General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMnuchin "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 wouldnt pay any additional taxes under the administrations plan and Mnuchin replied that he couldnt.
I cant make any guarantees until this thing is done and its on the presidents desk, Mnuchin said. But I can tell you, thats 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/
Gothmog
(145,353 posts)WinkyDink
(51,311 posts)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)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.
underpants
(182,843 posts)spanone
(135,848 posts)here's why HE'S smiling: Net worth: $500 million
Frustratedlady
(16,254 posts)"Sorry, middle class, we lied."
WinkyDink
(51,311 posts)unblock
(52,262 posts)kacekwl
(7,017 posts)it will lower it for the upper class.
WinkyDink
(51,311 posts)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)"Punchin' Mnuchin" -new video game?
[hr][font color="blue"][center]Treat your body like a machine. Your mind like a castle.[/center][/font][hr]
Initech
(100,084 posts)kimbutgar
(21,167 posts)I'm not a violent person but his face is punchable.
It also could be a good dartboard target.
SunSeeker
(51,574 posts)Amazing how Trump managed to gather the country's worst miscreants for his administration.
world wide wally
(21,748 posts)in college.
PA Democrat
(13,225 posts)beachbum bob
(10,437 posts)combined with huge corporate and wealthy tax cuts....federal budget and debt EXPLODES....a triple whammy as markets collapse....
They_Live
(3,236 posts)indeed.
smirkymonkey
(63,221 posts)NewJeffCT
(56,828 posts)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)Their first Trump tax bill is not going to be pretty...
spanone
(135,848 posts)Ilsa
(61,695 posts)Bastards. Stinking rich bastards.
panader0
(25,816 posts)My guess is that it won't pass.
ProfessorGAC
(65,082 posts). . .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)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.
bullwinkle428
(20,629 posts)It will be WAY too late at that point!
Initech
(100,084 posts)I hope you're happy republicans. Be prepared to eat shit.
JHB
(37,161 posts)...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)But look at this guy, would you buy a car from him? Or let him in if he knocked on your door?
Skittles
(153,169 posts)world wide wally
(21,748 posts)Cryptoad
(8,254 posts)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)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)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.
thesquanderer
(11,990 posts)dawg
(10,624 posts)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)Vinca
(50,285 posts)And it wasn't cash.
Honeycombe8
(37,648 posts)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.)
WinkyDink
(51,311 posts)Honeycombe8
(37,648 posts)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.
WinkyDink
(51,311 posts)Honeycombe8
(37,648 posts)Mendocino
(7,495 posts)it swears-Bob Dylan
dflprincess
(28,079 posts)the employees' taxable income. No mention on whether or not the portion employees pay will remain pretax dollars.
democratisphere
(17,235 posts)Watch the American Taxpayers take to the streets, Steve. You haven't seen anything yet.
Honeycombe8
(37,648 posts)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)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)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)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.
WinkyDink
(51,311 posts)Lithos
(26,403 posts)The've run the simulations for many user types, they know how it will affect everyone.
Yo_Mama_Been_Loggin
(108,062 posts)Only the well to do matter to Goldman Sacks.