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Trump's tax reform
2001400ex
Member Posts: 29,457
in Tug Tavern
He won't get his way on this, but here's some tidbits:
As you'll see in the chart below, Trump's tax plan is a simplification. He wants to reduce the number of individual tax bands from seven to three: 12 percent, 25 percent and 33 percent.
This one always baffles me, reducing number of tax brackets does nothing to simplify the code. It's maff in the computer program or a different table is you are doing it by hand.
"Some taxpayers would definitely benefit from Trump's tax reform — especially those at the higher end of the income scale. There are others, however, who would see their tax rates go up. Especially those on lower incomes."
Clearly the upper income people will share their tax cuts with the lower income people.
CNBC's John Harwood calls Trump's tax reform a " remarkable paradox ," as middle America may not benefit as much as coastal elites.
Almost like people got duped into voting against their own interest.
https://www.yahoo.com/finance/news/chart-shows-exactly-trumps-tax-185043506.html
If you don't like the source, every analysis is basically the same.
As you'll see in the chart below, Trump's tax plan is a simplification. He wants to reduce the number of individual tax bands from seven to three: 12 percent, 25 percent and 33 percent.
This one always baffles me, reducing number of tax brackets does nothing to simplify the code. It's maff in the computer program or a different table is you are doing it by hand.
"Some taxpayers would definitely benefit from Trump's tax reform — especially those at the higher end of the income scale. There are others, however, who would see their tax rates go up. Especially those on lower incomes."
Clearly the upper income people will share their tax cuts with the lower income people.
CNBC's John Harwood calls Trump's tax reform a " remarkable paradox ," as middle America may not benefit as much as coastal elites.
Almost like people got duped into voting against their own interest.
https://www.yahoo.com/finance/news/chart-shows-exactly-trumps-tax-185043506.html
If you don't like the source, every analysis is basically the same.
Comments
Let's also not forget couples making between $75,000 and $75,300, that extra $300 will be taxed an extra 10%!! $30? Fuck!!
I don't think it's simple enough. Allow couples to make $20,000 tax free and then tax every dollar above that at a 25% rate.
Incremental tax rates are flat out stupid. Just have it flat.
If you make $20k a year then you owe 10% and you're not getting back $12k because you decided to breed way too much for your income range. You aren't getting back anything.
That is plenty to fund defense which should be the only real function of the federal government since we have 50 state governments who also tax wages, property, sales, capital gains, etc.
May as well not even play the inauguration.
Without doing any math, I have a feeling that 15% flat tax might not be enough. Happy to be shown otherwise.
Everyone keeps yelling about lowering taxes as a fix for the country, but when America WAS great, they were higher not lower. Corporate taxes in particular.
The Federal Government has spent over $10TT that it didn't have the last 8 years anyway.
As far as corporate taxes being higher in the good old days? I would attribute that to companies not having the option to move to Malaysia and avoid most taxes altogether like they can now. If you try to stick it to Corporate America, they just pack up and leave the Country or put all of their assets overseas like in the Apple game.
The only way to truly help the American taxpayer would be for the Feds to cut up their Credit cards and blow up the printing presses.
But on a practical level, we can't just cut up the credit cards, rent the spare room, and eat Top Ramen as a country. I get that spending is out of control, but slashing revenue alone would only make the deficit worse.
Would a 15% flat tax cover our financial obligations? If so, fine. If not, then what?
Having said that if you employ anyone your personal income falls under the personal tax as does theirs.
This eliminates someone like Trump from writing off a billion dollars from his business and he never pays personal tax again. Then he writes off endless stuff on the business and doesn't pay tax there either. His business is untouched, but the umpteen millions he personally makes every year is subject to the 15%, no exceptions.
HTH
Then those executives play their own game of mathmatical gymnastics to pay very little in taxes as well.
I'm not an anti-government guy, but our government is way too fucking big. Only getting 10% of the personal pot would end the bullshit of giving other countries that refuse to get their shit together billions of dollars, wars with no purpose, and having a hand in EVERYTHING.
10% would cover defense, SS/Medicare, and the VA. The IRS would still exist but with the simplicity of the new code they could function with 25% of their current staffing.
And C corps average about 15% because of deductions and stuff with the top tax rate at 35%. Corporations are taxed fairly.
And the argument that if you cut taxes on corporations they'll hire more people, is FS. If you've ever been in a discussion about whether to hire or fire, it's always about expected demand. Never is it about taxes.