Trump's tax reform

2001400ex · December 2016

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.

CuntWaffle · December 2016

You baffled? You don't say....

dhdawg · December 2016

The plan would cut taxes at every income level, but high-income taxpayers would receive the biggest cuts, both in dollar terms and as a percentage of income. Overall, the plan would cut the average tax bill in 2017 by $2,940, increasing after-tax income by 4.1percent. However, the highest-income taxpayers (0.1 percent of the population, or those with incomes over $3.7 million in 2016dollars) would experience an average tax cut of nearly$1.1million, over 14percent of after-tax income. Households in the middle fifth of the income distribution would receive an average tax cut of $1,010, or 1.8 percent of after-tax income, while the poorest fifth of households would see their taxes go down an average of $110, or 0.8percent of their after-tax income.

http://www.taxpolicycenter.org/publications/analysis-donald-trumps-revised-tax-plan/full

RaceBannon · December 2016

Who won the Spring game?

greenblood · December 2016

So Hondo is freaking out about couples under $20,000 in income paying 2% more? What is that? $40?

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.

Mosster47 · December 2016

greenblood said:
So Hondo is freaking out about couples under $20,000 in income paying 2% more? What is that? $40?

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.

25% is way too high of a tax bracket to begin with. If they just taxed everyone 10% and didn't give money back to people that don't even pay taxes we would be good.

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.

Kaepsknee · December 2016

greenblood said:
So Hondo is freaking out about couples under $20,000 in income paying 2% more? What is that? $40?

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.

Agree. Everybody pays a flat Federal 15 % with no deductions.

Kaepsknee · December 2016

2001400ex said:
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.

Clearly the Sun will not rise come Jan 20th.

May as well not even play the inauguration.

ThomasFremont · December 2016

salemcoog said:

greenblood said:
So Hondo is freaking out about couples under $20,000 in income paying 2% more? What is that? $40?

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.
Agree. Everybody pays a flat Federal 15 % with no deductions.

I'm ok with that on a personal level, but what does that look like in practice on the national level? With no deductions period, what is the age of taxation, since parents will no longer be claiming kids with jobs?

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.

greenblood · December 2016

I would still like to see payroll as a deduction for business. At least create an added benefit for creating jobs.

Kaepsknee · December 2016

ThomasFremont said:

salemcoog said:

greenblood said:
So Hondo is freaking out about couples under $20,000 in income paying 2% more? What is that? $40?

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.
Agree. Everybody pays a flat Federal 15 % with no deductions.
I'm ok with that on a personal level, but what does that look like in practice on the national level? With no deductions period, what is the age of taxation, since parents will no longer be claiming kids with jobs?

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.

Why does it have to be enough???

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.

Trump's tax reform

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