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Treasury's Mnuchin says no tax cut for wealthy
Reuters ^ | September 14, 2017 | Staff

Posted on 09/14/2017 2:09:28 PM PDT by Oldeconomybuyer

U.S. Treasury Secretary Steven Mnuchin said on Thursday that the Trump administration’s upcoming tax plan will not be aimed at lowering income taxes for the wealthiest Americans.

”“We are looking for a middle income tax cut. On the high end the plan is to eliminate state and local deductions ... and even if we do end up with a slight reduction on the high end that will be offset by a reduction of deductions so their taxes won’t go down,” Mnuchin said.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Constitution/Conservatism; News/Current Events
KEYWORDS: mnuchin; taxes
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Bernie Mnuchin.
1 posted on 09/14/2017 2:09:28 PM PDT by Oldeconomybuyer
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To: Oldeconomybuyer

No tax cut, but you will still get bailed out if you are a Wall Street investment house.


2 posted on 09/14/2017 2:11:12 PM PDT by PGR88
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To: Oldeconomybuyer

No tax cut, but you will still get bailed out if you are a Wall Street investment house.


3 posted on 09/14/2017 2:11:12 PM PDT by PGR88
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To: Oldeconomybuyer

well that is sad.


4 posted on 09/14/2017 2:12:58 PM PDT by exnavy (long live the .45 colt, the original handgun cartridge.)
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To: Oldeconomybuyer

So corporate and middle class taxes will be cut (there can be no poor tax cut since they already pay no taxes or get credits and end up net positive when they file). We are going further and further down the moral hazard path of the top 10% paying the majority of income taxes. This just sets up a situation where the majority of the voters scream for more government spending because they aren’t paying for it. The super wealthy can shelter their income. The small businesses that make a couple hundred thousand a year are the ones that will suffer. We are swirling down the Socialist toilet and will end up like Greece and Venezuela soon enough.


5 posted on 09/14/2017 2:14:34 PM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: exnavy

The key is the doing away with the state and local deductions....this will impact states with high tax rates...New York and Cali.


6 posted on 09/14/2017 2:17:35 PM PDT by Dog (..."I'm just a cook....")
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To: Oldeconomybuyer

Sure Bernie. Make the tax code even more progressive.


7 posted on 09/14/2017 2:17:58 PM PDT by FreeReign
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To: Oldeconomybuyer

A true tax cut should go to those who pay the taxes. Anything else is yet another government wealth transfer program.

The “wealthy” are the ones that pay most of the taxes.


8 posted on 09/14/2017 2:18:10 PM PDT by beekay
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To: Dog

I live in NYS and I think we should get rid of those deductions, for a number of reasons.


9 posted on 09/14/2017 2:19:28 PM PDT by mewzilla (Was Obama surveilling John Roberts? Might explain a lot.)
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To: Opinionated Blowhard

If you pay little or no tax, a cut is not required


10 posted on 09/14/2017 2:20:17 PM PDT by bert (K.E.; N.P.; GOPc;WASP .... The Fourth Estate is the Fifth Column)
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To: Oldeconomybuyer

No tax cut for the wealthy is a lot better than Bernie’s Medicare for All program which decapitates the wealthy, financially speaking.

But, as always, the real issue is controlling spending. Otherwise, tax policy is akin to shuffling deck chairs on the Titanic.


11 posted on 09/14/2017 2:21:37 PM PDT by Pearls Before Swine
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To: Oldeconomybuyer

This is an advertising gimmick for the uninformed.

You can’t lower taxes on the middle-class without having an effect on the marginal rate on the upper class.

What means “wealthy”?

Anybody who makes a dollar more then you?

Abolishing the AMT would be a great benefit!


12 posted on 09/14/2017 2:24:21 PM PDT by G Larry (There is no great virtue in bargaining with the Devil)
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To: Oldeconomybuyer

Karl Mnuchin.

I guess those Goldman-Sachs people are no good after all.


13 posted on 09/14/2017 2:24:38 PM PDT by NorthMountain
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To: Oldeconomybuyer

If tax cuts pour more money into the economy, creating more jobs, and increased federal tax receipts, why would you want to block any money from creating growth?

This is a stupid display of convoluted thinking.

Tax cuts for the middle class, a great idea. It will spur growth.

Tax cuts for the wealthy, terrible idea. It won’t spur growth.

Just silly thinking...


14 posted on 09/14/2017 2:25:16 PM PDT by DoughtyOne (7.5 mos M/R joining dems to block Cons. agenda? No problem. Trump deal w/Dems, big problem! Ah NO!)
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To: Dog

It has been proven, repeatedly, high taxes reduce government monies, lower taxes increase gubmint income.


15 posted on 09/14/2017 2:26:10 PM PDT by exnavy (long live the .45 colt, the original handgun cartridge.)
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To: Oldeconomybuyer

Have to watch very closely what qualifies as wealthy. No one knows, but I have seen articles that the break point on a net tax increase could be as low as $140,000. Mortgage and state income tax deductions are important to people in that income group.


16 posted on 09/14/2017 2:27:21 PM PDT by Truth29
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To: Oldeconomybuyer

More winning.....and class warfare. Pandering to the left while hoping to keep his base. 2018 is going to be ugly and 2020 will be worse. No wonder Hillary! is sticking around.


17 posted on 09/14/2017 2:29:05 PM PDT by Mase (Save me from the people who would save me from myself!)
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To: Truth29
the definition of wealthy is the same definition as fascist: whatever the democrats say it is.
18 posted on 09/14/2017 2:35:42 PM PDT by RC one (The 2nd Amendment is a doomsday provision, one designed for those exceptionally rare circumstances)
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To: Oldeconomybuyer

Fools don’t see the exponential benefit to the economy. Poisoned by Dem socialist ideology.


19 posted on 09/14/2017 2:38:51 PM PDT by Titus-Maximus (It doesn't matter who votes for whom, it only matters who counts the votes - Joe Stalin)
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To: Oldeconomybuyer

What is wealthy?

This can never be right until everyone pays at exactly the same rate for everything.

Ergo, it will never be right.


20 posted on 09/14/2017 2:43:09 PM PDT by Sequoyah101 (It feels like we have exchanged our dreams for survival. We just have a few days that don't suck.)
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