Political Wrinkles  

Go Back   Political Wrinkles > Political Forums > Economics
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

Economics Discuss Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal at the Political Forums; The analysis of financial disclosure forms found the repeal of a 3.8 percent tax on investment income -- used to ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 07-27-2017, 01:08 PM
winston53660's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Posts: 10,219
Thanks: 1,852
Thanked 4,258 Times in 3,188 Posts
Default Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

The analysis of financial disclosure forms found the repeal of a 3.8 percent tax on investment income -- used to fund subsidies that provide health coverage to roughly 10 million low- and middle-income Americans -- would have saved Trump and his top two dozen officials between $3.1 million and $7.8 million, leading to an average tax reduction ranging from $124,200 to $313,700.

Eliminating the investment income tax would disproportionately benefit the wealthy. The Tax Policy Center, a nonpartisan, Washington-based research organization, estimated that the top 0.1 percent of American earners -- households that report more than $3.9 million in annual income -- would save an average of $207,000 after the change was implemented. Low-income households would save about $150 annually, the center said.

https://maplight.org/story/average-t...om-tax-repeal/


There is more interesting stuff in the article such as:

Although Trump’s Cabinet is the wealthiest in U.S. history, not all of its two dozen members would benefit equally from the tax cut, according to the MapLight analysis. Three members -- Vice President Mike Pence, U.N. Ambassador Nikki Haley, and Labor Secretary Alexander Acosta -- wouldn’t have made more than $7 from a repeal of the investment income tax. Central Intelligence Agency Director Michael Pompeo, a former Kansas congressman, would have seen his potential tax cut top out at $31.
__________________
Originally Posted by TiredRetired View Post
Damn shame it couldn't have been a father / son event. IMHO.
Reply With Quote
  #2 (permalink)  
Old 07-27-2017, 01:09 PM
Surly's Avatar
PW Enlightenment
 
Join Date: Mar 2013
Location: Midwest
Gender: Male
Posts: 6,818
Thanks: 2,665
Thanked 2,908 Times in 2,265 Posts
Default Re: Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

What a "lucky" break for them.
__________________
My signature line has been censored by the man.
Reply With Quote
  #3 (permalink)  
Old 07-27-2017, 01:49 PM
GottaGo's Avatar
Sanity is overrated.
 
Join Date: Aug 2009
Location: Miles to go before I sleep
Posts: 10,730
Thanks: 8,364
Thanked 6,886 Times in 4,446 Posts
Default Re: Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

Quote:
Originally Posted by winston53660 View Post
The analysis of financial disclosure forms found the repeal of a 3.8 percent tax on investment income -- used to fund subsidies that provide health coverage to roughly 10 million low- and middle-income Americans -- would have saved Trump and his top two dozen officials between $3.1 million and $7.8 million, leading to an average tax reduction ranging from $124,200 to $313,700.

Eliminating the investment income tax would disproportionately benefit the wealthy. The Tax Policy Center, a nonpartisan, Washington-based research organization, estimated that the top 0.1 percent of American earners -- households that report more than $3.9 million in annual income -- would save an average of $207,000 after the change was implemented. Low-income households would save about $150 annually, the center said.

https://maplight.org/story/average-t...om-tax-repeal/


There is more interesting stuff in the article such as:

Although Trump’s Cabinet is the wealthiest in U.S. history, not all of its two dozen members would benefit equally from the tax cut, according to the MapLight analysis. Three members -- Vice President Mike Pence, U.N. Ambassador Nikki Haley, and Labor Secretary Alexander Acosta -- wouldn’t have made more than $7 from a repeal of the investment income tax. Central Intelligence Agency Director Michael Pompeo, a former Kansas congressman, would have seen his potential tax cut top out at $31.
The tax funds subsidies... hmmm... so another form of wealth distribution.

While the wealthy fund programs that they will likely never use, the reduction of the funding of those programs is considered to be horrifying....

Everybody is able to invest. I've seen pools put together from low wage workers put together for this very thing, so depending on how the reduction of that tax is handled, it's possible for more than just the ubiquitous 'wealthy' that may benefit.

And a reduction of a tax is not 'taking' from anybody, it's returning it to those who earned it.
__________________
Your life is the sum total of the choices you make.
If you can't laugh at yourself, you might as well get embalmed
Reply With Quote
The Following 5 Users Say Thank You to GottaGo For This Useful Post:
  #4 (permalink)  
Old 07-27-2017, 01:57 PM
FrancSevin's Avatar
Runs with scissors
 
Join Date: Mar 2014
Location: St Louis MO
Gender: Male
Posts: 11,107
Thanks: 6,333
Thanked 8,989 Times in 5,153 Posts
Default Re: Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

Many of them took government salaries by giving up $millions and possibly $billions. I'm not saying this is right. Just that it is the usual business in DC.

And then there is this,
What elected member of our government in DC doesn't benefit by more than that amount after a two year stint in DC? Name a Congressman who isn't a millionaire/millionaires.


No Bernie doesn't count.
__________________
I am going to hang a Batman Costume in my closet. .......... Just to screw with myself when I get alzheimer's.
sola gratia, sola fide, sola scriptura.

I AM NOT A REPUBLICAN, I AM A FREEMAN, THE DEMOCRATS WORST NIGHTMARE
Reply With Quote
  #5 (permalink)  
Old 07-27-2017, 02:02 PM
FrancSevin's Avatar
Runs with scissors
 
Join Date: Mar 2014
Location: St Louis MO
Gender: Male
Posts: 11,107
Thanks: 6,333
Thanked 8,989 Times in 5,153 Posts
Default Re: Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

Quote:
Originally Posted by GottaGo View Post
The tax funds subsidies... hmmm... so another form of wealth distribution.

While the wealthy fund programs that they will likely never use, the reduction of the funding of those programs is considered to be horrifying....

Everybody is able to invest. I've seen pools put together from low wage workers put together for this very thing, so depending on how the reduction of that tax is handled, it's possible for more than just the ubiquitous 'wealthy' that may benefit.

And a reduction of a tax is not 'taking' from anybody, it's returning it to those who earned it.
You are correct.

It's not just the wealthy who pay this tax. Hard working people who invest their earnings end up paying it as well.
__________________
I am going to hang a Batman Costume in my closet. .......... Just to screw with myself when I get alzheimer's.
sola gratia, sola fide, sola scriptura.

I AM NOT A REPUBLICAN, I AM A FREEMAN, THE DEMOCRATS WORST NIGHTMARE
Reply With Quote
The Following 2 Users Say Thank You to FrancSevin For This Useful Post:
  #6 (permalink)  
Old 07-27-2017, 02:03 PM
cnredd's Avatar
Administrator
 
Join Date: Oct 2007
Location: Philadelphia
Gender: Male
Posts: 51,867
Thanks: 1,949
Thanked 31,600 Times in 18,474 Posts
Default Re: Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

So the people that left their 10-digit salaries to work for the administration for 1/200th of what they were paid are bad people because they'll get a few hundred thousand back...

Gotchya...
__________________
"You get the respect that you give" - cnredd
Reply With Quote
  #7 (permalink)  
Old 07-27-2017, 02:08 PM
Surly's Avatar
PW Enlightenment
 
Join Date: Mar 2013
Location: Midwest
Gender: Male
Posts: 6,818
Thanks: 2,665
Thanked 2,908 Times in 2,265 Posts
Default Re: Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

Do you think they did that because they are very patriotic?
Quote:
Originally Posted by cnredd View Post
So the people that left their 10-digit salaries to work for the administration for 1/200th of what they were paid are bad people because they'll get a few hundred thousand back...

Gotchya...
__________________
My signature line has been censored by the man.
Reply With Quote
  #8 (permalink)  
Old 07-28-2017, 10:01 AM
Conservative Sage
 
Join Date: Mar 2010
Location: Scottsdale, AZ
Posts: 15,032
Thanks: 7,861
Thanked 8,580 Times in 5,330 Posts
Send a message via ICQ to AZRWinger
Default Re: Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

Quote:
Originally Posted by FrancSevin View Post
Many of them took government salaries by giving up $millions and possibly $billions. I'm not saying this is right. Just that it is the usual business in DC.

And then there is this,
What elected member of our government in DC doesn't benefit by more than that amount after a two year stint in DC? Name a Congressman who isn't a millionaire/millionaires.


No Bernie doesn't count.
Beach House Bernie suddenly sprouted more than $600K to buy a beach front home, his third. Of course our watchdog media turns into lapdogs when the subjet of the discrepancy between Bernie's FEC filing showing a net worth of $250K and the ability to afford 3 houses, the most recent one costing nearly triple that.

The OP is another bit of class warfare demogogory that ignores the outsized contribution to total revenue made by high income earners. It is far easier to simply bray about them not paying their "fair share" than to look at the fact they already pay more than their fair share of taxes.
__________________
The Democrat's strategy for the Trump Presidency is the same one used by Stalin's secret police chief "show me the man and I will show you the crime."
Reply With Quote
The Following 2 Users Say Thank You to AZRWinger For This Useful Post:
  #9 (permalink)  
Old 07-28-2017, 10:13 AM
PW Enlightenment
 
Join Date: Apr 2013
Gender: Male
Posts: 10,068
Thanks: 7,612
Thanked 6,402 Times in 3,887 Posts
Default Re: Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

So the people who benefit most from tax cuts are those who actually pay taxes.

Simple answer. In the interest of fairness, lets give the 50% that pay no taxes a 4% tax reduction.
Reply With Quote
The Following 2 Users Say Thank You to jimbo For This Useful Post:
  #10 (permalink)  
Old 07-28-2017, 10:21 AM
PW Enlightenment
 
Join Date: Apr 2013
Gender: Male
Posts: 10,068
Thanks: 7,612
Thanked 6,402 Times in 3,887 Posts
Default Re: Average Trump Cabinet Member Stands to Gain Potential $313K From Tax Repeal

Quote:
Originally Posted by GottaGo View Post
The tax funds subsidies... hmmm... so another form of wealth distribution.

While the wealthy fund programs that they will likely never use, the reduction of the funding of those programs is considered to be horrifying....

Everybody is able to invest. I've seen pools put together from low wage workers put together for this very thing, so depending on how the reduction of that tax is handled, it's possible for more than just the ubiquitous 'wealthy' that may benefit.

And a reduction of a tax is not 'taking' from anybody, it's returning it to those who earned it.
It's not even returning the money. It's not collecting it in the first place.

Liberals and/or Socialists believe that all money belongs to government, who is charged with passing it out in a fair and reasonable manner. Generally involving taking from the producers and redistributing it to the non producers. This article is an example of that.
Reply With Quote
The Following 4 Users Say Thank You to jimbo For This Useful Post:
Reply

Tags
$313k, average, cabinet, from, gain, member, potential, repeal, stands, tax, trump

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 10:29 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0