Posted on 09/13/2017 2:47:08 PM PDT by Oldeconomybuyer
President Donald Trump said on Wednesday the rich might see a hike in taxes as he pursues a major tax overhaul with outreach to Democrats who oppose cutting rates for the wealthy, while Republicans in Congress set a timetable to unveil their plan.
“I think the wealthy will be pretty much where they are,” Trump said of taxes on the rich, without specifying the income level. “If they have to go higher, they’ll go higher, frankly.”
“I think the wealthy will be pretty much where they are,” Trump said of taxes on the rich, without specifying the income level. “If they have to go higher, they’ll go higher, frankly.”
Trump will host Senate Democratic leader Chuck Schumer and House Democratic leader Nancy Pelosi on Wednesday evening to discuss the legislative agenda with a focus on the tax overhaul after meetings with bipartisan groups of lawmakers on Tuesday night and Wednesday afternoon.
“We should be able to come together to make government work for the people,” Trump told reporters.
(Excerpt) Read more at reuters.com ...
Wrong. Those businesses are overwhemlingly corporations, and Trump specified that this would have to include corporate tax cuts. He's talking about high income individuals only.
There are many small businesses in the $250k to $500k range. The tax filings on many of these are still done on personal tax forms in many instances.
I do not think it is accurate to state they don’t view these people to be wealthy people.
They would be in the top 1.0 if not 0.5% of income earners in the nation.
As for corporations, sure they are targeted too. I don’t agree with that either.
Free up capital. Put people to work. Collect taxes from them, instead of paying them Welfare.
A tax hike on the rich can be very beneficial to our economy if done properly.
That is, right now the most profitable investments out there, available only to the rich, are much more like gambling than what we would think of as investments. So they should be taxed like gambling, such as some lucky individual who hit the jackpot in Vegas.
The *idea* here is to get the rich to move their investments to actual investments that help our economy, at a lower tax rate, and away from gambling.
This is a smart idea, and has long been used for things like tax free municipal bonds, because they work.
The Democrats really don’t care about raising revenues or tax policy or our economy, beyond “hurting the rich people we hate”. So they are the last people to consult about this.
US corporate taxes are the highest in the world. You don't agree with cutting them? That would stimulate the economy and free up capital more than any cut on the relative handful of individuals who own businesses with employees that aren't incorpated. And they really should be incorporated to protect thier personal assets from lawsuits against their business. It would help bring back capital from overseas profits of US corporations, and prevent "corpoate inversion", which was one of Trump's big issues during the campaign.
The people this would really hurt are high income employees, not business owners. You may recall this was Steve Bannon's idea originally.
Judging by your downcast comments around here, I doubt you ever had it.
There seems to have been a bit of miscommunication there.
I fully support cutting U.S. corporate taxes, and for many of the good points you raised.
One of the best is the trillions of dollars that would be repatriated, then invested here. KaBOOM!
I do want to point out the large percentage of jobs in this nation that are held by people working for small businesses. I’m sure you knew this.
It is true that incorporation would protect these small business owners, but then many of them don’t incorporate.
I do not know the figures on what percentage have incorporated.
Some interesting figures on this that I didn’t want to wade through.
http://sbecouncil.org/about-us/facts-and-data/
What about S corporations? I thought they would get a break.
Except the eight million things Trump has done fantastic.
No, nothing has changed.
Just wow.
Show me a higher rate and i’ll show you a move to tax free or more tax efficient investments and strategies.
Corporate tax rates are paid not by corporations but by consumers in the price of goods or services... another form of taxation.
The rich will benefit from corp tax deductions far, far more than anyone else. I’d be ok with my taxes increasing slightly to cut corp taxes to 15%. My stock would go up a lot more in value than my tax cost.
Corp tax cuts = tax cuts for the rich. I’d rather pay slightly more, cut corp taxes and keep the budget balanced, while eliminating corp moving overseas and bringing cash back to US.
I have no love for the RINO filth that is Turtle or Paul RINO.
But taxing the “rich” is pure swamp.
Dream on
I’m saying that the wealthier people are gives more opportunities for people. It means more open doors, promotions, raises, better jobs for people like myself.
I’m no leech if that is what you’re implying. I work.
Yup faith and freedom. They go together. Faith changes “what is”. If our Founders only lived by the facts around them, they never would have defeated the most powerful military nation in the world.
Dare to dream and dare to believe. Freedom requires just that. Otherwise, go and be a POW of the Delusional Lying left.
End estate taxes, end property taxes, and triple the standard deduction.
I say bring back the tax rates that were in place when Eisenhower was president. Adjusted for inflation of course. Jobs were plentiful, the economy was booming and the massive war debt was being paid off.
You completely misread Bannon. He has lost no faith whatsoever in the Trump presidency.
And since this is all blah blah with NO bill anywhere in sight.
I think I’ll wait to see a bill.
Whatever pablum makes you feel like you weren’t played for a sucker , I guess is good. Still a sucker.
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