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Thread: Dumbass's Tax Plan

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    Aug 2009

    Default Dumbass's Tax Plan

    Who is surprised? He is a lying son-of'a-bitch of the nth degree!

    Policy group: Rich would benefit most from Trump tax cut plan

    Sep 29th 2017 4:01PM

    WASHINGTON, Sept 29 (Reuters) - The wealthiest Americans would benefit the most from President Donald Trump's proposed tax cuts while many upper middle-income people would face higher taxes, independent experts said on Friday in the first detailed analysis of the plan.

    A U.S. Senate panel took Trump's proposal, announced on Wednesday, a step forward by unveiling a budget plan for the coming fiscal year that acknowledges lost revenues from tax cuts, while Trump pressed ahead with selling the plan to the public.

    SEE ALSO: Hereís how much your taxes could rise under Trumpís new tax plan

    A report from the non-profit Washington-based Tax Policy Center found that in 2018, about 12 percent of taxpayers would face a tax increase of roughly $1,800 on average.

    That includes more than a third of taxpayers making between about $150,000 and $300,000, mainly because most itemized deductions would be repealed including for state and local taxes, it said.

    Its analysis showed that the Republican tax proposal would fuel the growing federal deficit, providing $5.99 trillion in tax cuts while reducing federal revenues by a net $2.4 trillion in the next 10 years.

    Trump, who promised major tax cuts as a candidate, has called his proposal "a miracle for the middle class," but the report concluded it would provide middle-income taxpayers uneven tax relief. In 2018, all income groups would see their average taxes fall, but some taxpayers in each group would face tax increases, it found.
    Taxpayers in the top 1 percent of incomes - above $730,000 - would receive about 50 percent of the total tax benefit from the tax overhaul, with their after-tax income forecast to increase an average of 8.5 percent, the group said.

    "The biggest share of people with increased taxes will be ... people who might be considered upper-middle-income people, high-income professionals, people whose income is between $150,000 and $300,000 in a year in 2017," Tax Policy Center co-director Eric Toder said.

    The bottom 95 percent of taxpayers could expect a tax cut of 0.5 to 1.2 percent, according to the analysis

    The proposed tax cuts for corporations and small businesses would reduce federal revenue by $2.6 trillion over a decade and largely would benefit high-income taxpayers, it said.

    Trump, a real estate mogul-turned-politician, had pledged that the tax plan would not benefit the rich, himself included.

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  2. #2

    Default Re: Dumbass's Tax Plan

    This tax plan is the same old tune that has been played by the Republicans for years. It's been proven that giving tax breaks to the wealthy does not stimulate the economy. Under Clinton and Obama the rich paid more and the economy thrived. Under Bush junior, the economy languished after he authorized tax breaks for the rich, and he squandered the budget surplus in addition. Republicans have no new ideas, and the debacle of the repeated attempts to repeal and replace the ACA demonstrate that they are an inept party with not much to offer the general public. They propagandize that the Democrats are in disarray, but with control of Congress and the White House one would expect more than the incompetence and impotence the GOP has exhibited. It is a party of liars and sycophants, and why any working man would vote Republican is beyond my understanding.
    Thumbs Up KathyInAR liked this post

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