Trump says tax plan to nearly double standard deduction

[mystery-ak]

Trump says tax plan to nearly double standard deduction
By Naomi Jagoda - 09/26/17 12:14 PM EDT

President Trump on Tuesday said that Republicans' forthcoming tax plan will include "nearly doubling" the standard deduction and increasing the child tax credit.

"We will cut taxes tremendously for the middle class. Not just a little bit but tremendously," Trump said at a meeting in the White House with a bipartisan group of members on the House Ways and Means Committee.

The president's comments come one day before the White House and top congressional Republicans release a tax-overhaul framework that is intended to serve as a guideline for the Ways and Means Committee and the Senate Finance Committee as they craft legislation. Trump is also planning to sell the plan during a speech Wednesday in Indiana.

more
http://thehill.com/policy/finance/352473-trump-tax-plan-will-nearly-double-standard-deduction-increase-child-tax-credit

[InHeavenThereIsNoBeer]

Meanwhile, the GOP is looking to raise the bottom tax rate from 10% to 12%.  Even though raising the standard deduction will probably at least offset this (I'm too lazy to look it up), and this raise will effect EVERYONE who pays taxes and not just the "poor", just exactly how do they think the media is going to portray this to the sheeple?

[Chosen Daughter]

Meanwhile, the GOP is looking to raise the bottom tax rate from 10% to 12%.  Even though raising the standard deduction will probably at least offset this (I'm too lazy to look it up), and this raise will effect EVERYONE who pays taxes and not just the "poor", just exactly how do they think the media is going to portray this to the sheeple?

I don't know but it looks to me he is raising my taxes.  It remains to be seen whether the standard deduction increase will put me ahead or farther in the hole.

[RoosGirl]

And a reminder that the GOP has also kicked around doing away with mortgage interest deduction.

[austingirl]

Meanwhile, the GOP is looking to raise the bottom tax rate from 10% to 12%.  Even though raising the standard deduction will probably at least offset this (I'm too lazy to look it up), and this raise will effect EVERYONE who pays taxes and not just the "poor", just exactly how do they think the media is going to portray this to the sheeple?

The next bracket is 25%. That is no tax cut and way too much for working people who earn an average income and take no benefits. 

[Snarknado]

The next bracket is 25%. That is no tax cut and way too much for working people who earn an average income and take no benefits. 

It depends where the brackets are. The current 10% bracket is only the first $9K or so of taxable income. If you extend 12% to the current 15% limit AND leave in place the 0% CG rate for that bracket it might be OK. Otherwise it would be no better, and for some far worse, than the current Bush rates.

If they were serious about "fairness" they would index the thresholds for taxing SS benefits to inflation. $25K was OK 30 years ago but it's a joke today...

[austingirl]

It depends where the brackets are. The current 10% bracket is only the first $9K or so of taxable income. If you extend 12% to the current 15% limit AND leave in place the 0% CG rate for that bracket it might be OK. Otherwise it would be no better, and for some far worse, than the current Bush rates.

If they were serious about "fairness" they would index the thresholds for taxing SS benefits to inflation. $25K was OK 30 years ago but it's a joke today...

Our rulers/public servants won't stop until they confiscate everything and give us an allowance. If only we had a Constitutional Republic...

[Bigun]

Just more tinkering around the edges of the Marxist income tax with ZERO real reform involved.  Nothing new!  Bread and Circuses for the masses!

[Right_in_Virginia]

And a reminder that the GOP has also kicked around doing away with mortgage interest deduction.

They are keeping the mortgage interest deduction @RoosGirl along with charitable contributions.

http://www.weeklystandard.com/tax-reform-aims-to-simplify-the-code-slash-some-rates-boost-the-economy/article/2009841#!

[Bigun]

They are keeping the mortgage interest deduction @RoosGirl along with charitable contributions.

http://www.weeklystandard.com/tax-reform-aims-to-simplify-the-code-slash-some-rates-boost-the-economy/article/2009841#!

If we went back to the form of taxation UNIVERSALLY endorsed by our founders (taxes on articles of consumption only) we wouldn't need ANY deductions at all!

[KingsX]

This latest version of the GOP tax plan is almost the same
as their 2016 Blueprint.

Doubling the standard deduction will NOT compensate for
the GOP eliminating personal exemptions and eliminating
the extra senior standard deduction and increasing the lowest
tax rate from 10% to 12%. Many lower middle class who can
least afford it [single parents & seniors]  taxes will INCREASE.

The GOP needs to reach into its bag of tricks and FIX THIS...
restore personal exemptions and the extra senior deduction...
or the GOP is in trouble in 2018.

[KingsX]

Meanwhile, the GOP is looking to raise the bottom tax rate from 10% to 12%.  Even though raising the standard deduction will probably at least offset this (I'm too lazy to look it up), and this raise will effect EVERYONE who pays taxes and not just the "poor", just exactly how do they think the media is going to portray this to the sheeple?

The DEVIL is in the details.

The GOP also plans to eliminate personal exemptions and the extra senior standard deduction.

For many people... especially single parents and seniors... doubling the basic standard deduction will NOT compensate for losing these other benefits.

[DiogenesLamp]

If we went back to the form of taxation UNIVERSALLY endorsed by our founders (taxes on articles of consumption only) we wouldn't need ANY deductions at all!

I think that keeping the tax code complicated is one of their methods for disbursing quid pro quos. 

If it were simple,  nobody could trade graft.   

[Bigun]

I think that keeping the tax code complicated is one of their methods for disbursing quid pro quos. 

If it were simple,  nobody could trade graft.

That's true!  And there is also the fact that the income tax gives them plenty of opportunities for the social engineering they so love to engage in!

A simple flat rate sales tax at the point of retail sale on new items only would take that all away from them!

[KingsX]

Any minute Trump will be speaking about the GOP tax cuts for the wealthy...
and of course the stock market is going up... they love it.

[Snarknado]

It's been hours since the 4th thread on this topic was started - shouldn't we have a 5th by now?

[InHeavenThereIsNoBeer]

Any minute Trump will be speaking about the GOP tax cuts for the wealthy...
and of course the stock market is going up... they love it.

How much do you get every time you post the phrase "tax cuts for the wealthy"?