The Briefing Room
General Category => Politics/Government => Topic started by: mystery-ak on September 27, 2017, 08:25:10 pm
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Trump touts tax plan aimed at creating a 'middle class miracle'
by Gabby Morrongiello | Sep 27, 2017, 4:06 PM
President Trump delivered a serious pitch on tax reform Wednesday, framing a plan released by his administration earlier in the day as "a giant win for the American people" that will not benefit high-income earners like himself.
"This is a once-in-a-generation opportunity, and I guess it's probably something I could say I'm very good at," the president said at an event in Indianapolis. "I've been waiting for this for a long time."
Trump said the changes included in his plan are geared toward benefitting middle-class Americans who have long suffered under a burdensome and bureaucratic tax system. Wealthy individuals will not receive disproportionate tax cuts or special benefits, he claimed.
more
http://www.washingtonexaminer.com/trump-touts-tax-plan-aimed-at-creating-a-middle-class-miracle/article/2635843
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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 which is $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.
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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 which is $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.
If you're going to cut and paste the same stuff on several threads, at least have the decency to include pictures of some hot chicks. We do have standards.
As a matter of fact, we've upped our standards...
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No offense but same plan different thread. Just that Trump is trying to sell it to the American people. Fart of the deal.
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Trump's original tax plan:
1. If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each.
2. All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.
Very different from this current proposal. **nononono*
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Trump's original tax plan:
1. If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each.
2. All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.
Very different from this current proposal. **nononono*
Very different.
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How does the middle class do better when their state taxes, property taxes and home mortgages are no longer deductible?
It is basically taxing the money again that went to paying taxes.
The middle class will also take a hit on their property values because owning property will be more expensive.
Sounds deadly to the middle class to me.
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Trump's original tax plan:
1. If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each.
2. All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.
Very different from this current proposal. **nononono*
Exactly !
It was a bait and switch to get people on Trump's bandwagon.
After Trump proposed this plan, he began crawfishing... lowering
his standard deduction to the same abomination he unveiled today
which just happened to match the standard deduction proposed by
the GOP June 2016 in their "Blueprint - A Better Way" plan which
also eliminates personal exemptions and eliminates the extra senior
standard deduction and increases the lowest tax rate from 10% to 12%.
Here's a link to the 2016 GOP plan. Almost exactly the same plan unveiled today.
http://webcache.googleusercontent.com/search?q=cache:3XBs6H0rpTgJ:https://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf%2Bbetter+way+blueprint&hl=en&gbv=1&ct=clnk
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Exactly !
It was a bait and switch to get people on Trump's bandwagon.
After Trump proposed this plan, he began crawfishing... lowering
his standard deduction to the same abomination he unveiled today
which just happened to match the standard deduction proposed by
the GOP June 2016 in their "Blueprint - A Better Way" plan which
also eliminates personal exemptions and eliminates the extra senior
standard deduction and increases the lowest tax rate from 10% to 12%.
Here's a link to the 2016 GOP plan. Almost exactly the same plan unveiled today.
http://webcache.googleusercontent.com/search?q=cache:3XBs6H0rpTgJ:https://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf%2Bbetter+way+blueprint&hl=en&gbv=1&ct=clnk
Who's paying you to spam these threads?
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Actually in doing a little research .... many sources are reporting that Trump's tax plan will have a very direct negative affect on retirees, those heading into retirement, retirement savings plans, and seniors. Lower tax brackets are being eliminated forcing those into a higher tax bracket. The original tax brackets that he proposed while campaigning are quite different from what he is currently proposing. Those who are receiving pensions; their COLA will be eliminated and no longer allowed; in other words $$ that they have been putting towards their retirement will see government interference on their pension plans. IRA's and 401K's may be affected as well.
Trump’s proposed retirement changes would have major impacts on current feds and retirees
Specifically, the budget calls for:
An increase in employee contributions by 1 percent each year for the next six years,
An elimination of the cost-of-living adjustment (COLA) for current and future Federal Employee Retirement System (FERS) participants,
Cutting the COLA by 0.5 percent for Civil Service Retirement System (CSRS) participants of what the typical formula currently allows.
The Washington Post first reported these specific changes to the federal retirement system, which include other proposals, such as basing future retirement benefits on the average of an employee’s highest five years of salary. Currently, retirement benefits are based on an employee’s length of service, salary and highest three-year average salary.
Federal financial experts are most worried by two specific proposals: increasing employee contributions and eliminating the COLA for FERS participants.
These changes, they say, may force current employees to delay their retirements in order to put more money in the Thrift Savings Plan (TSP), and they would certainly decrease an employee’s monthly take-home pay with higher annuity contributions. Combined, these proposals have the potential to cause real hardship, said Art Stein, a financial planner and investment manager.
“It means that the purchasing power of the FERS annuity is going to decrease every year,” he said. “How much will solely depend on how high the inflation rate is. Although the inflation has been low for some time, there’s no reason to expect that to continue into the future. I really worry about people who are already retired, because retirement planning has been based upon the promises and guarantees from the federal government about their retirement annuity, and all of the sudden they’re going to see a big decrease in future benefits.”
https://federalnewsradio.com/retirement/2017/05/trumps-proposed-retirement-changes-would-have-major-impacts-on-current-feds-and-retirees/
How Trump’s tax plan may affect your 401(k)
http://www.marketwatch.com/story/how-trumps-tax-reform-will-affect-your-retirement-2017-04-26
Trump's tax plan could affect your retirement
https://www.aol.com/article/finance/2017/01/17/trumps-tax-plan-could-affect-your-retirement/21656698/
What the Trump Tax Plan Means for Your Retirement
Retirement Plan Changes -It remains unknown at this time whether the Trump administration plan will affect retirement plans such as your IRAs or 401(k)s. When asked at an April 27 press conference whether the Trump plan protected tax breaks for 401(k)s, Press Secretary Sean Spicer would not confirm. However, administration officials quickly voiced support for keeping current 401(k) rules in place for now, even though the one-page plan they released does not mention any such protection.
With IRAs, things become even murkier because in addressing Spicer’s comments, administration officials specified that contributions to 401(k)s are not deductions and would therefore be protected. However, IRA contributions are deductions because they are contributed after income is received. The Trump tax plan does not specifically protect deductions for IRA contributions the way it does for deductions for home ownership and charitable contributions.
The administration has expressed support for retirement plans. However, there are concerns about potential large deficits due to the tax breaks. This may result in Congress looking to raise revenues by eliminating or reducing retirement plan benefits at some point in the future. It is too soon to say for sure, but it would not be inconceivable to think that benefits like the stretch IRA or cost of living adjustments to retirement plans could find themselves on the chopping block for budget purposes during a late-night legislative session in Congress.
Roth IRA Tax Planning -The Trump tax plan, if it becomes a reality, will change the tax landscape for many individuals. Many may end up in lower tax brackets. This may be a good time to take advantage of being in a lower tax bracket, and convert pre-tax accounts to Roth accounts. This may be especially true if those predicting deficits as a result of the tax cuts turn out to be right. At some point, taxes will have to be raised to pay the bills, and having a Roth account that has already been taxed at lower rates will be a smart move.
https://www.irahelp.com/slottreport/what-trump-tax-plan-means-your-retirement
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Trump is more and more disappointing each day.
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Trump is more and more disappointing each day.
Trump saw an opportunity to make a tremendous amount of money for him, his family and his cronies; so he ran for president. That's exactly what I expected and that's exactly what is happening. It appears that he is shifting the tax burden onto the poor, retirees and seniors.
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How does the middle class do better when their state taxes, property taxes and home mortgages are no longer deductible?
It is basically taxing the money again that went to paying taxes.
The middle class will also take a hit on their property values because owning property will be more expensive.
Sounds deadly to the middle class to me.
From my understanding he is eliminating personal deductions and replacing it with standard deductions; the mortgage deduction is one of the few deductions remaining, however you will no longer be able to take the property tax deduction which I think is going to be a huge hit for many. He has eliminated the lowest tax brackets and the highest tax brackets ... those at both ends will be paying more. He is attacking pensions, IRA's and social security. Those that have paid into the 'system' all their lives will be the hardest hit.
All in all I think it will benefit most of the working class.
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Well, as I said elsewhere, Ryan is gushing over this plan and that set off warning bells for me. I want to read the actual draft without all the rumors, rhetoric and hype. It's a shame that I can't trust Trump, Ryan or anyone else saying it's going to be wonderful. Learned my lesson when the various Obamacare "repeal" bills were proposed.
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From my understanding he is eliminating personal deductions and replacing it with standard deductions; the mortgage deduction is one of the few deductions remaining, however you will no longer be able to take the property tax deduction which I think is going to be a huge hit for many. He has eliminated the lowest tax brackets and the highest tax brackets ... those at both ends will be paying more. He is attacking pensions, IRA's and social security. Those that have paid into the 'system' all their lives will be the hardest hit.
All in all I think it will benefit most of the working class.
I don't have a mortgage... But I pay about $30k a year in property taxes... I have to get out of California before it kills me...
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I don't have a mortgage... But I pay about $30k a year in property taxes... I have to get out of California before it kills me...
$30k a year in property taxes? That's more than some make in a year!
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$30k a year in property taxes? That's more than some make in a year!
I've done it for 10 years and I've had enough...
Having to pay federal taxes on the money I pay in property taxes is obscene.
This will drive real estate values down in California. Great for new buyers, bad for people who've already paid through the noise...
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I don't have a mortgage... But I pay about $30k a year in property taxes... I have to get out of California before it kills me...
That is a lot of property tax. In my poor community, between county, borough and school district taxes, mine are around $1200, and I think that's too much. The school district tax is the most -- almost $700. Wouldn't mind that except the school district is a mess, the dropout rate is around 40% and those who do graduate are often functionally illiterate.
But after reading how much you pay, I will stop whining about my taxes now.
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I don't care if this thing is tax neutral. Hell, I've paid Fedzilla $1.2M in my lifetime.
JUST MAKE IT SO I DON"T HAVE TO WASTE TWO WEEKS OF MY TIME IN MARCH, TO PREPARE THIS BULL SHIT!!!!!!!!!!!
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I don't care if this thing is tax neutral. Hell, I've paid Fedzilla $1.2M in my lifetime.
JUST MAKE IT SO I DON"T HAVE TO WASTE TWO WEEKS OF MY TIME IN MARCH, TO PREPARE THIS BULL SHIT!!!!!!!!!!!
The solution is quite simple. ABOLISH THE IRS and ELIMINATE FEDERAL taxes! I don't see that happening in my lifetime.
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The solution is quite simple. ABOLISH THE IRS and ELIMINATE FEDERAL taxes! I don't see that happening in my lifetime.
Fully agree, but will never happen. My idea of how this should take place is that it takes place on a postcard, and it takes me 10 minutes.
F the government Fedzilla bureaucracy.
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Actually in doing a little research .... many sources are reporting that Trump's tax plan will have a very direct negative affect on retirees, those heading into retirement, retirement savings plans, and seniors. Lower tax brackets are being eliminated forcing those into a higher tax bracket. The original tax brackets that he proposed while campaigning are quite different from what he is currently proposing. Those who are receiving pensions; their COLA will be eliminated and no longer allowed; in other words $$ that they have been putting towards their retirement will see government interference on their pension plans. IRA's and 401K's may be affected as well....]
This plan is an outrage. Retirees are totally screwed.
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Well, as I said elsewhere, Ryan is gushing over this plan and that set off warning bells for me. I want to read the actual draft without all the rumors, rhetoric and hype. It's a shame that I can't trust Trump, Ryan or anyone else saying it's going to be wonderful. Learned my lesson when the various Obamacare "repeal" bills were proposed.
Our rulers are getting more incompetent and venal by the day. The Tenth Amendment and enforcing the Enumerated Powers is the only thing that can save us. The only middle class miracle will be getting the people to accept this atrocity.
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Who's paying you to spam these threads?
WHO is paying YOU and your red army trolls to keep stalking me ??
As I said previously... because there is more than one tax cut topic...
I may post my opinion on more than one topic. My opinion does not change.
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WHO is paying YOU and your red army trolls to keep stalking me ??
As I said previously... because there is more than one tax cut topic...
I may post my opinion on more than one topic. My opinion does not change.
??? What? You have the audacity to come into this forum and start making accusations. Please do me a favor and exit. No one is stalking you but your repeated posts of the same things over and over and over and over and over are tiresome.
The ignore feature will work great.
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Please do me a favor and exit. No one is stalking you but your repeated posts of the same things over and over and over and over and over are tiresome.
Fancy that... you want posters whose opinions you disagree with to leave.