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

Your own personal taxes shouldn't be your top concern.

This tax plan would certainly benefit me. A doubled standard deduction and a 15% rate for my business would both be potentially beneficial to me, but I don't think it is the right direction for our country when we aren't close to having a balanced budget.

 

Forgive me if I'm wrong here, but the jest of this "One Pager Tax Plan/outline/fair tail" is that either you believe in Trickle Down Economics or you don't right?

Highlights-

-We are going to significantly decrease corp tax rate - no shocker. Put more money in the pockets of shareholders & HOPEFULLY businesses reinvest (hint.... they didn't with Bush's tax cuts)
-Get rid of AMT- No shocker (see Trump's 2005 return)
-Get rid of Estate Tax - No shocker. Trump is a real estate guy
-Get rid of deductions on State & Income tax - Screw you to big blue cities that didn't vote for Trump
-Simplified 1040 returns - Cool, but its not that hard anyways if you don't have deductions.
(not to mention other smaller deductions like the Teacher expense deduction, etc.)

The big question is what will it cost, and how will we pay for it- So far we are seeing upwards of 6.5 TRILLION dollars added to the deficit over a 10 year period (yes I know 10 years is kind of silly to be measuring). However we have seen no data to back up projections for growth. We don't have great supporting data for the Bush tax cuts, and we have to go back to Reagan to see any positive spin on this tax cut increasing the GDP enough to pay for it.

Lastly- No shocker... the GOP is full of hypocrites. Dems got scolded for 8 years about the deficit. At this point its laughable.

So IMO..... this is non news. Its a pie in the sky fairy tail. The last tax plan I remember from a few years ago was what.. 2000 pages long?!?. This is a pipe dream campaign fairy tail with no data to support it, and no realistic proposal to score.

I say the media, and the Democrats should give this very little attention. The "Trump card" they can use is of course... we wont even talk about this deal until we see Trump's personal and business taxes because of his current conflicts of interest, and in the interest of the American people knowing their president isn't pushing something down our throats to enrich himself & his Goldman Sachs/Hollywood producer cabinet.

Next topic. Focus on blocking or getting a much better Healthcare plan. Priorities.

 

I don't believe in this tax-cut leads to reinvestment crap. Money nowadays can go to anywhere in the world. Smart money will only invest in somewhere that has the highest return.

Tax-cut for the poor on the other hand can certainly helps the economy because most likely the money they save will be spent within the US.

 

I just thought of a great idea that's never been tried before. It will be amazing...

Now get this... Here's the idea...

Rich folks who make tens and hundreds of millions of dollars, have to pay too much so despite those hundreds of millions of dollars they just don't have enough to spend to help the economy. Now if we give those rich folks a break they'll have so much money, that they won't save it, but will instead put it back into the economy. I can't believe nobody thought of this before. It's sure to work. Let's give it a shot!

 

FranchiseBlade and the liberals' real desire - for the right to pay their taxes for them.

Otherwise they'd voluntarily contribute more of their own money to the government.

 

You're right it can go anywhere in the world. For now, most of it comes to the US as the best combination of safety and return. I'm interested to see if Trump will do anything to reduce the globalization of capital, like he's trying to do with trade and labor.

I think the mechanism will basically work for reinvestment. People want to put money to work whenever the opportunity exists to do so. But, funding the government is highly important, and having a comprehensive government is highly important. I think there is some optimum tax burden where companies and therefore investments get more benefit from paying for government services than they can get from any other use of cash. The quarter-by-quarter decision-making process corporations use may not put sufficient value on it, but our economic performance will suffer in the long run if we cut too much.

 

Why should I care about a balanced budget or deficit when my tax dollars are going for health care entitlements for those unwilling to get a job that offers employer provided health insurance? Get rid of the Obamacare subsidies first and then I'll be more amenable to helping out the deficit with my tax dollars. I'm not going to patch a leak in a boat if someone is purposefully drilling another hole into it. My first order of business will be to stop the person drilling holes in the boat.

I have zero sympathy for any able bodied person that benefits from handouts for their healthcare. If you're elderly, then you should be on Medicare. If you're unable to work (with rigorous vetting), then you should be on Medicaid. If you lack the education or the motivation to find and keep a job that offers health insurance, then you should either change your situation or accept the risk that you placed on yourself.

I know too many people skating by on government assistance who are just taking and not contributing anything to society and it is not acceptable. I started out poorer than any of them and I made a success of myself by sheer force of will.

 

I think you should look again at who the actual recipients of welfare are. The elderly are the largest recipients. Most homeless people who are on welfare aren't really able to hold down a job because of mental health issues.

Yes there are approximately 20% of people on the system that are abusers of the system. I don't think punishing the 80% because of that is the right fix.

 

Totally, let them die in the street, refuse emergency care at hospitals. At least you own the belief that most conservatives tap dance around: "get a job and or don't get sick", the true GOP healthcare plan.

 

There is an odd parallelism -- or perhaps it's a perpendicularity? -- between your views and mine.

 

Maybe all the poor people should kill all the rich people jk

 

History says that's a probable result. That's the problem when so many are poorly educated, they have no idea what they're doing.

 

FB that makes no sense at all! Why would we want to let all those rich people who are the ones who create jobs make more money. Why don't we just take a lot of that money from them. Now I realize they will not create as many jobs if we do this but you know that will not be necessary if we just give that money we take to people who don't want to work. By doing this we can create a dependency class that will always vote for the people who want to take more of the money from the job creators and give it to them so they don't have to work for a living.

 

I think this might end up being a $2K per year more in taxes for me, but will probably find out extent when finally enacted. Not a tax expert.

 

It's been proven time and again that tax savings for the top 1%(those with the capital to actually create a signficant amount of jobs) isn't what actually creates jobs. Those savings are more often than not pocketed it in savings.

What creates more jobs is when consumers spend more which creates more demand. Job creators don't expand their production unless they see a reason to.

 

And you think its healthy for consumers to spend every dollar they have?

 

No, not for the individual consumer... Hence why it would be better to expand on their purchasing power by focusing tax cuts on them rather than the top 1% who will not create jobs untill they see a reason to create jobs.

 

No, it's healthier for consumers to have more to spend. This tax takes more money from lower and middle class and gives it to corporations and the rich.

 

VP Pence admits... Trump's tax plan will increase deficit.

Pence: Tax Plan Could Increase Deficit ‘Maybe in The Short Term’

http://www.nbcnews.com/politics/con...uld-increase-deficit-maybe-short-term-n752976

 

The reviews keep coming in...

NEIL BUCHANAN: TRUMP’S ‘TAX PLAN’ IS PURE WAFFLE
http://www.newsweek.com/neil-buchanan-trumps-tax-plan-pure-waffle-591525

Trump's tax 'plan:' Amateur hour at the Treasury Department
http://thehill.com/blogs/pundits-bl...60-amateur-hour-at-trumps-treasury-department