Wednesday, April 26, 2017

Introducing Donald Trump's tax reform. (Psst, it's a tax cut, not tax reform.)

Nope, apparently there is NOT a page two.

Just this.

Which has inspired a fair amount of ridicule.
Here is what the New York Times had to say about it:

President Trump on Wednesday proposed sharp reductions in both individual and corporate income tax rates, reducing the number of individual income tax brackets to three — 10 percent, 25 percent and 35 percent — and easing the tax burden on most Americans, including the rich. 

The Trump administration would double the standard deduction, essentially eliminating taxes on the first $24,000 of a couple’s earnings. It also called for the elimination of most itemized tax deductions but would leave in place the popular deductions for mortgage interest and charitable contributions. The estate tax and the alternative minimum tax, which Mr. Trump has railed against for years, would be repealed under his plan. 

As expected, the White House did not include in its plan the border adjustment tax on imports that was prized by House Republicans. However, it did express broad support for switching to a so-called territorial tax system that would exempt company earnings abroad from taxation but would encourage companies to maintain their headquarters in the United States.

The White House is referring to this as “the biggest tax cut and the largest tax reform in the history of our country.”

Both are untrue as other president's have initiated larger tax cuts, and there is nothing on this slip of paper that can legitimately be called a "tax reform."

 Which is something that did not escape the notice of Congressional Republicans:

"It's not tax reform," said one senior GOP aide. "Not even close."

As you might imagine the Democrats are even less impressed with this new 'plan."
Now keep in mind that Trump is attempting to implement these tax cuts while also pushing for the construction of that ridiculous border wall, a stated desire to throw money at the military, and a supposed plan to address infrastructure concerns.

How could he possibly pay for all of that while cutting taxes like this?

Simple he is going to strip 18 billion from social programs, as well as the Department of Education, The National Endowment for the Arts, and even the National Park Service.

After all what is education, access to culture and fine arts, or vacationing at Yellowstone, when compared to some corporate bigwigs ability to buy that extra yacht they have been eyeing?

However economists say that will not be enough, and suggest that this tax plan will add trillions to the deficit

56 comments:

  1. Anonymous4:34 PM

    Why is Humpty Duumpty trying to "absolutely " break up the 9th Circuit? Her wonder what prompted That? Cough. Won't work. Laughter

    ReplyDelete
  2. Anonymous4:42 PM

    Want to be sick?
    Here are the tax subsidies:

    AT&T ($38.1 billion)
    Wells Fargo ($31.4 billion)
    JPMorgan Chase ($22.2 billion)
    Verizon ($21.1 billion)
    IBM ($17.8 billion)
    General Electric ($15.4 billion)
    Exxon Mobil ($12.9 billion)
    Boeing ($11.9 billion)
    Procter & Gamble ($8.5 billion)
    Twenty-First Century Fox ($7.6 billion)
    Time Warner ($6.7 billion)
    Goldman Sachs ($5.5 billion)
    Walmart ($6 billion)

    Ponder that for awhile....

    ReplyDelete
    Replies
    1. Don't forget companies that have moved their headquarters to other countries by buying some company.

      Like Burger King.

      Boycott them all.

      Delete
  3. Anonymous5:02 PM

    The Washington Post reports:

    "President Trump’s massive tax-cut proposal would slash taxes on hundreds of businesses he and his family own.

    The White House on Wednesday unveiled a proposal that would cut the top tax rate for corporations, as well as entities known as pass-through businesses, to 15 percent.

    That could prove to be a windfall for the Trump Organization, the private umbrella company for hundreds of Trump real estate, licensing and other companies, many of which qualify as pass-through businesses."

    ReplyDelete
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    1. Anonymous5:56 PM

      You don't really think he's in this job to do anything other than enrich him and his family, do you?

      Seriously, he's positioning both Jared and Ivanka to run in 2020, and will push their experience in his cabinet to get one of them elected as POTUS in 2020 and the other will be the VP.

      Trump's election has begun a dynasty in this country of him using his power and then his daughter and son-in-law to forever enrich the Trump brand and make international deals, nothing more, nothing less.

      Get used to a few decades of Trumpism, and don't forget Ivanka and Jared have kids...who I'm sure are being groomed as we speak.

      I fully expect Trumpism to last into the next millennium.

      Delete
    2. Anonymous6:52 PM

      Did I say so? NO I did not; just watching it happen in WTF absurdity mode.

      Delete
    3. Anonymous1:24 AM

      5:56
      Ivanka's affected mannerisms are a joke. She is speaking in that breathless Jacqueline Kennedy voice. But no substance. She is a joke and just as sick as her father.
      Also, too she does look like the human version of a cross between an emu, a giraffe and the orange shitgibbon.

      Delete
    4. Anonymous4:06 AM

      Sure cut it to 15% BUT do away with every single deduction and write off available. They can cut their accountant departments and save tons of money as well. No need to bother with all that investigating deductions and the like, just a flat 15% off the top. THAT is the only way this would make any sense at all.

      Delete
  4. Anonymous5:23 PM

    Hey Donnie wanna tax cut? Cut off SS protection for your adult kids and make Melanoma and Barron move to the WH first!

    ReplyDelete
  5. Dinty5:25 PM

    I'd be Ok with a corporate tax rate of 15 if it eliminated all of the subsidies and loopholes, since the effective tax rate after all of that is 14%, but we all know this is not the case

    ReplyDelete
    Replies
    1. Or zero, like GE.

      Don't forget the U.S. companies that moved their headquarters out of the country so that they pay no taxes at all.

      Like Burger King, which is now "Canadian."

      Delete
  6. abbafan5:31 PM

    A one-page precis consisting of bullet points with highlighted fonts?? Are you fuckin' kidding me?? A 10-year old in Grade 5 can compose a much more detailed book report than these fuckin' republican hicks! How the fuck will all of this be implemented? American middle-class will be destroyed because of these jag-offs!

    While this debacle unfolded, the White House quietly started fucking with the ACA, inserting concessions to appease congressional republicans. Yet, the House passed legislation that NONE of their health benefits will be affected by said compromise; a fuckin' kick in the head to most working Americans! Their message is clearly "I've got mine; fuck you all". Utterly disgusting!!

    ReplyDelete
  7. Anonymous5:42 PM

    good grief....Mnuchin actually touted the "tax cut will pay for itself" nonsense. Haven't we seen enough of this garbage?? Does ANYONE still believe that fairy tale?

    ReplyDelete
    Replies
    1. Anonymous6:43 PM

      This brainy idea is nothing more than "trickle down economics" that did not work in the past and will not work now. What a crock!

      Delete
    2. Anonymous8:08 PM

      I particularly enjoyed Munchkin's assertation that Trump had already released more financial information than anyone else previously. They're basically saying, "Fuck you, America" and these idiot Republican rubes are eating it up. Trump voters and supporters must be the dumbest people on the planet.

      Delete
  8. Anonymous6:08 PM

    without the details and the math that shows the gains and losses as well as impact on national debt --- it is just pure bs.

    ReplyDelete
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    1. Anonymous4:46 AM

      One of our smart, well-to-do friends, who is a Republican, said he was going to vote for Trump (as he votes for all Republicans) because he worries about the national debt. I wonder what he's thinking this morning. Probably that he'll likely be paying less money in taxes. He's probably not worrying about the national debt at all. Was in Ryan or another GOP member of Congress who said that the GOP is not concerned about the national debt once Trump was elected. It's pure show for them. A concern trotted out every four years if there's a Democratic president.
      Beaglemom

      Delete
  9. Anonymous6:40 PM

    This deranged individual is beyond forgiveness. He is a freak of reality, a misfit from military school at age 12. He is a disgrace to America. And a pathetic excuse of human. His soul has been sold and he could careless of the 90% of America. He sucks beyond belief. The sooner we remove him the better we will be. IMPEACH TRUMP.

    ReplyDelete
  10. Anonymous7:21 PM

    Great article on this topic, worth the read.
    http://www.rollingstone.com/politics/news/how-the-gop-became-the-party-of-the-rich-20111109

    ReplyDelete
    Replies
    1. Anonymous8:26 PM

      The following year, after the GOP regained control of the Senate and expanded its majority in the House, Cheney immediately pushed forward with an even deeper tax cut for the wealthy that O'Neill today describes as "an atrocity."In the end, Cheney's voice was the only one that mattered. In April 2003, when the bill reached the floor, the Senate deadlocked 50-50. The vice president cast the deciding "aye" that moved the tax cut into law. The benefits were even more tilted to the rich than the first Bush tax cuts. When fully phased in, 53 percent of the new cuts went to the top one percent. "

      Delete
    2. Anonymous4:43 AM

      The GOP has been the party of the rich since the 1870's or 1880's. Sure there are some rich Democrats but, by and large, wealthy Americans have been very Republican for a very long time.
      Beaglemom

      Delete
  11. Anonymous7:25 PM

    Interesting use of multiple fonts

    ReplyDelete
  12. Anonymous7:29 PM

    Gryphen, something to give you and your remaining lemmings nightmares....
    http://www.huffingtonpost.com/entry/bernie-sanders-popular-politician_us_58f921f2e4b018a9ce599bde?section=us_video

    ReplyDelete
    Replies
    1. Anonymous7:46 PM

      You just gave me nightmares admitting that you actually read Huffington Post!

      Delete
    2. Anonymous7:57 PM

      So clever,7:46. Much like the right-wingers who dismiss every source they disagree with. You might as well call it 'fake news', hypocrite.

      Delete
  13. Anonymous8:11 PM

    ANOTHER TRUMP FAILURE

    NO WONDER HE FILED FOR BANKRUPTCY NUMEROUS OF TIMES

    CAN'T KEEP HIS WORD IS BECOMING HIS TRADEMARK


    Trump agrees 'not to terminate NAFTA at this time'

    Washington
    (CNN) President Donald Trump told the leaders of Canada and Mexico Wednesday he was not immediately planning to end the North American Free Trade Agreement, a pact which he railed against as a candidate and as recently as last week declared was harmful to US workers...

    http://www.cnn.com/2017/04/26/politics/trump-nafta/

    ReplyDelete
  14. Anonymous8:17 PM

    The amount of damage this narcissistic child and company will do before it's all over(whenever that is) goes beyond just extremely depressing.

    ReplyDelete
  15. Anonymous8:29 PM

    http://thehill.com/policy/technology/330703-fcc-head-unveils-plan-to-roll-back-net-neutrality

    ReplyDelete
  16. "The White House said it will also eliminate all deductions other than mortgage interest and charitable giving. This includes elimination of the federal income-tax deduction allowed for local and state taxes."

    That is going to hurt a LOT Of people, mostly low and middle class.

    Oh, but it's a BOON to the rich and corporations. Like you didn't know that already.

    "The plan would also repeal the alternative minimum tax (AMT), estate tax—which currently applies only to estates worth more than $5.49 million for individuals and $10.98 million for couples. It would also repeal ObamaCare’s 3.8% tax on net investment income for high earners (individuals who earn more than $200,000) would all be eliminated."

    (So he's removing funding for Obamacare little by little until it isn't solvent any more. Then the Republicans can use that as an excuse to get rid of it. Same thing they're doing to education.)

    "For businesses, reducing the tax rate to 15% from 35%."

    If Corporations want to be "people" then they can PAY the same tax as people. That means 35% for being 1%ers.

    Oh, and Trump says the U.S. will NOT withdraw from NAFTA. Yet another turn around from Cheetler.

    ReplyDelete
    Replies
    1. Anonymous1:19 AM

      I think you are wrong on the AMT. We pay 15k a year in AMT. Our dual income is between 300-400k depending on bonuses and our net worth is 1.5 million if we had to liquidate today. We pay a lot of tax - so much so that it taked me take home down to about 15k, but I carry the benefits.

      Delete
    2. So if he eliminates the AMT you get $15,000 MORE.

      Sorry, but a dual income of $300,000 to $400,000 a year and a net worth of $1.5 MILLION?

      No sympathy here.

      Delete
  17. Anonymous9:38 PM

    I'm shocked, saddened and disappointed to find that Republicans want millionaires and billionaires to never have to pay any tax no matter if it keeps America in debt for centuries.

    Just kidding. Republicans are such simple transparent organisms and nobody would ever expect them to do anything FOR America.

    ReplyDelete
  18. Anonymous9:50 PM

    Rachel Maddow Delivers An Epic Takedown Of Trump’s ‘Ridiculous’ Tax Reform Plan

    "If your plan for comprehensively overhauling that tax code is one page, double-spaced, with deep indents and almost no numbers, that's a lot of things, but that's not a tax plan."

    Donald Trump is so desperate to point to some evidence that his first 100 days weren’t a total failure that he released a phony tax proposal on Wednesday – a one-page document he called a plan.

    He was hoping his flimsy, one-page piece of paper would be enough to convince the American people that his first three months in office haven’t been a total flop, but Rachel Maddow wasn’t having it.

    Instead, she exposed to plan for what it is – a complete sham.

    Video:

    ...The intent of the document released by the White House today, as Maddow said, wasn’t to present a proposal to reform the tax code in a way that would benefit America’s middle class. Instead, it was a plan to salvage Trump’s first 100 days in office.

    He failed on his Muslim ban. He failed on his border wall. He failed on repealing and replacing the Affordable Care Act.

    Today’s spectacle was just a last-ditch attempt by the president to have something, anything to point to and say, “Look, I’m doing something.”

    But just like every other effort during his young presidency, it was a massive failure.

    http://www.politicususa.com/2017/04/26/rachel-maddow-delivers-epic-takedown-trumps-ridiculous-tax-reform-plan.html

    ReplyDelete
    Replies
    1. Anonymous4:39 AM

      Gee. And it just happens to benefit his family and his business greatly or, as Trump would say, "bigly." The stuff on their that helps ordinary people will likely get jettisoned by the GOP in Congress because the whole thing is way too costly.
      Beaglemom

      Delete
  19. Anonymous9:58 PM

    Stunning Fox Poll Shows 55 Percent Of America Already Eager To Vote Trump Out Of Office

    It is becoming increasingly clear that Donald Trump is alone in his view that the first 100 days of his presidency have been anything but a massive failure.

    According to the latest Fox News poll, a majority of the country is already eager to vote him out office, with 55 percent saying they will definitely or probably cast their ballot for Trump’s opponent in the 2020 presidential election.

    By a massive 23-point margin, Americans also believe the new president is becoming an international embarrassment, with 52 percent of respondents saying the U.S. is now less respected around the globe.

    It’s no surprise the world is laughing as Trump proves himself to be incapable of conducting himself on the world stage.

    ...If Trump can’t even turn to Fox News for an optimistic view of his presidency, then where can he turn?

    http://www.politicususa.com/2017/04/26/100-days-failure-fox-poll-shows-majority-trump-international-embarrassment.html

    http://www.foxnews.com/politics/2017/04/26/fox-news-poll-president-trumps-first-100-days-getting-mixed-reviews.html

    ReplyDelete
    Replies
    1. Since 48% voted against him in November that is only a gain of 7%, which could mostly be Democrats that didn't vote and Independents that either didn't vote or have changed their minds.

      Delete
  20. Anonymous10:09 PM

    It's all part of a big 100 day illusion roll out so they can say "We are trying to fix america but the Democrats won't let us".

    ReplyDelete
  21. Anonymous10:13 PM

    Coincidence? Jesse Watters Announces He’s Going On Vacation Following Ivanka Flap


    submit to reddit

    In the wake of heavy criticism he’s received over remarks he made about Ivanka Trump and a microphone, Fox News’ Jesse Watters announced at the end of tonight’s broadcast of The Five that he’s taking a short vacation.

    Watters has come under fire for making what was perceived by many as a penis joke about Ivanka. After watching a clip of her speaking at a women’s conference, the Fox News host said that he really likes “how she was speaking into that microphone” while flashing his signature smirk. It also appeared that he was making some hand gestures.

    http://www.mediaite.com/tv/coincidence-jesse-watters-announces-hes-going-on-vacation-day-after-ivanka-flap/

    ReplyDelete
    Replies
    1. LOL.

      Wonder if it will be an "O'Reilly Vacation" give past history.

      Delete
  22. Anonymous10:21 PM

    ‘Maybe You Should Be Next’: Lisa Bloom Calls Out Jesse Watters on Twitter Over Ivanka Comment

    ...The attorney who represented three of the women accused by O’Reilly of sexual harassment suggested that Watters might be the next Fox News personality to be “brought down”:

    http://www.mediaite.com/online/maybe-you-should-be-next-lisa-bloom-calls-out-jesse-watters-on-twitter-over-ivanka-comment/

    ReplyDelete
  23. Anonymous10:26 PM

    Jason Chaffetz takes leave from Congress, blames foot problem: is he stuck between Russia and FBI?

    ...The easiest way out for Chaffetz would be to suddenly yell “My foot hurts!” and leave Congress for a month. That way the FBI gets what it wants, as the House Oversight investigation into Trump-Russia will move forward in Chaffetz’s absence. And Russia can’t really blackmail him into blocking the investigation if he’s not even in Congress during the investigation. So now comes the essential question: is Jason Chaffetz in such a no-win situation that he’s having elective foot surgery just to run limp away from his troubles?

    https://www.palmerreport.com/opinion/jason-chaffetz-leaves-congress-blaming-a-foot-problem-is-he-stuck-between-russia-and-the-fbi/2466/

    ...Chaffetz is the chair of the House Oversight Committee, which just yesterday decided to finally kick its Trump-Russia investigation into high gear, tackling the issue of Michael Flynn’s foreign payments and the Trump White House’s refusal to cooperate. Politically speaking, this is the least ideal time for Chaffetz to be stepping away. And come to think of it, Congress just finished a multi-week recess; why didn’t he have his foot surgery at the start of the break? That is, unless Chaffetz doesn’t want to be in Congress during this crucial time for his own committee’s investigation into Trump-Russia.

    https://www.palmerreport.com/opinion/citing-health-issues-jason-chaffetz-takes-immediate-leave-from-congress-but-his-scandals-loom/2459/

    ReplyDelete
    Replies
    1. Anonymous4:36 AM

      My foot hurts too. I have no sympathy for Chaffetz. I'm sure there are lots of good foot doctors in Washington.

      Chaffetz is obviously covering up something big. Does he think that what he's already done won't be scrutinized? He's another infantile Republican who thinks that, once he removes himself from the scene, no one will hold him responsible for what he's been doing.
      Beaglemom

      Delete
  24. Anonymous10:27 PM

    After Donald Trump’s first 100 days, the key issue is still how and why Russia installed him

    ...According to the Trump-Russia Dossier published by former MI6 agent Christopher Steele, Trump was chosen and cultivated over the past seven years because of the blackmail Russia was holding on him. What if Russia has blackmail on Trump stemming from the past thirty years of his dealings with Russian organized crime? Semion Mogilevich ran one of the most successful Russian crime rings that operated in more than twenty-seven countries. He was involved in everything from stock schemes, money laundering, drug trafficking, sex trafficking, and racketeering to selling weapons on the black market and selling nuclear materials to terrorist groups like Al Qaida.

    In the early 90s, Mogilevich sent his lieutenant Ivanov to set up base in the United States. Ivanov spent a lot of his time and money in Trump’s Taj Mahal and eventually was found by the FBI hiding out in Trump Tower (source). Jacob Bogatin worked for Mogilevich and owned 5 units in Trump Towers that were personally sold to him by Trump. Shortly before Bogatin’s arrest, he transferred his 5 condos to the Genovese crime family. Another one of Mogilevich’s men, Vadim Trincher, operated an international gambling crime ring out of Trump Tower. Felix Sater, Trump’s business partner in Trump Soho, was also involved with Mogilevich and has recently come into the news for his role in the Ukranian Peace plan. So was Trump laundering money for the Russians? These are just a handful of examples of Trump associations with Russian organized crime figures.

    https://www.palmerreport.com/opinion/after-donald-trumps-first-100-days-the-key-issue-is-still-how-and-why-russia-installed-him/2456/

    ReplyDelete
  25. WA Skeptic11:39 PM

    Cut business taxes and eliminate social programs to pay for it? Take a close look at the smoking ruins that used to be the State of Kansas.

    #ITMFA

    ReplyDelete
    Replies
    1. GOP don't care.

      This is their basic policy. The old bootstraps. If you can't manage, then it's the job of religion to help you. Don't look to the government. Not their job. Oh, but give us all of your money.

      Delete
  26. Anonymous1:08 AM

    What about the standard deduction for single people, is he planning on lowering it?

    Glad he is not in charge of tax reform because it is obvious he doesn’t know more than the IRS like he claims.

    As with all “his plans” it looks like someone threw together something at the last minute just to have a photo op, because doing real work would be toooo haarrdd.

    ReplyDelete
  27. Anonymous1:12 AM

    Getting rid of the AMT works for me. We re upper middle class and pay an aerage of 15k since the AMT went into effect. Actually, with all the taxes we pay, my salary is down to 15k a year - but I carry the health bennies, so gotta keep on working. 15k in AMT tax is room and board as our first kid goes to college next year. Has a full academic scholarship though. (Amazing. Hey Sarah - even upper middle class can get merit scholarships lol.)

    ReplyDelete
    Replies
    1. Anonymous8:00 AM

      If you're that wealthy you should be willing to pay the full tuition/board for your kids so more deserving kids could benefit from the scholarship money. I don't feel sorry for you at all.
      Beaglemom

      Delete
    2. You make $300-$400 a year and you can't save enough to pay the full ride for your kids to go to college? So you take a scholarship away from a student who could go to college but that scholarship is the deciding factor of whether than can or not.

      I have NO sympathy for you at all. You're an examle of the wealthy for whom there is never enough money. They have to have more and they have to take from those who have less than they do.

      You get health benefits through your work?

      My nose bleeds for you.

      You can afford to pay REAGAN taxes.

      I would be all for restoring the taxes under Saint Reagan.

      How would you feel about that?

      Delete
  28. Anonymous3:35 AM

    What is that crap about one time tax on money held overseas? After that, they can off shore money with no taxes?

    Will hold discussion with stakeholders? Are we all going to be invited to the W.H.? Or only the rich?

    ReplyDelete
  29. Anonymous4:03 AM

    "Here's my tax plan."
    "Mr. President, this is a KFC receipt." "Flip it over."
    "A doodle of the Monopoly guy punching an orphan."
    "Bigly!"


    https://twitter.com/david_cornelius/status/857336326886219777

    ReplyDelete
  30. Anonymous4:15 AM

    O/T but relevant for you G,
    https://climatecrocks.com/2017/04/25/5-year-study-what-happens-in-the-arctic-does-not-stay-in-the-arctic/

    ReplyDelete
  31. Anonymous4:32 AM

    One of my gripes is about the tax Republicans hate the most, the "death" tax, also known as the estate tax. It's been a campaign mantra of the GOP for decades now. Only the very rich who have not figured out ways to protect their children's inheritances pay much it anyway.

    In 2004, a couple of weeks before the election, we took a long fall drive. The trees were beautiful. As we drove through one of the many impoverished small towns in northern Michigan, we saw a lot of Bush/Cheney signs and quite a few hand-made signs promoting an end to the "death" tax. These people would never have had enough money to qualify for the estate tax -- not unless they lived with mattresses and walls stuffed with gold bullion. It's one of the insane points that Republicans have convinced uneducated white, mainly rural, voters that they need: no "death" tax, even more guns, and the "right to life" for the "unborn" (the GOP's term, not mine) babies. (We all know that once babies are born the GOP could care less about them.) So, under Trump's tax plan, Donald, Jr., Eric, Ivanka, Tiffany and Barron, the Koch kids, the Romney kids, the kids of many GOP senators and representatives will have no risk of ever having to pay a "death" tax and they'll never have to set up foundations to use some of the taxable money for charities.
    Beaglemom

    ReplyDelete
  32. Anonymous5:44 AM

    But where is fake prez bannon and his first moron Kelly ann dumb shit? What a bunch of dopes and con jobs.

    ReplyDelete
  33. Anonymous8:06 AM

    http://thehill.com/blogs/pundits-blog/economy-budget/330831-millennials-must-resist-trumps-trickle-down-tax-reform

    ReplyDelete
  34. Anonymous9:43 AM

    WHOA!!! This one page 'dissertation' has actually TWELVE bullet-points! He must be soooo bigly exhausted from producing such a brain thrust!

    ReplyDelete

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