Posted on 12/03/2017 4:16:57 AM PST by SkyPilot
Hours after the pre-dawn passage of a $1.5 trillion tax cut, President Trump suggested for the first time Saturday that he would consider a higher corporate rate than the one Senate Republicans had just endorsed, in remarks that could complicate sensitive negotiations to pass a final bill.
On his way to New York for three fundraisers, Trump told reporters that the corporate tax rate in the GOP plan might end up rising to 22 percent from 20 percent.
Moving the corporate tax rate up by 2 percentage points could raise $200 billion, money Trump might need to try to satisfy the concerns of Republicans frustrated that the plan does not reduce top individuals’ tax rates enough or of others such as Sen. Marco Rubio (Fla.), who argued that the bill should do more for low-income families.
Rubio complained Friday that colleagues would not even allow him to move the corporate rate to 20.94 percent, saying they acted as if this would be a “catastrophe.”
If the White House tries to lower the top tax rate for individuals, it would mark a sharp departure from several months ago, when then-chief strategist Stephen K. Bannon advocated for raising the top rate paid by the wealthiest Americans as a way to follow through on the populist principles Trump invoked in his campaign.
Lawmakers in both the House and Senate had fought hard to keep the corporate rate low, with the Senate late Friday rejecting a Republican-backed proposal to push it up to 21 percent in exchange for more working-family tax breaks. The Senate passed the final version of its bill on a 51-to-49 vote just before 2 a.m. Saturday, with Sen. Bob Corker (Tenn.) as the lone Republican voting against it on concerns that it would drive up the federal deficit.
(Excerpt) Read more at washingtonpost.com ...
“Trump told reporters, remarking on a core provision of the Senate bill. “It could be 22 when it all comes out, but it could also be 20. We’ll see what ultimately comes out.””
That doesn’t say Trump might go to 22%.
You can count "the few" in the millions pal.
https://www.jct.gov/publications.html?func=startdown&id=5029
***simply because I oppose higher tax rates for individuals?***
You mean for you?
"It could be 22 when it all comes out" - Donald Trump.
Welcome to the Twighlight Zone.
The president doesn’t get to raise the rate. This is written with that deliberately false assumption.
Congress proposes and passes bills. The pres sign or rejects them.
He didn’t endorse a higher rate. His words were: “It could be 22 when it all comes out, but it could also be 20. We’ll see what ultimately comes out.”
That is not “considering.”
****You can count “the few” in the millions pal****
And how many millions are getting a tax cut?
Sheesh.
Are you well?
Hey I’m not tryin’ to knock you man. And I’m sure it stings to get more taken away. I just won’t take the crap from WAPO and call it a sandwich.
****But you make it out to be like you found my underwear in your closet****
By the way that line was awesome.
I will acknowledge this: Trump may not want to give more breaks to individuals, but put the money towards the top rate payers (or even to the deficit). I also don't know if Congress will change the 20% rate in conference.
In any case - I want us all to be friends here. There has been too much animosity posted in the last few days. If I contributed to that in any way, I apologize.
Sky Pilot, Doodle Dog, momincombatboots, humblegunner and Brian Ross. Are they ever seen together at the same time?
They all share the same characteristics...a nearly livid hatred of Donal Trump and a desire to announce what they wish was true.
I’m hopeful that you can restructure to minimize the loss, or perhaps make some gains, after the final tax bill becomes law.
If the people overall pay less to government, they will have more ways to help their fellow man.
You can’t read, but do a great job of seeing what you want lol.
“It could be 22 when it all comes out, but it could also be 20. We’ll see what ultimately comes out.”
Try again.
There is no advocacy of increasing the corporate tax here. He is simply stating the reality that the Bill goes to conference now and it could be used as a negotiating tool.
The Trump tax calculator — will you pay more or less?http://www.freerepublic.com/focus/f-news/3610047/posts
Aww come on Redleg, Sky Pilot may be getting the economic shaft with this tax bill. Cut him a little slack will ya?
Trump’s people have to translate it before they read it
Does Brian Ross do headlines for the Compost too?
https://taxfoundation.org/details-analysis-2017-senate-tax-cuts-and-jobs-act/
On a static basis, the plan would lead to 1.2 percent higher after-tax income on average for all taxpayers and 4.5 percent higher after-tax income on average for the top 1 percent in 2027. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by 4.4 percent in the long run.
According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly lower marginal tax rates and the cost of capital, which would lead to a 3.7 percent increase in GDP over the long term, 2.9 percent higher wages, and an additional 925,000 full-time equivalent jobs.
I thought he wanted 15% to begin with?
What a crock of shit.
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