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Thread: More info on Trumps tax plan

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    Galactic Ruler Spookycolt's Avatar
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    More info on Trumps tax plan

    Looking like the middle class will benefit the most from this.

    President Donald Trump's tax plan is finally here.
    Well, sort of.
    On Wednesday, the president and the "Big Six" group of Republican tax strategists introduced the latest iteration of their plan to overhaul the US tax system.

    The nine-page tax plan is longer than the bullet points we got in April — but many important details are still missing.

    One tax-reform theme has been consistent since the days of candidate Trump: The federal income tax brackets could be simplified from the seven we have today.

    Trump's plan proposes three federal income tax brackets: 12%, 25%, and 35%. What we don't know, however, is which incomes will fall into each tax bracket.

    The chart below shows what we know so far about how Trump's tax plan could change federal income tax brackets compared with what we have today. Click the "joint filers" image to see adjusted numbers for joint filing status.
    Single filer



    Joint filing



    There may be one more tax bracket, according to the plan:

    "An additional top rate may apply to the highest-income taxpayers to ensure that the reformed tax code is at least as progressive as the existing tax code and does not shift the tax burden from high-income to lower- and middle-income taxpayers."

    As it stands now, it's impossible to calculate exactly how Americans' taxes could change as a result of this plan.

    Most tax deductions would be eliminated under the plan, except for the mortgage interest rate deduction and the charitable deduction. The personal exemption would also be removed, but the standard deduction would be increased.
    How your tax bracket may change under Trump's new tax plan, in one chart
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    Quote Originally Posted by Spookycolt View Post
    Looking like the middle class will benefit the most from this.



    Single filer



    Joint filing





    How your tax bracket may change under Trump's new tax plan, in one chart
    White a bunch of b*******

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    Galactic Ruler Spookycolt's Avatar
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    Quote Originally Posted by Dirt Sands View Post
    White a bunch of b*******

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    Let us know when you actually have a detail to complain about.

    lol

    Drive-by posting doesn't cut it.

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    Southern Strategy Liberal OldGaffer's Avatar
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    Nothing is pertinent until it is scored by the CBO. You realize this plan is DOA in the Senate if it increases the deficit by one cent, right?
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    Galactic Ruler Spookycolt's Avatar
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    Quote Originally Posted by OldGaffer View Post
    Nothing is pertinent until it is scored by the CBO. You realize this plan is DOA in the Senate if it increases the deficit by one cent, right?
    I was just releasing the newest information about it.

    The point here is that its coming along and looks passable in the House.

    I've no idea what the final bill will look like or how the senate will react to it.

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    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Spookycolt View Post
    I was just releasing the newest information about it.

    The point here is that its coming along and looks passable in the House.

    I've no idea what the final bill will look like or how the senate will react to it.
    If history is any indication, it will be massive cuts for the rich, tiny cuts for the middle class and paid for by massive cuts to the social safety net of the poor. Does that sound about right?
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    Civis americanus borealis Singularity's Avatar
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    SALT deduction is here to stay. Estate tax is here to stay. AMT is here to stay.

    That's just how it is.

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    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Singularity View Post
    SALT deduction is here to stay. Estate tax is here to stay. AMT is here to stay.

    That's just how it is.
    I expect the House to pass a bastardized tax cut plan that no sane person could possibly support just like their so called health care plan. It will die the death of a thousand cuts in the Senate, as per usual.

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    Galactic Ruler Spookycolt's Avatar
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    Quote Originally Posted by OldGaffer View Post
    If history is any indication, it will be massive cuts for the rich, tiny cuts for the middle class and paid for by massive cuts to the social safety net of the poor. Does that sound about right?
    It doesn't appear to be going that way.

    There is even the option for a fourth tax bracket for the ultra-wealthy.

    If that happens I honestly don't see what problem the left would have with this.

    Still, its not the final version yet but it seems to be shaping up into what Trump said it was.

    Have to wait and see.

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    Galactic Ruler Spookycolt's Avatar
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    Quote Originally Posted by OldGaffer View Post
    I expect the House to pass a bastardized tax cut plan that no sane person could possibly support just like their so called health care plan. It will die the death of a thousand cuts in the Senate, as per usual.
    Depends.

    Its a great opportunity for the left to load it up with amendments they want....Trump needs this to get through and dems need some legislation scores also.

    Could be a win/win here for both sides.

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