Posted on 09/28/2017 11:26:12 AM PDT by Mariner
President Donald Trump's top economic adviser, Gary Cohn, said today that he can't guarantee that taxes won't go up for some middle-class families under the administration's sweeping tax overhaul.
"There's an exception to every rule," Cohn told ABC News chief anchor George Stephanopoulos in an interview on "Good Morning America."
"I can't guarantee anything," said Cohn, the director of the White House Economic Council. "You can always find a unique family somewhere."
He said Trump's plan is "purely aimed at middle-class families." But Cohn acknowledged that "it depends which state you live in."
"A typical family of four earning $55,000 in America today is going to have a substantial tax decrease," he said, adding that its taxes would decrease by $650 to $1,000. "Everything we have done in this tax plan is to solve for the middle class."
(Excerpt) Read more at abcnews.go.com ...
It’s not fake news.
It’s a direct quote on video.
Additionally, the Tax Policy Center says those who make over $100k IN EVERY STATE will seee a substantial increase in net taxes under the plan.
In many cases 5 digit increases. More than $10,000.
The way to do that is for the “good guys” to start putting the “bad guys” the LIEberal/Socialist/Marxist/Fascist/Communist agitators who are running wild in the streets of America down hard.
So far, these third world street theater “actors” - they are paid by George Soros, Ophonybama and the Clintons - have managed to seize the moment. They MUST BE STOPPED!
Their lawlessness cannot be allowed to continue!
HST, once these animals are put into their cages - do we have enough jail cells for all of them? - then We the People need to turn out more voters.
Are you aware that as many as 100,000,000 Americans who were eligible to vote in November, 2016, DID NOT VOTE!
Do the math: there were, roughly, 250,000,000 Americans over the age of 19 living in the USA in 2016. Approximately 134,000,000 voted.
250,000,000 - 134,000,000 = 115,000,000 “eligible.”
Figure that 15,000,000,000 or so of them were not eligible to vote for whatever reason.
So, all we Conservatives have to do is get these non-voters off their asses and to the polls to vote the rascals out and vote for conservative candidates.
The 2018 Congressional elections will be interesting in that there is a clear demarkation between the LIEberal establishment and us!
We’d best get out the conservative vote!
Child care tax credit is chump change. No matter what, you are still getting screwed.....
Mom and dad are working at McDonalds!
Then you get to deduct more than I do.
You owe mariner and I $500 each.
Do you use paypal?
But you would lose your ability to deduct state and local taxes.
Your taxable income will almost certainly be higher. Hopefully, you are in a bracket that offsets that.
Holy moly! That credit was already enormous!
Huh - I thought the EITC credit phased out somewhere in the mid $40k range.
Maybe she has pretax dollars going into an HSA/Flex or 401k
Getting rid of the sixteenth amendment might be a better idea
Well - politicians aren’t ever going to vote for that.
I don’t think this plan has any chance of passing either - unless they come out with new information soon.
If the bill goes up for a person itemizing deductions in California where state taxes are enormous, then it is ok by me. I do not favor subsidising California with my taxes
The free ride has come to an end
Blue State Blues will be a hit song across most of America
I merely report what I think I heard her say. rush then made sure heard as well.
Maybe the whole thing was a lie.
Cannot guarantee since it is in the hands of congress
If you think about it....people living in non-urban areas will likely see the bulk of this cut and feel some relief. People living in high urban areas (Miami, San Fran, Seattle, etc)...way on the high side of the middle-class...won’t see much relief.
It’s probably time that we start visit the term ‘middle-class’ and define it in a better way.
But there’s one other side of this story. Two years into this (if it passes)...when you add up the bulk of incoming tax revenue...there will be regions/states (California obviously) that will say they AREN’T getting their fair share of money back (it’ll be true). But this is mostly because the taxes came from those above a certain lifestyle. Some idiot foundation will make this a national agenda to fairly distribute money to those who create tax-revenue, and we will have a brand-new fresh problem.
Yep. When this thing crashes, the Phoenix that rises should be supported by an across the board flat tax.
“scratchin my head why what state you live in should make a difference?”
Some states (typically the bluest states) have far higher state, local and property taxes, which are deductible under the current system. Trump’s plan would lower rates but end this particular deduction, so if the two changes were offsetting on average, taxpayers in states with above average state local and property taxes would fare worse.
Ending this particular deduction is a good thing because in effect the federal government is currently subsidizing state and local entities, and providing cover for them to raise rates.
People take state and local taxes into consideration when choosing their residency. When this deduction is eliminated, the states and localities will need to rebalance their relative rates in order to stay competitive, or face a loss of tax base.
I understand. That’s one of the reasons I qualified my first statement. Break even for that change only.
The other changes are unknowns at this point.
Word is the 39.6 is staying.
A family of four earning $55k is barely at subsistence level in 2017.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.