Trump to Deliver One of Biggest Tax Cuts Since Reagan


Locutus
#1
Donald Trump will propose one of the biggest tax cuts since the days of Ronald Reagan in a new economic blueprint to be unveiled next week, according to an adviser to the Republican presidential candidate.

Trump will reiterate (external - login to view) his plan to cut the corporate tax rate to 15 percent, Heritage Foundation chief economist Stephen Moore said Friday in an interview with Bloomberg Television. At the same time, Trump has managed to whittle down the cost in terms of lost tax revenue by about two-thirds, to $3 trillion, he said, without specifying a timeline.

“If you’re a working-class American, there’s no question that an agenda that cuts taxes, that gets rids of regulations, redoes some of these trade deals in ways that are pro-America, is going to help,” said Moore, who was named Friday to Trump’s team (external - login to view) of economic advisers. Other members include financiers John Paulson and Andy Beal and economists David Malpass and Peter Navarro.


mo


Trump to Deliver One of Biggest Tax Cuts Since Reagan, Aide Says - Bloomberg Politics (external - login to view)
 
Highball
#2
The first thing Trump has to do is get elected to make this happen. AND... it will take the cooperation of Congress.
 
Machjo
#3
But he doesn't consider a tariff to be a tax.
 
tay
#4
Is a write off the same as a tax cut.........?......


Trump Gets $25 Million Tax Write-Off For Trump University Settlement


President-elect Donald J. Trump has agreed to pay $25 million to settle lawsuits over Trump University. In paying off former students and their lawyers, he is admitting no wrongdoing. Yet, he has often said he would never settle. The plaintiffs alleged that they paid up to $35,000 in tuition for little in return. And the New York Attorney General complained too, which makes this package deal important for someone with bigger issues to deal with before January.

The deal resolves several pieces of Trump University litigation, including two federal class-action cases. Significantly, it also resolves a separate lawsuit by New York Attorney General Eric T. Schneiderman, who said:
I am pleased that under the terms of this settlement, every victim will receive restitution and that Donald Trump will pay up to $1 million in penalties to the State of New York for violating state education laws. The victims of Trump University have waited years for today’s result, and I am pleased that their patience — and persistence — will be rewarded by this $25 million settlement.”

Of course, the real cost to Mr. Trump is after tax, not before it. And most business settlements are fully tax deductible.

The only part that arguably may not be here is the $1 million in penalties. But barring express non-deductibility commitments, many penalties can be deducted, too. In general, fines and penalties paid to the government are not deductible. Section 162(f) (external - login to view) of the tax code prohibits deducting ‘‘any fine or similar penalty paid to a government for the violation of any law.’’

Despite punitive sounding names, though, some fines and penalties are considered remedial and deductible. That allows some flexibility. Companies often deduct ‘compensatory penalties,’ a maneuver affirmed in a recent Circuit Court ruling. Some defendants insist that their settlement agreement confirms that the payments are not penalties and are remedial. Conversely, some government entities insist on the reverse. Explicit provisions about taxes in settlement agreements are becoming more common.

Forbes Welcome (external - login to view)




 
Cannuck
No Party Affiliation
#5
Quote: Originally Posted by MachjoView Post

But he doesn't consider a tariff to be a tax.

They aren't.... somehow.
 
Ludlow
No Party Affiliation
+1
#6
Right off the bat we gonna not only give tax cuts to the corporate world but also expect a lot of regulations to be lifted. It's the American way. .
 
Curious Cdn
Conservative
#7
Quote: Originally Posted by LudlowView Post

Right off the bat we gonna not only give tax cuts to the corporate world but also expect a lot of regulations to be lifted. It's the American way. .

Yup, and if history repeats itself, and it looks like it might, the US will simultaneously run up collossal debt on losing military adventures in the most unlikely corners of the world, as was done by George Dubya and his posse.

Anyway, the very rich will get another tax cut and it'll trickle down to the rest of you, .... as it never does.

That'll make America great. again.
 
EagleSmack
#8
You Can't Stop the Trump Train!
 
tay
#9
 
Cannuck
No Party Affiliation
#10
Quote: Originally Posted by MachjoView Post

But he doesn't consider a tariff to be a tax.

I wonder who the Trumpites think is going to pay the tariffs
 
coldstream
#11
It's seems this is one area, likely of many, where Trump and i are going to part ways.

Taxes need to be restructured not lowered. The U.S. and the West needs to bring back PROGRESSIVE taxation.. on all incomes and especially Capital Gains. It needs to remove regressive, fixed consumption taxes. It can remove Corporate Taxes providing all profits that are not reinvested are distributed to individuals and taxed as personal income or taxed on leaving the country.

Trump's program sounds like the solutions put in by that moron Reagan. NEOcon Reaganomics was one of the primary reasons that the economy has dissolved over the last 40 years (with as much help from the Dems). Simply bringing in a regime of permanent tariffs on imports in line with reestablishing an integrated national industrial economy will likely allow the U.S. and Canada to balance their budgets without oppressive taxation.

In the collapsing economy we are faced with now there is now way you will be able to cut spending and impose austerity fast enough to make up for the loss of tax revenue.
 
tay
#12
Jamie Dimon says lowering the corporate tax rate is the secret to increasing wages for lower income Americans but doesn't explain how

finance.yahoo.com/news/jamie-...202335957.html (external - login to view)


 
White_Unifier
#13
Quote: Originally Posted by LocutusView Post

Donald Trump will propose one of the biggest tax cuts since the days of Ronald Reagan in a new economic blueprint to be unveiled next week, according to an adviser to the Republican presidential candidate.

Trump will reiterate (external - login to view) his plan to cut the corporate tax rate to 15 percent, Heritage Foundation chief economist Stephen Moore said Friday in an interview with Bloomberg Television. At the same time, Trump has managed to whittle down the cost in terms of lost tax revenue by about two-thirds, to $3 trillion, he said, without specifying a timeline.

“If you’re a working-class American, there’s no question that an agenda that cuts taxes, that gets rids of regulations, redoes some of these trade deals in ways that are pro-America, is going to help,” said Moore, who was named Friday to Trump’s team (external - login to view) of economic advisers. Other members include financiers John Paulson and Andy Beal and economists David Malpass and Peter Navarro.


mo


Trump to Deliver One of Biggest Tax Cuts Since Reagan, Aide Says - Bloomberg Politics (external - login to view)

Meanwhile, he'll spend like a drunken sailor. Just like Trudeau, he's a borrow-n-spender. Even worse than a tax-n-spender.
 
Danbones
Free Thinker
#14
mr carbon tax untruedoh! did tax cuts???

Do Tax Cuts Increase Government Revenue?

https://www.forbes.com/sites/mikepat.../#552e1a4b4bf2

the answer is YES they do

the problem is so many commantatoes don't have much knowledge about whence they speak, but do have the right to comment anyway


now to wait for obomba's little brownies to drop in
muahahahahahahah
 
Remington1
#15
Tax cuts are often a way for banks to increase public spending and boost confidence. The public does benefits short term (mostly not in investment, but in spending, so makes them feel good), but that is until they have to pay the creditors' back with interest.
 
White_Unifier
+1
#16
Quote: Originally Posted by DanbonesView Post

mr carbon tax untruedoh! did tax cuts???

Do Tax Cuts Increase Government Revenue?

https://www.forbes.com/sites/mikepat.../#552e1a4b4bf2

the answer is YES they do

the problem is so many commantatoes don't have much knowledge about whence they speak, but do have the right to comment anyway


now to wait for obomba's little brownies to drop in
muahahahahahahah

True to a degree. This does not mean eliminating taxes altogether would raise rax revenue. It's a mater if finding the optimal balance.
 
Danbones
Free Thinker
#17
Quote: Originally Posted by White_UnifierView Post

True to a degree. This does not mean eliminating taxes altogether would raise rax revenue. It's a mater if finding the optimal balance.

agreed
but lowering is not eliminating altogether

Quote: Originally Posted by Remington1View Post

Tax cuts are often a way for banks to increase public spending and boost confidence. The public does benefits short term (mostly not in investment, but in spending, so makes them feel good), but that is until they have to pay the creditors' back with interest.

JFK's Lasting Economic Legacy: Lower Tax Rates
...By 1966 — the year that might have been the fifth of his presidency had he lived — Kennedy would have been presiding over an economy growing at a rate of 6.6 percent and an unemployment rate falling to just 3.8 percent...
JFK's Lasting Economic Legacy: Lower Tax Rates : NPR (external - login to view)

Quote: Originally Posted by tayView Post

Jamie Dimon says lowering the corporate tax rate is the secret to increasing wages for lower income Americans but doesn't explain how

see above

he may have read a history book
 
Cannuck
No Party Affiliation
+1
#18
Quote: Originally Posted by DanbonesView Post

see above

he may have read a history book

Trumpites probably wouldn't look so stupid if they would just accept the fact that it's 2017 (not 1966)
 
relic
Free Thinker
+2
#19  Top Rated Post
I don't like taxes any more than anyone else, but I know where roads and bridges and schools come from. You can't have it both ways.
 
Cannuck
No Party Affiliation
#20
Quote: Originally Posted by relicView Post

I don't like taxes any more than anyone else, but I know where roads and bridges and schools come from. You can't have it both ways.

Programs spending and entitlements dwarf infrastructure spending
 
tay
#21
White House Says Cutting Meals on Wheels Is ‘Compassionate’


President Trump’s new budget would increase defense spending by $54 billion — while slashing funding for medical research, climate science, public housing, education, aid to the indigent, infrastructure, and many, many other things.

On Thursday morning, the White House’s budget director Mick Mulvaney explained that these changes were inspired by one, simple question (external - login to view): “Can we ask the taxpayer to pay for this?”

When you start looking at places that we reduce spending, one of the questions we asked was, can we really continue to ask a coal miner in West Virginia or a single mom in Detroit to pay for these programs? The answer was no,” Mulvaney said. “We can ask them to pay for defense, and we will, but we can’t ask them to continue to pay for the Corporation for Public Broadcasting.”

This was a bizarre defense of the Trump budget for several reasons. To name just three:


(1) The U.S. already spends more more on its military (external - login to view) than China, Russia, Saudi Arabia, the United Kingdom, France, India, and Germany — combined. By contrast, America spends far less than its peers (per capita) on many of the initiatives that the Trump’s budget cuts.

(2) Trump’s proposal cuts many programs (external - login to view) that are more intuitively valuable to coal miners in West Virginia — and single mothers in Detroit — than a 10 percent increase in defense spending. The president’s budget cuts funding for early-childhood education, public housing, transit, food assistance, and job training — all programs that disproportionately benefit single mothers in cities with low median incomes. And it also abolishes the Appalachian Regional Commission and Rural Business-Cooperative Service, while shrinking the Labor Department — all moves that disadvantage coal miners.

(3) If the White House feels bad about taking money from coal miners and single mothers, then why is one of its top priorities to pass an enormous, regressive tax cut?

“Just to follow-up on that, you were talking about the steel worker in Ohio, coal worker in Pennsylvania, but they may have an elderly mother who depends on the Meals on Wheels program or who may have kids in Head Start,” Acosta said. “Yesterday, or the day before, you described this as a hard-power budget. Is it also a hard-hearted budget?”

“No, I don’t think so,” Mulvaney replied. “I think it’s probably one of the most compassionate things we can do.”

“To cut programs that help the elderly and kids?” Acosta asked, incredulously.

White House Says Cutting Meals on Wheels Is (external - login to view)
 
TenPenny
#22
Quote: Originally Posted by DanbonesView Post

mr carbon tax untruedoh! did tax cuts???

Do Tax Cuts Increase Government Revenue?

https://www.forbes.com/sites/mikepat.../#552e1a4b4bf2

the answer is YES they do

the problem is so many commantatoes don't have much knowledge about whence they speak, but do have the right to comment anyway


now to wait for obomba's little brownies to drop in
muahahahahahahah


Is that adjusted for inflation?
 
Cannuck
No Party Affiliation
#23
Top marginal tax bracket is irrelevant. The wealthy don't pay it anyway.
 
Danbones
Free Thinker
#24
you missed the tax return of trumps the other day?
no you saw it

effe you are dumb...or full of it...or both
 
JLM
No Party Affiliation
#25
I should have some idea in a day or so what Trudeau's tax cuts amount to!
 
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