Trump's Tax Plan

On a side note, that graphic above comes from CBPP, a liberal think-tank.  I'm not disagreeing that this tax policy helps high-income and hurts low-income Americans, but I severely dislike spin.  Think Tanks of all kinds are good at spin.

 
I'd like to see those numbers filtered by land-owners or by farm-owners.  Inheriting a 5 million dollar farm from your grandpa is not the same as inheriting 5 million dollars, unless you are just liquidating it.

i'd like to see an exemption for family farm/small businesses where the inheriting party simply continues running the business rather than liquidating.

 
Kiyoat Husker said:
Agree.  They should be more transparent with that statistic.  It looks like they are saying "There are 2.7 million estates in the USA".

Really they are saying there are 2.7 million deaths each year, and of that, 0.2%  are subject to the estate tax.  Some of those "estates" might be zero real estate, just a collection of vinyl records and a cat-stained couch.

 The 1% is the more relevant number, and still makes the point without trying to be misleading.
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I don't get how this isn't straight forward.   Yes, it is essentially saying 2.7million deaths that passed on "something", that is what an "estate" is.  Whether it is a record collection or a 10000 acre ranch, it is an estate.  Whether it is worth $5 or $50,000,000, it is an estate.  Most estates, as shown in the graphic, are "minimal".  Especially after medical expenses, funerals, and other debts are paid off.

But I do really like your idea of creating exceptions for people who continue to operate the farms or businesses.  That is straight thinking and common sense.

 
McCain might once again be the deciding factor in the passage of the President's tax bill.  He has been all over the place though out his career.   

https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2017/10/12/the-finance-202-mccain-could-give-the-same-thumbs-down-to-a-tax-overhaul-as-he-did-to-health-care/59de982a30fb041a74e75cef/?utm_term=.213cc4f559da

quotes:

On tax policy itself, McCain has proved a moving target. He opposed the 2001 Bush tax cuts — one of only two Republicans to do so — citing what he called the bill’s lopsided benefits for the wealthy. “I cannot in good conscience support a tax cut in which so many of the benefits go to the most fortunate among us, at the expense of middle-class Americans who most need tax relief,” he said. Two years later, he was one of only three Republicans to vote against the next round of Bush cuts, again citing its skew toward the rich but also the deficit impact of another round of breaks as the country faced mounting war bills. 

More recently, McCain sounded more like his trustbusting political hero, Teddy Roosevelt, when he confronted Apple’s tax-dodging strategies. In a 2013 hearing, he joined with then-Sen. Carl Levin (D-Mich.) in criticizing chief executive Tim Cook. “U.S. corporations cannot continue to avoid paying their appropriate share in taxes,” McCain told the tech honcho. “Our military can't afford it. Our economy cannot endure it. And the American people will not tolerate it.”

 
If this tax reform truly was about:

1. Simplifying the tax code

2. Removing most of the frequently abused tax loopholes

3. Balancing the Budget

Then I think that it would have bi-partisan support.

Instead, it is once-again a supply-side economics policy that primarily benefits the wealthy.  Its not going to create jobs.  It will only serve to consolidate corporate power, weaken the government, and increase the deficit.

Yay.

 
DNpZgShWkAE4dUD.jpg


Vox: The House Republican tax bill, explained.

 
Also, the little trick with the 12% tax bracket actual INCREASES taxes paid by individuals with no kids making between $20,000-35,750 and married couples with no children between $40,000-71,500. 

All other areas of W-2 income would see a tax decrease of some sort. GOP found a way to stick it to low income people again!

 
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deedsker said:
Also, the little trick with the 12% tax bracket actual INCREASES taxes paid by individuals with no kids making between $20,000-35,750 and married couples with no children between $40,000-71,500. 

All other areas of W-2 income would see a tax decrease of some sort. GOP found a way to stick it to low income people again!
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That and the services that will be cut due to decreased tax revenue will almost certainly be ones the poor use.

 
Absolutely! This is just the straight up screw job they are doing.

 The whole goal long term is to undermine programs or restrict funding wholesale to defund government programs  that benefit those with low income or disabilities, but this isn’t even hidden. Not that I have seen it published anywhere.

 
deedsker said:
Absolutely! This is just the straight up screw job they are doing.

 The whole goal long term is to undermine programs or restrict funding wholesale to defund government programs  that benefit those with low income or disabilities, but this isn’t even hidden. Not that I have seen it published anywhere.
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https://en.wikipedia.org/wiki/Starve_the_beast

I'm curious to see what types of spending reductions they do. Clearly with their deduction changes they don't mind giving the shaft to the working poor or people in high tax blue states. And I'm skeptical of corporations in general, so I certainly don't think they need the massive cut they're about to get.

I'd also note that they've kept the carried interest loopholes for pass-through companies, reduced the estate tax (en route to eliminating it completely in 6 years) & repealed the alternate minimum tax. Those all absolutely benefit the rich and rich alone. In a cynic's eyes, they're just free giveaways to Donald J. Trump himself. 

I'm not going to fight tax cuts outright. But if you're going to blow a $1.5T hole in the federal budget, I want to see how you're going to finance it. If they slash popular, necessary programs,  I hope they're held accountable. 

 
dudeguyy said:
I'm not going to fight tax cuts outright. But if you're going to blow a $1.5T hole in the federal budget, I want to see how you're going to finance it. If they slash popular, necessary programs,  I hope they're held accountable. 
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Why not? There are protections the government provides that cost money. We need to fund them to keep them. So blowing a hole in the funding can and will strip protections. Responsible tax cuts are good, corporate cash grabs are crap. This just makes the rich richer and squeezes 90% of the population long term.

 
deedsker said:
Why not? There are protections the government provides that cost money. We need to fund them to keep them. So blowing a hole in the funding can and will strip protections. Responsible tax cuts are good, corporate cash grabs are crap. This just makes the rich richer and squeezes 90% of the population long term.
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I guess I should have more fight in me.  I just feel like I've accepted it as an inevitability at this point. It's just what Republicans do ever since Reagan. HW broke his pledge on taxes and has been the only single term president we've had in that time. I'm not saying there's a correlation there, but I'm absolutely sure it didn't help him with his core constituency. 

Grover Norquist and his stupid Taxpayer Protection Pledge have infested the GOP tax dogma. W promised his tax cuts were the key to growth and success. It never materialized, but he did manage to balloon the debt. I'm assuming we're heading down a similar road with the King of Debt here.

It just doesn't feel like there's anything we can do to stop it. I hope the Dems and any moderate Republican with a brain fight against it. Maybe they can at least force some modicum of responsibility about this.

But Donald Trump is president, and tax cuts are why a disproportionate number of GOP congresspeople are sent to Washington. They're literally the reason people like Paul Ryan exist, and he's one of the most powerful people in the entire party. Which is made even more incredible when you consider he's doing it all without a spine.

Looking at the people at the wheel in the party, and the wealthy string-pullers are going to dump millions and millions of dollars to get this deal across the finish line. They're easily going to recoup their losses anyway. 

To top it all off, I know my own Senators don't give a damn. Sasse is bought and paid for by the Kochs & Fischer is a rubber stamp. Do you think a public fight can accomplish anything?

 
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