Trash/Repug tax cut strategy to enrich the oligarchy and screw everybody else

[boutons_deux]

As has been said, show us your budget/finances and we'll see what your values are

Trump reportedly plans to raise bottom tax rate to offset tax cuts for wealthy

Trump prepares to announce his plan to “cut taxes tremendously for the middle-class” tomorrow, details about the tax reform plan, which was

largely constructed in secrecy by former Goldman Sachs employees

now in the administration, are beginning to make their way to the public.

On Tuesday, Axios reported Republicans have agreed on a plan to

raise the bottom tax rate from 10 percent to 12 percent, while also doubling the standard deduction.
This increase in the bottom tax rate is one of the ways the Trump administration is planning on paying for the massive tax cut for the rich.

Trump’s plan is expected to slash the top individual tax rate (https://www.wsj.com/articles/gop-tax-plan-to-allow-for-top-individual-rate-above-35-1506447082) from 39.5 percent to 35 percent.

“[Republicans] are clearly looking for ways to offset the enormous tax cuts their plan gives to the wealthy and corporations.

Just the tax cuts that have been reported would cost $5 trillion,”

https://thinkprogress.org/trump-reportedly-to-plans-to-raise-bottom-tax-rate-to-offset-tax-cuts-for-wealthy-55f07ec0b470/

[boutons_deux]

Republicans Are Already Abandoning Trump’s Tax Plan As Things Get Worse For The GOP

Republicans are coming out against Trump's tax plan, as the party of low taxes is looking increasingly unlikely to pass a tax cut.

Bloomberg reported: (https://www.bloomberg.com/news/articles/2017-09-26/trump-s-state-tax-plan-could-cause-headaches-for-52-republicans)

President Donald Trump’s promised tax overhaul may force dozens of Republican congressmen in states including New York and New Jersey into a politically damaging vote to repeal a $1.3 trillion tax break their districts use heavily.But not if Representative Peter King of New York can help it.

King, a Republican who represents Long Island, said he’ll oppose any attempt to repeal the state and local tax deduction, calling it “absolutely essential to my district.”

King is one of 52 Republicans — more than enough to scuttle any bill that lacks Democratic support — who hail from districts that use the state tax deduction disproportionately.

He thinks enough of those Republican colleagues will band together to keep its repeal out of any comprehensive tax legislation this fall, complicating GOP plans.

If half of these 52 Republicans oppose the plan, Trump’s tax bill will die in the House.

Republicans have been acting like tax cuts, and tax reform will be easy, but the tax code is equally if not more complicated than health care.

There is no agreement on a tax cut plan, and given that the holidays are right around the corner, the odds of Trump getting tax cuts passed during his first year in office are decreasing by the minute.

http://www.politicususa.com/2017/09/26/republicans-abandoning-trumps-tax-plan-worse-gop.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+politicususa%2FfJAl+%28Politi cus+USA+%29

[boutons_deux]

Republican tax plan expected to include new 'pass-through' business rate

A Republican tax-cut plan due to be unveiled on Wednesday is expected to call for a new rate for “pass-through” businesses of about 25 percent, which would bring huge tax savings to millions of U.S. business owners, a lobbyist familiar with the negotiations said.

About 95 percent of American businesses are pass-throughs such as sole proprietorships, partnerships and S-corporations, according to the Brookings Institution, a Washington think tank.

The name comes from the profits and losses of such businesses that pass through directly to their owners, unlike public corporations.

Pass-through profits are now taxed at top individual income-tax rates as high as 39.6 percent, higher than the top corporate income tax rate of 35 percent - a disparity that pass-through business owners have long complained about.

http://www.reuters.com/article/us-usa-tax/republican-tax-plan-expected-to-include-new-pass-through-business-rate-idUSKCN1C1154?feedType=RSS&feedName=politicsNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Reuters%2FPoliticsNews+%28Reu ters+Politics+News%29

[pgardn]

Luther Strange lost in Alabama. Backed by all the big money, Chamber of Commerce, Trump and McConnel.

So this idea that the Republicans can form some coherent strategy on anything is in doubt.
Both parties are really chopped up.

[dbestpro]

Being middle income, I am already screwed by the taxes, and in particular ACA. I would prefer people not be punished for working or being successful, and that we move to a progressive sales tax. The higher the ticket item the higher the tax. The rich could not hide from that type of tax, and a 1% tax on the low end would mean that everyone would have skin in the game.

[boutons_deux]

Republicans Outline Biggest Tax-Code Overhaul In A Generation

http://www.npr.org/2017/09/27/553860929/republicans-outline-biggest-tax-code-overhaul-in-a-generation

... accompanied by NOTHING BUT LIES from Repugs.