Tax Reform

[adrina]

source

The wealthiest Americans would benefit the most from President Donald Trump’s proposed tax cuts while many upper middle-income people would face higher taxes, independent experts said on Friday in the first detailed analysis of the plan.

A U.S. Senate panel took Trump’s proposal, announced on Wednesday, a step forward by unveiling a budget plan for the coming fiscal year that acknowledges lost revenues from tax cuts, while Trump pressed ahead with selling the plan to the public.

A report from the non-profit Washington-based Tax Policy Center found that in 2018, about 12 percent of taxpayers would face a tax increase of roughly $1,800 on average. That includes more than a third of taxpayers making between about $150,000 and $300,000, mainly because most itemized deductions would be repealed including for state and local taxes, it said.

Its analysis showed that the Republican tax proposal would fuel the growing federal deficit, providing $5.99 trillion in tax cuts while reducing federal revenues by a net $2.4 trillion in the next 10 years.

source

As the congressional debate over President Donald Trump’s tax overhaul begins, more Americans say tax rates on corporations and higher-income households should be raised rather than lowered.

• 24% say corporate tax rate should be lowered
• 52% say corporate tax should be increased
• 21% say corporate tax rates should remain same

• 24% say high income household tax rates should be reduced
• 43% say high income household tax rates should be increased
• 29% say high income household tax rates should remain the same

So he's pushing a tax plan that will benefit the wealthy, increase the deficit and decrease revenues. Which most and more Americans disagree with.

Yeah, that'll be great for his approval rating. Bigly. He's at 37%. Perhaps he needs to start practicing the Limbo... how low can you go Donald?

 

[about_average]

I like how Trump says the highest earners won't pay any less, even though they are getting a 12% tax cut.

 

[Matthew Craig]

Your country is stupid, stop posting about it.

 

[Radiohead]

Australian tax rates.


Taxable income Tax on this income Effective tax rate
$1 – $18,200 Nil 0%
$18,201 – $37,000 19c for each $1 over $18,200 0 – 9.65%
$37,001 – $87,000 $3,572 plus 32.5c for each $1 over $37,000 9.65 – 22.78%
$87,001 – $180,000 $19,822 plus 37c for each $1 over $87,000 22.78 – 30.13%
$180,001 and over $54,232 plus 45c for each $1 over $180,000 30.13 – less than 45%

 

[BotanyBoy]

So he's pushing a tax plan that will benefit the wealthy, increase the deficit and decrease revenues. Which most and more Americans disagree with.

Fucking the wealthy less isn't really "benefiting" them it's just fucking them less for the degenerates of society and we'll see how much they disagree in 2018.

Yeah, that'll be great for his approval rating. Bigly. He's at 37%. Perhaps he needs to start practicing the Limbo... how low can you go Donald?

Ohhhhhhh from the same people who said he had absolutely NO chance at becoming prez.

LOL

 

[OldJourno]

Perhaps Adrina will explain how raising one of the highest corporate tax rates in the world will make U.S. manufacturers (corporations) more competitive and will enable them to increase hiring.
How will this help the 100 million-plus investors, many of them counting on those investments for the day they retire, benefit from this higher tax?

Finally, how will giving the government even more money to spend help anyone other than government employees?

 

[OldJourno]

Ed Feulner: "Government scorekeepers such as the Joint Committee on Taxation and the Congressional Budget Office are telling [lawmakers] most of the benefits of cutting corporate taxes go to owners, not workers. At least 10 separate economic studies show this isn't true — that at least 75 percent of corporate taxes is passed on to workers in the form of lower wages. But the CBO and the Joint Committee insist it's the other way around. Why? Because they're not really accounting for how a corporate tax cut would help lower-wage workers. According to [tax expert Adam] Michel, a 20-point cut in the corporate income tax rate, from 35 percent to 15 percent, could boost the relative market incomes of the poorest Americans by 2.4 percent. That would mean $365 for a household that earns $15,000 a year. And let's not forget what it would mean for the economy as a whole if we make it financially attractive for businesses who have gone abroad to return to the U.S. Think of the jobs they could contribute, and the economic boost that would result. The fact is, we all pay the corporate tax."

 

[lickitandstickit]

IDK.. I'm totally digging your new hairdo though...

 

[SissySalina]

You all do understand that American Greed will not allow for savings to get to the lower folks don't you.
All that will happen is more Debt for the US, if they don't cut spending then lowering taxes will do nothing.

If you give a poor man a dime he will spend it, if you give a rich man a dime he will use it to figure how to steel the poor mans dime.

 

[4est_4est_Gump]

I don't think any of you have any idea as to what you are talking about.


The corporate tax you are screaming for is a tax on you.


Economic illiteracy.




Corporate America does not pay taxes, it collects them from you by charging you more for the goods and services you consume. Furthermore, it makes our products less competitive which cost jobs and helps to keep wages stagnant. So by all means, keep railing against the rich, I already have mine, but it amuses me to watch you do harm to yourself because you think you fucking know it all...

 

[4est_4est_Gump]

Ed Feulner: "Government scorekeepers such as the Joint Committee on Taxation and the Congressional Budget Office are telling [lawmakers] most of the benefits of cutting corporate taxes go to owners, not workers. At least 10 separate economic studies show this isn't true — that at least 75 percent of corporate taxes is passed on to workers in the form of lower wages. But the CBO and the Joint Committee insist it's the other way around. Why? Because they're not really accounting for how a corporate tax cut would help lower-wage workers. According to [tax expert Adam] Michel, a 20-point cut in the corporate income tax rate, from 35 percent to 15 percent, could boost the relative market incomes of the poorest Americans by 2.4 percent. That would mean $365 for a household that earns $15,000 a year. And let's not forget what it would mean for the economy as a whole if we make it financially attractive for businesses who have gone abroad to return to the U.S. Think of the jobs they could contribute, and the economic boost that would result. The fact is, we all pay the corporate tax."

But that's not FAIR!


If I'm paying taxes, by Allah, they better be paying their fair share!!!

 

[BotanyBoy]

Corporate America does not pay taxes, it collects them from you by charging you more for the goods and services you consume.

The concept is fucking BEYOND comprehension.

They think all the CEO's out there are going to personally eat that cost so that they can get their "free" shit.

LMFAO.

 

[toeskr]

source



source

• 24% say corporate tax rate should be lowered
• 52% say corporate tax should be increased
• 21% say corporate tax rates should remain same

• 24% say high income household tax rates should be reduced
• 43% say high income household tax rates should be increased
• 29% say high income household tax rates should remain the same

So he's pushing a tax plan that will benefit the wealthy, increase the deficit and decrease revenues. Which most and more Americans disagree with.

Yeah, that'll be great for his approval rating. Bigly. He's at 37%. Perhaps he needs to start practicing the Limbo... how low can you go Donald?

Blah, blah, blah, blah I hate Donnie.

Your game is getting stale.

 

[Hypoxia]

1. USA is not among highest-taxed nations.
2. High-tax areas tend to be prosperous; low-tax areas tend to be poor.
2a. Those pushing for lower taxes want poverty.
3. Bush Sr called trickle-down "voodoo economics"; it don't work.
3a. Rich folks don't spend their tax breaks on productivity.
4. Tax reforms work best when everyone saves, not just rich piggies.
4a. Tromp tax plan will save Tromp.Org US$1+ billion.
5. Your money and property are never safe from ideologues.

 

[toeskr]

1. USA is not among highest-taxed nations.
2. High-tax areas tend to be prosperous; low-tax areas tend to be poor.
2a. Those pushing for lower taxes want poverty.
3. Bush Sr called trickle-down "voodoo economics"; it don't work.
3a. Rich folks don't spend their tax breaks on productivity.
4. Tax reforms work best when everyone saves, not just rich piggies.
4a. Tromp tax plan will save Tromp.Org US$1+ billion.
5. Your money and property are never safe from ideologues.

What do you plan to spend your tax return on?

Yourself, PP, ASPCA, St. Judes?

 

[adrina]

I see the RWCJ has come out to suck The Don's penis.

This thread is simply a statement of what the tax plan does and what the majority and plurality of the American public think about it.

However it never ceases to amaze me what a sensitive bunch you all are and how easily triggered you all can be.

 

[Ishmael]

I don't think any of you have any idea as to what you are talking about.


The corporate tax you are screaming for is a tax on you.


Economic illiteracy.




Corporate America does not pay taxes, it collects them from you by charging you more for the goods and services you consume. Furthermore, it makes our products less competitive which cost jobs and helps to keep wages stagnant. So by all means, keep railing against the rich, I already have mine, but it amuses me to watch you do harm to yourself because you think you fucking know it all...

They don't have a clue. They read the drivel that the media puts out and take it as fact.

Adding to your last paragraph, there is over $2.5 TRILLION American Corporate wealth being held overseas because of our outrageous corporate tax rate. And this is after tax monies meaning that taxes were already paid on those profits to the countries in which the sales were made. US tax as currently constituted would subject those monies to US taxation as well. A rough analogy would be that should you make an internet purchase in a state other than your own you would be subjected to the sales tax of not only your state but the state in which the vendor resided as well. No other developed nation engages in this egregious double taxation and that is why those monies remain off-shore and are not re-invested in the US. It is a negative incentive to building ones business in the US.

Moving on to the elimination of the state/local tax deduction. With the doubling of the standard deduction this is still a net gain for all but the top 10%. They are indeed going to get dinged on that one. But I was under the impression that that is exactly what the snowflakes wanted. Adding to that, those deductions are in reality nothing more than a federal subsidy for the states. Those states with excessively high taxes are getting a free ride from the federal treasury.

The SFB's that read that the drivel the socialist economic guru's put out there are totally ignorant of the tax code as it exists. And to be honest I don't know all of the twists and turns either...........neither does the IRS as it turns out. The US tax code is now 73,000+ pages in length, or about 4 million words of pretzel logic legalese.

Ishmael

 

[about_average]

The effective average corporate rate in the US is 18.6%.
Three countries higher than the US, Argentina, Japan and UK.
Agentina's is 22%, UK, third highest, is 18.7%
Lowest in Italy where it's a negative 23%.

In 2014 about 20% paid zero taxes, so their prices must have been a lot lower than competitors, or their workers paid a lot more. or both.

 

[TalkRadio]

44% of Americans paid no federal income taxes: Report
https://www.cnbc.com/video/2017/09/...cans-paid-no-federal-income-taxes-report.html

 

[Adre]

I see the experts have stopped by to tell everyone how dumb they are. This years budget is roughly 4 trillion bucks. In this zero sum game, if corporations pay less individual taxpayers pay more. It ain’t complicated. In the end we need 4 trillion.

 

[jaF0]

The entire tax code could be a few pages instead of an entire library if they would simply eliminate the exemptions, exceptions and loopholes. Everybody above a certain income level pays the stated rate. Little to no paperwork involved. You make this amount, you pay this percent.

Making churches pay like any other business would go a long ways towards reducing the deficit.

 

[Ishmael]

The effective average corporate rate in the US is 18.6%.
Three countries higher than the US, Argentina, Japan and UK.
Agentina's is 22%, UK, third highest, is 18.7%
Lowest in Italy where it's a negative 23%.

In 2014 about 20% paid zero taxes, so their prices must have been a lot lower than competitors, or their workers paid a lot more. or both.

The operative word in your post is "effective." Quite frankly I'm surprised it's that high given that various industries have been paying lobbyist's for the past 30 years to carve out special deductions, etc. A lower rate with the elimination of those 'special' deductions would yield a higher 'effective' tax rate.

Your conclusion re. prices and pay will be correct in some cases and way off base in others. It would all depend on the effectiveness of their lobbyist's.

Ishmael

 

[Ishmael]

The entire tax code could be a few pages instead of an entire library if they would simply eliminate the exemptions, exceptions and loopholes. Everybody above a certain income level pays the stated rate. Little to no paperwork involved. You make this amount, you pay this percent.

Making churches pay like any other business would go a long ways towards reducing the deficit.

We had that in 1986, and it's been downhill ever since.

If you're going to tax the churches you better be willing to tax ALL non-profits.

Ishmael

 

[about_average]

The operative word in your post is "effective." Quite frankly I'm surprised it's that high given that various industries have been paying lobbyist's for the past 30 years to carve out special deductions, etc. A lower rate with the elimination of those 'special' deductions would yield a higher 'effective' tax rate.

Does the GOP plan eliminate them? I can't find any evidence it does.

Your conclusion re. prices and pay will be correct in some cases and way off base in others. It would all depend on the effectiveness of their lobbyist's.

Since the claim is that the price of goods will go down and/or wages will go up, surely you can provide some evidence of cases where that's happened.

 

[cowslinger64]

trumps plan to help the middle class


Trump's tax plan just got its first brutal review showing how it would benefit rich Americans but almost no one else


What a shock!

https://www.yahoo.com/finance/news/trumps-tax-plan-just-got-180000645.html