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Cinnamon

Trump’s Tax Cut Is a House of Lies

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 Cinnamon    20,021

You would think that after this failure, Republicans would try a different strategy to sell their latest plan, an ambitious bid for tax cuts. That instead of lying, they would defend their ideas on their merits and in good faith, and hope to persuade Americans that this is the right plan.

This was too much to ask for. In rolling out their tax proposal, the White House and its allies have opted again for outright lies.

Let’s first consider the major details of the Republican tax plan. Under its framework, the seven current individual tax brackets would be consolidated to just three: 12 percent, 25 percent, and 35 percent. The standard deduction would double for both couples and individuals, and the child tax credit would both grow and include more high-income households. Republicans would slash the corporate tax rate would from 35 percent to 20 percent, cut taxes on “pass-through” companies, repeal the alternative minimum tax (which applies to certain upper-income households) and end the estate and gift tax, which is paid primarily by the most wealthy.

Selling it on ABC’s Good Morning America, Gary Cohn, director of the White House Economic Council, said, “The wealthy are not getting a tax cut under our plan.” In a separate interview on Fox News, Treasury Secretary Steve Mnuchin promised that “this tax plan will cut down the deficits by a trillion dollars,” while President Trump insisted in a press conference that he would not gain from these provisions. “My plan is for the working people,” he said. “I don’t benefit.”

None of this is true. The rate consolidation may benefit some middle-income households, but the vast majority of gains go to the richest Americans. As Howard Gleckman notes for the Tax Policy Center, “The Individual rate cuts, repeal of the Alternative Minimum Tax and the estate tax, and preservation of tax preferences for charitable giving, mortgage interest, and retirement savings all primarily benefit those with high-incomes.” The tax cut for “pass-through” businesses—where profits are taxed at individual and not corporate rates—is an outright giveaway to the wealthy: More than two-thirds of income earned at these companies goes to the top 1 percent of tax filers.

<snip>

http://www.slate.com/articles/news_and_politics/politics/2017/09/tax_reform_is_one_big_lie.html

LOL True, false or what? Just putting this up here so both sides of the story are on here. 

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 God Man    384
4 minutes ago, Cinnamon said:

You would think that after this failure, Republicans would try a different strategy to sell their latest plan, an ambitious bid for tax cuts. That instead of lying, they would defend their ideas on their merits and in good faith, and hope to persuade Americans that this is the right plan.

This was too much to ask for. In rolling out their tax proposal, the White House and its allies have opted again for outright lies.

Let’s first consider the major details of the Republican tax plan. Under its framework, the seven current individual tax brackets would be consolidated to just three: 12 percent, 25 percent, and 35 percent. The standard deduction would double for both couples and individuals, and the child tax credit would both grow and include more high-income households. Republicans would slash the corporate tax rate would from 35 percent to 20 percent, cut taxes on “pass-through” companies, repeal the alternative minimum tax (which applies to certain upper-income households) and end the estate and gift tax, which is paid primarily by the most wealthy.

Selling it on ABC’s Good Morning America, Gary Cohn, director of the White House Economic Council, said, “The wealthy are not getting a tax cut under our plan.” In a separate interview on Fox News, Treasury Secretary Steve Mnuchin promised that “this tax plan will cut down the deficits by a trillion dollars,” while President Trump insisted in a press conference that he would not gain from these provisions. “My plan is for the working people,” he said. “I don’t benefit.”

None of this is true. The rate consolidation may benefit some middle-income households, but the vast majority of gains go to the richest Americans. As Howard Gleckman notes for the Tax Policy Center, “The Individual rate cuts, repeal of the Alternative Minimum Tax and the estate tax, and preservation of tax preferences for charitable giving, mortgage interest, and retirement savings all primarily benefit those with high-incomes.” The tax cut for “pass-through” businesses—where profits are taxed at individual and not corporate rates—is an outright giveaway to the wealthy: More than two-thirds of income earned at these companies goes to the top 1 percent of tax filers.

<snip>

http://www.slate.com/articles/news_and_politics/politics/2017/09/tax_reform_is_one_big_lie.html

LOL True, false or what? Just putting this up here so both sides of the story are on here. 

Well I am a numbers guy and numbers don't lie.  I am not in the top .1% so no tax cut for me.  Most people will pay more taxes and the national debt will rise as there is not offset to the 200 billion dollar military spending increase or the reduction in tax collections.  This should quicky put an end to  Social Security as we know it because social security tax will need to be used to offset the new spending increases.

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 Ukshep    17,196
4 hours ago, God Man said:

Well I am a numbers guy and numbers don't lie.  I am not in the top .1% so no tax cut for me.  Most people will pay more taxes and the national debt will rise as there is not offset to the 200 billion dollar military spending increase or the reduction in tax collections.  This should quicky put an end to  Social Security as we know it because social security tax will need to be used to offset the new spending increases.

You know you could spend the money made in 2 years as a nation and create products that last for every man, woman and child. Then if people wanted they could donate all their money to pay off the national debt as they will have tons of unused cash :D . My point is. IF we lived in a society where products were made to high quality and to last. People would not need to be so darn broke all the time. Buy once and never again.

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