Trump's tax plan: massive cuts for the 1%

[FriendlyFire]

2% tax increase for the poorest, tax cuts for the richest
Thanks Obama

Trump's tax plan: massive cuts for the 1% will usher 'era of dynastic wealth'

President Donald Trump is set to give America’s richest 1% an average annual tax cut of $214,000 when he takes office, while more than eight million families with children are expected to suffer financially under his proposed tax plan.

On the eve of the election, Trump promised to “massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country”. But independent expert analyses of Trump’s tax plan show that America’s millionaire and billionaire class will win big at the expense of struggling low- and middle-income people, who turned out in large numbers to help the real estate billionaire win the election.

Experts warn that Trump’s tax plan will exacerbate America’s already chronic income inequality and herald in a “new era of dynastic wealth”.

“The Trump tax plan is heavily, heavily, skewed to the most wealthy, who will receive huge savings,” said Lily Batchelder, a law professor and tax expert at New York University. “At the same time, millions of low-income families – particularly single-parent households – will face an increase.”

Trump also plans to consolidate the current seven tax breaks into three: 12%, 25% and 33%. His plan would scrap the current 10% tax for earnings under $19,625 and replace it with 12%. Trump’s proposed childcare credits would not make up for the changes, according to Batchelder.

While the poor will face tax increases, the Tax Policy Center research said the rich would received big tax cuts that get even bigger

https://www.theguardian.com/us-news...uts-wealthy-low-income-inequality?CMP=soc_567

 

[Zkribbler]

He's also massively increasing military spending.

This is the same plan used by Reagan, who used the Laffer Curve to explain how these tax cuts would bring in increased revenue and therefore pay for themselves. Instead Reagan ran up more debt that all previous Presidents combined.
It's also the plan used by W, who promised his cuts would generate growth, and thus pay for themselves. Instead, he ran up more debt than all other Presidents combined including Reagan.
The major difference between Trump's plan and those of Reagan and W is that Trump's cuts are much, much bigger.

 

[CavLancer]

The repug usual pay off for donations, but if Trump didn't take donations, why the pay off?

 

[Verbose]

The repug usual pay off for donations, but if Trump didn't take donations, why the pay off?

He really believes it will work as suggested?

 

[CavLancer]

Well, worked for Reagan didn't it?

 

[GoodSarmatian]

The repug usual pay off for donations, but if Trump didn't take donations, why the pay off?

Because it will benefit himself, his children and his friends.
Trump bragged how politicians -including Hillary- used to beg him for money and kissed his ass. His voters thought having a president who used to pay bribes instead of taking them will cut down on curroption, but all it will do is cut out the middle man for one of the corruptors.

 

[Esperr]

He's also massively increasing military spending.

This is the same plan used by Reagan, who used the Laffer Curve to explain how these tax cuts would bring in increased revenue and therefore pay for themselves. Instead Reagan ran up more debt that all previous Presidents combined.
It's also the plan used by W, who promised his cuts would generate growth, and thus pay for themselves. Instead, he ran up more debt than all other Presidents combined including Reagan.
The major difference between Trump's plan and those of Reagan and W is that Trump's cuts are much, much bigger.

This seems to be a recurring issue with handing world leaders flashcards of economic terms and ideas and telling them its there policy.

 

[Timsup2nothin]

The repug usual pay off for donations, but if Trump didn't take donations, why the pay off?

He's paying himself and his kin. One estimate puts his family's direct benefit at 500 million, just in the change to the estate tax.

 

[FriendlyFire]

The repug usual pay off for donations, but if Trump didn't take donations, why the pay off?

Why are you so suprised by Republicans ?
When Trump promises Tax cuts for the poor and Tax increases for the Rich the only people whom belived him are Republicans, whom are then bewildered when the opposite happens and they are slaughtered by Republican policies

For instance, at a rally in Scranton, Pa., Trump promised to "massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country." During a town hall meeting on NBC's Today show, he said he believes in raising taxes on the wealthy.

http://www.npr.org/2016/11/13/501739277/who-benefits-from-donald-trumps-tax-plan

 

[warpus]

Is this a surprise? If you had asked me what Trump would do if he won my first guess would have been "Slash taxes for his friends"

 

[Bootstoots]

We already knew this - unlike most issues, he was clear that he was going to do this before the election. If I had a recommendation to him, it would be to increase the standard deduction slightly and revert the 12% to 10%, or alternately keep that deduction the same and cut the rate to 9%, so as to give an insignificant tax cut to everyone at the cost of making the deficit marginally larger than the already-large value it was going to be, while still giving the vast majority of the tax cuts to the rich. That tiny tax cut can then be used to boost his populist image.

The W. Bush tax cuts actually employed this strategy as well by creating that 10% bracket in the first place, lowering it from the Reagan-Bush Sr-Clinton rate of 15%, while the lion's share of course went to the rich. Trump is already going to do the standard Republican Keynesianism-through-a-funhouse-mirror (tax cuts for the rich and stupid government spending, military and otherwise), so he might as well go all-out on it.

 

[Kozmos]

Of course, you have to secure the support of your essential backers.

 

[Agent327]

The repug usual pay off for donations, but if Trump didn't take donations, why the pay off?

In what universe did Mr Trump not take donations? His whole campaign was funded by it - plus his business.

 

[tetley]

This is just standard Republican-vs.-Democrat stuff. That really needs to be the least of our concerns right now--irreparably corrupting the system is the problem right now. Which we're already past that point.

 

[Mechanicalsalvation]

why did the Guardian take Hillary's Tax plan and say it was Trumps?

 

[FriendlyFire]

why did the Guardian take Hillary's Tax plan and say it was Trumps?

You could just google to check ?