Pic Of The Moment: What An Incredible Coincidence

[EarlG]

Chances the Trump tax proposal gets through Congress? 'Slim-to-none'

Sanders: Trump tax plan is 'morally repugnant and bad economic policy'

Follow @demunderground

[cstanleytech]

1. I thought that eliminating the alternative minimum was atleast a good thing as isnt that

the tax that alot of the wealthy use to avoid paying higher taxes?

[bigbrother05]

2. No, that's the one that makes sure the rich pay something

Think the estimate was that its elimination would save Trump ~$30M in tax

[cstanleytech]

3. Ahhh, ok. In that case I would say hell no as the last major tax cut only benefited the wealthy and

did zero to create jobs as all the wealthy and corporations did was pocket the money for themselves.

[bigbrother05]

4. Heard someone talking last night, said putting more to work would replace the lost taxes

With a historically low unemployment rate, there couldn't be enough new workers to make up the difference unless they got well above average pay. We know how the rich spend their money and it isn't on paying higher wages.

[cstanleytech]

14. Yup. What they do is buy more stocks and a bit more real estate but they do not raise wages and or

give their workers more hours.

[Gothmog]

5. K&R

[Johonny]

6. My taxes will go up bigly

[Towlie]

7. This is entirely consistent with the teachings of Supply Side Jesus!

[Duppers]

8. F'n disgusting.

[procon]

9. But Trump looked right into the camera and lied when he said he wouldn't benefit.

He has no idea how his tax cut plan would actually work. He plans to give himself and all his millionaire pals a huge gift by eliminating the Alternative Minimum Tax and the Estate Tax, letting him pocket millions. Trump runs about 500 pass-through businesses putting even more millions into his pockets.

Trump has carved out a giant bonanza for himself and people at the top of the income scale, so why did he lie about it?

[raven mad]

10. Stolen and shared.

I have never, ever in my life been this scared. I was in Cape Canaveral for the Cuban Missile Crisis, was front-and-center USAF for 6 years during wars that never should have existed, was here in Alaska for the Great Quake.....

And I have NEVER been this scared.

[KY_EnviroGuy]

12. Raven - you've got good company.

At my advanced age, it had been hell to now know that our nation will be extensively damaged by this administration and that I will not see additional real progress in my lifetime. By my estimation most everything in my remaining days will be regression. At best, my 10 year old granddaughter may see us return to sanity - I hope.

However, I have to get things in perspective to keep from going mad. When I think back at what my parents went through during the the Great Depression and WWII (and they went through hell during that era), I know there were many years that they felt like we do now, and that desperation lasted a long, long time. I can't imagine the mental pain older people who died during the Depression felt - thinking America was forever done for!

I honestly cannot see a way out of this hole we're in. We've allowed a system of malignant capitalism to be built that now has us enslaved, and globalism has woven the fabric.

I'll never forget some of my old family members humorously saying when in disgust over Nixon or some other travesty: "What this country needs is another Great Depression". Perhaps there was hidden wisdom of foresight there.

[NewJeffCT]

11. Yeah - the wealth will trickle down to the bottom 99%

the same way that Russian hookers trickled down onto Trump and the hotel bed.

[PatSeg]

13. Oh my, what a surprise!

He is bound and determined to destroy this country and probably the rest of the world as well.

[Corvo Bianco]

15. Wowww screw you don.

[Johnny2X2X]

16. It's a deficit exploder

These guys can never say they give two sheets about debt anymore.

It's going to cause them to slash spending though.

I would like to see the standard deduction even higher than what they are proposing, but $24k for a married couple is better than what we have. Make it $30k for couples and $15k for singles. I'm fine with th corporate rate going lower as long as they close the loopholes.

Overall this is a bad plan, not horrific though.

[Initech]

17. The world's largest pyramid scheme!

They busted Bernie Madoff for it, how many more dominoes are going to fall next?

[7962]

18. Pres Obama pushed for a corporate tax reduction as well. I agree.

And I agree that it should drop to 15%. As well as drop most deductions. Because the avg corp doesnt pay near the current rates anyway. Corporations really dont pay taxes anyway, they just increase prices enough to cover them. So WE pay the corp rates regardless.
Let them bring back the trillions sitting overseas, but with the restriction that it be used to add new capability or expand existing ones, purchase new equipment, or hire new employees. Theres probably a couple more that could be added to that

[Native]

19. Not to mention the problem of the Magic Asterisk*

It is a provision that wealthy Americans will no doubt find hard to not take advantage of...

It is all about "the recharacterization of personal income into business income to prevent wealthy individuals from avoiding the top personal tax rate..."

It is an important asterisk to one of the core elements of the plan: a desire to tax income of “pass-through” businesses such as partnerships at a rate of only 25 percent. Currently, such income is taxed at the owners’ individual income tax rate, which is as high as 39.6 percent (and would fall to 35 percent in the Republican plan). The Republicans want the pass-through businesses to have a tax rate more in line with that of big, C-class corporations (which they are proposing to tax at 20 percent).

If an accountant or lawyer operates a partnership, for example, that may be business income, yet it’s fundamentally a reward for the hours of labor each accountant or lawyer puts in. By taxing pass-throughs at the lower rate, the new plan creates tremendous incentive for any upper-income person to find a way to structure that income as pass-through-business income rather than wages.

Under the current tax code, income up to $153,100 for a married couple is taxed at 25 percent or below, meaning a couple with earnings below that threshold has nothing to gain from the lower pass-through rate.

But people above that level — and especially those at $470,700 and above paying the top 39.6 percent rate — could reduce their tax bill precipitously by, for example, forming a limited liability company and signing a consulting contract with their employer rather than working as an employee.

https://www.nytimes.com/2017/09/27/upshot/the-republican-tax-plans-magic-asterisk.html

[dae]

20. If top bracket is cut from 39.6 then eliminate any/all loopholes. If reducing

Corporate tax rate at all, eliminate every loophole and send lobbyists to the unemployment office. There should be absolutely no exceptions, your gross income puts you in a particular bracket, pay that amount.
Eliminate profits being held offshore not the estate tax.
That is a good start to simplify the tax code.