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Trumps tax plan - taking shape


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#1 MTSkiBum

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Posted 13 September 2017 - 02:10 PM

https://www.usatoday...ever/661040001/


Trump said he expects wealthy Americans to be "pretty much where they are" under a new tax plan – but it's possible their tax bills could increase.

 

"If they have to go higher, they'll go higher, frankly," Trump told reporters after meeting with a group of Democratic and Republican House members who could hold the balance of power on close votes.

 

Trump also scheduled a private dinner at the White House with congressional Democratic leaders, Sen. Charles Schumer of New York and Rep. Nancy Pelosi of California.

 

The meetings come just one week after his debt ceiling agreement with the Democratic leaders Trump somewhat affectionately called "Chuck and Nancy" angered some Republicans and scrambled the expectations for their legislative strategy through the end of the year – including their opposition to any tax hike as part of a reform package.

Buoyed by last week's deal, Trump appeared confident about an even bigger agreement over taxes.

 

“The rich will not be gaining at all with this plan," Trump said. "We are looking for the middle class and we are looking for jobs – jobs being the economy. So we’re looking at middle class and we’re looking at jobs."

 

 

I think this is good news. We need to be worried about the deficit, not cutting taxes for the rich. If trump can get a budget passed with bipartisan support that would be great news. Our budget cannot be lifting the debt ceiling every couple months.

 

 

 

 


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#2 Sho Nuff

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Posted 13 September 2017 - 02:14 PM

It's a nice claim to say that...proof is in the pudding though.

#3 edjr

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Posted 13 September 2017 - 02:16 PM

I just want what I earn taxed once, is that too much to ask?


posty


#4 mobb_deep

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Posted 13 September 2017 - 02:16 PM

Sounds like Trump is sick of dealing with the GOP clown show and wants to make some real changes. If I see a tax break and the 500k+ rate stays the same I'll be happy.

Sangre Por Sangre


#5 Bert

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Posted 13 September 2017 - 02:36 PM

It's a nice claim to say that...proof is in the pudding though.

Just like health care.  We had a nice claim and one of the most focked up pieces of legislation ever created.  This could be the same.


You know we're sitting on four million pounds of fuel, one nuclear weapon and a thing that has 270,000 moving parts built by the lowest bidder. Makes you feel good, doesn't it?

#6 Reality

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Posted 13 September 2017 - 02:37 PM

Just like health care.  We had a nice claim and one of the most focked up pieces of legislation ever created.  This could be the same.

 

Nailed it.



#7 Mike Honcho

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Posted 13 September 2017 - 02:41 PM

Just like health care.  We had a nice claim and one of the most focked up pieces of legislation ever created.  This could be the same.

 

 

 

Nailed it.

 

Exactly, thank God one man had the courage to stop that dog shi!t legislation.

 



#8 Sho Nuff

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Posted 13 September 2017 - 02:46 PM

Just like health care.  We had a nice claim and one of the most focked up pieces of legislation ever created.  This could be the same.


Sure...from Obama...and then from Trump and the promise of a better cheaper plan. Haven't seen that one either.

#9 Hardcore troubadour

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Posted 13 September 2017 - 02:47 PM

So Trump is keeping/raising taxes on the rich and wants to make DACA legal. What a racist fat cat.

#10 Bert

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Posted 13 September 2017 - 02:47 PM

 

 

 

Exactly, thank God one man had the courage to stop that dog shi!t legislation.

 

You poor thing.  Bless your heart.


You know we're sitting on four million pounds of fuel, one nuclear weapon and a thing that has 270,000 moving parts built by the lowest bidder. Makes you feel good, doesn't it?

#11 Bert

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Posted 13 September 2017 - 02:49 PM

Sure...from Obama...and then from Trump and the promise of a better cheaper plan. Haven't seen that one either.

Promises in the dark.


You know we're sitting on four million pounds of fuel, one nuclear weapon and a thing that has 270,000 moving parts built by the lowest bidder. Makes you feel good, doesn't it?

#12 Reality

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Posted 13 September 2017 - 02:49 PM

You poor thing.  Bless your heart.

 

He's got spunk doesn't he, I'd like to pat his head and tell him, "good job fella".



#13 TimmySmith

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Posted 13 September 2017 - 02:57 PM

The right had their shot and blew it.  The left would be wise to take theirs and make it count.  The Democrats and Trump both need a few victories.


Did the entire Obama administration use their dog's name as their password?

 


#14 IGotWorms

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Posted 13 September 2017 - 03:51 PM

Let me guess: HUGE tax breaks for the rich then toss a few shekels to the lemmings so they think they got a tax cut too when really the overall tax burden has been shifted away from the rich and on to the middle class (again).

I will be SHOCKED if it ends up being anything but that.

#15 IGotWorms

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Posted 13 September 2017 - 03:54 PM

I mean if there's any chance that Trump tries to do that, the Koch Brothers, Sheldon Adeleon, etc. will have his head on a focking spike.

Tax cuts are what they were buying with their contributions

#16 Hardcore troubadour

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Posted 13 September 2017 - 03:54 PM

Let me guess: HUGE tax breaks for the rich then toss a few shekels to the lemmings so they think they got a tax cut too when really the overall tax burden has been shifted away from the rich and on to the middle class (again).

I will be SHOCKED if it ends up being anything but that.


Scared

#17 IGotWorms

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Posted 13 September 2017 - 03:55 PM

Scared


:lol:

I hope the quote the OP has is what actually occurs. Would love that and will give Trump all the credit he is due

#18 Gepetto

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Posted 13 September 2017 - 05:55 PM

I mean if there's any chance that Trump tries to do that, the Koch Brothers, Sheldon Adeleon, etc. will have his head on a focking spike.

Tax cuts are what they were buying with their contributions

 

No one can buy Trump.



#19 Sho Nuff

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Posted 13 September 2017 - 06:26 PM

 
No one can buy Trump.

:lol:

#20 Hardcore troubadour

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Posted 13 September 2017 - 06:37 PM

I mean if there's any chance that Trump tries to do that, the Koch Brothers, Sheldon Adeleon, etc. will have his head on a focking spike.

Tax cuts are what they were buying with their contributions


The Koch brothers hate Trump. Gave him bupkis.

#21 DankNuggs

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Posted 14 September 2017 - 07:26 AM

Let me guess: HUGE tax breaks for the rich then toss a few shekels to the lemmings so they think they got a tax cut too when really the overall tax burden has been shifted away from the rich and on to the middle class (again).

I will be SHOCKED if it ends up being anything but that.


I think it will be a little bit of a game. Personal income tax rates for the rich may stay the same, but corporate taxes will go down. You'll see a shift in organizational formation from LLC's that flow to personal income to S-corps and others that get taxed at the lower rate

Like usual it will just be a new mousetrap

Bruins > Habs


Spending cuts without any tax hike concessions are immoral

#22 parrot

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Posted 14 September 2017 - 08:04 AM

 

No one can buy Trump.

Oh I don't know...  If you made Putin the right offer he might think about selling.  


Idiots doing idiot things because they're idiots.  

 

 

 

 

 

 


#23 parrot

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Posted 14 September 2017 - 08:07 AM

I think it will be a little bit of a game. Personal income tax rates for the rich may stay the same, but corporate taxes will go down. You'll see a shift in organizational formation from LLC's that flow to personal income to S-corps and others that get taxed at the lower rate

Like usual it will just be a new mousetrap

S-Corps essentially are LLCs for tax purposes.  They're not a taxable entity.  

 

What I could foresee happening is personal income tax rates might stay the same or go higher at the upper ends but "business income" - like an LLC or S -  is given special treatment.  Then they can say they have "raised taxes on the wealthy" but it just becomes a game of making sure that all their income is in the form of "business income" rather than wages.

 

 


Idiots doing idiot things because they're idiots.  

 

 

 

 

 

 


#24 DankNuggs

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Posted 14 September 2017 - 08:26 AM

S-Corps essentially are LLCs for tax purposes.  They're not a taxable entity.  

 

What I could foresee happening is personal income tax rates might stay the same or go higher at the upper ends but "business income" - like an LLC or S -  is given special treatment.  Then they can say they have "raised taxes on the wealthy" but it just becomes a game of making sure that all their income is in the form of "business income" rather than wages.  

exactly, you are right, not s-corp, i guess just traditional corps. Don't have the money flow through to personal.  


Bruins > Habs


Spending cuts without any tax hike concessions are immoral

#25 Bert

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Posted 14 September 2017 - 08:26 AM

S-Corps essentially are LLCs for tax purposes.  They're not a taxable entity.  

 

What I could foresee happening is personal income tax rates might stay the same or go higher at the upper ends but "business income" - like an LLC or S -  is given special treatment.  Then they can say they have "raised taxes on the wealthy" but it just becomes a game of making sure that all their income is in the form of "business income" rather than wages.  

Capital gains is still the best play.  Buffet, Romney, Gates all understand that the best way currently to lower tax expense is to have your "compensation" qualify as capital gains,

 

The hypocritical fock Buffet is the master of this and spends millions on tax accounts and lawyers to create advantageous structures  while at the same time biotching that the rich don't pay enough income tax.  


You know we're sitting on four million pounds of fuel, one nuclear weapon and a thing that has 270,000 moving parts built by the lowest bidder. Makes you feel good, doesn't it?

#26 Bert

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Posted 14 September 2017 - 08:27 AM

exactly, you are right, not s-corp, i guess just traditional corps. Don't have the money flow through to personal.  

Or liability.  That is the advantage of corporations.  Their earnings are taxed twice but liability stops at the corp level.


You know we're sitting on four million pounds of fuel, one nuclear weapon and a thing that has 270,000 moving parts built by the lowest bidder. Makes you feel good, doesn't it?

#27 parrot

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Posted 14 September 2017 - 08:31 AM

Capital gains is still the best play.  Buffet, Romney, Gates all understand that the best way currently to lower tax expense is to have your "compensation" qualify as capital gains,  

 

Capital gains is currently the best play, but if they change the code to treat all business income at the 15% LTCG rate, this type of gaming will become a lot more common.  


Idiots doing idiot things because they're idiots.  

 

 

 

 

 

 


#28 Bert

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Posted 14 September 2017 - 08:35 AM

 

Capital gains is currently the best play, but if they change the code to treat all business income at the LTCG rate, this type of gaming will become a lot more common.  

True but I do not think either side has the political power to make that change.

 

I think all we end up with is some window dressing.  Leave upper rates the same and minor "cuts" for the middle class so the political jag offs can claim they cuts taxes for the "working man".


You know we're sitting on four million pounds of fuel, one nuclear weapon and a thing that has 270,000 moving parts built by the lowest bidder. Makes you feel good, doesn't it?

#29 parrot

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Posted 14 September 2017 - 08:39 AM

True but I do not think either side has the political power to make that change.

 

I think all we end up with is some window dressing.  Leave upper rates the same and minor "cuts" for the middle class so the political jag offs can claim they cuts taxes for the "working man".

 

I don't know, the GOP may not get another chance this good for a while.  You gotta think they will throw everything they can at it.  

 

There was some talk of eliminating or capping the mortgage interest deduction.  I kind of want them to try it just to see the ensuing sh!t-storm.  


Idiots doing idiot things because they're idiots.  

 

 

 

 

 

 


#30 Bert

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Posted 14 September 2017 - 08:46 AM

 

 I kind of want them to try it just to see the ensuing sh!t-storm.  

:doublethumbsup:


You know we're sitting on four million pounds of fuel, one nuclear weapon and a thing that has 270,000 moving parts built by the lowest bidder. Makes you feel good, doesn't it?

#31 Hardcore troubadour

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Posted 14 September 2017 - 09:04 AM

Still can't understand how a company gets a write off for having a luxury box at stadiums. The very stadiums that in most cases the tax payer funds. Win win.

#32 Bert

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Posted 14 September 2017 - 09:32 AM

Still can't understand how a company gets a write off for having a luxury box at stadiums. The very stadiums that in most cases the tax payer funds. Win win.

Trust me there is a helluva lot worse in the tax code.


You know we're sitting on four million pounds of fuel, one nuclear weapon and a thing that has 270,000 moving parts built by the lowest bidder. Makes you feel good, doesn't it?

#33 DankNuggs

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Posted 14 September 2017 - 09:32 AM

 

I don't know, the GOP may not get another chance this good for a while.  You gotta think they will throw everything they can at it.  

 

There was some talk of eliminating or capping the mortgage interest deduction.  I kind of want them to try it just to see the ensuing sh!t-storm.  

That would be a huge kick to the balls of the middle class


Bruins > Habs


Spending cuts without any tax hike concessions are immoral

#34 parrot

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Posted 14 September 2017 - 09:32 AM

Still can't understand how a company gets a write off for having a luxury box at stadiums. The very stadiums that in most cases the tax payer funds. Win win.

 

Meals and "entertainment" are only 50% deductible, IN THEORY.  Still kinda focked up but at least they don't get a full deduction, assuming they're treating it correctly and not just burying it with other lease expenses or something. 


Idiots doing idiot things because they're idiots.  

 

 

 

 

 

 


#35 DankNuggs

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Posted 14 September 2017 - 09:33 AM

Still can't understand how a company gets a write off for having a luxury box at stadiums. The very stadiums that in most cases the tax payer funds. Win win.

You can write off a fancy business dinner, but if your eyes gaze on football... No soup for you


Bruins > Habs


Spending cuts without any tax hike concessions are immoral

#36 parrot

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Posted 14 September 2017 - 09:34 AM

That would be a huge kick to the balls of the middle class

 

It will never be eliminated for this reason, but a lot of it sacred cow status is just perception.  80% of the benefits go to those making over $125k a year.  It could be restructured as a credit to all homeowners at zero additional cost and actually benefit much of the middle class.


Idiots doing idiot things because they're idiots.  

 

 

 

 

 

 


#37 IGotWorms

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Posted 14 September 2017 - 09:34 AM

I think it will be a little bit of a game. Personal income tax rates for the rich may stay the same, but corporate taxes will go down. You'll see a shift in organizational formation from LLC's that flow to personal income to S-corps and others that get taxed at the lower rate

Like usual it will just be a new mousetrap


So in other words Trump is full of sh1t and will only look out for the super rich.

I hope I'm wrong on that - but I doubt it.

#38 Bert

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Posted 14 September 2017 - 09:39 AM

So in other words Trump is full of sh1t and will only look out for the super rich.

I hope I'm wrong on that - but I doubt it.

No.  He simply isn't going to change much of anything.  A few token cuts for the middle class but it will be the same as what was in place during the last administration is my guess.

 

The entire code is jacked up and these short sighted political focks on both sides do not want to take the time or feel the pain to truly fix our federal income tax scheme.


You know we're sitting on four million pounds of fuel, one nuclear weapon and a thing that has 270,000 moving parts built by the lowest bidder. Makes you feel good, doesn't it?

#39 Voltaire

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Posted 14 September 2017 - 09:39 AM

Let me guess: HUGE tax breaks for the rich then toss a few shekels to the lemmings so they think they got a tax cut too when really the overall tax burden has been shifted away from the rich and on to the middle class (again).

I will be SHOCKED if it ends up being anything but that.

 

This is what I have expected all along which I why I came out against it and wished it to fail long ago...

 

y donIt's a nice claim to say that...proof is in the pudding though.

 

... then I read Trump's comments in the OP and I have decided to leave the door open. It's highly unlikely to go down the way Trump says in the OP but if that's what he gets, I would reconsider and possibly support it.

 

Congressional GOP are still all pushing Jeb!'s agenda. They don't care about Trump's agenda. Relying on Trump to stick to his guns is likely expecting too much. Guys like Bannon that would have his back on this are gone. I still expect big tax cuts for the wealthy, a handful of Chuck E. Cheese tokens for the middle class, and massive deficit explosions.


Using that "who's been irritating me less" criteria seven months in.... still not Trump and his fans. I grew up with these people. I understand them. They actually seem normal, surprising as it may seem to you. These liberals on the other hand: cop bashing, white shaming, trannie loving, kneeling during the national anthem. Fock them. They're the ones that really freak me out and it's not even close to being close. ~me

 

 


#40 IGotWorms

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Posted 14 September 2017 - 09:40 AM

No.  He simply isn't going to change much of anything.  A few token cuts for the middle class but it will be the same as what was in place during the last administration is my guess.


Doubt it. This will not please the GOP's masters.