Trump Tax Plan Unveiled

[spurraider21]

Personal Income Taxes

- Doubling the standard deduction (now up to roughly 24k for married people filing jointly)

- Reducing the number of brackets to 3... at 10%, 25%, and 35%

- Repealing death tax

- Repealing alternative minimum tax (:lol)

- Eliminate just about all itemized deductions... only deductions left are mortgage interest and charitable iirc

- Dropping top capital gains rate to 20% (from what was 23.8% after "obamacare tax")


Business

- slashing business tax rate to 15%

- adopting territorial tax system

- one time tax on dollars held overseas

[hater]

what? eliminated all deductions? how the fuck am I gonna get money back then??

and at what income does the 35% kick in. It better be at a couple million dollars. this is bullshit

[spurraider21]

what? eliminated all deductions? how the fuck am I gonna get money back then??

and at what income does the 35% kick in. It better be at a couple million dollars. this is bullshitthey made the standard deduction bigger to compensate for removing most of the itemized deductions. muh simplification.

they didnt announce income cutoffs for the brackets

[DarrinS]

I recently got a stock option payout. The Feds took over 100k. Fuck the IRS, tbh.

[Spurminator]

So they unveiled talking points and not the actual plan.

[UNT Eagles 2016]

- Dropping top capital gains rate to 20% (from what was 23.8% after "obamacare tax")


No, top capital gains tax rate is currently 38%, which corresponds to the highest tax bracket (on income and/or capital gains made over ~$400k)... Capital gains is taxed essentially the same as W2 income right now. Of course you still get to write-off things like mortgage interest, closing costs, repair/PM costs, etc.

[spurraider21]

No, top capital gains tax rate is currently 38%, which corresponds to the highest tax bracket (on income and/or capital gains made over ~$400k)... Capital gains is taxed essentially the same as W2 income right now. Of course you still get to write-off things like mortgage interest, closing costs, repair/PM costs, etc.i clicked "view post" for the first time in weeks and again you give me diarrhea. there the short term and long term capital gains, which are different. short term gains are only for things you've held for less than a year. the long term capital gains were never at 39% like short term was

[UNT Eagles 2016]

i clicked "view post" for the first time in weeks and again you give me diarrhea. there the short term and long term capital gains, which are different. short term gains are only for things you've held for less than a year. the long term capital gains were never at 39% like short term was

I wasn't talking long term though, I'm talking regular (short term) such as, if you're fixing and selling cars/houses etc.

Long term capital gains is often irrelevant since most that fall in that category are the personal house you live in if you've lived in it for over a year but not over 2 years. If it's over 2 years, there's no capital gains tax on it anyway.

The capital gains tax that goes up to 35% and 38% is the short-term or regular-term (less than 1 year) which applies to the easiest and fastest way to get money, fix-n-flip. It's a pain in the ass and that's the one that needs to go down to 20% or lower

[RandomGuy]

Personal Income Taxes

- Doubling the standard deduction (now up to roughly 24k for married people filing jointly)

- Reducing the number of brackets to 3... at 10%, 25%, and 35%

- Repealing death tax

- Repealing alternative minimum tax (:lol)

- Eliminate just about all itemized deductions... only deductions left are mortgage interest and charitable iirc

- Dropping top capital gains rate to 20% (from what was 23.8% after "obamacare tax")


Business

- slashing business tax rate to 15%

- adopting territorial tax system

- one time tax on dollars held overseas

www.notgoingtohappen.com #ballooning debt

[mavsfan1000]

MAGA

[RandomGuy]

Better title for the thread: Trump "Tax Plan" Unveiled

Not much of a plan innut? A one page group of bullet points is something a lazy intern could work up at the last minute, not something that might drive any kind of serious attempt at policy.

LOL phoning it in again

[spurraider21]

Better title for the thread: Trump "Tax Plan" Unveiled

Not much of a plan innut? A one page group of bullet points is something a lazy intern could work up at the last minute, not something that might drive any kind of serious attempt at policy.

LOL phoning it in againlook man, nobody could have known how complicated tax policy is

[Joseph Kony]

MAGAthis faggot literally has nothing to contribute to any topic except textually felating trump and repeating one liners :lmao what a retard

[boutons_deux]

Voodoo bullshit

Repug deficits donˋt matter

-- dickhead Cheney

...just as long as 1% and BigCorp get huge tax cuts

Note that Repugs will kill ACA for everybody while keeping it for themselves

[DarrinS]

look man, nobody could have known how complicated tax policy is

The complexity is one of its biggest problems

[Chucho]

LOL.

Objectively, what is worth being mad about in regards to keeping more of the monies you earned?

If it works, I'm happy. If Obama had rolled this out and it worked, I would have been happy.

It just seems that bias really blinds common sense sometimes, by and by. I don't buy into people caring about the others that this (really doesn't) effects or the debt or anything else. People will be angry to be angry because they understand anger and bias better than happiness and buying shit with their hard earned monies.

[clambake]

i didn't really give a shit about trumps taxes, but man it would be fun to have a look.

[spurraider21]

LOL.

Objectively, what is worth being mad about in regards to keeping more of the monies you earned?

If it works, I'm happy. If Obama had rolled this out and it worked, I would have been happy.

It just seems that bias really blinds common sense sometimes, by and by. I don't buy into people caring about the others that this (really doesn't) effects or the debt or anything else. People will be angry to be angry because they understand anger and bias better than happiness and buying shit with their hard earned monies.i dont know that anybody here is thinking "if this works, i'll be mad." i think it's more accurate to say that the critics are skeptical of its ability to succeed. then again, unless we have a common definition of success in terms of tax reform, it's fruitless

[boutons_deux]

...

[mavsfan1000]

Voodoo bullshit

Repug deficits donˋt matter

-- dickhead Cheney

...just as long as 1% and BigCorp get huge tax cuts

Note that Repugs will kill ACA for everybody while keeping it for themselves
And yet Obama added 11 Trillion to the deficit with higher taxes.

[mavsfan1000]

this faggot literally has nothing to contribute to any topic except textually felating trump and repeating one liners :lmao what a retard
Not much to be said. This is a great start on fixing wasteful government spending by the Obama administration by lowering taxes.

[RandomGuy]

look man, nobody could have known how complicated tax policy is

:lol

[Joseph Kony]

Not much to be said. This is a great start on fixing wasteful government spending by the Obama administration by lowering taxes.oh i never said it was good or bad, just pointing out your worthlessness as a poster tbh

[RandomGuy]

And yet Obama added 11 Trillion to the deficit with higher taxes.

https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

Wrong on soooo many levels.


Barack Obama - The national debt grew the most dollar-wise during President Obama's two terms. He added $7.917 trillion, a 68 percent increase, in seven years. This was the fifth-largest increase percentage-wise. Obama's budgets included the economic stimulus package. It added $787 billion by cutting taxes, extending unemployment benefits, and funding public works projects. The Obama tax cuts added $858 billion to the debt in two years.

Obama's budget increased defense spending to between $700 billion and $800 billion a year. Federal income was down, thanks to lower tax receipts from the 2008 financial crisis. He also sponsored the Patient Protection and Affordable Care Act. It was designed to reduce the debt by $143 billion over ten years. But these savings didn't show up until the later years. For more, see National Debt Under Obama.

You do remember the financial crisis yes? You know that period of time where US tax revenues plummeted?

http://i.imgur.com/fnoNjd3.gif :rolleyes

[DMX7]

lol, tax plan... more like a wish list, not an actual plan.

[pgardn]

The complexity is one of its biggest problems

Same with health care.
But we were told there was a tremendous plan?

[pgardn]

LOL.

Objectively, what is worth being mad about in regards to keeping more of the monies you earned?

If it works, I'm happy. If Obama had rolled this out and it worked, I would have been happy.

It just seems that bias really blinds common sense sometimes, by and by. I don't buy into people caring about the others that this (really doesn't) effects or the debt or anything else. People will be angry to be angry because they understand anger and bias better than happiness and buying shit with their hard earned monies.

Anger is easier than happiness.

You and Boots, opposite side of the political spectrum, same worldview.
Its beautiful.

[TDMVPDPOY]

lol does trump plan on paying down the national debt? or just happy paying the interests, yet they go use that money disrupt the economy either buying out the competition/industries or buying up residential property and propping up prices everywhere making it unaffordable and unsustainable

[spurraider21]

lol does trump plan on paying down the national debt? or just happy paying the interests, yet they go use that money disrupt the economy either buying out the competition/industries or buying up residential property and propping up prices everywhere making it unaffordable and unsustainable
:lol

[baseline bum]

LOL debt only ever matters to the party not in power in this nation

[Xevious]

LOL debt only ever matters to the party not in power in this nation
This. It's all talk, nobody ever gives a shit once in power.

[spurraider21]

LOL debt only ever matters to the party not in power in this nationbasically. we're going to operate under debt for a long time, but its not unreasonable to at least try to reign in the deficit... but neither party has been good at doing so for about 20 years now.

if trump wants to cut taxes and cut spending... staying tried and true to their "muh small government" claims, it would be one thing. but instead they dont curtail the spending, and insist that cutting taxes wont cut tax revenue because of the trickle down magic.

[Chucho]

Anger is easier than happiness.

You and Boots, opposite side of the political spectrum, same worldview.
Its beautiful.

What world view is that? Boots' view is from that of a loner with hints of sociopath.

[RandomGuy]

Markets appear to be about as impressed as I am.

"Based on the detail we have, the plan would add enormously to American debt. The view of the Committee for a Responsible Federal Budget (a bipartisan group that includes Paul Volcker and David Stockman, Reagan's budget director) was


Even with the detailed portions of the plan, there are not enough parameters specified to provide a certain revenue estimate of the tax plan. But making some assumptions based on prior proposals, our best rough estimate suggests the specified parts of the plan would cost $5.5 trillion. Assuming tax break limits only apply only to higher earners, that cost could be as high as $7 trillion; assuming credits and exclusions are eliminated as well as deductions, it would cost $3 trillion.With interest costs, a $5.5 trillion tax plan would be enough to increase debt to 111 percent of Gross Domestic Product (compared to 89 percent of GDP in the Congressional Budget Office's baseline) by 2027. That would be higher than any time in U.S. history, and no achievable amount of economic growth could finance it."

-Economist magazine, Schlumpeter blog
http://www.economist.com/blogs/buttonwood/2017/04/won-t-get-fooled-again

[RandomGuy]

basically. we're going to operate under debt for a long time, but its not unreasonable to at least try to reign in the deficit... but neither party has been good at doing so for about 20 years now.

if trump wants to cut taxes and cut spending... staying tried and true to their "muh small government" claims, it would be one thing. but instead they dont curtail the spending, and insist that cutting taxes wont cut tax revenue because of the trickle down magic.

Magic being the operative word.

We have tried the trickle down thing. It just doesn't work. The growth assumptions underlying the administrations projections are pure fantasy.

[monosylab1k]

We have tried the trickle down thing. It just doesn't work.

It works great for rich white people.

[AaronY]

It works great for rich white people.
And for duping white trash like Chris, mavsfan1000, etc

[AaronY]

All-time classic image imo

https://pbs-h2.twimg.com/media/C8I_A1wUAAEHXSr.jpg
Reminds me of the time I asked mavfan1000 why they don't crack down on the people who hire the illegals and he said they were good job creators and the illegals were the problem

[Will Hunting]

And for duping white trash like Chris, mavsfan1000, etc
:lol both of them do come off as classic type that thinks cutting taxes for the rich is going to magically turn their shitty paycheck to paycheck lives around.

[monosylab1k]

All-time classic image imo

https://pbs-h2.twimg.com/media/C8I_A1wUAAEHXSr.jpg
Reminds me of the time I asked mavfan1000 why they don't crack down on the people who hire the illegals and he said they were good job creators and the illegals were the problem
:lmao

[monosylab1k]

another classic

https://img.ifcdn.com/images/187cbeef4b52c35ee7b5ec64b56c5bdc73cb74e885966c75e7 37409ad10be3a1_1.gif

[baseline bum]

another classic

https://img.ifcdn.com/images/187cbeef4b52c35ee7b5ec64b56c5bdc73cb74e885966c75e7 37409ad10be3a1_1.gif

Holy fuck :lmao

[BanditHiro]

All-time classic image imo

https://pbs-h2.twimg.com/media/C8I_A1wUAAEHXSr.jpg
Reminds me of the time I asked mavfan1000 why they don't crack down on the people who hire the illegals and he said they were good job creators and the illegals were the problem

just another reason why General Sherman should have finished the job

[tlongII]

Magic being the operative word.

We have tried the trickle down thing. It just doesn't work. The growth assumptions underlying the administrations projections are pure fantasy.

http://economyandmarkets.com/economy/innovation/trickle-down-economics-works-just-ask-the-middle-class/

[monosylab1k]

http://economyandmarkets.com/economy/innovation/trickle-down-economics-works-just-ask-the-middle-class/

Oh! A guy who spent his entire life lining his pockets with middle class money has convincing reasons why economically screwing the middle class ultimately helps them! What a surprise!

Maybe next you can link to an article entitled "Why Date Rape Drugs Are Beneficial For The Female Immune System" by Bill Cosby.

[Adam Lambert]

http://economyandmarkets.com/economy/innovation/trickle-down-economics-works-just-ask-the-middle-class/

you do know youre an idiot right?

youve just accepted it in your old age and have decided to own it right? like a goofy uncle thing where you know youre a dork and youre embarrassing your niece in front of her friends but you walk around shirtless with your hairy ginger gut hanging out anyway?

is that what youre doing here? amusing yourself?

[Will Hunting]

http://economyandmarkets.com/economy/innovation/trickle-down-economics-works-just-ask-the-middle-class/
:lmao so his argument is that the middle class getting stronger in the 1930s after the New Deal was passed and after we started to heavily tax the rich is somehow proof that trickle down economics works?

You're really retarded.

[tlongII]

So no valid criticisms? Okay then.

[tlongII]

And I'm not fat. I'm big boned.

[TeyshaBlue]

:lol

[Will Hunting]

So no valid criticisms? Okay then.
My post was a valid criticism. The articles claim that the middle class increasing its share of wealth in the 1930s as an example of trickle down economics working deliberately ignores how much programs in the New Deal had to do with wealth redistributing from the top to the middle. It's complete revisionist history.

[tlongII]

My post was a valid criticism. The articles claim that the middle class increasing its share of wealth in the 1930s as an example of trickle down economics working deliberately ignores how much programs in the New Deal had to do with wealth redistributing from the top to the middle. It's complete revisionist history.

Bullshit. The point of the article is that innovation drives wealth increases for the masses. And that is true.

[florige]

Oh! A guy who spent his entire life lining his pockets with middle class money has convincing reasons why economically screwing the middle class ultimately helps them! What a surprise!

Maybe next you can link to an article entitled "Why Date Rape Drugs Are Beneficial For The Female Immune System" by Bill Cosby.



:lmao

[pgardn]

LOL debt only ever matters to the party not in power in this nation

Debt matters when the world market perceives this country is in economic and political trouble. When the stability of the US is questioned, debt will matter a whole lot. If you had Boots view of the US, then we would be in big trouble because of debt.

Which in itself is a fairly amazing thing. We have a president who cannot be trusted to be accurate in anything he says. Yet because of our clunky, inefficient democracy sharing power, Trump is reigned in. This has not gone unnoticed by the rest of the world. It's quite an amazing thing that our institutions are strong enough to withstand what appears to be extreme incompetence. I find this amazing. And who knows, maybe Trump will learn even more about the difficulties, acknowledge them, and move forward.

[pgardn]

What world view is that? Boots' view is from that of a loner with hints of sociopath.

If the shoe fits...

step in it.

[monosylab1k]

Anger is easier than happiness.

You and Boots, opposite side of the political spectrum, same worldview.
Its beautiful.


What world view is that? Boots' view is from that of a loner with hints of sociopath.


If the shoe fits...

step in it.

:lmao

[pgardn]

just another reason why General Sherman should have finished the job

Today He he would need to invade the West other than California, Pennsylvania, Wisconsin, Ohio, ...

[pgardn]

another classic

https://img.ifcdn.com/images/187cbeef4b52c35ee7b5ec64b56c5bdc73cb74e885966c75e7 37409ad10be3a1_1.gif

No, no no.

The table is slanted, the right side is up real high.
Then the Oreos slowly, but surely, trickle down left.

[boutons_deux]

A LIE, of course

Trump claims he will 'probably pay more' under new tax plan


the Times concluded that Trump could save $31 million from repealing the Alternative Minimum Tax, which accounted for 80 percent of his total 2005 income tax payment.

Another sizable area of savings could come from Trump's proposal to allow some individuals to qualify for a reduced tax rate of 15 percent.

That change could influence a number of Trump's businesses, and save the president $10.4 million on business income and $16.6 million on real estate and other income, based on the analysis.

http://thehill.com/homenews/administration/331190-trump-claims-he-will-pay-more-under-new-tax-plan

[RandomGuy]

http://economyandmarkets.com/economy/innovation/trickle-down-economics-works-just-ask-the-middle-class/

:lmao

Basically:

"nuh-uh, it does too work".

No data sets were presented at all. NONE. ZERO. ZIP. NADA.

That website is merely a vehicle to fleece dumb people with useless investing advice. This kind of pabulum is, to me, obviously clickbait weaksauce, intended to drive traffic.

Is this the kind of thing that drives your thinking? On a scale of 1 to 10, ten being best, how well do you think the author supported his assertions with evidence and data?

[RandomGuy]

Politicians and economists get many things wrong, but right now, the one thing that really gets up my… let’s keep this clean and just say, nose… is how clueless they are about “trickle-down economics.”

Republicans believe it. (They just don’t realize how long it takes and that it isn’t happening yet from the information revolution.)

Democrats don’t.

Sorry Democrats. You’re wrong.

I showed you last week how income inequality rose to extremes in 1929 and then fell to its lowest point into 1975-1978. And how it has risen to extremes again, which is why it’s such a political hot potato right now.

It’s clear that technological innovations and other economic drivers trickle down to the average Joe. It’s just hard to see because it doesn’t happen quickly. It takes decades!

The top 10% peaked in 1928, taking home a whopping 49.3% of the income! The bottom 90% had to fight over the remaining 50.7%.

But, they began to gain modestly in the early 1930s, while that top 10% saw its share of income fall to 32.5% by 1944 (see why I warn that the economic winter season will hit the rich harder than Homer Simpson?).

Then they enjoyed a sharp rise in income, and the rise of a broad middle class, during World War II.

From there, they lived in a “golden era” into 1978, with income shares largely between 67% and 68%.

This happened thanks to trickle-down economics.

This rise of the middle class came on a long lag from the great innovations of the late 1800s into the Roaring 20s.

Electricity and telephones emerged around 1900, the Model T in 1907, the all-important assembly line in 1914, and the modern corporation and radios in 1921 (notice the seven-year cycles).

The rich were moving to the suburbs into the 1920s. But the middle class finally made that massive shift only after WWII.

This new suburban lifestyle wouldn’t have been possible without electricity, cars, phones and telephones… and then radios and TV to follow. All of those innovations allowed people to enjoy a safer, more spacious and affordable lifestyle and higher wages.

Like I said: clearly trickle-down economics works.

And it stems from innovations and investments in radical new technologies. The emerging middle class themselves had little to do with the dramatic rise in their standard of living (sorry Homer).

Instead, they can thank innovators like Henry Ford for that. His first assembly line plant increased the productivity of his workers by 10 times. And he doubled their wages to $5 an hour so they could afford to buy his Model T.




Why Winners Keep Winning (And Losers Keep Losing)


If “buy-and-hold” and the notion that you can’t beat the market have left you short of your personal and retirement goals, then you’re going to want to hear the truth about passive and active investing.

Chances are, if you’re more than 25 years old, you think it’s impossible to “beat the market!”

But today, there is MORE than ample evidence that proves:
•The stock market is NOT perfectly efficient
•Passive investing can be MORE risky than active investing

You CAN beat the market… you just need to use the right strategy!

Get your own FREE copy of the latest report from Chief Investment Analysts, Adam O’Dell, “Why Winners Keep Winning (And Losers Keep Losing)”
Click to Learn More



[indented ad left in copy and paste as it is representative of the websites advertising-RG]
So to clueless economists and politicians, I say: history is all about technology trickling down. Everyday workers don’t change as much as technologies change their work. It’s been that way with the first factories, the cotton gins, the assembly line, and the Internet today.

And this innovation occurs in the economic summer and fall seasons (as I showed you last week).

Then they trickle down in the economic winter and spring seasons.

Innovation favors the entrepreneurial and financial classes – the top 0.1% to the top 10%.

The trickle down favors the middle class and the broader bottom 90%…

Yes, without the risk-taking and innovations of the upper class, there wouldn’t be a middle class (take that Democrats!). But the extremes that always occur at the end of the economic fall bubble boom season are not sustainable and not fair (so take that Republicans!).

It’s the richest people that should be truly scared at this point. They should be doing everything they can to protect their assets and their businesses. They face a hell of an uphill battle to keep their wealth in the years ahead.

Of course, I’ve hardly met a super-rich person who thinks there’s any chance that their New York or London or San Francisco or Vancouver or Sydney condo could lose value (by as much as 50%, if not more).

Even fewer see the 70% to 80% stock crash coming.

Don’t be one of these guys.

If you have any wealth, move fast to protect it. If you own a business, move fast to prepare it.


:rollin:rollin:rollin

[Chucho]

If the shoe fits...

step in it.

+2.

[tlongII]

:lmao

Basically:

"nuh-uh, it does too work".

No data sets were presented at all. NONE. ZERO. ZIP. NADA.

That website is merely a vehicle to fleece dumb people with useless investing advice. This kind of pabulum is, to me, obviously clickbait weaksauce, intended to drive traffic.

Is this the kind of thing that drives your thinking? On a scale of 1 to 10, ten being best, how well do you think the author supported his assertions with evidence and data?

:rolleyes

[tlongII]

http://money.howstuffworks.com/trickle-down-economics.htm

[Th'Pusher]

http://money.howstuffworks.com/trickle-down-economics.htm

How trickle down economics works :lol

[RandomGuy]

:rolleyes

I asked for evidence, you didn't really provide any.

I posted the whole of your linked "article" above. Tell me what set of data was MOST important to supporting "trickle down" economics? Be specific.

[RandomGuy]

http://money.howstuffworks.com/trickle-down-economics.htm

Explained how it worked alright.

Didn't provide any good evidence whatsoever that it actually works as theorized.

If it is all that powerful of a theory on a predictive basis, why is there no really definitive evidence? Failed theories often have that problem.

[RandomGuy]

How trickle down economics [is supposed to work]:lol

FIFY.

I can tell you how the flat earth theory is supposed to work too, that doesn't mean it is a viable theory that describes reality. Shhh, don't tell tlong. :)