U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: How do you feel about the Carried Interest tax loophole?
I am a Trump supporter, but I think it is ok that the loophole remains. 1 2.13%
I am a Trump supporter, but I see this as a broken campaign promise. 3 6.38%
I am NOT a Trump supporter, but I think it is ok that the loophole remains. 4 8.51%
I am NOT a Trump supporter, and I hate the loophole. 23 48.94%
I simply don't care about this issue at all. 16 34.04%
Voters: 47. You may not vote on this poll

Reply Start New Thread
 
Old 01-04-2018, 11:22 AM
 
Location: Kent, Ohio
3,424 posts, read 2,116,724 times
Reputation: 1638

Advertisements

Trump himself - as a presidential candidate - said that the Carried Interest tax deduction is unfair to America workers. But the new tax plan passed by Republicans leaves the deduction in place.

Trump said that under his tax plan, "we will eliminate the carried interest deduction and other special interest loopholes that have been so good for Wall Street investors, and for people like me, but unfair to American workers."
Trump-O-Meter: Eliminate the carried interest loophole | PolitiFact

This leaves me with some questions:

(1) Knowing full well that this will be regarded as a blatantly broken campaign promise, and given the obviously great opportunity to eliminate it as part of their "tax overhaul," why didn't the Republican get rid of the loophole?

(2) But what I'd really like to know is: How do Trump supporters feel about this broken promise? It was clearly part of his overall effort to be perceived as a friend of middle class America workers, but now it seems he has simply caved in to the super-rich (or, perhaps, was never really very serious about this promise in the first place).

Apparently this tax break only benefits about 2000 people but, of course, these are 2000 of the wealthiest people, so does this mean that these 2000 people really carry that much political clout? Or do middle-class Trump supporter actually support the Carried Interest tax deduction?

"A tax break that benefits only about 2,000 people adds up to billions in savings for them — and billions lost for the US economy."

How the Carried-Interest Loophole Makes the Super-Rich Super-Richer – BillMoyers.com

Added Note:
I see that some of you are saying you don't care. Why don't you care? The current tax cuts are likely to push the federal deficit higher than ever. Closing this loophole would save billions.


The Congressional Budget Office estimates that taxing carried interest at ordinary rates would net $18 billion over 10 years. (And many suggest that this is actually a very low estimate.)

Last edited by Gaylenwoof; 01-04-2018 at 11:45 AM..
Reply With Quote Quick reply to this message

 
Old 01-04-2018, 11:29 AM
 
Location: United States
10,950 posts, read 5,071,805 times
Reputation: 5240
You lost on this tax issue, get over it, and stop posting threads on this.
Reply With Quote Quick reply to this message
 
Old 01-04-2018, 11:31 AM
 
45,269 posts, read 17,970,471 times
Reputation: 18958
Quote:
Originally Posted by stburr91 View Post
You lost on this tax issue, get over it, and stop posting threads on this.
The Democrats keep trying to tell America how bad off they are since Trump was elected, when in reality, exactly the opposite has happened.
Reply With Quote Quick reply to this message
 
Old 01-04-2018, 11:33 AM
 
Location: NY
12,266 posts, read 9,449,963 times
Reputation: 8029
I had lots of complaints about the tax overhaul until I sat down with my accountant and discovered nothing has changed. I'll get a little back from the feds that'll just go to NY.

And I don't give a rat's azz about a tax break that benefits 2000 people. I also don't begrudge the many millions of people who benefit from the Earned Income Tax Credit.

I do get annoyed with libs who constantly and ignorantly preach divisiveness.
Reply With Quote Quick reply to this message
 
Old 01-04-2018, 11:34 AM
 
Location: Grove City, Ohio
10,135 posts, read 12,392,750 times
Reputation: 13986
Quote:
Originally Posted by WaldoKitty View Post
The Democrats keep trying to tell America how bad off they are since Trump was elected, when in reality, exactly the opposite has happened.
Yeah, I know. I am starting to have trouble finding employees and I have to give them more money.
Reply With Quote Quick reply to this message
 
Old 01-04-2018, 11:34 AM
 
12,843 posts, read 4,651,539 times
Reputation: 5214
Its very unfortunate but it was always going to be a broken campaign promise when Trump's own campaign finance chair was a Goldman Sachs fat cat and he packed his administration with these Wall Street big shots. He knows where the power in America lies and who he serves.
Reply With Quote Quick reply to this message
 
Old 01-04-2018, 11:35 AM
 
12,843 posts, read 4,651,539 times
Reputation: 5214
Quote:
Originally Posted by nicet4 View Post
Yeah, I know. I am starting to have trouble finding employees and I have to give them more money.
Not true. Real unemployment is at 35-40%.
Reply With Quote Quick reply to this message
 
Old 01-04-2018, 11:37 AM
 
Location: Sonoran Desert
29,354 posts, read 39,787,455 times
Reputation: 18798
Trump's failure to get rid of this loophole in spite of apparently trying shows he holds no power compared to the lobbyists. The swamp is alive and well and may be stronger than ever under this incompetent administration.
Reply With Quote Quick reply to this message
 
Old 01-04-2018, 11:46 AM
 
Location: Lost in Montana *recalculating*...
11,861 posts, read 15,517,649 times
Reputation: 12163
Quote:
Originally Posted by stburr91 View Post
You lost on this tax issue, get over it, and stop posting threads on this.
Why? It is relevent, it is a BIG broken campaign promise, it impacts our Treasury and it enriches the very rich at the expense of average wage earners.

To add insult to his 'populist base, Trump himself is directly enriched at the expense of those who voted for him- promised to 'fight for'.

It is very relevant.
Reply With Quote Quick reply to this message
 
Old 01-04-2018, 11:48 AM
 
Location: Denver CO
21,179 posts, read 11,803,134 times
Reputation: 32193
Quote:
Originally Posted by stburr91 View Post
You lost on this tax issue, get over it, and stop posting threads on this.
In other words, you are perfectly ok with the fact that Trump lied and broke the promise he made to eliminate this loophole?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top