Trump's tax plan has built in automatic, stepped tax increases every two years for all but the very wealthy

[TimTheEnchanter]

Originally Posted by mattee01

Those of us who can think for ourselves saw it for what it was and hated his tax plan. His brain washed masses? No amount of logic, evidence, or reason will ever make them see the truth. He accomplished what the Republican senate and his rich friends wanted...more financial pandering to them.

Those of us who can think for ourselves saw it for what it was and loved his tax plan. His brain washed opposition? No amount of logic, evidence, or reason will ever make them see the truth. He accomplished what the American people wanted... a simpler, fairer tax code.

[gemstone1]

Originally Posted by Sumerian_Summer

It's literally the exact opposite.
The money for public housing, food stamps, medicaid, welfare, etc, is often paid for by rich tax payers.

...yep, just like you and me. Every tax payer pays.

Regards
Gemstone1

[Threerun]

Originally Posted by TimTheEnchanter

Not true of course.

Because of deficit hawks (that is Republicans who still care about deficits, there are no Democrat deficit hawks) in the House there was a provision built into the 2017 Tax Cuts and Jobs Act that the rates would revert in 2025 to the 2018 rates. The thinking was that would give sufficient time to evaluate the cuts and their effect on revenue. At that time (leading up to 2025) the rates could be renewed or allow to expire,

The fantasy of "permanent tax rates" just doesn't exist. Regardless of laws no tax rate is guaranteed to last more than two years. A new Congress can overturn a previous Congress.

Before that lots of deductions are going away, Again a concession to deficit hawks.

https://www.investopedia.com/taxes/t...lan-explained/

For the wealthy, banks, and other corporations, the tax reform package was considered a lopsided victory given its significant and permanent tax cuts to corporate profits, investment income, estate tax, and more. Financial services companies stood to see huge gains based on the new, lower corporate rate (21%), as well as the more preferable tax treatment of pass-through companies. Some banks said their effective tax rate would drop under 21%.

The law cut corporate tax rates permanently and individual tax rates temporarily. It permanently removed the individual mandate—a key provision of the Affordable Care Act, which was likely to raise insurance premiums and significantly reduce the number of people with coverage. The highest earners were expected to benefit most from the law, while the lowest earners were believed to pay more in taxes once most individual tax provisions expire after 2025.

It certainly was a lopsided tax bill, IMO. We'll see if it gets overturned or overhauled. And the deficit hawks?

The overhaul was forecast to raise the federal deficit by hundreds of billions of dollars—and perhaps as much as $2 trillion—over the coming decade.8 Estimates varied depending on assumptions about how much economic growth the law would spur, but no independent estimates followed Treasury Secretary Steven Mnuchin in predicting a net reduction to the national debt as a result of the overhaul. (According to the Washington Post, the country's deficit hit $984 billion in 2019, compared to the deficit of $665 billion in 2017.)

What 'hawks'? Our deficit has blown thru the roof!