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Miles Archer

(18,837 posts)
Thu Apr 27, 2017, 09:31 AM Apr 2017

Mnuchin "can't guarantee" Trump tax plan wont raise taxes on middle class



President Donald Trump unveiled his tax reform plan this week, and it included a lot of big giveaways for high-income earners, including the elimination of both the inheritance tax and the alternative minimum tax.

Despite this, the administration has tried to pitch the plan as a boon for the middle class, as it proposes doubling the standard deduction for all earners. However, the plan will also likely get rid of several popular deductions, including the deduction for state and local taxes and for student loan payments, meaning some middle income earners might end up paying more than they do right now.

During an interview on ABC News on Thursday, George Stephanopoulos asked Trump Treasury Secretary Steve Mnuchin if he could guarantee that middle-class families wouldn’t pay any additional taxes under the administration’s plan — and Mnuchin replied that he couldn’t.

“I can’t make any guarantees until this thing is done and it’s on the president’s desk,” Mnuchin said. “But I can tell you, that’s our number one objective in this.”

http://www.rawstory.com/2017/04/watch-treasury-secretary-cant-guarantee-trump-tax-plan-wont-raise-taxes-on-middle-class/
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Mnuchin "can't guarantee" Trump tax plan wont raise taxes on middle class (Original Post) Miles Archer Apr 2017 OP
The trump plan is designed to help the top tax brackets and heck with everyone else Gothmog Apr 2017 #1
Made richer: 39.6% Bracket (to 35%); large "estate" heirs (No Estate Tax); 1%-ers (no 3.8% NIIT; no WinkyDink Apr 2017 #8
Ole Sleazy Steve can however asssure everyone that it will justhanginon Apr 2017 #2
Hmmm wonder if he stands to gain if people,let's say, miss a mortgage payment underpants Apr 2017 #3
he's one of the creepiest in a long line of creeps spanone Apr 2017 #4
That horrid grin tells me he's lying and dreading the day he has to say... Frustratedlady Apr 2017 #5
NEVER does a Republican utter those words. NEVER. WinkyDink Apr 2017 #9
how about: "ha ha, middle class, we lied!" unblock Apr 2017 #26
But he can damned sure guarantee kacekwl Apr 2017 #6
Yet another "NS, Sherlock" for the naive amongst us. (PA here; would lose local/state income tax WinkyDink Apr 2017 #7
He has the kind of face I want to see punched. randome Apr 2017 #10
Yes, repeatedly. Initech Apr 2017 #18
lol uponit7771 Apr 2017 #23
My first thought also when I saw his picture kimbutgar Apr 2017 #25
You beat me to it. That was my first thought as well. SunSeeker Apr 2017 #27
You know he had his ass kicked on a regular basis in high school and was pranked constantly world wide wally Apr 2017 #32
But he can guarantee that Trump and his idiot spawn will pay less. PA Democrat Apr 2017 #11
as taxes and programs are cut at federal level...your taxes at the state and local level EXPLODES beachbum bob Apr 2017 #12
that's right. They_Live Apr 2017 #19
Translation: Yes, the middle class is going to get majorly effed up the arse on this one. smirkymonkey Apr 2017 #13
especially homeowners NewJeffCT Apr 2017 #21
Winter is coming to an anti-tax white Trump voter near you Johonny Apr 2017 #14
proof they don't care at all about the middle class...should have at least had a bullshit answer spanone Apr 2017 #15
I already figured out ours might go up slightly. Ilsa Apr 2017 #16
To call that one page release a "tax Plan" is a joke. panader0 Apr 2017 #17
With Those "Provisions". . . ProfessorGAC Apr 2017 #22
i saw articles declaring it doa even before it came out. unblock Apr 2017 #28
"Until it's on Trump's desk"??????? Are you fucking kidding me? bullwinkle428 Apr 2017 #20
This fucking administration gets worse every day. Initech Apr 2017 #24
...and he then said "BWAHAHAHAHAHA! Man, I couldn't keep my face straight!... JHB Apr 2017 #29
I was taught to not judge people by their appearance, TNNurse Apr 2017 #30
that would be: hell no and FUCK NO Skittles Apr 2017 #49
The ONLY guarantee he can make is that he and Trump will get richer world wide wally Apr 2017 #31
Would u buy a used car from this dude??????? Cryptoad Apr 2017 #33
Has this been a double tax break for businesses? Delmette2.0 Apr 2017 #34
Likely the biggest transfer of wealth in history... moondust Apr 2017 #35
So he's saying that the plan may not achieve it's "number one objective?" Good plan. (n/t) thesquanderer Apr 2017 #36
Mnitwit! dawg Apr 2017 #37
"Also, anyone with large property tax and state income tax deductions should be nervous." Oh, I AM. WinkyDink Apr 2017 #40
I'm afraid average people will get the same thing trickling on them they got with Reagan. Vinca Apr 2017 #38
"That's our number one objective." What a LIE. Their #1 objective is for rich to pay a LOT less. Honeycombe8 Apr 2017 #39
Let me put it this way: If they CARED, they'd be DEMOCRATS. WinkyDink Apr 2017 #41
Saw Caitlin Jenner (a Trumper) on The View Honeycombe8 Apr 2017 #44
Money changes everything (Cyndi Lauper). WinkyDink Apr 2017 #50
Good catch. LOL. nt Honeycombe8 Apr 2017 #52
Money doesn't talk, Mendocino Apr 2017 #53
I understand that the tax "cut" plan will also add the employer paid portion of health insurance to dflprincess Apr 2017 #42
Mnuchin is an extra large piece of sh*t. democratisphere Apr 2017 #43
I'm not so sure they will. Honeycombe8 Apr 2017 #45
drumpf and his gang have lied about everything and this one will be another democratisphere Apr 2017 #46
Yes, they are that stupid. Many WILL get a few dollars off the tax bill. Honeycombe8 Apr 2017 #47
If the property tax deduction goes it will be a massive tax increase democratisphere Apr 2017 #48
Not to mention moving untold numbers from 28% to 35%. WinkyDink Apr 2017 #51
He knows already Lithos Apr 2017 #54
Because we don't matter Yo_Mama_Been_Loggin May 2017 #55
 

WinkyDink

(51,311 posts)
8. Made richer: 39.6% Bracket (to 35%); large "estate" heirs (No Estate Tax); 1%-ers (no 3.8% NIIT; no
Thu Apr 27, 2017, 10:16 AM
Apr 2017

Alternative Minimum Tax); Corporations (39.6%-35% to 15%);

and anyone named "Trump" or "Kushner," for Real-Estate investors make out like the actual bandits they would be.

justhanginon

(3,290 posts)
2. Ole Sleazy Steve can however asssure everyone that it will
Thu Apr 27, 2017, 09:42 AM
Apr 2017

cut the taxes for Mr. trump and other assorted millionaire and billionaire in a monumental fashion. And that was the whole point in Mr. trumps running and picking me as Treasury Secretary.

 

WinkyDink

(51,311 posts)
7. Yet another "NS, Sherlock" for the naive amongst us. (PA here; would lose local/state income tax
Thu Apr 27, 2017, 10:06 AM
Apr 2017

deductions.)

AND DOES ANYONE THINK THE 28% BRACKET WOULD GO DOWN TO THE 25% ONE, INSTEAD OF RISING TO THE 35% BRACKET???!!!

Know Thy Enemy.

 

randome

(34,845 posts)
10. He has the kind of face I want to see punched.
Thu Apr 27, 2017, 10:19 AM
Apr 2017

"Punchin' Mnuchin" -new video game?
[hr][font color="blue"][center]Treat your body like a machine. Your mind like a castle.[/center][/font][hr]

kimbutgar

(21,167 posts)
25. My first thought also when I saw his picture
Thu Apr 27, 2017, 11:57 AM
Apr 2017

I'm not a violent person but his face is punchable.

It also could be a good dartboard target.

SunSeeker

(51,574 posts)
27. You beat me to it. That was my first thought as well.
Thu Apr 27, 2017, 12:01 PM
Apr 2017

Amazing how Trump managed to gather the country's worst miscreants for his administration.

world wide wally

(21,748 posts)
32. You know he had his ass kicked on a regular basis in high school and was pranked constantly
Thu Apr 27, 2017, 12:27 PM
Apr 2017

in college.

 

beachbum bob

(10,437 posts)
12. as taxes and programs are cut at federal level...your taxes at the state and local level EXPLODES
Thu Apr 27, 2017, 10:46 AM
Apr 2017

combined with huge corporate and wealthy tax cuts....federal budget and debt EXPLODES....a triple whammy as markets collapse....

NewJeffCT

(56,828 posts)
21. especially homeowners
Thu Apr 27, 2017, 11:43 AM
Apr 2017

if they drop the property tax deduction. Amazingly, the higher property tax states are places like New Jersey, Connecticut, New York, Massachusetts and Illionois.

Johonny

(20,854 posts)
14. Winter is coming to an anti-tax white Trump voter near you
Thu Apr 27, 2017, 11:01 AM
Apr 2017

Their first Trump tax bill is not going to be pretty...

ProfessorGAC

(65,082 posts)
22. With Those "Provisions". . .
Thu Apr 27, 2017, 11:46 AM
Apr 2017

. . .i think it has no chance. Their own voting bloc will finally see something that is actually against their own best interests and affects them directly. All those folks who ran on lower taxes in Congress and the Senate won't touch that possibility with a 10 foot pole.

unblock

(52,262 posts)
28. i saw articles declaring it doa even before it came out.
Thu Apr 27, 2017, 12:04 PM
Apr 2017

congress has their own ideas on how to cut taxes for the rich and they don't feel the need to listen to donnie on the particulars.

donnie will sign any tax cut for the rich.

Initech

(100,084 posts)
24. This fucking administration gets worse every day.
Thu Apr 27, 2017, 11:51 AM
Apr 2017

I hope you're happy republicans. Be prepared to eat shit.

JHB

(37,161 posts)
29. ...and he then said "BWAHAHAHAHAHA! Man, I couldn't keep my face straight!...
Thu Apr 27, 2017, 12:13 PM
Apr 2017

...Of course it's going to raise taxes on the middle class. Is their name 'Trump'? No. End of story. I mean, geez, what are you guys smoking? Low taxes are for winners."

TNNurse

(6,928 posts)
30. I was taught to not judge people by their appearance,
Thu Apr 27, 2017, 12:15 PM
Apr 2017

But look at this guy, would you buy a car from him? Or let him in if he knocked on your door?

Cryptoad

(8,254 posts)
33. Would u buy a used car from this dude???????
Thu Apr 27, 2017, 12:36 PM
Apr 2017

I didn't think so!

Going to reduce taxes on the Rich
Reduce the taxes a little bit for Middleclass
who the hell going to make up the lost revenue??
the poor?
Geez,,,,,,,

Delmette2.0

(4,167 posts)
34. Has this been a double tax break for businesses?
Thu Apr 27, 2017, 12:39 PM
Apr 2017

Think about this. A business deducts expenses like employee wages and benefits, loan payments for equipment, depreciation on buildings. The result is their net income or profit. For the last 40 years (or more) the GOP has also reduced the tax rate on the profits.

My thoughts are that if the tax code raised the tax rate it would incentive businesses to invest in employees in the U.S., build a manufacturing center and stop hiding profits overseas.



moondust

(19,993 posts)
35. Likely the biggest transfer of wealth in history...
Thu Apr 27, 2017, 02:00 PM
Apr 2017

from the middle class and poor to the already wealthy.

Helping the rich get richer is the last thing any government should be engaged in.

dawg

(10,624 posts)
37. Mnitwit!
Thu Apr 27, 2017, 03:37 PM
Apr 2017

It's been a long time since truly middle-class taxpayers had to worry about their federal income taxes going up, but with this crowd it could happen.

They didn't mention it this time, but I'm still worried about losing my Head of Household filing status. It would be just like the Republicans to screw over single parents, and this was included in previous versions of their "plan".

Also, anyone with large property tax and state income tax deductions should be nervous.

Hopefully the border adjustment tax has been abandoned. That would essentially have been a highly regressive sales tax on the working class.

 

WinkyDink

(51,311 posts)
40. "Also, anyone with large property tax and state income tax deductions should be nervous." Oh, I AM.
Thu Apr 27, 2017, 08:27 PM
Apr 2017

Vinca

(50,285 posts)
38. I'm afraid average people will get the same thing trickling on them they got with Reagan.
Thu Apr 27, 2017, 03:38 PM
Apr 2017

And it wasn't cash.

Honeycombe8

(37,648 posts)
39. "That's our number one objective." What a LIE. Their #1 objective is for rich to pay a LOT less.
Thu Apr 27, 2017, 05:37 PM
Apr 2017

Their WHOLE goal is for the wealthy (themselves and their friends) to pay a LOT less...even if it significantly adds to the deficit.

They will throw a bone to the rest of the country, if they can. But that is NOT the goal. THEY DON'T CARE A FLIP ABOUT THE MIDDLE CLASS OR WORKING CLASS. This is how they keep the masses quiet (and fooled). Cathy Cashier gets another $30 a year in tax savings. Bob the Chairman of the Board gets another $3 Million in tax savings.

Repealing the ESTATE TAX doesn't help the country at all. There is fewer than 1% of us who qualify for that. The AMT hits the wealthy, and prevents the sort of thing that Exxon does...makes billions and pays zero taxes. (The AMT doesn't apply to corporations, though.)

Honeycombe8

(37,648 posts)
44. Saw Caitlin Jenner (a Trumper) on The View
Fri Apr 28, 2017, 12:23 AM
Apr 2017

Said that Trump needs time...let's see how he does. Yada yada yada. As for WHY Caitlin voted for Trump, said we need a better presence in the world and a more conservative Supreme Court.

Let's get real. The REAL reason Jenner voted for Trump: Money. As in significantly lowering taxes. Money trumps everything.

dflprincess

(28,079 posts)
42. I understand that the tax "cut" plan will also add the employer paid portion of health insurance to
Thu Apr 27, 2017, 09:20 PM
Apr 2017

the employees' taxable income. No mention on whether or not the portion employees pay will remain pretax dollars.

democratisphere

(17,235 posts)
43. Mnuchin is an extra large piece of sh*t.
Thu Apr 27, 2017, 09:53 PM
Apr 2017

Watch the American Taxpayers take to the streets, Steve. You haven't seen anything yet.

Honeycombe8

(37,648 posts)
45. I'm not so sure they will.
Fri Apr 28, 2017, 12:25 AM
Apr 2017

Because many WILL end up spending a few less dollars on taxes. Money "trumps" everything.

This is a tried and true method they're using. It's what George W Bush used to get big tax cuts for the rich passed. They threw a bone to the little people to keep them quiet. It worked. It was the biggest factor in the huge increase in the deficit.

democratisphere

(17,235 posts)
46. drumpf and his gang have lied about everything and this one will be another
Fri Apr 28, 2017, 12:56 AM
Apr 2017

complete lie and failure to deliver to the masses including drumpf's base. drumpf's tax plan for himself, his family and the wealthy will be paid for with huge additional debt and deficits and we will be right back to 2008 on steroids. redumbliCON conservatives should be going bananas over all of drumpf's proposed reckless spending proposals and his crazyass personal outrageous expenses. Let's see if the deplorables including his base are as stupid and gullible as they appear to be. Hoping for someone to wakeup before it is too late!

Honeycombe8

(37,648 posts)
47. Yes, they are that stupid. Many WILL get a few dollars off the tax bill.
Fri Apr 28, 2017, 01:03 AM
Apr 2017

The standard deduction is going to double, although property tax deduction may be removed. The standard deduction will be enough to give some regular people a small cut in taxes. That's all it takes Give 'em money, and they'll go along with anything.

democratisphere

(17,235 posts)
48. If the property tax deduction goes it will be a massive tax increase
Fri Apr 28, 2017, 01:15 AM
Apr 2017

for people living in states like NY. I truly think the people will take to the streets as long as the media exposes this sham and scam by Asshole Steve the Wall Street scam Mnuchin.

Lithos

(26,403 posts)
54. He knows already
Sat Apr 29, 2017, 12:43 PM
Apr 2017

The've run the simulations for many user types, they know how it will affect everyone.

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