Posted on 10/23/2017 6:45:46 AM PDT by SkyPilot
The Republicans on the House Ways and Means Committee — engaged in a high-pressure, high-stakes tax policy rewrite — are currently exploring not cutting the income tax rate for people who earn $1 million or more per year.
Right now, the marginal tax rate for anyone who makes $418,000 or more per year is 39.6 percent. The Republicans' opening gambit — secretly negotiated for months, and endorsed by Trump — would have cut the highest tax rate to 35 percent. But now, House Republicans' thinking has changed. Under their current thinking, people who earn between $418,000 and $999,999 will be in a lower tax bracket. But those earning $1 million or more will not.
Keep reading 273 words
Opting to keep taxing million-dollar-earners at the current 39.6 percent-rate will help stem the deficit increase from tax cuts for corporations and the middle class.
Caveat: The million dollar bracket plans haven't been finalized and could change this week, as committee Republicans finalize their tax bill during meetings on Tuesday and Wednesday.
Potential blowback: If the Committee Republicans ultimately decide not to cut the income tax rate for million-dollar-earners, much of the Republican donor class and Reaganomics community (including anti-tax activist Grover Norquist) will feel betrayed.
"I understand compromise, but why compromise with the sin of envy?" Norquist told us. "This isn't the dumbest idea I have ever heard of. But it is in the top 20."
Norquist argues this won't placate Democrats — who inevitably will charge that Trump's tax overhaul is just designed to help the rich — but will alienate conservatives.
(Excerpt) Read more at axios.com ...
All dividend and interest income greater than $100,000 would be taxed at a rate of 100%.
I am so tired of big mouth Billionaires claiming they don't get taxed enough. Well _uck them. ; )
The engine of any economy is comprised of three things: mining, manufacturing and agriculture, and to a lessor degree construction. Everything else feeds off of those core wealth creating enterprises.
No no no no no no no no no no no no no no no no no no no no no no no no no no.
One more thing: no.
I am not a millionaire. Not even close.
Better be fake news.
Nobody should have to pay almost 40% of their hard earned income in taxes.
I used to think Hollywood starlets were over paid. But if they had to f*** Swinestein to get a gig, then they are grossly underpaid.
According to the press release, the small business will be paying a higher top rate than corporations.
The 15% rate that Trump promised us appears to be gone forever.
Right. Sure. You post Trump’s campaign outline on broad tax policy, and slam news articles on how the bill (that Congress itself writes) is changing even today, with the very authors of the bill talking to reporters! In the last few days, I have seen many angry, ugly Freepers trying to spin this monstrosity. And like you, they personally attack ANYONE who dares to tell the truth and rock your boat.
Corporations structure their receivables in such a way as to minimize taxation. They have armies of accountants to achieve these goals. They have to pay those accountants and so their prices reflect those costs. They write off costs and losses and will keep their profits in those countries where taxes are lower.
GE (as one example) has overseas profits that far exceed US profits and they keep all that money overseas. Same is true for Apple, Berkshire-Hathaway, pharmaceuticals and pretty much all multinational corporations.
Ultimately, corporations buy votes from politicians who buy votes from the constituents.
Sorry, but there are FAR TOO MANY millionaires working to DESTROY the country.
Trump’s base IS NOT these wealthy ingrates, his base is WORKING CLASS AMERICANS, people scraping by in flyover country. Trump doesn’t owe these wealthy ingrates a damn thing, and neither do we Republicans.
If the uber-wealthy want US to carry their water regarding tax rates, the FIRST THING they can do is stop supporting Democrats, the second thing they can do is stop treating us like Deplorable horse shiite. Then, maybe, I’ll listen to these multi-millionaires crying about high taxes.
Same here. I will wait to hear from President Trump before believing any news source.
Case in point, this forum was all abuzz all weekend over the "capping of the 401(k)" at $2,400. Turned out this was a totally bogus news report and President Trump tweeted out this morning that his plan was not doing any such thing.
Agreed. And eliminating these deductions will soak the middle class. I smell Paul Ryan.
I hear you. And, in the last 2 days, I have been called a Communist, Socialist, and a Liberal for objecting to a middle class tax increase. Amazing.
It’s the headline on Drudge. If you don’t want to hear it or discuss it, that’s up to you.
Post #45. Lol. Thanks. I needed a laugh.
As a former board member of several non-profits, I am actually OK with disallowing the charitable deduction.
I have seen far too many of these organizations become unaccountable bureaucracies that do very little for the public who supports them.
Clinton Foundation anyone?
Media Matters?
If you believe your cause is just, you will donate to your charity or church regardless of the donation.
“So Trump and others want to continue to punish the “rich,” in other words, the successful businessmen and businesswomen who work hard, put in long hours, create all the jobs, and make the economy work. Yeah, that will grow the economy...NOT!
All this does is play into the hands of the commie democraps.
Reagan lowered the top rate down to 28%, a rate which you benefited from yourself, Mr. President.”
Yeah. That’s kind of what we’ve got here. Reagan was better at getting people on board his train. Trump is isolated. There are just too many RINOs who don’t like his style or like him. Trump will probably go along with whatever it takes to make some kind of deal and then he will say it is “very, very, very good tax cut plan”. whatever.
At this point given the absurd hostility of the Republican Party towards President Trump I will be happy to see any tax cut plan get implemented.
+1
Careful, you could be falling for the leftist, anti-Trump agenda. They want Trump to fail, and don’t care about American failing as collateral damage.
For these people, it has nothing to do with how good the tax plan is. It’s all about making Trump fail.
It won’t ‘soak’ anybody. Just lower your state taxes a bit to offset the loss of being unable to deduct them. Expecting low tax states to subsidize high tax states is Robin Hood in reverse.
Why not have a tax cut that will benefit all classes. The high earners could still have the highest bracket, but lower than previous.
Dems and GOPe’s will both whine and point to higher deficits, but even the CBO dynamic scoring methods may likely be low balling projected GDP growth.
You can’t tax your way out of a deficit; ain’t gonna happen. Only way to do it is to grow the GDP, which will happen, and in addition, the re-patriated trillions from overseas will also eventually be taxed - am wondering if they are even considering that.
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