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Old September 27th, 2017, 09:40 AM   #1
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Dotard's New Tax Plan

Republicans Outline Biggest Tax Code Overhaul In A Generation!!

President Trump and GOP congressional leaders have outlined their plan for the most sweeping overhaul of the federal tax code in more than three decades.

They're proposing deep cuts in both individual and corporate tax rates, saying that will help supercharge a slow-growing economy, according to a document of the framework obtained by NPR's Tamara Keith.

"If we do this, we will create millions of new jobs for our people and bring many, many businesses back to our shores," Trump said Tuesday, on the eve of the rollout. He described the proposed overhaul as "massive tax cuts that our country desperately needs to thrive, to grow, to prosper."

The president plans to promote the tax plan Wednesday afternoon at the Indiana State Fairgrounds in Indianapolis.

While many of the details still have to be filled in, House and Senate GOP leaders have been meeting for months with the Treasury secretary and a top White House economic adviser to fashion a plan they can agree on.

It would cut the top individual income tax rate from 39.6 percent to 35 percent and slash the corporate rate from 35 percent to 20 percent. The plan would also create a new, 25 percent rate for so-called pass-through businesses that are currently taxed at the individual rate.

Democrats, however, warned the GOP plan would provide a windfall for the wealthy. Only people earning more than $418,000 pay the top individual tax rate now. And congressional experts say most of the savings from a lower corporate rate would flow to investors, not ordinary workers.
What's more, the GOP plan would eliminate the estate tax — which applies only to those with assets of more than $5.49 million — as well as the alternative minimum tax, which hits upper-income taxpayers.

Republican Party, President Trump Unveil Tax Overhaul Plan : NPR

I must have missed the part about how the ever-dwindling middle class will be helped by this new tax plan. Anyone??
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Old September 27th, 2017, 09:46 AM   #2
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Is there a CBO score or other analysis on how much money will be gained or lost by doubling the basic exemption but upping the lowest rate to 12%?

How much revenue will be lost by dropping the rich's tab to 35%?.

I still haven't seen the cut-offs for the three levels. And nothing has been announced about corporate taxes TTBOMK.
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Old September 27th, 2017, 10:15 AM   #3
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Originally Posted by Clara007 View Post
Republicans Outline Biggest Tax Code Overhaul In A Generation!!

President Trump and GOP congressional leaders have outlined their plan for the most sweeping overhaul of the federal tax code in more than three decades.

They're proposing deep cuts in both individual and corporate tax rates, saying that will help supercharge a slow-growing economy, according to a document of the framework obtained by NPR's Tamara Keith.

"If we do this, we will create millions of new jobs for our people and bring many, many businesses back to our shores," Trump said Tuesday, on the eve of the rollout. He described the proposed overhaul as "massive tax cuts that our country desperately needs to thrive, to grow, to prosper."

The president plans to promote the tax plan Wednesday afternoon at the Indiana State Fairgrounds in Indianapolis.

While many of the details still have to be filled in, House and Senate GOP leaders have been meeting for months with the Treasury secretary and a top White House economic adviser to fashion a plan they can agree on.

It would cut the top individual income tax rate from 39.6 percent to 35 percent and slash the corporate rate from 35 percent to 20 percent. The plan would also create a new, 25 percent rate for so-called pass-through businesses that are currently taxed at the individual rate.

Democrats, however, warned the GOP plan would provide a windfall for the wealthy. Only people earning more than $418,000 pay the top individual tax rate now. And congressional experts say most of the savings from a lower corporate rate would flow to investors, not ordinary workers.
What's more, the GOP plan would eliminate the estate tax — which applies only to those with assets of more than $5.49 million — as well as the alternative minimum tax, which hits upper-income taxpayers.

Republican Party, President Trump Unveil Tax Overhaul Plan : NPR

I must have missed the part about how the ever-dwindling middle class will be helped by this new tax plan. Anyone??
Here I put it in bold it for you! Go vote democrat again so they can continue to keep you on the plantation of their choice!
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Old September 27th, 2017, 10:26 AM   #4
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Filibuster any tax plan the Repubs put forward. The wealthy are doing just fine. They would explode the deficit. Non starter. Can you say DOA ?

Quote:

Schumer: Trump tax plan 'wealth-fare'

Source: The Hill

Senate Minority Leader Chuck Schumer (D-N.Y.) ripped President Trump's long-awaited tax framework on Wednesday, arguing it would provide a financial "windfall" for wealthy Americans.

"It seems that President Trump and Republicans have designed their plan to be cheered in the country clubs and the corporate boardrooms," Schumer said from the Senate floor.

He added the GOP tax plan should be called "wealth-fare."

"[Republicans are] going to be in for a rude awakening as the American people are going to rise up against this," Schumer said. "It's little more than an across-the-board tax cut for America's millionaires and billionaires."

-snip-

Read more: Schumer: Trump tax plan 'wealth-fare' | TheHill
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Last edited by Camelot; September 27th, 2017 at 10:32 AM.
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Old September 27th, 2017, 11:08 AM   #5
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Originally Posted by Sensible View Post
Here I put it in bold it for you! Go vote democrat again so they can continue to keep you on the plantation of their choice!
And he's never lied to you before?
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Old September 27th, 2017, 11:12 AM   #6
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Repeals the estate tax.
Nearly doubles the standard deduction to $12,000 for individuals and $24,000 for those filing jointly.
Reduces the number of tax brackets from seven to three with the highest being 35 percent and the lowest being 12 percent.
Increases the child tax credit to an unspecified amount over the current $1,000.
Adds a $500 credit for the care of non-children dependents.
Eliminates most deductions, including the state and local tax deduction.
Preserves the mortgage interest deduction and the charitable deduction, two of the most popular deductions that more often benefit wealthier Americans.
Repeals the Alternative Minimum Tax.
Sounds like a winner winner chicken dinner to me so far.

Corporate Taxes
Quote:
Reduces the corporate tax rate to 20 percent.
Caps the small business rate to 25 percent.
Transitions the global corporate tax to a territorial tax.
Aims to repeal the corporate AMT.
Interesting, sounds positive

https://www.nbcnews.com/politics/con...x-deal-n805236
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Old September 27th, 2017, 11:47 AM   #7
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Originally Posted by Camelot View Post
Filibuster any tax plan the Repubs put forward. The wealthy are doing just fine. They would explode the deficit. Non starter. Can you say DOA ?

LOL

You can't filibuster tax and spending bills, that is the Senate’s budget reconciliation process.
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Old September 27th, 2017, 12:06 PM   #8
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Originally Posted by Camelot View Post
Filibuster any tax plan the Repubs put forward. The wealthy are doing just fine. They would explode the deficit. Non starter. Can you say DOA ?
The GOP changed the Senate rule concerning filibuster which in effect makes a filibuster an exercise in futility when the GOP controls the Senate. I hear violins playing in the background.
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Old September 27th, 2017, 01:33 PM   #9
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Originally Posted by Twisted Sister View Post
The GOP changed the Senate rule concerning filibuster which in effect makes a filibuster an exercise in futility when the GOP controls the Senate. I hear violins playing in the background.
Not on legislation.
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Old September 27th, 2017, 01:59 PM   #10
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Here I put it in bold it for you! Go vote democrat again so they can continue to keep you on the plantation of their choice!
The deficits of GW's term would not have occurred without his tax cuts.

Cutting taxes without cutting expenses always leads to deficits, though the big party is pretty cool until the money runs out. It's socialism for the rich who buy up all the assets of the ordinary people who always get screwed by this type of tax cut.
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