Treasury Secretary Steve Mnuchin can't guarantee middle class wouldn't pay more under tax plan

[libertybele]

Looks like the middle class will get screwed again! 

Treasury Secretary Steve Mnuchin can't guarantee middle class wouldn't pay more under tax plan

Treasury Secretary Steve Mnuchin today told ABC News chief anchor George Stephanopoulos that he couldn’t say how Donald Trump's sweeping tax overhaul plan would affect the president personally, while also declining to guarantee that middle-class families wouldn't pay more under the proposal.

"I can't make any guarantees until this thing is done and it’s on the president's desk. But I can tell you, that’s our number one objective in this," Mnuchin said on "Good Morning America."

The blueprint, which the White House unveiled Wednesday, calls for dramatically cutting federal taxes for businesses and simplifying rules for individuals. The plan would slash corporate taxes to 15 percent for large and small businesses, as well as consolidate categories for individual taxpayers, lowering the top bracket from nearly 40 percent to 35 percent.

But the Trump administration left key questions about the tax plan unanswered, such as how it would affect the middle class and the wealthy. Mnuchin avoided sharing further details of the plan in the interview with "GMA" this morning.
...........

https://gma.yahoo.com/treasury-secretary-steve-mnuchin-cant-guarantee-middle-class-113240550--abc-news-topstories.html#

[Bigun]

Fact of life # 233.
For as long as the Marxist income tax remains in place here in the USA ANY tax "reform" will be exceedingly fleeting in nature! Far better to throw the thing onto the ash heap of history - where it so properly belongs - and be done with it once and for all!

http://fairtax.org

[andy58-in-nh]

Anyone who watched George Stephanopolous asking his usual hostile, loaded-with-assumptions, leading questions on GMA this morning will recognize this as a hit piece. The Left is trying to make any effort at tax reform appear as though it were motivated only by Trump's desire to cut taxes for himself and his rich friends. 

Never mentioned is the fact that the truly rich (usually Democrats) don't pay income taxes because their income is earned passively, through trusts and investments. Or that more than 40% of wage earners are currently paying no income taxes at all. Or that the relatively small number of people who pay most of the taxes create almost all of the new jobs. On the other hand, the mainstream media are quick to repeat the claims of "many economists" (translation: Paul Krugman) that tax cuts don't create jobs.

[Bigun]

Anyone who watched George Stephanopolous asking his usual hostile, loaded-with-assumptions, leading questions on GMA this morning will recognize this as a hit piece. The Left is trying to make any effort at tax reform appear as though it were motivated only by Trump's desire to cut taxes for himself and his rich friends. 

Never mentioned is the fact that the truly rich (usually Democrats) don't pay income taxes because their income is earned passively, through trusts and investments. Or that more than 40% of wage earners are currently paying no income taxes at all. Or that the relatively small number of people who pay most of the taxes create almost all of the new jobs. On the other hand, the mainstream media are quick to repeat the claims of "many economists" (translation: Paul Krugman) that tax cuts don't create jobs.

Paul Krugman is the Bill Nye of economics! 

There are many little secrets inherent with the Income tax. You have mentioned but a few of them.

The FACT is that income taxes are antiethical to FREE people and cannot be allowed to exist in free societies.
 

[libertybele]

Fact of life # 233.
For as long as the Marxist income tax remains in place here in the USA ANY tax "reform" will be exceedingly fleeting in nature! Far better to throw the thing onto the ash heap of history - where it so properly belongs - and be done with it once and for all!

http://fairtax.org

Would not the 16th amendment need to be repealed?

[NavyCanDo]

"I can't make any guarantees until this thing is done and it’s on the president's desk. But I can tell you, that’s our number one objective in this,"

Nothing more needs to be said.    It was a question designed to trip him up and cause dissension in the ranks and nothing more.    The plan as described yesterday is a huge step in the right direction and almost the entire middle class range should see a nice tax cut. I'm very pleased with the proposal, and I'm not even a Trump fan.

[DiogenesLamp]

Anyone who watched George Stephanopolous asking his usual hostile, loaded-with-assumptions, leading questions on GMA this morning will recognize this as a hit piece. The Left is trying to make any effort at tax reform appear as though it were motivated only by Trump's desire to cut taxes for himself and his rich friends. 

I saw it this morning,  and I thought the man should have called him "George Clinton" and told him to stop asking  propaganda  questions.   

This is another example of why I think the conservative coalition needs to smash the existing control of the broadcasting infrastructure with a nuclear sledgehammer.    The broadcasting networks have become nothing but mouthpieces for Liberal politics and policies,  and we need to get at least equal time.   

[DiogenesLamp]

Paul Krugman is the Bill Nye of economics! 

There are many little secrets inherent with the Income tax. You have mentioned but a few of them.

The FACT is that income taxes are antiethical to FREE people and cannot be allowed to exist in free societies.

A graver threat to free societies are non taxpaying voters. 

[Cyber Liberty]

Would not the 16th amendment need to be repealed?

I think the 16th Amendment needs to be repealed or Congress will simply pass a new income tax, on top of the Fair Tax.  Politically, you'll never get the Fair Tax through Congress if you can't guarantee that will not happen.

(As an aside, I happen to think they will anyway within 50 years, with or without the 16th Amendment.  They passed one before, in the 19th Century, but it was overruled by the SCOTUS.  Would you trust the SCOTUS to make that same call now?)

[Bigun]

Would not the 16th amendment need to be repealed?

Many people are very confused about what the 16th amendment actually did but I have no problems at all with repealing it. 

It's repeal is not necessary for the fairtax to be passed and implemented. In fact, that is the absolute surest way to make sure the income tax is truly gone and the ground salted so it can't come back.

[geronl]

Trump really is going to give the rich and corporations tax cuts at the expense of the middle class. He really is a leftists caricature of a Republican.

[Sanguine]

Here's some numbers if you're interested:  http://www.savingtoinvest.com/2017-tax-brackets-standard-deduction-and-other-tax-updates/

[Bigun]

Trump really is going to give the rich and corporations tax cuts at the expense of the middle class. He really is a leftists caricature of a Republican.

Quick Econ. 101 lesson for you!  Corporations don't pay taxes! They simply pass them on to their customers along with all the costs of compliance!  The corporate income tax is in fact a VAT!

[Cyber Liberty]

Trump really is going to give the rich and corporations tax cuts at the expense of the middle class. He really is a leftists caricature of a Republican.

Why do you suddenly take at face value the assessment of the far-left media, when I'm sure you never have before?

[Cyber Liberty]

Quick Econ. 101 lesson for you!  Corporations don't pay taxes! They simply pass them on to their customers along with all the costs of compliance!  The corporate income tax is in fact a VAT!

What they don't pass on to the customers they pass to their employees as haircuts in wages.

[Cyber Liberty]

I read that Lauer guy on Today demanded Mnuchin raise his right hand and take an oath.  From what I read, he refused.

[Bigun]

What they don't pass on to the customers they pass to their employees as haircuts in wages.

And, only as a last resort, to their stockholders. And the three places we have mentioned are literally the ONLY three places they can go.  All three of those places are individuals and NOT the corporation itself.

[Cyber Liberty]

And, only as a last resort, to their stockholders. And the three places we have mentioned are literally the ONLY three places they can go.  All three of those places are individuals and NOT the corporation itself.

Thanks for reminding me about the Stockholders.  You know, nothing galls the lefties more than the idea that somebody might be enjoying themselves or, God forbid, making a buck somehow.

[rodamala]

Trump really is going to give the rich and corporations tax cuts at the expense of the middle class. He really is a leftists caricature of a Republican.

When I saw the bulletpoints of thr Trump tax plan, I logged on to see what the Trump Faithful were saying in defense of their God.

Suckers... every one of them... at my expense.

[geronl]

Why do you suddenly take at face value the assessment of the far-left media, when I'm sure you never have before?

I shouldn't trust the Treasury Secretary?

[geronl]

Thanks for reminding me about the Stockholders.  You know, nothing galls the lefties more than the idea that somebody might be enjoying themselves or, God forbid, making a buck somehow.

Liberals: You make it sound like there aren't just huge piles of untaxed money out there that truly belongs to the government to give to us!

reality-challenged since Adam and Eve fell for the MSM tricks of a serpent

[Cyber Liberty]

I shouldn't trust the Treasury Secretary?

When talking about people in government, I throw the word "trust" out the nearest window.  Same thing with so-called Journalists.  I thought you did that too.

[Cyber Liberty]

Liberals: You make it sound like there aren't just huge piles of untaxed money out there that truly belongs to the government to give to us!

reality-challenged since Adam and Eve fell for the MSM tricks of a serpent

Whenever I get into a discussion with a lefty about things like taxes, I usually reach the point fairly early in the conversation when I ask them, "To whom does money belong?  People or Government?" and "What is the purpose of money?"  Their answer is very instructive as to which direction I should take with them.

[mystery-ak]

Has anyone read what happens to the Earned Income Tax Credit?

[Sanguine]

Has anyone read what happens to the Earned Income Tax Credit?

No, but that's a great question.

Here's one take:

President Trump proposes making a rare change to the child-care tax credit, but most families don’t have enough money to benefit from it.

President Trump’s tax plan will simplify the tax code to three main tax brackets for Americans and repeal most individual tax deductions. It will boost the child and dependent care credit, a part of the tax code that has not been touched in over a decade. The new child care tax benefits proposed by the president include an expansion to the earned income tax credit for lower-income families, a deduction for higher-income families, plus the introduction of a child-care savings account.

http://www.marketwatch.com/story/trump-plans-to-dust-off-decade-old-child-care-tax-credits-2017-04-26