Trump to Deliver One of Biggest Tax Cuts Since Reagan

Locutus

Locutus

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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 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 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
 
H

Highball

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Jan 28, 2010
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The first thing Trump has to do is get elected to make this happen. AND... it will take the cooperation of Congress.
 
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tay

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May 20, 2012
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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) 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




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Curious Cdn

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Ludlow said:
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. :).
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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.
 
coldstream

coldstream

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Oct 19, 2005
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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.
 
White_Unifier

White_Unifier

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Feb 21, 2017
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Locutus said:
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 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 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
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Meanwhile, he'll spend like a drunken sailor. Just like Trudeau, he's a borrow-n-spender. Even worse than a tax-n-spender.
 
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Remington1

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Jan 30, 2016
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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

White_Unifier

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Feb 21, 2017
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Danbones said:
mr carbon tax untruedoh! did tax cuts???

Do Tax Cuts Increase Government Revenue?

https://www.forbes.com/sites/mikepa...uts-increase-government-revenue/#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
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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

Danbones

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Sep 23, 2015
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White_Unifier said:
True to a degree. This does not mean eliminating taxes altogether would raise rax revenue. It's a mater if finding the optimal balance.
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agreed
but lowering is not eliminating altogether

Remington1 said:
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.
Click to expand...

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

tay said:
Jamie Dimon says lowering the corporate tax rate is the secret to increasing wages for lower income Americans but doesn't explain how
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see above
;)
he may have read a history book
 
relic

relic

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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.
 
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