Trump, GOP tax plan cuts rates, nearly doubles deduction

[Bigun]

That is exactly what it is... massive tax cuts for the wealthy and the middle-finger to lower income Americans.

Democrats have been saying that and now Republicans are making it a self-fulfilling prophecy.

I have voted GOP for decades. But this tax cut for the wealthy the GOP falsely calls a tax cut for everyone has made up my mind not to vote GOP in 2018.

I hope you will forgive me for not believing you have voted GOP ever.

[jmyrlefuller]

Someone please tell me why we're even considering further cutting taxes when around 40% of Americans are off the tax rolls and we still have this:
http://usdebtclock.org

[KingsX]

I hope you will forgive me for not believing you have voted GOP ever.

Whether you believe me or not is not my concern.  But 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. 

[Bigun]

Whether you believe me or not is not my concern.  But 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 Medicare 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.

You have posted that how many times now on several threads.  I think we got it.

[KingsX]

You have posted that how many times now on several threads. I think we got it.

I doubt that.

But when NEW topics about the GOP's tax cut for the wealthy are posted I may leave similar comments.

[Right_in_Virginia]

You have posted that how many times now on several threads.  I think we got it.

You took the words right off my keyboard @Bigun !!

[aligncare]

There are solid improvements in the proposed changes. Looks good for it passing the republican congress.

I wish Trump had done tax reforms first rather than starting with the ill-fated health care that turned into a debacle.

[truth_seeker]

Whether you believe me or not is not my concern.  But the GOP had better be concerned whether or not  I am a canary in the coal mine.   

And of course it is just a coincidence, you showed up here in time for the tax proposal?

Why here? Why now?

What tax reform plan do you propose?

[cato potatoe]

I doubt that.

But when NEW topics about the GOP's tax cut for the wealthy are posted I may leave similar comments.

Maybe you could explain why tax cuts for the wealthy are immoral, and why you should dictate how their earnings are spent.

[truth_seeker]

Most taxes are paid by the wealthy, so any meaningful tax cuts must by definition cut taxes for the wealthy.

[aligncare]

Most taxes are paid by the wealthy, so any meaningful tax cuts must by definition cut taxes for the wealthy.

 

[KingsX]

And of course it is just a coincidence, you showed up here in time for the tax proposal?

Why here? Why now?

What tax reform plan do you propose?

It was no coincidence I came to this forum to post about the GOP tax cuts.  They have been a major interest of mine for a long time.  I just discovered this forum with several tax cut related topics while searching for tax cut related articles on the internet.   

I have been interested in GOP tax cuts from the beginning when Trump first mentioned his plan during his campaign.   Trump first proposed the single deduction would be $25,000 and the couple deduction would be $50,000.  Wouldn't that have been a GOP godsend for low-income Americans.   But that has since morphed into this current GOP tax cuts for the wealthy abomination. But it appears some here are unhappy that I am unhappy.  That speaks volumes about you, not me.

[truth_seeker]

It was no coincidence I came to this form to post about the GOP tax cuts.  They have been a major interest of mine for a long time.  I just discovered this forum with several tax cut related topics while searching for tax cut related articles on the internet.   

I have been interested in GOP tax cuts from the beginning when Trump first mentioned his plan during his campaign.   Trump first proposed the single deduction would be $25,000 and the couple deduction would be $50,000.  Wouldn't that have been a GOP godsend for low-income Americans.   But that has since morphed into this current GOP tax cuts for the wealthy abomination. It appears some here are unhappy that I am unhappy.  That speaks volumes about you, not me.

So you simply have envy of the wealthy people that are employers?

Once again, why now? Why here?

My intuition is you are a phony "conservative," come here to disrupt.

[KingsX]

Lots of posters here are using "strawman" type attack questions.
Again... that speaks volumes about you. You are not giving the
GOP's  tax cuts for the wealthy good PR by attacking other GOP
voters who disagree with the tax plan.  But you may forebode
the fate of the 2018 election.

[InHeavenThereIsNoBeer]

Trump just 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 which is $6500 single /  $ 13,000 couple

Trump failed to mention the GOP plan to eliminate personal exemptions and extra senior deduction.

Okay, but is it nearly doubling the current standard deduction, as the headline clearly states?

[Cyber Liberty]

Lots of posters here are using "strawman" type attack questions.
Again... that speaks volumes about you. You are not giving the
GOP's  tax cuts for the wealthy good PR by attacking other GOP
voters who disagree with the tax plan.  But you may forebode
the fate of the 2018 election.

Attacking the members of a Forum <24 hours after you signed up is poor form, old chap.  Don't you think you should know us first?  BTW, Welcome to TBR.  Stop by the Lounge to see a few of us....

[KingsX]

Okay, but is it nearly doubling the current standard deduction, as the headline clearly states?

Yes, the headline on this topic does indeed state that.

But if you notice... "doubling the standard deduction"
is being used more often than "almost" doubling  in
news articles and on other topics/posts on this forum.
I merely pointed out the facts.  And it makes me wonder
if the $12,000 / $24,000 figure the GOP pulled out of a
hat will be set up to increase annually with inflation...
THAT is very important.

[KingsX]

Attacking the members of a Forum <24 hours after you signed up is poor form, old chap.  Don't you think you should know us first?  BTW, Welcome to TBR.  Stop by the Lounge to see a few of us....

The straw men in use here never cease.

I have been the one attacked by posters here for disagreeing with the GOP tax plan.

[libertybele]

Whether you believe me or not is not my concern.  But 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 Medicare 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.

Links please.

[corbe]

   @KingsX you are not being attacked or disparaged, we at TBR welcome all Briefers and you won't be censored here.   By the way, Welcome to TBR.

   A boy can dream can't he?

Details and Analysis of Senator Ted Cruz’s Tax Plan
October 29, 2015
By Kyle Pomerleau  Michael Schuyler
 
•Senator Cruz’s (R-TX) tax plan would enact a 10 percent flat tax on individual income and replace the corporate income tax and all payroll taxes with a 16 percent “Business Transfer Tax,” or subtraction method value-added tax. In addition, his plan would repeal a number of complex features of the current tax code.
•Senator Cruz’s plan would cut taxes by $3.6 trillion over the next decade on a static basis. However, the plan would end up reducing tax revenues by $768 billion over the next decade when accounting for economic growth from increases in the supply of labor and capital and the much broader tax base due to the new value-added tax.
•According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to a 13.9 percent higher GDP over the long term, provided that the tax cut could be appropriately financed.
•The plan would also lead to a 43.9 percent larger capital stock, 12.2 percent higher wages, and 4.8 million more full-time equivalent jobs.
•On a static basis, the plan would cut taxes by 9.2 percent, on average, for all taxpayers.
•Accounting for economic growth, all taxpayers would see an increase in after-tax income of at least 14 percent at the end of the decade.

<..snip..>

https://taxfoundation.org/details-and-analysis-senator-ted-cruz-s-tax-plan

[libertybele]

   @KingsX you are not being attacked or disparaged, we at TBR welcome all Briefers and you won't be censored here.   By the way, Welcome to TBR.

   A boy can dream can't he?

Details and Analysis of Senator Ted Cruz’s Tax Plan
October 29, 2015
By Kyle Pomerleau  Michael Schuyler
 
•Senator Cruz’s (R-TX) tax plan would enact a 10 percent flat tax on individual income and replace the corporate income tax and all payroll taxes with a 16 percent “Business Transfer Tax,” or subtraction method value-added tax. In addition, his plan would repeal a number of complex features of the current tax code.
•Senator Cruz’s plan would cut taxes by $3.6 trillion over the next decade on a static basis. However, the plan would end up reducing tax revenues by $768 billion over the next decade when accounting for economic growth from increases in the supply of labor and capital and the much broader tax base due to the new value-added tax.
•According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to a 13.9 percent higher GDP over the long term, provided that the tax cut could be appropriately financed.
•The plan would also lead to a 43.9 percent larger capital stock, 12.2 percent higher wages, and 4.8 million more full-time equivalent jobs.
•On a static basis, the plan would cut taxes by 9.2 percent, on average, for all taxpayers.
•Accounting for economic growth, all taxpayers would see an increase in after-tax income of at least 14 percent at the end of the decade.

<..snip..>

https://taxfoundation.org/details-and-analysis-senator-ted-cruz-s-tax-plan

Such a shame ... and his health care plan would have worked wonderfully.  With any luck we will have the absolute pleasure of one day saying "President Ted Cruz"!

[KingsX]

I want to thank the posters here who used "straw men" type attack questions to personally attack me for disagreeing with the GOP's tax cuts for the rich.

Seriously,  I thank you for revealing your brutal honest selves.

Whether you realize it or not, you have given me [and hopefully others] a very valuable education in the type of mentality that is behind these elitist tax cuts.

Thank you ever so much for enlightening me and may you receive what you richly deserve.

Now I have to go find the cake that Trump told me to eat.

[aligncare]

Such a shame ... and his health care plan would have worked wonderfully.  With any luck we will have the absolute pleasure of one day saying "President Ted Cruz"!

Ted Cruz’s ideas are good, but I think he lacks national appeal. In my opinion he can best serve conservatives where he is in the senate, or on the court. And like it or not, NBC will always dog him in any national campaign – even among conservatives. Democrats will have a field day.

[truth_seeker]

Lots of posters here are using "strawman" type attack questions.
Again... that speaks volumes about you. You are not giving the
GOP's  tax cuts for the wealthy good PR by attacking other GOP
voters who disagree with the tax plan.  But you may forebode
the fate of the 2018 election.

You are not a "GOP voter," if your main interest is envy of the wealthy, immediately after you arrive on a established forum.

Bernie guy? Sent by DNC? Love Hillary?

[KingsX]

You are not a "GOP voter," if your main interest is envy of the wealthy, immediately after you arrive on a established forum.

Bernie guy? Sent by DNC? Love Hillary?

You still don't get it.

The irony is... I have voted straight GOP for decades...
mostly because I am socially conservative.  But now
that the GOP is abandoning social conservatism and
has embraced an oligarch mentality... I will no longer
vote GOP.   That means I will not vote at all... and
the GOP will lose one vote.  But if the GOP thinks
mine is the only vote they will lose over their elitist
tax cut for the rich, they need to come down from
their ivory towers and embrace reality before they
are thrown down.