as he’s in office, he retains a lot of power to betray the working people who supported him. And in case you haven’t noticed, betraying those who trust him is a Trump specialty.

What Will Trump Do to American Workers?
https://www.nytimes.com/2017/08/21/opinion/trump-american-workers-jobs-policy.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-left-region&region=opinion-c-col-left-region&WT.nav=opinion-c-col-left-region&_r=0
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 #3 on: August 21, 2017, 02:44:11 PM »
Whats will Trump do for workers?

Complain about the media.

Then blame Democratic obstructionist.

Then complain about the media.

Then play golf.

Then fire one of his staffers.

Then complain about the media.
« Last Edit: August 21, 2017, 05:55:44 PM by Common Sense »
"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

Steven

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #4 on: August 21, 2017, 03:57:56 PM »
Charlie Sheen would call that WINNING!

Common Sense

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #5 on: August 21, 2017, 05:56:38 PM »
Charlie Sheen would call that WINNING!

Yessir indeed! Speaking which I want to hear Mr. Charlie's thoughts on the current Presidency, issues of the world, and more.
"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 #6 on: September 28, 2017, 10:28:25 AM »
Trump went to Indiana to tout the NEW Republican tax plan as the Middle Class Miracle. Yes, it would be a miracle if it did anything to help the middle class. Brookings (anyone can read this...no paywall) offers a first look at the new plan same as the old tax plan. Over the long term it would take an estimated $5.8 trillion out of federal revenues and replace it with phony predictions of miraculous economic growth. Still, much of the real work remains to be done. Congress is supposed to come up with the tax breaks to cut out of the code. Since most of those "loopholes" are designed to help their rich donors, expect the effort to crash and burn. My prediction is that most of the "loopholes" chosen to cut will be deductions that benefit middle class tax payers.

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The Trump-GOP tax plan released today gives an enormous tax cut to wealthy people and corporations. These tax cuts have been a top priority for Republican leadership, despite the fact that...corporate tax breaks are among the least popular things the government can do, and most Americans think wealthy people should be paying more, not less. More tax cuts for very rich people are back without popular demand—and it remains a terrible idea.

...Self-interested millionaires and billionaires will smile at the elimination of the AMT and the estate tax. A new loophole for “pass-through” businesses will reward little mom-and-pop shops like the Trump Organization. Other beneficiaries include multinational corporations that have been hiding their profits overseas.

Back without popular demand: Tax cuts for the wealthy and corporations
https://www.brookings.edu/blog/fixgov/2017/09/27/back-without-popular-demand-tax-cuts-for-the-wealthy-and-corporations/?utm_campaign=Brookings%20Brief&utm_source=hs_email&utm_medium=email&utm_content=56792349

More on the Republican tax plan.

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the president offered no measure of the plan’s cost and scant detail about how working people would benefit from a proposal that has explicit and substantial rewards for wealthy people and corporations, including the elimination of taxes on large inheritances and deep reductions in the rates paid by businesses large and small.

After months of secret talks among Republicans, the nine-page proposal produced by the so-called Big Six working group prompts as many questions as it provides answers. Without more details, it is difficult to show how middle-income families will see the most benefit from the tax overhaul — or if it will favor the richest Americans.

...On the individual side, the plan would collapse the tax brackets from seven to three, with tax rates of 12 percent, 25 percent and 35 percent, the president said. The current top rate is 39.6 percent and the lowest rate is 10 percent. The framework also gives Congress the option of creating a higher, fourth, rate above 35 percent in the tax plan to ensure that the wealthy are paying their fair share.

The plan aims to simplify and cut taxes for the middle class by doubling the standard deduction to $12,000 for individuals and to $24,000 for married couples filing jointly. That would allow people to avoid a complicated process of itemizing their taxes to claim various credits and deductions. It would increase the child tax credit from $1,000 to an unspecified amount, and create a new $500 tax credit for non-child dependents, such as the elderly.

Provisions such as the alternative minimum tax and the estate tax, a levy on inherited wealth that Mr. Trump has derided for years, would be gone under the Republican proposal.

The proposal calls for reducing the corporate tax rate to 20 percent from 35 percent, a shift that supporters say is needed to make American companies more competitive with their counterparts around the world.
Trump Proposes the Most Sweeping Tax Overhaul in Decades
https://www.nytimes.com/2017/09/27/us/politics/trump-tax-cut-plan-middle-class-deficit.html?action=click&contentCollection=Politics&module=RelatedCoverage&region=EndOfArticle&pgtype=article

Of course, the sequester of the Obama years, designed to prevent the growth of the debt, is no longer a priority for the Republican deficit hawks who have folded their wings in expectation of big tax cuts for their donors.

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For years, Republican lawmakers lamented the soaring national debt, pressing for spending cuts and clinging to the mantle of fiscal responsibility. But last week, Senate Republicans hammered out a deal to allow for as much as $1.5 trillion in tax cuts, betting that supercharged growth will make up for lost revenue, a potentially dubious prospect. The tax plan outlined Wednesday by the White House and Republican leaders in the House and Senate could cost more than $2 trillion over the next decade, according to a preliminary estimate by the Committee for a Responsible Federal Budget.

With Tax Cuts on the Table, Once-Mighty Deficit Hawks Hardly Chirp
https://www.nytimes.com/2017/09/28/us/politics/trump-tax-cuts-deficit-republicans-congress.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news&_r=0

Trump claims he will not benefit from the tax bill. LOL. LOL. LOL. By ending the AMT he could have saved $31 million just in the one year for which we have his tax returns. Of course he and his family will benefit enormously from the end of the estate tax. There are other provisions that will benefit his business.
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“I’m doing the right thing and it’s not good for me, believe me. … We are also repealing the alternative minimum tax, or AMT.”

Trump’s claim that he would not benefit from the tax plan is not credible. Of course, he has not released his tax returns, so it is difficult to know for sure. But he is certainly subject to the AMT — and the one recent tax return that has been leaked, from 2005, shows that the AMT increased his tax bill from about $5.3 million to $36.5 million. So at least in that tax year, he potentially could have saved $31 million.

....“To protect millions of small businesses and the American farmer, we are finally ending the crushing, the horrible, the unfair estate tax, or as it is often referred to, the death tax.”

The president’s suggestion that “millions” of small businesses and farms are affected by the estate tax is absurd. According to the nonpartisan Tax Policy Center, only about 5,500 estates in 2017 — out of nearly 3 million estates — would have to pay any taxes. About half of estates subject to the tax would pay an average tax of about 9 percent. That’s because for a married couple, about $11 million is exempt from taxation.

Only 80 — that’s right, 80 — taxable estates would be farms and small businesses.

Fact-checking President Trump’s tax speech in Indianapolis
https://www.washingtonpost.com/news/fact-checker/wp/2017/09/28/fact-checking-president-trumps-tax-speech-in-indianapolis/?hpid=hp_hp-top-table-main_factchecker-745a%3Ahomepage%2Fstory&utm_term=.90527a80375e
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 #7 on: September 29, 2017, 11:20:26 AM »
Based on Trump's 2005 tax returns and an estimate of his net worth, calculated by the Bloomberg Billionaire’s Index to be $2.86 billion, he would save $1.1 BILLION under the Republican's tax plan.

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“I don’t benefit. I don’t benefit,” Mr. Trump said on Wednesday. “In fact, very, very strongly, as you see, I think there’s very little benefit for people of wealth.”

Of course, Trump is not the only wealthy beneficiary of the tax proposals.

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In fact, high-income earners like Mr. Trump are likely to benefit disproportionately if the White House proposal becomes law. The estimates, calculated with the help of Robert Willens, an accounting expert, and Stephen Breitstone, a tax lawyer, provide a view into precisely how.

It is worth noting that the Republicans RAISE the bottom tax rate by 2% while REDUCING the top rate by 4.5%. Without getting into the details, many of which remain to be decided by Congress, this is prima facie a gift to the rich.

Trump Could Save More Than $1 Billion Under His New Tax Plan
https://www.nytimes.com/interactive/2017/09/28/us/politics/trump-tax-benefit.html?emc=edit_mbe_20170929&nl=morning-briefing-europe&nlid=515863&te=1&_r=0

Likewise, giving Congress a blank slate to decide which deductions to cut or which "loopholes" to close is an invitation to a food fight by lobbyists. Congress will be "pigs to the trough" in an effort to garner campaign funds by picking winners and losers. Unless you have a well-paid lobbyist doing your bidding it's easy to guess which category you fall into.

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Republicans’ release of a sweeping plan to rewrite the tax code has set off a scramble among Washington lobbyists and trade groups to protect valuable tax breaks and other long-ingrained provisions.
Lobbyists Rally to Save Tax Breaks Under Threat in Trump Plan
https://www.nytimes.com/2017/09/28/us/politics/a-fight-erupts-to-shield-tax-breaks-threatened-by-gop-plan.html?rref=politics&module=Ribbon&version=context&region=Header&action=click&contentCollection=Politics&pgtype=Multimedia
« Last Edit: September 29, 2017, 11:32:17 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 #8 on: September 29, 2017, 02:33:36 PM »
The claim that federal tax cuts pay for themselves because the growth in the economy they create results in the generation of more than sufficient tax revenue to make up for any losses does not pass a reality check. For some ridiculous reason, Trump's economic gang is making this absurd claim once again. It was a novel proposition when Reagan made it. Not any more. We know it doesn't work.

Historical data from the Fed demonstrates the course of the national debt. Reagan's tax cuts caused a significant rise in the deficit thanks to the lost revenue. It was during his administration that the nonsense about tax cuts paying for themselves began. Clinton raised taxes and brought the deficit down. Those taxes were targeted to the wealthy. It was that rare time since the late 1960's when both low income and middle class workers enjoyed rising real wages (not just an inflationary increase). Bush's tax cuts increased the deficit again. During his tenure the Great Recession hit and we have since been on an upward trek.

Cutting taxes on the wealthy now is just nuts. Not only do they enjoy the lowest tax rate since the 1930's, but we have the largest deficit since WWII. If any tax cutting is done it should be at the lowest end where it will immediately stimulate demand.

The tax code needs major revision, but this administration is incapable of doing the job. The Goldmen Sachs people running the economic side of the government are only interested in further entrenching the dominance of finance capital in our economy. That long term development has resulted in unprecedented inequality and systemic instability. We are stuck with this crew for at least four years. Our best bet is this tax "reform" dies like health "reform". It is just as lethal for average Americans.
 
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 #9 on: October 02, 2017, 03:39:51 AM »
Trump is getting an extra bonus tax gift. When I speak of an "extra bonus" tax gift I am not including it in the other tax gifts like ending the Alternative Minimum Tax or eliminating the estate tax (Republicans call it the "death tax"  because they think Americans are stupid enough to think it affects everyone instead of the just the very wealthiest) or even the cut in the top tax rate. No, this extra bonus gift is something very special Republicans created just for Trump:  a new tax cut loophole that reduces his "business" taxes to 25%. Of course, others benefit too, like everyone's favorite heros--hedge fund managers. Don't billionaires deserve a break or two or three or...?

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...adding further loopholes for the rich and big corporations does exacerbate the code’s complexity and unfairness.

One of their more egregious loopholes is hidden behind rhetoric about helping “small business.” The loophole caps the rate that individuals must pay on “pass-through” income at 25 percent. The first thing to note about this is that there is no small business tax code. Small business owners pay nothing at the business level, but then simply pay taxes on profits they take home on their individual income tax forms, just like you and I. So, the new tax rate does not cut taxes on small businesses. Instead, it cuts individual tax rates on small business owners who currently are in tax brackets above 25 percent. This is an extremely small share of all small business owners (less than 3 percent of all tax units are above the 25 percent tax bracket). So, this carve-out does not serve genuine small businesses, but instead serves only to ensure that rich households won’t have to actually pay the top individual tax rate on money they earn from “small businesses” like hedge funds and law firms, but can instead pay a lower 25 percent.

A leopard can’t change its spots: Newest Republican tax framework is what we knew it always would be—tax cuts for the rich.
http://www.epi.org/blog/a-leopard-cant-change-its-spots-newest-republican-tax-framework-is-what-we-knew-it-always-would-be-tax-cuts-for-the-rich/
« Last Edit: October 02, 2017, 08:20:44 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 #10 on: October 03, 2017, 01:48:53 PM »
OOOPPPSSSS! That Middle Class Miracle just got a little less miracally (no, it's not a word). Trump's gang admitted that...kinda...maybe...a few...of those middle class folks might actually pay MORE in taxes, but that's just so we can cut taxes on the rich to stimulate economic growth and pay for the tax cut. Of course, NO Republican federal tax cut going back to Reagan has ever paid for itself. They have ALWAYS increased the deficit. After the deficits rise, Republicans then cry that entitlements---meaning Social Security, Medicare, Medicaid, student loan programs, anything that helps average people---must be cut because of...the deficit.

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Those questions have gotten more pronounced after an analysis last week by the Tax Policy Center, which found that the plan could cost $2.4 trillion over the next decade, with the biggest benefits flowing to businesses and the wealthiest Americans. The analysis found that nearly 30 percent of those in the middle class could see their taxes increase as a result of changes to the deductions and exemptions many middle-class Americans rely on to lower their tax bills.

The breakdown is based on the framework released by the “Big Six” group of Republican lawmakers and administration officials

Republicans Won’t Rule Out Tax Hikes for Some in the Middle Class
https://www.nytimes.com/2017/10/02/us/politics/republican-tax-rewrite-middle-class.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=second-column-region&region=top-news&WT.nav=top-news
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 #11 on: October 03, 2017, 07:19:50 PM »

Just a reminder:

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After the White House released a preliminary outline of their plan, the nonpartisan Tax Policy Center analyzed the proposal and found not only that 80 percent of the benefits would go to the richest 1 percent of taxpayers (no surprise there) but also that 25 percent of [low and middle class] taxpayers would actually see their taxes go up.

Of course that's only part of the story. While admitting the short term effect of tax cuts is the creation of deficits, Mulvaney, head of the White House Budget Office, says they eventually generate  the economic growth to pay for themselves. It's not just liberal economists who know that is a bald faced lie. Look at what Greg Mankiv, chairman of the Council of Economic Advisers for President George W. Bush, said:

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I used the phrase "charlatans and cranks" in the first edition of my principles textbook to describe some of the economic advisers to Ronald Reagan, who told him that broad-based income tax cuts would have such large supply-side effects that the tax cuts would raise tax revenue. I did not find such a claim credible, based on the available evidence. I never have, and I still don't.

Amazingly, Republicans may already be screwing up tax reform
https://www.washingtonpost.com/blogs/plum-line/wp/2017/10/03/amazingly-republicans-may-already-be-screwing-up-tax-reform/?utm_term=.cbdb6972113a


On Charlatans and Cranks

http://gregmankiw.blogspot.com/2007/07/on-charlatons-and-cranks.html
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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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #12 on: October 04, 2017, 08:42:00 AM »
Trump is getting an extra bonus tax gift. When I speak of an "extra bonus" tax gift I am not including it in the other tax gifts like ending the Alternative Minimum Tax or eliminating the estate tax (Republicans call it the "death tax"  because they think Americans are stupid enough to think it affects everyone instead of the just the very wealthiest) or even the cut in the top tax rate. No, this extra bonus gift is something very special Republicans created just for Trump:  a new tax cut loophole that reduces his "business" taxes to 25%. Of course, others benefit too, like everyone's favorite heros--hedge fund managers. Don't billionaires deserve a break or two or three or...?

Quote
...adding further loopholes for the rich and big corporations does exacerbate the code’s complexity and unfairness.

One of their more egregious loopholes is hidden behind rhetoric about helping “small business.” The loophole caps the rate that individuals must pay on “pass-through” income at 25 percent. The first thing to note about this is that there is no small business tax code. Small business owners pay nothing at the business level, but then simply pay taxes on profits they take home on their individual income tax forms, just like you and I. So, the new tax rate does not cut taxes on small businesses. Instead, it cuts individual tax rates on small business owners who currently are in tax brackets above 25 percent. This is an extremely small share of all small business owners (less than 3 percent of all tax units are above the 25 percent tax bracket). So, this carve-out does not serve genuine small businesses, but instead serves only to ensure that rich households won’t have to actually pay the top individual tax rate on money they earn from “small businesses” like hedge funds and law firms, but can instead pay a lower 25 percent.

A leopard can’t change its spots: Newest Republican tax framework is what we knew it always would be—tax cuts for the rich.
http://www.epi.org/blog/a-leopard-cant-change-its-spots-newest-republican-tax-framework-is-what-we-knew-it-always-would-be-tax-cuts-for-the-rich/

Kind of convenient there's no arrow pointing to where Obama took office.  Look at that debt skyrocket around 2009!!!   Bang!  Zoom! To the moon Alice!! 

So, did Obama increase or decrease taxes?  Cause I'm pretty sure he increased spending!! 

Solon

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Re: Half of Trump Tax Cuts Go To Top 1/2 of 1%
« Reply #13 on: October 04, 2017, 12:05:41 PM »
Kind of convenient there's no arrow pointing to where Obama took office.  Look at that debt skyrocket around 2009!!!   Bang!  Zoom! To the moon Alice!! 

So, did Obama increase or decrease taxes?  Cause I'm pretty sure he increased spending!!

Good questions. First. The Great Recession took hold in the last year of Bush's presidency. Financial losses and the growth of unemployment led to a significant decline in tax revenue which persisted until recently. That is the fundamental cause of the skyrocketing debt. Second. The Obama administration attempted to stop economic decline with an expenditure program to stimulate the economy--mostly infrastructure. It was in the range of $800 billion. Third. The Bush tax cuts had a ten year limit. When they expired, the Obama administration allowed the taxes on people earning 400,000 or more to rise to an earlier level. Also, in the Affordable Care Act, there was a slight increase in certain taxes that affect the wealthy. The specifics of any tax policy are complicated, but this a rough summary.

The federal government increases spending every year regardless of who or which party is in control for a lot of reasons.

We had a federal budget surplus during the last years of Clinton's presidency projected into the future. Unfortunately, Bush and the Republicans decided to give his rich friends a tax cut without cutting spending, then 9/11, then the 6 trillion dollar wars (the first time in history the US did not raise taxes during a war), then the Great Recession the effects of which occupied much of Obama's presidency, now the 20 trillion dollar debt.

Economists tell us that in times of recession or depression it is important for the federal government to spend money to stimulate the economy in order to stop and, hopefully, reverse the downward spiral of economic activity. In times of prosperity--such as the nation has been enjoying for the last couple of years--it's the time to raise taxes and cover your debt. Do you think we will do that? LOL

No, once again the Republicans want to give the rich a big tax cut--an estimated 80% of the current proposal per the Tax Policy Center analysis.
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 #14 on: October 20, 2017, 02:31:18 PM »
Republicans passed a budget in the Senate with only one dissension and the total opposition of Democrats. This allows them to pass their tax cut for the rich with only a majority vote--no filibuster. The House will likely pass it intact. The tax bill could be presented in Congress as early as next week.

At this point, very few know exactly what the final proposal looks like. Rand Paul voted against it because he was concerned it would blow a hole in the deficit. He wasn't inclined to vote for a pig in a poke. We know several of the big benefits to Trump and his ilk, but what provisions are included that take away loopholes and deductions to reduce its impact on the deficit, if any, are not entirely known.

The main point is that Republicans are about to realize their fondest dream--rewarding their rich patrons. They can expect the cash to flow into Congressional elections almost immediately.

Deficit? What deficit?

Quote
The Senate took a significant step toward rewriting the tax code on Thursday night with the passage of a budget blueprint that would protect a $1.5 trillion tax cut from a Democratic filibuster.

...“This nasty and backwards budget green-lights cuts to Medicare and Medicaid in order to give a tax break to big corporations and the wealthiest Americans,” Mr. Schumer said.

...Democrats sounded the alarm, warning that the aspirational cuts in the budget plan called for slicing more than $1 trillion from Medicaid and about $470 billion from Medicare over a decade.

...The tax measure could add as much as $1.5 trillion to budget deficits over a decade.

...Senate Republicans have shown no appetite to make spending cuts in tandem with the tax overhaul.

Senate Approves Budget Plan That Smooths Path Toward Tax Cut
https://www.nytimes.com/2017/10/19/us/politics/budget-vote-senate.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news&_r=0
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