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Old 07-30-2018, 09:00 PM
 
Location: My House
34,937 posts, read 36,163,891 times
Reputation: 26547

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Serious question... how much money does this cost the Federal Government? As in, how much do they lose overall if they go through with this?

I'm guessing it's way less than people might imagine.

And, it makes wealthy voters (often donors) happy.

It's politics as usual. This is one of the most mundane things I've seen him try to do so far. Must be an election year.



Not sure it's any sort of true MAGA moment, because most folks crowing over it aren't really going to save any tax money to speak of if it happens, but if they want to cheer on wealthy investors of all political backgrounds, let'em have at it. Wealthy donors who aren't Republicans actually do exist.
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Old 07-30-2018, 09:03 PM
 
5,717 posts, read 3,136,217 times
Reputation: 7374
Tax cuts are always going to mostly benefit "the rich". Why? Because they pay most of the taxes.

How are you going to give significant tax cuts to people who pay little or no taxes to begin with?
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Old 07-30-2018, 10:43 PM
 
3,105 posts, read 3,821,899 times
Reputation: 4066
Quote:
Originally Posted by Partial Observer View Post
For the same reason that employees pay taxes on stagnant wages, I suppose.

Stagnant wages are due to supply and demand. Think H-1B abuse and illegal immigration.
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Old 07-30-2018, 10:49 PM
 
3,105 posts, read 3,821,899 times
Reputation: 4066
Quote:
Originally Posted by lifeexplorer View Post
Allowing people to keep their own money is “give”?

What in the world are you talking about?

It's always the same. Instead of earning their own money, they want to steal it from someone else.
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Old 07-31-2018, 05:30 AM
 
Location: Long Island
57,064 posts, read 26,024,198 times
Reputation: 15528
Quote:
Originally Posted by Colorado^ View Post
Stagnant wages are due to supply and demand. Think H-1B abuse and illegal immigration.
Well it seems that since corporations had up to a 15% reduction in their bottom they could have passed on some of those gains to middle class workers. It doesn't appear that CEO's have a problem with stagnant wages, is there an executive shortage driving up their wages.

Who exactly do you think is requesting the H-1B visas, yes its the same people that will gain the largest benefit from this proposal.


This is just an attempt at an end around the capital gains rate, if they want to reduce the rate just do it through congress the old fashioned way rather than this convoluted proposal by Mnuchin. Its a reduction in capital gains anyway you look at it.
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Old 07-31-2018, 05:43 AM
 
Location: the very edge of the continent
88,800 posts, read 44,594,609 times
Reputation: 13623
Why not just implement a flat tax, like the Medicare tax is (which is flat)? It still results in the rich paying more. As an example...

40 years of paying Medicare tax on the average earned income of $54,000 = $31,320

40 years of paying Medicare tax on an average earned income of $1 million = $580,000

HUGE difference in total Medicare tax paid, for access to the exact same Medicare benefits.
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Old 07-31-2018, 05:46 AM
 
45,400 posts, read 26,983,057 times
Reputation: 23758
Quote:
Originally Posted by OnOurWayHome View Post
Why is he talking about doing this via EO and not going through Congress?
That kind of answers its own question.

Because it's Congress.

The same reason Obama did as much as he could without Congress.

Because it's Congress.
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Old 07-31-2018, 05:51 AM
 
20,955 posts, read 8,629,930 times
Reputation: 14050
This is really hard to believe - but I believe it.

Shameless should be the name of this administration.
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Old 07-31-2018, 05:53 AM
 
20,955 posts, read 8,629,930 times
Reputation: 14050
Quote:
Originally Posted by neko_mimi View Post
Tax cuts are always going to mostly benefit "the rich". Why? Because they pay most of the taxes.

How are you going to give significant tax cuts to people who pay little or no taxes to begin with?
Answer - you don't give tax cuts at all when you are a TRILLION dollars a year in deficit and 21 1/4 Trillion in debt.

Your answer rings hollow. Get back to us when we have a surplus.
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Old 07-31-2018, 06:25 AM
 
12,016 posts, read 12,695,396 times
Reputation: 13420
Angry Trump Wants to Give the Wealthy Another Tax Cut, With No Vote in Congress

Trump Wants to Unilaterally Give the Rich (Another) Tax Cut

Quote:
The Trump administration is considering a plan to cut taxes for investors. The idea would be to index capital gains for inflation, so that rather than tax the entire gain of an asset, an investor would subtract the value of inflation, therefore reducing the taxable income.

It's not bad enough that he already gave them a huge tax cut that adds to the budget deficit, but now he wants to have them pay even less taxes. They don't even try to say it will trickle down because they know that tax cuts for the rich never do.
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