Breaking: Trump Admits His Previous Tax Cuts Were For The Wealthy Few

Remember when Trump lauded his tax cuts as a boon to working families??? Now he inadvertently admits his tax cuts did not benefit the supposed beneficiaries. Now he is offering more tax cuts to working families. WTF???? This guy is a monster

https://www.commondreams.org/news/2...romise-middle-class-mocked-confession-gop-tax

 

Interesting tweet from the Soros funded group....but what it ignores is reality....the majority of the United States taxpayers got a tax cut....

 

Personally, I think it's foolish to try and infer something from what President Trump has said.

In my opinion it's far more likely that, knowing that people like tax cuts, the President has offered tax cuts in order to encourage people to go out and vote GOP in the midterms regardless of whether or not he actually intends to deliver any middle class tax cuts.

Mrs Don recently said that "women spend more time worrying about what men are thinking, than men spend thinking". I think the same is true of President Trump's statements. He has repeatedly shown that, unlike many politicians, he is not going to be held captive by his previous statements. He's quite happy to contradict himself later that month, week, say, sentence. Don't spend time obsessing about what President Trump says because he has likely said the polar opposite, and will do again and in any case talk is easy and cheap. Instead look at things which have made it into concrete proposals and support/oppose them as you see fit.

 

A few bucks a month for most while the super rich were able to buy another house in Monaco.
That’s fair right?

Meanwhile we are reaching near record levels of deficits.

 

I'm curious.

The left wants the rich to pay more. The numbers already show they provide the vast majority of tax revenue. But, so be it.

If the rich are to provide the bulk of tax revenue, shouldn't the left be supporting the growth of more rich people?

Shouldn't they want those rich people to become richer?

Shouldn't policy be considered that creates more rich people, so they can cover the revenue demands?

 

well yeah we have a progressive income tax system so folks paying more will benefit more. Duh

 

I see your point... leeches who dont pay taxes get no break. Everybody else does.

 

Well, we need to cut Medicare and Social Security.

Obviously!

 

I'm calling BS on this news site. First off, there is no "about us" section. that that is a red flag, 2nd, you probe around the site and its got progressive undertones all over it. So creatability is in question, red flag number 2. 3rd, right at the top, is a donation heading. that is the 3rd red flag. Finally when you look at the person who wrote the article, all you get is that he writes for the website and you follow him on twitter.

 

After navigating past that blog's cyber-begging popups and banners to the actual article I found no such admission.

 

Nope the left would like the rest of America to become wealthy enough to have to pay income tax.

 

You forgot that the tax cut eliminated the personal exemptions which made that about a break even. Amazing how many here apparently never seem to have done the tax forms or pay taxes.

 

Corporations effective tax rates are close to the least they have ever paid.
The reason the rich pay more is because they earn more and they pay less (as a percentage) than many middle class individuals by making their income through dividends and capital gains.

I absolutely support creating more rich people - but allowing the super wealthy to stash their obscene wealth (there are tens of trillions overseas currently) in hidden bank accounts does not grow wealth for anyone but that individual.

The problem with allowing the super wealthy accumulate this type of wealth is just like the big banks and multi-national corporations. They are too big to fail. What happens when they move to a tax haven like corporations do?

 

OP has helped to understand why the right use the NPC meme to describe the left.

 

Tax cuts or subsidies should not benifit any individual earning 4000% (about $600,000) or more of the federal poverty line. All deductions should also be capped at this level.

 

. Why not? Why should we treat them differently?

 

It is amazing, isnt it. Whats even more surprising are how many people deny doubling the standard deduction is a tax cut for the working man. Guess those folks either dont pay taxes or are in a higher tax bracket and itemize.

 

Yup.

I've said this a number of times, but I think it bears repeating. In the late 1950's, corporate taxes accounted for around 30% of federal tax revenue, now it's between 6% and 7%. The tax burden has shifted massively from corporations to individuals - and that's before the recent huge cuts in corporate tax rates.

Although the headline corporation tax rate may have been high in the US, tax breaks and effective tax management by corporations has meant that they actually end up paying comparatively little tax.

 

It was always on the individual....businesses will always pass the cost on to their customers.

 

How much of a tax cut did folks who earn less than 40K a yr get.

 

https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968

It also doubled the standard deduction.

 

Because putting money in the hands of people that will actually spend it will aid in growing the economy. The individuals spending it are helped, local business is helped — increasing taxes back to the state and federal governments.

Who does it benifit for the super rich to buy another summer home overseas or stash it in some investment portfolio? Only them.

 

So all rich people do is spend money on summer homes overseas? They don't spend money in the United States? They don't buy food? cars? clothes? Also investing money is good for the economy....it's investing in the economy directly...in businesses that are traded publicly. Poor people are free to make money, as much as they want...hopefully they can get a job, in one of those businesses that the rich person invested in.

 

You have no idea how the stock market works.

Rich people are going to buy the things they want reguardless, poor people cannot.
So no - the economy is affected very little by “stimulating” wages of the very wealthy as they mostly save it. They are not determining most purchases on a tax cut - it just makes them have more money in the bank - poor and middle class people will actually spend it.

 

They got a job, and can probably get a better job now that unemployment is so low.