Trump's massive tax plan

Discussion in 'Budget & Taxes' started by Media_Truth, Sep 29, 2017.

  1. Media_Truth

    Media_Truth Well-Known Member

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    Who saves and who doesn't with the Trump tax plan? The devil is in the details. Supposedly, the plan cuts taxes for Corporations and Individuals. We've seen this in the past. Every time it has raised the deficit. With a huge budget deficit already, is it the right time to cut taxes?

    I've heard arguments about families saving a few hundred per year, depending on income levels. Now let's analyze an individual who makes $1,000,000 per year. His tax rate, goes from 39.6% to 35%. He will save roughly $46,000 per year. Somebody who makes $50,000,000 per year will save a whopping $2,300,000 per year.

    Any question that this plan favors the rich? Oh yes, of course Trump and Republicans state that the rich won't pay less taxes with the reduction from 39.6% to 35%, because of other changes. OKAY so let's do the other changes, but keep the rate at 39.6%. Then there would be no question.

    http://www.businessinsider.com/trum...te-individual-brackets-deductions-cuts-2017-9
     
  2. Jimmy79

    Jimmy79 Banned

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    Tell me again why you feel that being successful means you owe the govt every penny you make from Jan. 1 until around April 15th?

    Then you can explain why more than 50% of Americans should pay zero taxes.
     
  3. Media_Truth

    Media_Truth Well-Known Member

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    Nobody pays every penny.
     
  4. Iriemon

    Iriemon Well-Known Member Past Donor

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    That is the quid pro quo for a system where you can be successful and have unimaginable wealth. Seems like a good deal to me.

    Why should someone with no income pay taxes?
     
  5. Iriemon

    Iriemon Well-Known Member Past Donor

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    Their plan is the same as their strategy for ACA repeal. Keep people in the dark and lie like hell until the last minute and then try to cram some ****ed up plan that screws the poor/middle class to further enrich the richest.
     
    Last edited: Sep 29, 2017
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  6. Jimmy79

    Jimmy79 Banned

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    Don't poor people live under the same system?



    They have income, they just don't have to pay taxes after you add up all the credits and deductions.
     
  7. Iriemon

    Iriemon Well-Known Member Past Donor

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    Sure. Are poor people billionaires?

    Could be.
     
  8. Jimmy79

    Jimmy79 Banned

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    Umm what?
     
  9. Iriemon

    Iriemon Well-Known Member Past Donor

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    Are poor people billionaires?
     
  10. Media_Truth

    Media_Truth Well-Known Member

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    Actually I posted this same analogy on another thread, and somebody made a good point. The person who earns $50 million will save much more than $2,300,000. Chances are that they will have a "S" Corporation, with their earnings shielded in there. The Corporate Tax rate proposal cuts the tax from 40% to 25%. So the savings, under that scenario, are $7,500,000.
     

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