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I swear people didn't read the entire article only what was posted:
nonpartisan Tax Policy Center said.
The plan's effect on the national deficit, a Republican sounding point during the Obama years, could be astronomical. Congress' official Joint Committee on Taxation, assessing an earlier version of the bill, said it would add $1 trillion or more to the deficit over the next decade, even factoring in expected growth of the U.S. economy.
If Donald Trump is sincere that he will not gain from this tax bill, it's time he lay his cards on the table and show us," Kleinbard said. "It's just not possible that this bill doesn't convey tremendous tax savings to him. What does he gain? Up to a 20 percent deduction associated with all the tax bills associated with all his businesses. What does he lose? Nothing."
ANY president regardless OF party their job is to help Americans and it's people. THIS isn't helping any but Trump and his rich friends, how is that so hard to understand?
Yes, even a child can understand that you lost, get over it.
You are just going to have to suck it up, 80% of voters are going to get a tax cut, and that isn't good for you dems.
yes- the average middle class household that gets an extra 800 bucks back this year and less each year after, culminating in a tax increase after 10 years, while wealthy get permanent tax cuts of around 70K forever. Oh- and it adds 2 TRILLION to the deficit you used to care about, which will probably end up on the low end once the tax lawyers figure out even more ways to exploit the pass through scam. By the way, after the dog and pony show of the cute 1K bonuses die down, it's already been established by CEO's the corporate give away will be realized through share buybacks and dividends to the benefit of the class that derives income from assets rather than salary. It also incentivizes corps to transfer profits overseas, further depressing salaries, esp among Trump's base as those jobs are easiest to migrate.
But hey it's all worth it b/c we fixed the estate tax to allow a new generation of American aristocracy all so we could save the less than 50 small businesses or family farms that face it annually. OH I forgot, we also gave a tax break for golf course developers.....
So, yeah- this new bill is SOOOO great for our nation.
Last edited by Metsfan53; 12-21-2017 at 09:30 AM..
Yes, even a child can understand that you lost, get over it.
You are just going to have to suck it up, 80% of voters are going to get a tax cut, and that isn't good for you dems.
I didn't lose anything you assume to know me. IF 80% of voters were to get anything, then there would be nothing to worry about. But your wrong hence the outrage.
I often wonder why people don't understand TAXES - particularly Income Taxes.
The HINT here is the word "Income".
We are not taxed on Net Worth in the USA - we pay Taxes on INCOME.
That "Income" comes from a variety of sources and the Federal Government wants a piece of all of them.
Salary, Investment Dividends (from money you already paid Taxes on), Capitol Gains (from money you already paid taxes on) is money you "gain" from selling something you own (stocks, expensive possessions, real estate) are all examples. Trump also has significant Book Royalties as did President Obama.
Donald Trump is a very wealthy man with a lot of stocks, real estate, expensive possessions and ZERO salary because he donates his $400,000 Salary as President back to the Government.
He turned the Trump Organization over to. his sons to run - he remains owner, but has no control over the Privately Owned Trump Organization. He doesn't receive a "salary" from Trump Organization.
We have no idea what his Income will be in 2017 -- His stock & bond portfolio is in a Blind Trust that is being overseen and run by a Manager. He still has to pay real estate taxes in the very expensive State of New York on his personal property (Trump Tower apartment) or any other personal homes he owns exclusively and not as a part of Trump Organization. He is likely to have Royalties and Dividends, Capitol Gains and part of his 2017 Income. He will LOSE (as do all very wealthy New Yorkers because they can no longer Deduct State and Local Taxes beyond a total of $10,000. IF he collects a Social Security payment, he will be taxed on that also.
Some eager beaver "journalist" should research what another VERY Wealthy President paid in personal income taxes when he also donated his Salary as a Congressman, Senator AND President.
John F. Kennedy
I often wonder why people don't understand TAXES - particularly Income Taxes.
The HINT here is the word "Income".
We are not taxed on Net Worth in the USA - we pay Taxes on INCOME.
That "Income" comes from a variety of sources and the Federal Government wants a piece of all of them.
Salary, Investment Dividends (from money you already paid Taxes on), Capitol Gains (from money you already paid taxes on) is money you "gain" from selling something you own (stocks, expensive possessions, real estate) are all examples. Trump also has significant Book Royalties as did President Obama.
Donald Trump is a very wealthy man with a lot of stocks, real estate, expensive possessions and ZERO salary because he donates his $400,000 Salary as President back to the Government.
He turned the Trump Organization over to. his sons to run - he remains owner, but has no control over the Privately Owned Trump Organization. He doesn't receive a "salary" from Trump Organization.
We have no idea what his Income will be in 2017 -- His stock & bond portfolio is in a Blind Trust that is being overseen and run by a Manager. He still has to pay real estate taxes in the very expensive State of New York on his personal property (Trump Tower apartment) or any other personal homes he owns exclusively and not as a part of Trump Organization. He is likely to have Royalties and Dividends, Capitol Gains and part of his 2017 Income. He will LOSE (as do all very wealthy New Yorkers because they can no longer Deduct State and Local Taxes beyond a total of $10,000. IF he collects a Social Security payment, he will be taxed on that also.
Some eager beaver "journalist" should research what another VERY Wealthy President paid in personal income taxes when he also donated his Salary as a Congressman, Senator AND President.
John F. Kennedy
Do you have any documentation/support for this. What I had read was Trump said he sold all his stock. And his "blind trust was not run by an anonymous outside manager, but him simply handing over the reins to his kids and promising very nicely not to discuss business with them at the dinner table.
We will never know because Trump will never reveal his tax returns. It's an incredible abuse of power and corruption of the greatest American institution; but his cult followers could not care less. After all the Great Leader deserves nice things, right?
I almost fell off my chair laughing when they claimed that 'of course, Trump's taxes are still under audit'.
Lol--think he can just stretch his audit out another four years, since it seems to have started 20 years ago?
Tax experts said any personal boost in the president's taxes would likely come from the bill's reduction of the state and local tax deduction, which has largely benefited residents of high-tax states such as California, New Jersey and the Trump family's home state of New York.
But Trump will also personally benefit from the plan's lowering of the top tax rate for America's wealthiest people from 39.6 percent to 37 percent. Forbes magazine estimated in October that Trump was one of the country's richest people, with a net worth of more than $3 billion.
Nearly all of the more than 500 private businesses Trump has claimed on his financial disclosure documents — including his umbrella company, the Trump Organization — are pass-throughs, so the bulk of his income will likely see an immediate tax break.
An earlier version of the tax plan had given bigger pass-through deductions to businesses with bigger workforces or higher payrolls. But the new version allows companies like Trump's — which own valuable property but pay few to no employees — to also reap the benefits. Tax experts said real estate, rental and leasing businesses will benefit more than any other industry.
The new plan will also reduce the estate tax, which affects the inheritances of a few thousand of America's wealthiest families, including Trump's. The tax bill will allow a married couple to pass on up to $22 million in assets WITHOUT having to pay the tax.
And? Trump gets a cut from 39.6% to 37% in his marginal tax rate. 2.6/39.6=a 6.5% cut in his total taxes (and this is highly simplified, looking only at the top, marginal rate). I get a bit over 20% of a reduction in mine. Many other people go from paying a tax to receiving more money than they put in (by definition, over a 100% reduction). Seems like this law is a give to the poor and middle class, while passing on a little to the top in terms of percentage.
OP-I'm quite sure Don Trump will still pay far, far, far more in income taxes than you do.
Some stand to win for 8 years, others stand to win permanently.
Sounds like a BS deal to me.
And you do realize that ALL the individual tax cuts expire in ten years, right? Not just for some?
And you realize that this is because it takes 60 votes in the senate to make the cuts permanent-and not ONE Democrat would vote to give working taxpayers a break? And that because of the Dems, the American people may see the largest tax increase in history in 10 years?
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