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 ...
No tax cut, but you will still get bailed out if you are a Wall Street investment house.
No tax cut, but you will still get bailed out if you are a Wall Street investment house.
well that is sad.
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.
The key is the doing away with the state and local deductions....this will impact states with high tax rates...New York and Cali.
Sure Bernie. Make the tax code even more progressive.
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.
I live in NYS and I think we should get rid of those deductions, for a number of reasons.
If you pay little or no tax, a cut is not required
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.
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!
Karl Mnuchin.
I guess those Goldman-Sachs people are no good after all.
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...
It has been proven, repeatedly, high taxes reduce government monies, lower taxes increase gubmint income.
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.
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.
Fools don’t see the exponential benefit to the economy. Poisoned by Dem socialist ideology.
What is wealthy?
This can never be right until everyone pays at exactly the same rate for everything.
Ergo, it will never be right.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.