Posted on 09/13/2017 1:54:15 PM PDT by nodwam
President Trump spoke after his bi-partisan meeting with members of congress and said that individuals in the middle class will definitely be receiving tax cuts, the corporate rate must be 15%, and the rich will either stay where they are or have a slight increase on their tax rate.
Wednesday morning Trump tweeted that congress must work swiftly in passing the tax reform package.
The approval process for the biggest Tax Cut & Tax Reform package in the history of our country will soon begin. Move fast Congress!— Donald J. Trump (@realDonaldTrump) September 13, 2017
"I think the wealthy will be pretty much where they are," Trump said at a meeting with lawmakers at the White House when a reporter asked if the rich will see higher tax rates.
"If we can do that, we'd like it. If they have to go higher, they'll go higher, frankly. We're looking at the middle class and we're looking at jobs," he added.
"More and more we're trying to work things out together, and it's a positive thing and it's good for the Republicans and good for the Democrats," Trump said.
Trump is doubling down on the 15% rate for corporations and 'focusing' on the middle class, but after meeting with democrats including Pelosi and Schumer the president appears to have conceded on any tax cut for the wealthiest Americans.
.@POTUS: “I think the wealthy will be pretty much where they are, pretty much where they are…If they have to go higher, they’ll go higher." pic.twitter.com/JVolMfxeTV— CSPAN (@cspan) September 13, 2017
I don’t like raising taxes on anyone. But on five million plus is more tolerable. I would prefer cutting the loopholes of the wealthy. I’ve been told the wealthy don’t pay much in taxes because of the loop holes.
Trump has talked about raising taxes on “the rich” through targeted eliminations of certain maybe questionable deductions they take advantage of, such as doing away with the exemption on carry interest earned by people like hedgefund managers who have their own money in the business. There’s also talk of doing away with the federal tax deduction for state real estate and income tax paid, which is most beneficial to upper income earners who have the most to deduct - the pain this would inflict on lower income earners who also deduct these items would be mitigated by doubling the standard deduction, which would not only cover the lost deductions for real estate and state income taxes but would also make filing returns for many people much easier since they would have to keep fewer records and prepare fewer tax documents - such nibbling around the edges might not be so bad, even for “the rich”....
Income level Share of total federal individual income tax paid Average income tax bill per person Lowest 20% -2.2% -$643 Second lowest 20% -1.7% -$621 Middle income 4.2% $1,743 Second richest 20% 12.9% $6,285 Richest 20% 86.8% $50,176
Half the country make s $30,000/yr or less. So what do you think?
Worst is when they wonder why fewer Americans are starting small businesses, but they tax one year of $250K at a rate for “the rich”—even if the entrepreneur had only broken even for several years getting the business launched.
One of the best things they could do for new business formation would be to bring back income averaging.
The other problem is people are confusing high income individuals with the rich. Given the current state of taxation it is very hard for high income individuals to be come rich
Yes Karl Marx loved income taxes and hated import tariffs. In this regard Marx would have been an average Freeper.
“I don’t like raising taxes on anyone. But on five million plus is more tolerable. I would prefer cutting the loopholes of the wealthy. I’ve been told the wealthy don’t pay much in taxes because of the loop holes.”
Most tax breaks are passed by Congress because they create jobs or affordable housing supply. To qualify for them, you have to do exactly what the government requires.
“So I should have my taxes increased as a hard working American that pays my own way for everything and sends nothing overseas? May you have to pay taxes at my rate and have someone whine you should pay more.”
No I think you as a normal middle class person should get the tax cuts and not the rinos. You missed my point.
The rich, such as Buffet, Gates,and Cuban, kept telling the msn that they wanted to pay more taxes, and they voted overwhelmingly for Hillary Clinton, so sock it to them. Even the Fox News people gave most of their support to Clinton, so let them quit whining that they HAVE to have a tax cut. These are the Fat Cats who have made out like bandits during the Obama Depression. They don’t need any breaks now.
The rich are the investor class. They don’t get off their asses and run business.
“
About 1 million small businesses in the US employ around 25% of the work force and those business generally make $250K and over.
These are not the companies sending jobs oversees.”
They are the main stay of the Chamber of Commerce mindset that wants to bring in cheap labor and some of them are actually Democrats.
Except my income is not middle class. I’m far from rich. I drive a Honda-most of my income goes to my kids in grad school and the government
Middle income is probably approximately those in the 3rd and 4th highest levels of income in that table.
That’s 40% of the population and includes pretty much those actually paying taxes on income up to, what, probably those around, say, $140K per year?
Also, that table is misleading, because the poor schmoes in the middle there are paying lots of payroll tax and usually state income tax as well.
Well the truth is, those making $250K and up pay over 50% of all income taxes.
I have read that people who make $1 million or more have an average federal income tax rate of about 20.4%. Those making around $2 million, had an average tax rates of 25.1% and those making $10 million or more had an average rate of 20.7%.
Affluenza breaks out on Free Republic.
I’m OK with this for now.
I’d prefer a lower rate and getting rid of loopholes.
The rich don’t care about tax RATE because they don’t pay that anyway. Trump surely knows this.
But this is a step in the right direction.
I’d like to se a 1% tax bracket for lower income people (say anyone below $30,000. because I think everyone should have skin in the game. Nobody should have 0% tax or even rebates on no tax paid.
Not exactly sure what you’re saying but sole proprietors and s-corps are taxed at the individual rates, not the corporate rate.
If you want to see the blood rush out of these fat cats faces just mention a “wealth” tax.
Other FReepers have assured me that September 25, 2017 it all ends, except for the righteous.
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