The Political Fray - Political Forum
Go Back   Political Fray > The Political Fray > Economics

Economics For discussion about economics, financial markets, investing, stock markets, finance, and economic theory


Thanks Tree3Thanks
  • 1 Post By tecoyah
  • 1 Post By numan
  • 1 Post By tecoyah
Reply
 
LinkBack Thread Tools Display Modes
Old November 7th, 2017, 04:06 PM   #1
Representative
 
Joined: Aug 2010
From: Cliffside Park, NJ
Posts: 201

Tax cuts and jobs act.

H.R. 1, “Tax cuts and jobs act”:

Within the proposed “Tax Cuts & Jobs Act”, the populist proposal doubling the standard deduction is of conspicuous merit, and eliminating the alternative minimum tax would be contemptible.
(Increasing the standard deduction would be further improved if it were subject to annual cost of living adjustments).

Consider the alleged pages of Donald Trump's 1040 tax return for 2005 published by the NY Times.
It was conceivable for his effective tax rate upon a $49, 592, 825 adjusted gross income to be less than $5, 310, 616. (Trump then instead had to pay the alternative minimum tax).
The working-poors' wages do not contribute income tax revenues and cannot fund or their dependents' medical insurance, but they contribute 7.65% FICA taxes upon their entire wages. It should be conceivable that some millionaires will be obliged to pay an effective income tax rate of less than 11%, (i.e. 10.7%)?]

Elimination of the alternative minimum tax would effectively reduce our tax revenues and act as a tax boon for only the financially favored. Accusations that FDR was “a traitor to his class” served to enhance his reputation. Elimination of the AMT would enhance president Trump's and Republicans' reputations among the wealthy.

If sufficient numbers of Republicans do not oppose eliminating the AMT, Democrats should be able to hang it, (as the “albatross”), around president Trump's and all Republican candidates' necks.
But there's a difference between “should be” and “will be”. The incompetent Democratic National Committee couldn't defend the reputation of a presidential candidate. John Kerry served in the military with distinction that went beyond simply honorable.

Respectfully, Supposn
Supposn is offline  
Old November 7th, 2017, 08:57 PM   #2
Secretary of State
 
tecoyah's Avatar
 
Joined: Oct 2012
From: Louisville, Ky
Posts: 3,460

Quote:
Originally Posted by Supposn View Post
H.R. 1, “Tax cuts and jobs act”:

Within the proposed “Tax Cuts & Jobs Act”, the populist proposal doubling the standard deduction is of conspicuous merit, and eliminating the alternative minimum tax would be contemptible.
(Increasing the standard deduction would be further improved if it were subject to annual cost of living adjustments).

Consider the alleged pages of Donald Trump's 1040 tax return for 2005 published by the NY Times.
It was conceivable for his effective tax rate upon a $49, 592, 825 adjusted gross income to be less than $5, 310, 616. (Trump then instead had to pay the alternative minimum tax).
The working-poors' wages do not contribute income tax revenues and cannot fund or their dependents' medical insurance, but they contribute 7.65% FICA taxes upon their entire wages. It should be conceivable that some millionaires will be obliged to pay an effective income tax rate of less than 11%, (i.e. 10.7%)?]

Elimination of the alternative minimum tax would effectively reduce our tax revenues and act as a tax boon for only the financially favored. Accusations that FDR was “a traitor to his class” served to enhance his reputation. Elimination of the AMT would enhance president Trump's and Republicans' reputations among the wealthy.

If sufficient numbers of Republicans do not oppose eliminating the AMT, Democrats should be able to hang it, (as the “albatross”), around president Trump's and all Republican candidates' necks.
But there's a difference between “should be” and “will be”. The incompetent Democratic National Committee couldn't defend the reputation of a presidential candidate. John Kerry served in the military with distinction that went beyond simply honorable.

Respectfully, Supposn
This is but ONE of several "Creative" means used in this bill to create new ways to manipulate for the wealthy at the cost of increases for those who cannot afford the people who know how to do so.

The wealthy make out like bandits and everyone else pays for it.
Thanks from numan
tecoyah is online now  
Old November 8th, 2017, 03:11 PM   #3
Senator
 
numan's Avatar
 
Joined: Nov 2016
From: Victoria, BC
Posts: 954

Quote:
Originally Posted by tecoyah View Post
The wealthy make out like bandits and everyone else pays for it.
Perhaps yesterday's elections indicate that this simple truth is slowly penetrating the sluggish mentalities of the American people.
.
Thanks from tecoyah
numan is offline  
Old November 8th, 2017, 07:38 PM   #4
Secretary of State
 
tecoyah's Avatar
 
Joined: Oct 2012
From: Louisville, Ky
Posts: 3,460

Quote:
Originally Posted by numan View Post
Perhaps yesterday's elections indicate that this simple truth is slowly penetrating the sluggish mentalities of the American people.
.
Possibly...likely it is a combination of the many things going wrong with the GOP, it sure is not due to the competence of the DNC.
Thanks from numan
tecoyah is online now  
Reply

  Political Fray > The Political Fray > Economics

Tags
act , cuts , jobs , politics , populist , reform , regressive , tax



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
41:1 Tax Increases to Spending Cuts chris7375 Economics 0 January 2nd, 2013 09:43 AM
Want Federal income tax cuts? You will give the rich the greatest cuts myp Economics 0 July 10th, 2012 08:59 PM
Repubs support tax-cuts for rich, oppose tax-cuts for middle class/poor. David Current Events 7 December 14th, 2010 03:46 PM
Costly Tax Cuts? obtuseobserver Current Events 5 December 2nd, 2010 06:56 AM
Geithner: Let tax cuts die myp Current Events 2 August 4th, 2010 12:18 AM


Facebook Twitter RSS Feed



Copyright © 2009-2013 Political Fray. All rights reserved.