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Trump says 'massive tax cut' plan coming as soon as Wednesday

Discussion in 'BBS Hangout: Debate & Discussion' started by RocketsLegend, Apr 21, 2017.

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No Worries Contributing Member

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Brando2101 said: ↑

Would you want to eliminate taxes for everyone?
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That would lead to exponential economic growth!!! Count me in.

#41 No Worries, Apr 25, 2017

larsv8 Contributing Member

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Here are the key points of the plan as it was released:

Corporate tax rate of 15%: Such a rate would deliver on Trump's campaign promise; the current federal statutory rate is 35%.

Allows pass-through rate for business owners: Instead of self-owned businesses being taxed at the personal income rate, business owners would have incomes from operations taxed at the 15% rate. So if you own your own business, income from that business would be taxed at the corporate rate. According to The Times, that could apply to the Trump Organization.

No border-adjustment tax: The tax on imports was favored by House GOP leaders such as Speaker Paul Ryan and Kevin Brady, the chair of the Ways and Means Committee. Mnuchin said the White House talked to Ryan and Brady but thought the tax did not "work in its current form."

A slight adjustment to individual tax rates: Mnuchin said the top income-tax rate would be in the "mid-30s," down from its current 39.6% level. According to a report from Bloomberg, White House officials said there will be three tax brackets with rates of 35%, 25%, and 10%, down from the current 7 brackets. Cohn told reporters that he did not have the exact incomes associated with the brackets.

Double the standard individual tax deduction: This would allow individual filers to deduct their first $12,700 in income from their taxes and $25,400 for joint filers, as opposed to the current $6,350 for individuals and $12,700 for joint filers.

A one-time repatriation tax: This would allow companies to bring back money from overseas to the US with a slightly lower, one-time tax. The White House did not clarify the rate at which this money would be taxed. President George Bush enacted a repatriation tax at a 5.25% rate in 2004, but studies show the money brought back mostly went to stock buybacks and dividends rather than hiring workers.

Eliminate the estate tax: This would eliminate a tax on assets being transferred via a will after someone dies.

A change in tax exemptions for the middle class: According to The Times, the plan will propose an increase in the standard deduction for individuals.

Eliminate itemized tax deductions other than charitable donations and mortgage payments: Mnuchin said this provision would close "loopholes" and offset the decrease in base tax rate for high income Americans.

Repeal 3.8% tax on net investment income: The tax was levied on "individuals, estates and trusts" with higher than a certain threshold in investment income. For instance, the threshold for an individual was $200,000 in investment income last year.

Repeal the alternative minimum tax: This requires some people that have large amounts of deductions to calculate their income tax under the normal tax rate and the alternative and pay the higher amount. According to the Tax Policy Center, this was originally designed to eliminate large deductions by wealthier individuals, but not applies to roughly 5 million people.

No infrastructure spending: Reports on Tuesday said Trump was considering including infrastructure spending in the plan to try to win over Democrats. Mnuchin denied the report in the speech, saying the proposal would be "just a tax plan."

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This is amazing.

Its like a cooking recipe for how to destroy a country.

These people are either stupid or just plain evil.
#42 larsv8, Apr 26, 2017

ApolloRLB likes this.
R0ckets03 Contributing Member

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I own a small business. Should I be happy or not?

#43 R0ckets03, Apr 26, 2017
NewRoxFan Contributing Member

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Trump's tax plan: A shiny object of distraction

For the sake of argument, let's take the centerpiece of the plan at face value. Mr. Trump wants to cut the corporate tax rate from 35 percent to 15 percent and to allow so-called pass-through entities (like those that make up Mr. Trump's private business) to pay at that same rate rather than on the personal income tax scale. Conceptually, lowering the corporate rate makes sense. The 35 percent rate is far higher than most other developed nations, yet many corporations pay nowhere close to it because of loopholes and tax avoidance schemes. Moreover, the effective rate paid varies substantially by industry based on the strength of its lobbying efforts, so gas and oil companies, for example, typically pay far less than retailers.
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But if Mr. Trump intends to close loopholes — the heavy political lift in this maneuver — his administration has given no indication of what they are. Meanwhile, a straight cut of the magnitude he's suggesting would cost the treasury about $2 billion over a decade. Administration officials claim that increased economic activity will make up for the loss. We've heard that before, but we've never actually seen it happen.
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Supporters argue that such cuts will encourage investment and hiring, but the evidence suggests what they really lead to is tax avoidance. Five years ago, Kansas exempted pass-through income from state taxes, and research shows little impact on actual business activity but a substantial increase in people finding ways to report earnings as business rather than personal income.
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http://www.baltimoresun.com/news/opinion/editorial/bs-ed-trump-tax-plan-20170426-story.html

#44 NewRoxFan, Apr 26, 2017
Jugdish Member

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R0ckets03 said: ↑

I own a small business. Should I be happy or not?
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Happy...if this is your business:

#45 Jugdish, Apr 26, 2017
JuanValdez Contributing Member

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R0ckets03 said: ↑

I own a small business. Should I be happy or not?
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I own a business, and I complain about the taxes on that business, but I'm not happy about this idea.

#46 JuanValdez, Apr 26, 2017
bigtexxx Contributing Member

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This would be a monumental step forward. American companies are fighting with one hand tied behind their back due to the outrageous corporate tax rate.

#47 bigtexxx, Apr 26, 2017

RocketsLegend Member

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R0ckets03 said: ↑

I own a small business. Should I be happy or not?
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You should be happy Bernie Sanders is not the president.

#48 RocketsLegend, Apr 26, 2017
dmoneybangbang Member

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bigtexxx said: ↑

This would be a monumental step forward. American companies are fighting with one hand tied behind their back due to the outrageous corporate tax rate.
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What's the effective tax rate again comrade?

Hopefully all those who complained about the debt will admit they never cared about the debt as long as it wasn't Obama doing it.

#49 dmoneybangbang, Apr 26, 2017
bigtexxx Contributing Member

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dmoneybangbang said: ↑

What's the effective tax rate again comrade?
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Too high.

#50 bigtexxx, Apr 26, 2017
Air Langhi Contributing Member

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A lot of doctors use an SCorp to get their salary. If you are a normal W2 employee you are getting screwed.

#51 Air Langhi, Apr 26, 2017
juicystream Contributing Member

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Air Langhi said: ↑

A lot of doctors use an SCorp to get their salary. If you are a normal W2 employee you are getting screwed.
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Most companies that make a decent amount of money use S-Corps to get around paying additional FICA taxes.

This tax plan would cut taxes for almost everybody that pays taxes now, but especially for Donald Trump's family...

Wonder what the details will end up looking like.

#52 juicystream, Apr 26, 2017
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bigtexxx said: ↑

Too high.
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Didn't think you could answer that...

#53 NewRoxFan, Apr 26, 2017

bigtexxx Contributing Member

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NewRoxFan said: ↑

Didn't think you could answer that...
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It was a pathetic diversion from dmoney...and I'm certainly not about to do the legwork to chase his rabbit trail. If he has a point, the burden of proof should be his.

#54 bigtexxx, Apr 26, 2017
chrispbrown Member

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bigtexxx said: ↑

It was a pathetic diversion from dmoney...and I'm certainly not about to do the legwork to chase his rabbit trail. If he has a point, the burden of proof should be his.
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Surely it is not much legwork...being an oil executive and all. Just chime in your personal business experience.

#55 chrispbrown, Apr 26, 2017
bigtexxx Contributing Member

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chrispbrown said: ↑

Surely it is not much legwork...being an oil executive and all. Just chime in your personal business experience.
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I already did. The corporate tax rate is way too high.

#56 bigtexxx, Apr 26, 2017
JuanValdez Contributing Member

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juicystream said: ↑

This tax plan would cut taxes for almost everybody that pays taxes now, but especially for Donald Trump's family...
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I don't see where working chumps like me get much benefit.

#57 JuanValdez, Apr 26, 2017
ApolloRLB Member

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bigtexxx said: ↑

I already did. The corporate tax rate is way too high.
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2nd result on Google for 2010

13% if you exlcude unprofitable corps. 23% if you include all.

#58 ApolloRLB, Apr 26, 2017

ApolloRLB Member

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JuanValdez said: ↑

I don't see where working chumps like me get much benefit.
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It will trickle down.

#59 ApolloRLB, Apr 26, 2017
Rocketman95 Hangout Boy

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ApolloRLB said: ↑

It will trickle down.
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Like a hooker's piss on a bigoted cheeto.

#60 Rocketman95, Apr 26, 2017

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