Posted on 11/08/2017 2:27:43 PM PST by Oldeconomybuyer
President Donald Trump called from South Korea on Tuesday to share with Democrats what his accountant told him about the GOP tax measure, namely that he is "going to get killed in this bill."
According to NBC News and other news outlets, the exact quote made by the president as he spoke to 12 Senate Democrats during a phone call was:
"My accountant called me and said 'you're going to get killed in this bill.' The deal is so bad for rich people, I had to throw in the estate tax just to give them something."
(Excerpt) Read more at sfgate.com ...
Don't worry Mr. President. This tax reform bill hasn't got a snowball's chance. If you thought your TrumpCare plans got torpedoed by the Uniparty - just wait and see what they do to this tax measure proposal.
the whole thing is bad optics.
they are doubling the standard deduction... but proposing to eliminate tons of deductable things to pay for that...
the problem is... all those things they are eliminating ... are popular... and everyone keeps forgetting about the doubling of the standard deduction.
they would be better just doubling the standard deduction and leaving all the other deductions alone, since most people will never get to use them anyway since taking the newly doubled standard deduction will be FAR more beneficial to them.
Looking at that title, it should make Demoncrats and #nevertrumpers all vote for the bill.
Smart thinking President Trump!
By the way, I am sick of hashtag everything. I wish it would go away.
With a world-famous, big family business, Trump’s not the best one to push through the estate tax. We’ve got better priorities than that too, as they already have a fairly high threshold on it and we do too much to stifle upward mobility by heavily taxing the income of those without assets and barely if at all taxing the substantial assets of those who didn’t earn them themselves — and get taxed for them that way.
Doubling the standard deduction but eliminating the personal exemption, if I understand correctly—which makes it something of a shell game.
The GOPe squeezed off another turd. It isn’t tax reform, it’s deductible reform. They are afraid of the 47% who don’t pay income taxes, and think that those that do are stupid deplorables clinging to our guns and religion.
This tax reform bill is worse than the fake Obamacare repeal bill.
The estate tax is immoral. The civil society is built on one passing on a better world for the next generation. And the $11 million cap is evil genius by the masterminds in DC so liberals can bludgeon conservatives who oppose it by playing the “class warfare” card.
You want to be popular with the people who elected you?
Tax the “non profit” foundations that the ultra-rich use to shield their wealth from taxes unto the N’th generation. Declare that non-profit investment income from endowments will be taxed at the corporate tax rate.
This tax reform bill is worse than the fake Obamacare repeal bill.
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It is. And fortunately it will suffer the same fate as the fake Obamacare repeal bill.
What are you talking about?
Heavily taxing earned income while not at all taxing massive inherited estates is immoral.
Does he really think anyone, much less Democrat senators, is going to believe him?
If you built a business valued at more than $11 million, your kids have to have 40% of that value in cash to pay estate taxes. Further, taxes were already paid by the estate owner, so it’s a double tax. That’s immoral.
The tax is on estate ASSETS.
“I am sick of hashtag everything”
Me too. I don’t like the word. How many know what hashing is? In this case it’s a computer term referring to a means of quickening a search.
Smart thinking President Trump!
Did you forget a </sarcasm> tag?
Yeah, I guess I did.
First I want to know who your tax man voted for in 2016 .
You are, presumably, misstating the law on purpose.
And in your world taxes wouldn’t necessarily have been paid by the estate owner, since if it was passed down to him, he would have got it tax free.
Cut the special interests, and simplify the tax filings. No one needs free medical racket insurance or to have their mortgage interest paid by Uncle Samantha. We don’t need to be rewarding outrageous debts that will not be paid off or ever increasing medical costs.
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