Trump-taxes: President scraps tax plan, timetable threatened

[progree]

Last edited Tue Apr 11, 2017, 03:34 AM - Edit history (3)

Source: Associated Press

President Donald Trump has scrapped the tax plan he campaigned on and is going back to the drawing board in a search for Republican consensus behind legislation to overhaul the U.S. tax system.

The administration's first attempt to write legislation is in its early stages and the White House has kept much of it under wraps. But it has already sprouted the consideration of a series of unorthodox proposals including a drastic cut to the payroll tax, aimed at appealing to Democrats.

Administration officials say it's now unlikely that a tax overhaul will meet the August deadline set by Treasury Secretary Steve Mnuchin.

... The White House would not comment on the plan, but said a value-added tax based on consumption is not under consideration "as of now," according to a White House statement.


Read more: https://www.yahoo.com/news/trump-taxes-president-scraps-tax-061906098.html

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the plan referred to in the last paragraph is a proposal to get rid of the Social Security payroll tax and replace it with something like a value added tax that would raise $12 trillion over 10 years...

[font color = blue]"unlikely that a tax overhaul will meet the August deadline set by Treasury Secretary Steve Mnuchin"[/font]



[font color = blue]"a drastic cut to the payroll tax, aimed at appealing to Democrats."[/font] (and replacing it with an even more regressive value added tax - essentially a sales tax)

Good luck with that one, bozo

[PSPS]

1. The payroll tax comprises most of the federal taxes that most workers pay today.

Its primary purpose is to fund the social security system and can be considered 'fair' in that the amount goes up corresponding to the amount earned (but capped at around $120K of income which is more than most workers make anyway.) Eliminating it in favor of a national sales tax would be replacing it with the most regressive tax system there is. Such a scheme would never "appeal to democrats" and, in fact, would be a big step forward to the GOP holy grail -- the elimination of the entire social security system.

Of course, they'll try to weasel something like this through, though. The reason they're scuttling it for now is because it would never survive in the senate.

[SleeplessinSoCal]

3. do they actually believe payroll tax cuts would be good news for dems?

Do they think we're as dumb as they are?

[msongs]

2. cancel SS and medicare for all republicans. that oughta save a bundle nt

[paleotn]

7. Everyone over 65 that voted for 45

his strongest demographic....no SS and Medicare for you!!! It's a socialist plot to subvert the country after all.

[truthisfreedom]

4. You have to wonder who ties his golf shoes.

He can't reach them over that bloated belly.

[EarthFirst]

8. Velcro & Duct Tape... nt

[Achilleaze]

5. "We republicans are gonna FAIL so much, you'll get sick & tired of FAILING" - Comrade Casino

[bucolic_frolic]

6. Please make the Paperwork Reduction Act Notice more complicated

Anything that doesn't reduce the calculations is a move in the wrong direction

Written by lawyers for politicians when lobbied by accountants

to make YOU pay!

[lark]

9. drumpf is proving yet again that he is a total ignoramus when it comes to governing.

Yeah, fucking idiot orange assface, Dems are NOT likely to back any proposal that breaks SS. Yes, we do back working people, but this proposal would hurt elderly retired workers so much and we will all be there some day if we survive that long. This is a total anti-worker, pro 1% measure which would be catastrophic if enacted. I think pretty much all Dems, except for the few asshole DINOS like Mancin, Heitkamp, etc. will stand up against this travesty, if it stays in the upcoming tax bill. That is, if idiot can find anything that enough repugs will support.

[not fooled]

10. Hey, in all fairness to dump

just like GOPee care, their tax proposals are so heinous and clearly against the interests of the American people that there is no way to make them palatable.

Although, having the orange pussygrabber as the chief propagandist trying to push their swill policy proposals doesn't help. Puke "leadership" must be missing the slicker, more effective raygun.