Trump's Tax Plan Is Going To Make Dems Livid

[To-Whose-Benefit?]

dailycaller
ROBERT DONACHIE
Capitol Hill and Health Care Reporter
9:40 AM 09/24/2017

[excerpt]

http://dailycaller.com/2017/09/24/trumps-tax-plan-is-going-to-make-dems-livid/

President Donald Trump’s long-promised reforms to the U.S. tax code will reportedly include tax cuts for the wealthiest Americans, a feature that will surely spark backlash from Democrats.

The administration and Republican Party leadership is planning to cut the tax rate for pass through businesses from 39.5 percent to 35 percent, Axios reports.  The majority of U.S. businesses are not subject to the corporate tax rate and instead pay taxes on profits that are passed through to the proprietors of the business and taxed at an individual rate.

Forty-five Senate Democrats sent a letter to Trump and Republican leadership in August in which they wrote “tax reform cannot be a cover story for delivering tax cuts to the wealthiest … We will not support any tax plan that includes tax cuts for the top 1 percent.”

[To-Whose-Benefit?]

Dems Livid?

"cut the tax rate for pass through businesses from 39.5 percent to 35 percent"

Good thing for those Dems it's not my Tax plan.

I'd get rid of it completely. No taxes on Corporate/Business income whatsoever.

Solve a whole Universe of problems.

And have 9 out of 10 Dems carried out on a stretcher breathing through an oxygen mask.

"We will not support any tax plan that includes tax cuts for the top 1 percent."

Parse the phraseology.

It's never about improving people's lives, but always about Punishing someone/class warfare.

[XenaLee]

dailycaller
ROBERT DONACHIE
Capitol Hill and Health Care Reporter
9:40 AM 09/24/2017

[excerpt]

http://dailycaller.com/2017/09/24/trumps-tax-plan-is-going-to-make-dems-livid/

President Donald Trump’s long-promised reforms to the U.S. tax code will reportedly include tax cuts for the wealthiest Americans, a feature that will surely spark backlash from Democrats.

The administration and Republican Party leadership is planning to cut the tax rate for pass through businesses from 39.5 percent to 35 percent, Axios reports.  The majority of U.S. businesses are not subject to the corporate tax rate and instead pay taxes on profits that are passed through to the proprietors of the business and taxed at an individual rate.

Forty-five Senate Democrats sent a letter to Trump and Republican leadership in August in which they wrote “tax reform cannot be a cover story for delivering tax cuts to the wealthiest … We will not support any tax plan that includes tax cuts for the top 1 percent.”

How much does the plan reduce taxes for middle-class Americans?

[RoosGirl]

How much does the plan reduce taxes for middle-class Americans?

There was an earlier story about how they were looking at removing the deduction for interest paid on mortgages.  How do you think that would affect the middle class?

[InHeavenThereIsNoBeer]

There was an earlier story about how they were looking at removing the deduction for interest paid on mortgages.  How do you think that would affect the middle class?

Doesn't sound like that's in his plan:

"Realtors and home builders won't be happy with the doubling of the standard deduction. That's because lots more people will take the standard deduction and many fewer will itemize their tax returns. A prevailing belief in the real estate world is that under those conditions, fewer people will take the mortgage interest deduction, which could mean fewer homes being purchased."

http://www.zerohedge.com/news/2017-09-24/trump-tax-plan-leaked-includes-tax-cuts-wealthiest-americans-morgan-stanley-skeptica

[RoosGirl]

Doesn't sound like that's in his plan:

"Realtors and home builders won't be happy with the doubling of the standard deduction. That's because lots more people will take the standard deduction and many fewer will itemize their tax returns. A prevailing belief in the real estate world is that under those conditions, fewer people will take the mortgage interest deduction, which could mean fewer homes being purchased."

http://www.zerohedge.com/news/2017-09-24/trump-tax-plan-leaked-includes-tax-cuts-wealthiest-americans-morgan-stanley-skeptica

It was a GOP plan, not necessarily Trump's.  https://apnews.com/9618fc44163545e9bf5b50ee7bbfe86a/GOP-eyes-popular-tax-breaks-to-finance-overhaul

[kevindavis007]

How much does the plan reduce taxes for middle-class Americans?

How about for all Americans.

[XenaLee]

How about for all Americans.

Um.....

all Americans don't PAY taxes.  You can only have tax cuts for those that actually pay taxes (duh).

[InHeavenThereIsNoBeer]

It was a GOP plan, not necessarily Trump's.  https://apnews.com/9618fc44163545e9bf5b50ee7bbfe86a/GOP-eyes-popular-tax-breaks-to-finance-overhaul

Gotcha.  You said "they", and I missed that and just assumed you were referring to Trump's plan.  In the end, it really only matters what Congress passes anyway.

[Right_in_Virginia]

The tax plan is also going to make Republicans livid .... count on it.

[To-Whose-Benefit?]

The tax plan is also going to make Republicans livid .... count on it.

I HEARD that.

[corbe]

  I don't see any significant Tax Reform passing Congress this year, if anything it will turn into another Repeal/Replace debacle, where they will spend weeks arguing about minor cosmetic changes on the peripheral and even then will not be able to get the votes, they are failures lacking any Leadership.
   In 2018, after 1 year in office, Trump will be looking at Gorsuch as his ONLY major accomplishment and as he would twitter SAD!

[libertybele]

   In 2018, after 1 year in office, Trump will be looking at Gorsuch as his ONLY major accomplishment and as he would twitter SAD!

Thanks Ted!  Sorry ... I know, I've pointed that out before, but I couldn't resist.   

[KingsX]

This is the kiss of death for the GOP.

Trump's overt and over the top tax cuts for the wealthy while giving the middle-finger to everyone else,  is a godsend to the Democrats who have said all along this was the GOP's agenda.

Now the GOP has proven the Democrats were right.

[KingsX]

The tax plan is also going to make Republicans livid .... count on it.

It makes me livid. 

The GOP had better be concerned whether or not I am a canary in the coal mine.   They have no idea how their obvious and over the top tax cuts for the wealthy while giving the middle-finger to everyone else has angered me, someone  who usually votes straight GOP.  I can guarantee you I am not the only one.

The DEVIL is in the details the GOP is not yet telling you... like the GOP plan to eliminate personal exemptions and the extra senior standard deduction.

Trump said the new GOP standard deduction will be  $12,000 single / $24,000 couple... that is NOT doubling the current 2017 standard deduction of $6350 single / $12,700 couple or the projected 2018 standard deduction, $6500 single / $13,000 couple

Trump did not say whether or not  this arbitrary $12000/$24,000 standard deduction will the adjusted annually for inflation. Maybe it will be like Reagan's 1983 "tax cut" that turned out to be a new tax on Social Security based on an arbitrary $25,000 income that was NOT set up to be adjusted for inflation and is now a burden to all seniors.

[To-Whose-Benefit?]

This is the kiss of death for the GOP.

Trump's overt and over the top tax cuts for the wealthy while giving the middle-finger to everyone else,  is a godsend to the Democrats who have said all along this was the GOP's agenda.

Now the GOP has proven the Democrats were right.

My point - which I never tire of making - is that killing the Corp Income Tax would be the biggest Tax Break for people of all income brackets imaginable.

Corporations don't pay that 39.1%. They tack it onto the final price of their goods and services and pass it through to the consumer.

When you buy Anything from a Corp affected by that 39.1%, . . . 39.1 cents out of Every dollar you paid for it is a Tax.

And I for one am sick unto puking over hearing endless kvetching about Bread Crumb tax breaks for the little people.

Would you rather have a 39% tax cut or a another 4 or 5 pct, . . .Tops, . . . tossed to you as a Major Win by our Govt Plantation Masters?

[NavyCanDo]

How much does the plan reduce taxes for middle-class Americans?

Im already in the 25% tax bracket which it sounds like will remain the same. I may save on the standard deduction change if that stands, but that sounds like about it.

[Bigun]

My point - which I never tire of making - is that killing the Corp Income Tax would be the biggest Tax Break for people of all income brackets imaginable.

Corporations don't pay that 39.1%. They tack it onto the final price of their goods and services and pass it through to the consumer.

When you buy Anything from a Corp affected by that 39.1%, . . . 39.1 cents out of Every dollar you paid for it is a Tax.

And I for one am sick unto puking over hearing endless kvetching about Bread Crumb tax breaks for the little people.

Would you rather have a 39% tax cut or a another 4 or 5 pct, . . .Tops, . . . tossed to you as a Major Win by our Govt Plantation Masters?

  You said a mouthful my friend and all 100% true!

[Chosen Daughter]

Um.....

all Americans don't PAY taxes.  You can only have tax cuts for those that actually pay taxes (duh).

Illegals are most likely paying next to nothing in taxes but receiving hefty returns.  I posted in another thread.

[Mom MD]

My point - which I never tire of making - is that killing the Corp Income Tax would be the biggest Tax Break for people of all income brackets imaginable.

Corporations don't pay that 39.1%. They tack it onto the final price of their goods and services and pass it through to the consumer.

When you buy Anything from a Corp affected by that 39.1%, . . . 39.1 cents out of Every dollar you paid for it is a Tax.

And I for one am sick unto puking over hearing endless kvetching about Bread Crumb tax breaks for the little people.

Would you rather have a 39% tax cut or a another 4 or 5 pct, . . .Tops, . . . tossed to you as a Major Win by our Govt Plantation Masters?

I would like to see the people who actually pay the taxes get a break.  I pay over 6 figures a year in federal taxes then another chunk of state and local taxes.  We don't make that much... I drive a Honda.   Apparently my taxes are going up again so we can give a bigger return to people who don't pay income taxes in the first place.   We need either a flat rate or a national sales tax now.

[Mom MD]

Um.....

all Americans don't PAY taxes.  You can only have tax cuts for those that actually pay taxes (duh).

I wish that were true.  With the EIT and other rebates we give large tax returns to those who pay no tax at all.

[Bigun]

I would like to see the people who actually pay the taxes get a break.  I pay over 6 figures a year in federal taxes then another chunk of state and local taxes.  We don't make that much... I drive a Honda.   Apparently my taxes are going up again so we can give a bigger return to people who don't pay income taxes in the first place.   We need either a flat rate or a national sales tax now.

Only a sales tax will do!  We will NEVER be free under any form of income tax!

[Mom MD]

Only a sales tax will do!  We will NEVER be free under any form of income tax!

I like the sales tax for a lot of reasons but a flat tax would at least be preferable to what we have now. 

[Bigun]

I like the sales tax for a lot of reasons but a flat tax would at least be preferable to what we have now.

For awhile perhaps.   Until it grew back as it has done several times in the past.  We MUST rid ourselves of the income tax once and for all.

[txradioguy]

Trump's overt and over the top tax cuts for the wealthy while giving the middle-finger to everyone else,  is a godsend to the Democrats who have said all along this was the GOP's agenda.

@KingsX

Who do you think pays almost 90% of the income taxes in the country?