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Economics Discuss Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History at the Political Forums; Fortune? Trump-GOP Tax Plan: The Biggest Wealth Grab in Modern History On Nov. 2, Republicans in Congress finally released the ...

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Old 11-03-2017, 04:39 PM
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Default Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

Fortune?

Trump-GOP Tax Plan: The Biggest Wealth Grab in Modern History

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On Nov. 2, Republicans in Congress finally released the details for their tax plan. The Tax Cuts and Jobs Act is a massive overhaul of the tax code and spending prioritiesóand nothing short of a boon to the very wealthy at the expense of everyone else.
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Iím old enough to remember way back to Nov. 1, when CBS released a poll showing most Americans wanted to see the wealthiest households and biggest corporations pay more, not less, in taxes. This is in sync with poll data from Gallup, collected year after year since 1992, that shows a solid majority of Americans believe the wealthy pay too little in taxes.
Quote:
Given such overwhelming support for raising, not cutting, taxes on the wealthy, it makes sense that President Donald Trump and his allies in Congress would present their tax plan as benefiting the middle class rather than the rich. Itís about ďpeople who are low- and middle-income,Ē says House Speaker Paul Ryan, ďnot about people who are really high-income earners getting a break.Ē Trump has even claimed ďthe rich will not be gaining at all with this plan.Ē

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Unfortunately, those are bald-faced lies.
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The plan includes weakening and then eliminating the federal estate tax, a levy paid only by the wealthiest households in the countryóit only kicks in on estates worth over $5.5 million for individuals and $11 million for couples.

It also eliminates the alternative minimum tax, which exclusively benefits households with incomes over $200,000. And it drops corporate tax rates to 20%, the overwhelming benefit of which goes to the very wealthy andócontrary to what the president might sayówill not create jobs, as a study by my Institute for Policy Studies colleague Sarah Anderson found earlier this year.

The tax plan includes eliminating tax deductions that benefit many middle-class Americans as well. On the chopping block are the state and local tax deduction and the student loan interest deduction, among others.

It was just a week ago that House Republicans passed a budget proposal that paved the way for this tax cut plan. That budget included nearly $6 trillion in cuts to Medicare, Medicaid, education, and other public services.

Make no mistake, this will hurt. To understand just how much, consider the opportunity cost. The tax plan includes adding $1.5 trillion over 10 years to the national debt, or $150 billion a year thatís not accounted for by increasing revenue elsewhere or cutting spending.

The Center on Budget and Policy Priorities calculated that $150 billion would cover doubling Pell Grants for low- and middle-income college students, doubling cancer research funding at the National Institutes of Health, providing child care assistance to six million children, providing opioid addiction treatment to 300,000 people, funding the full backlog of needed maintenance at the National Park Service, and training 3.5 million workers for in-demand jobsócombined.

Instead of doing any of that, the plan proposes shoveling that money over to the already wealthy.

Given such tradeoffs, itís a wonder this plan has seen the light of day, much less has a significant chance of becoming law. The more we learn about this proposal, the more there is not to like, which is an incentive for Republicans in Congress to pass it before the public understands whatís going on.

Donít get caught sleeping on the biggest wealth grab in modern history.
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Old 11-03-2017, 05:17 PM
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Default Re: Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

Who's wealth is being grabbed.
Not the middle class.

Are we talking about the wealth that fills about 90% the government coffers from the 5% of uber rich.

It's their money. By what logic of fair share, or personal freedom, are we supposed to grab it?

Forcing me to pay $6K to 15K to an insurance company for my medical insurance is grabbing wealth.
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Old 11-03-2017, 05:24 PM
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Default Re: Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

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Originally Posted by FrancSevin View Post
Who's wealth is being grabbed.
Not the middle class.

Are we talking about the wealth that fills about 90% the government coffers from the 5% of uber rich.

It's their money. By what logic of fair share, or personal freedom, are we supposed to grab it?

Forcing me to pay $6K to 15K to an insurance company for my medical insurance is grabbing wealth.
by giving money to one group, billions of dollars, we have to take that money away from something. called a budget.
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Old 11-03-2017, 05:37 PM
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Default Re: Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

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by giving money to one group, billions of dollars, we have to take that money away from something. called a budget.
Who's giving money to one group? Taxes take money from a group. Spending gives money to one group. That spending, which gives mostly to the lower class with the middle a close second, takes from the top 9%.
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Old 11-03-2017, 05:41 PM
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Default Re: Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

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Who's giving money to one group? Taxes take money from a group. Spending gives money to one group. That spending, which gives mostly to the lower class with the middle a close second, takes from the top 9%.
every fuging body has to pay taxes mmmK?
that is how a successful civilization works.
where do you get the bulk of revenue to run the country?
not the peasants. that would be stooooopid.
you get it from the Lords of the manor
capishe?
or else your roads will crumble and you will have to patch communication and energy till its dark. you will have no country.
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Old 11-03-2017, 05:42 PM
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Default Re: Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

when you cut taxes without cutting expenditures you are asking for calamity
see 2008
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Old 11-03-2017, 06:01 PM
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Default Re: Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

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every fuging body has to pay taxes mmmK?
that is how a successful civilization works.
where do you get the bulk of revenue to run the country?
not the peasants. that would be stooooopid.
you get it from the Lords of the manor
capishe?
or else your roads will crumble and you will have to patch communication and energy till its dark. you will have no country.
Absolutely wrong. About half pay nothing or less. A typical family of four owning a home must have an income of $60 K or so before incurring tax liability.
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Old 11-03-2017, 06:44 PM
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Default Re: Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

So you're saying words are wrong.. What about all the cuts seen above and more to come?

Got thoughts on them FrancSevin? And if words are the problem, these should be on the top of the discussion...
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Unfortunately, those are bald-faced lies.



Quote:
Originally Posted by FrancSevin View Post
Who's wealth is being grabbed.
Not the middle class.

Are we talking about the wealth that fills about 90% the government coffers from the 5% of uber rich.

It's their money. By what logic of fair share, or personal freedom, are we supposed to grab it?

Forcing me to pay $6K to 15K to an insurance company for my medical insurance is grabbing wealth.
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Old 11-03-2017, 07:13 PM
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Default Re: Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

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Originally Posted by saltwn View Post
by giving money to one group, billions of dollars, we have to take that money away from something. called a budget.
In a free society with limited government, that doesn't happen unless the Individual wants to participate. And you still ignore that it is THEIR MONEY you wish to take.

According to the Preamble of our Constitution, our government is supposed to take what it needs to govern and provide for the general welfare. That's not the same thing as taking a major portion of aperson's property, for generally provided welfare.

And for the record,,,; Mandated purchase of insurance is a tax. Even according to the SCOTUS.
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Old 11-03-2017, 07:19 PM
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Default Re: Trumpís Tax Cuts Are the Biggest Wealth Grab in Modern History

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Originally Posted by mlurp View Post
So you're saying words are wrong.. What about all the cuts seen above and more to come?

Got thoughts on them FrancSevin? And if words are the problem, these should be on the top of the discussion...

Again "tax cuts" are not money grabbing by the government. It is originally the property of the people. Tax cuts are a negative redistribution at worst.

Why is it okay to provide tax cuts for one group and not another? By definition the Constitution says taxes are to be equal. No where is it explained that those "words" mean "Equalized by income brackets."

What part of those words do you not understand?

As for words, to the point of the thread title and the OP, explain how the government cutting taxes is a "money grab." How does a "tax cut" grab anyone's money?
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