What's not to like ? Specifically.
I love that folks in high tax states can no longer claim them on their federal returns.
I love that folks in high tax states can no longer claim them on their federal returns.
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Trump's Tax Plan
- Thread starter Bro. Curtis
- Start date
Trump's tax-code plan is short on reform and long on tax cuts for the wealthy
What happened to Conservatives demanding the budget be balanced and condemning budget deficits. Trump's plan increases the deficit greatly while helping the rich.
What happened to Conservatives demanding the budget be balanced and condemning budget deficits. Trump's plan increases the deficit greatly while helping the rich.
Crabby - thanks the "winner" on my previous post -
But let me ask you this - What % should the Wealthy pay - and what is considered wealthy?
Not less than now. I am not sure not having the figures, but if we are every going to balance the budget they probably will have to pay more. For those who make millions a year I see no problem with taxing them more. They will not go hungry and they will still have lots of money to jet around the world and have fun.
I do think many corporate CEO make an obscene amount of money through bonuses, even when the business does not do well. After all some of the big companies who received bailout money in 2009-2011 used big chunks of money for bonuses for those corporation officers who drove them into the financial trouble we experienced.
Trump is proposing big cuts for the rich and nothing or raises in taxes for the middle-class. I am against that.
Also exit payouts, as we see in Fox. O'Reilly 25 million.
Please backup your claim that Trump is proposing no tax cuts or tax hikes for the middle class.
Why should a person be paying in excess of 50% of his income to Taxes. - including Federal, State, property, sales, and in the case of New York City - NYC income taxes.
There are several points to the problem
A some 45% of working Americans pay NO income Tax ( and some get a "refund")
B. The US is spending way too much money for many programs- especially unconstitutional spending.
C. Excessive welfare programs.
D. Retirement age for Govt workers should be raised.
Take a look at this little story:
The True Story of Taxes
Let's put tax cuts in terms everyone can understand. Suppose that every day, 10 men go out for lunch and the bill for all 10 comes to $100.
If they paid their bill the way we pay our taxes, using the progressive tax formula, the billing would go like this:
The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.
So, the majority of the men voted democratically to do that.
The 10 men ate in the diner every day and seemed quite happy
with the arrangement, until one day the diner owner surprised them.
"Since you are all good customers," he said,
"I'm going to reduce the cost of your daily dinner by $20.
Lunch for 10 now cost just $80.?
The group still wanted to pay their bill the way we pay our taxes,
so the first four men were unaffected.
They would still eat for free.
But what about the other six men, the paying customers?
How could they divide the $20 windfall so everyone would get his fair share??
They realized that $20 divided by six is $3.33.
But if they subtracted that from everybody's bill,
then the fifth man and the sixth man would each
end up being paid to eat. That didn't seem fair.
So, the owner suggested reducing each man's bill using the US tax formula.
Then he presented the amounts each should pay.
The fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid $2 instead of $3 (savings 33%).
The seventh now pay $5 instead of $7 (savings 28%).
The eighth now paid $9 instead of $12 (savings 25%).
The ninth now paid $14 instead of $18 (savings 22%).
The tenth now paid $49 instead of $59 (savings only 16%).
Each of the six was better off than before and the
first four continued to eat for free. But outside the
diner, the men compared their savings without
any sense of thanks.
"I only got a dollar out of the $20," declared the sixth man.
He pointed enviously to the tenth man,
"but richie got $10!" "That's right," exclaimed the fifth man.
"I only got a dollar back. It's unfair that the richest guy got ten times more than I got!"
"Yeah!" shouted the seventh man.
"Why should he get $10 back when I got only $2?
The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison.
"We did not get anything at all. The US system exploits the poor!"
Then the nine men surrounded the tenth and beat him up.
The next day the tenth man didn't show up for lunch,
so the nine ate without him. But when it came
time to pay the bill, they discovered something important.
They didn't have enough money from all of them for even
half of the bill!
And that boys and girls, journalists and college
professors, is how our tax system works. The people
who pay the highest taxes get the most benefit from
a tax reduction.
Tax them too much, attack them for being wealthy
and they just may not show up anymore.
In fact, they might start eating in Canada where the atmosphere is friendlier.
There are several points to the problem
A some 45% of working Americans pay NO income Tax ( and some get a "refund")
B. The US is spending way too much money for many programs- especially unconstitutional spending.
C. Excessive welfare programs.
D. Retirement age for Govt workers should be raised.
Take a look at this little story:
The True Story of Taxes
Let's put tax cuts in terms everyone can understand. Suppose that every day, 10 men go out for lunch and the bill for all 10 comes to $100.
If they paid their bill the way we pay our taxes, using the progressive tax formula, the billing would go like this:
The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.
So, the majority of the men voted democratically to do that.
The 10 men ate in the diner every day and seemed quite happy
with the arrangement, until one day the diner owner surprised them.
"Since you are all good customers," he said,
"I'm going to reduce the cost of your daily dinner by $20.
Lunch for 10 now cost just $80.?
The group still wanted to pay their bill the way we pay our taxes,
so the first four men were unaffected.
They would still eat for free.
But what about the other six men, the paying customers?
How could they divide the $20 windfall so everyone would get his fair share??
They realized that $20 divided by six is $3.33.
But if they subtracted that from everybody's bill,
then the fifth man and the sixth man would each
end up being paid to eat. That didn't seem fair.
So, the owner suggested reducing each man's bill using the US tax formula.
Then he presented the amounts each should pay.
The fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid $2 instead of $3 (savings 33%).
The seventh now pay $5 instead of $7 (savings 28%).
The eighth now paid $9 instead of $12 (savings 25%).
The ninth now paid $14 instead of $18 (savings 22%).
The tenth now paid $49 instead of $59 (savings only 16%).
Each of the six was better off than before and the
first four continued to eat for free. But outside the
diner, the men compared their savings without
any sense of thanks.
"I only got a dollar out of the $20," declared the sixth man.
He pointed enviously to the tenth man,
"but richie got $10!" "That's right," exclaimed the fifth man.
"I only got a dollar back. It's unfair that the richest guy got ten times more than I got!"
"Yeah!" shouted the seventh man.
"Why should he get $10 back when I got only $2?
The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison.
"We did not get anything at all. The US system exploits the poor!"
Then the nine men surrounded the tenth and beat him up.
The next day the tenth man didn't show up for lunch,
so the nine ate without him. But when it came
time to pay the bill, they discovered something important.
They didn't have enough money from all of them for even
half of the bill!
And that boys and girls, journalists and college
professors, is how our tax system works. The people
who pay the highest taxes get the most benefit from
a tax reduction.
Tax them too much, attack them for being wealthy
and they just may not show up anymore.
In fact, they might start eating in Canada where the atmosphere is friendlier.
Well, the owner is lousy at math. Each individual diner did not receive a price rate adjustment, in reality the entire group received a batch discount.
When lunch cost $100 the richest guy paid 59% of the bill; the next richest guy paid 18% of the bill; the next guy 12%, and so on.
So now that lunch costs $80 the richest guy should still pay 59%, the next guy 18%, the next guy 12%, and so on. Therefore,
The first four men (the poorest) would pay nothing.
The fifth would pay $.80 instead of $1.
The sixth would pay $2.40 instead of $3.
The seventh would pay $5.60 instead of $7.
The eighth would pay $9.60 instead of $12.
The ninth would pay $14.40 instead of $18.
The tenth man (the richest) would pay $47.20 instead of $59.
Good argument. I see it as my tax $$ no longer subsidize those high rates in the blue states.
Is that what is happening? Or are people paying federal taxes on state tax refunds from the previous year?
Or do you mean losing the federal tax deduction for paying local sales and other taxes?
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Possibly both.
If you take a deduction for State income tax paid - then you receive a refund - that would in essence be income.
but basically, I was talking about losing the tax deduction state and local taxes.
So? Neither does the poor guys salary.
The point is; it is the wealthy individual and the businesses that provide opportunity for others to BE employed.
And why is what others have gained of concern to you?
What exactly is the point?
Envy? Jealously? Covetous?
Please expound.
Yes, it does - he is the main contributor -to the purchase of the dinner - which employes the waiter. cook, bus boy, not to mention the food supplier who in turns employes people, ect.....
Sorry Salty, I disagree. No corporate executive goes out and hires people and pays for them from his salary. If his workers made more and he less there probably would be needs for even more waiters, waitresses, cooks, bus boys, etc., etc.
But that is not his salary.
It is a concern to me when we are running a huge budget deficit and the president wants to give them large reductions in their taxes and scatter a few crumbs to the middle class. This only defers the burden to your children, grandchildren, etc. Is that fair to them?
Okay - if the cooks, busboys, ect - want to make more money - then they can open up their own restaurant and watch the dough roll in!
Well, restaurants run on very thin margins. I've known a number of restaurateurs and none of them are in the super rich arena.
Owning and running a restaurant is a tough business.
A Federal government budget deficit is entirely the government spending beyond the limit imposed by the Constitution.
In your opinion is EQUAL treatment JUST?
Fair? Fair that our descendants should be required to pay for the government over spending? No.
Just as it is not Fair one mans labor should have to pay for another man who does no labor. Would you also agree to that not being Fair?