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.
Trump has no idea. He is promising tax cuts and big infrastructure improvements and good health care for all. That does not compute. So wait a year and we will see.
Don't expect much...there are no miracles in this domain.
This. He sounded like FDR in his victory speech, except that FDR wanted to raise taxes on the rich.
If he wants to build a wall, repeal and replace Obamacare, build roads, fix bridges & build airports, AND cut taxes, the money will have to come from somewhere.
This. He sounded like FDR in his victory speech, except that FDR wanted to raise taxes on the rich.
If he wants to build a wall, repeal and replace Obamacare, build roads, fix bridges & build airports, AND cut taxes, the money will have to come from somewhere.
Yea its ludicrous really, but I think the fundamental problem in this country is a true lack of understanding of what taxes are for... people don't understand they are paying for infrastructure among other things. Therefore, are tax burden should be shared equally because we all live in this country together.
Sure there are some people that use the road less, or never use the airport, or may not even have a bridge in their town, but what has made this country great is that despite that, at any moment as an American you have a right to use those public facilities and when you do you are using something of quality. However, when we cut taxes, and can no longer have access to those services or quality greatly diminishes..
As poorly detailed as it is, and as often as it's been the subject of major revision, it's hard to settle on what Donald Trump's plan might actually be. However, he's reached the point of confronting the fact that actually governing is quite a bit more difficult than simply campaigning, so he will need to get something shaped up for real very quickly. By contrast, what became the 2009 Stimulus Bill under Obama was 99% complete by Election Day.
Anyway, from what Trump has released, it would appear that significant tax cuts are coming at some point, once again highly tilted toward fat cats and high earners. As presently proposed, he'd be rewarding the people he campaigned against, and stiffing those whose voice he claimed to be. There are also spending increases for the military proposed, as well as smaller items such as partial UI benefits for women who go on maternity leave. But there is also the so-called "Penny Plan" under which all non-defense spending would automatically be cut by 1% per year. Entitlements would be excluded however, and since they and defense spending are the bulk of federal outlays, it's only the "small stuff" that would actually be subject to these reductions. No word on the fate of the program missions involved. Obamacare will go away of course along with Medicaid expansion, so maybe 15 million people will be losing their health care cover, but all that is close to deficit-neutral anyway. All in all, the plan -- insofar as it can be known at the present time -- would increase deficits by some $5.3 trillion over ten years. That may sound bad, but it's only about half as bad as what Trump had been proposing back in June.
Does President Elect Trump even have a financial plan?
Nope.
He has promised to increase spending and cut taxes. That's pandering, not a plan.
The "financial plan" is going to come from the Republican Congress. It would be nice if they made the Federal corporate income tax rational and globally competitive instead of astoundingly high with even more astounding loopholes for the biggest campaign contributors. It would be nice if the debt-to-GDP ratio remained constant or slowly declined.
Congress isn't going to vote for a Great Recession-level deficit to juice the economy for a couple years only to see it collapse when the bubble bursts. Or at least I hope that's the case. What I expect is that spending is going to shift away from safety net spending. With ACA killed, Medicaid rolls get cut in half. Other things like food stamps and Section 8 housing subsidies will be targeted. They won't touch Social Security or Medicare because old people vote and old people are what put the right wing Congress in power. There isn't the money to do anything large. Every Congressman is fully aware that they're up for election in two years and they like their comfy office where they can become a multi-millionaire after a couple decades sitting in it. Trump got elected on a "throw the bums out" vote. The bums are still "in" in Congress.
Trump has no plan, because he doesn't know enough to have a realistic plan. He's going to cut taxes and give everyone a job and it's going to be fabulous, you'll see. It isn't even worth talking about any "plan" of his. The thing to worry about is that he's so inept and egotistical that he will cause the collapse of the entire economic system, and that won't be good for anyone in any tax bracket.
If he is like previous tax cutters you will get a few percentage points in reductions, which will then be clawed back by eliminating some deductions.
Just based on my previous jobs the difference between the low tax pres and high tax pres amounted to between $400-800/year.
Nothing meaningful, but perhaps he will figure a way to do better. After all someone has to pay taxes.
I did way better than that in the Dubya tax cuts. Considering how much I earn, I think my effective tax rate is astoundingly low. It's dramatically lower than 25 years ago. You can earn pretty good money and stay out of the 33% bracket without Schedule A phase-outs or AMT kicking in. It's not until you hit 1%er income where you have a high effective tax rate.
Good for you. Benefits did indeed flow under Bush to those who needed them least. The bigger picture of course was the frightful eight-years years of miserable disgrace and failure that Bush brought to America. Your personal good fortune would not really have been enough to cover for that.
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.
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.
