Trump Tax Plan Would Shift Trillions From U.S. Coffers to the Richest

[Crabtownboy]

WASHINGTON — President Trump’s proposal to slash individual and business taxes and erase a surtax that funds the Affordable Care Act would amount to a multitrillion-dollar shift from federal coffers to America’s richest families and their heirs, setting up a politically fraught battle over how best to use the government’s already strained resources.

The outline that Mr. Trump offered on Wednesday — less a tax overhaul plan than a list of costly cuts with no price tags attached, rushed out by a president staring down his 100-day mark in office — calls for tax reductions for individuals of every income level as well as businesses large and small.

But the vast majority of benefits would accrue to the highest earners and largest holders of wealth, according to economists and analysts, accounting for a lopsided portion of the proposal’s costs.

“The only Americans who are very clear winners under the new system are the wealthiest,” said Edward D. Kleinbard, a law professor at the University of Southern California and former chief of staff of Congress’s Joint Committee on Taxation, which estimates the revenue effects of tax proposals.

https://www.nytimes.com/2017/04/27/us/politics/individual-business-tax-wealth.html?_r=0

 

[Deacon]

It's rather simple,

...with tax cuts, those that don't pay taxes don't get any back

...and the more you pay, the more you get back​

The upside to this plan would be that businesses would sharpen their focus and employ the young and able, the unemployed, and those millions disabled by the 0bama administrations 'recovery'.

Rob

 

[Crabtownboy]

It's rather simple,

...with tax cuts, those that don't pay taxes don't get any back

...and the more you pay, the more you get back​

The upside to this plan would be that businesses would sharpen their focus and employ the young and able, the unemployed, and those millions disabled by the 0bama administrations 'recovery'.

Rob

That is a wonderful modern day myth. Also you are confusing corporate income with personal income.

 

[Happy]

WASHINGTON — President Trump’s proposal to slash individual and business taxes and erase a surtax that funds the Affordable Care Act would amount to a multitrillion-dollar shift from federal coffers to America’s richest families and their heirs, setting up a politically fraught battle over how best to use the government’s already strained resources.

The outline that Mr. Trump offered on Wednesday — less a tax overhaul plan than a list of costly cuts with no price tags attached, rushed out by a president staring down his 100-day mark in office — calls for tax reductions for individuals of every income level as well as businesses large and small.

But the vast majority of benefits would accrue to the highest earners and largest holders of wealth, according to economists and analysts, accounting for a lopsided portion of the proposal’s costs.

“The only Americans who are very clear winners under the new system are the wealthiest,” said Edward D. Kleinbard, a law professor at the University of Southern California and former chief of staff of Congress’s Joint Committee on Taxation, which estimates the revenue effects of tax proposals.

And WHY would the lowest earners accrue the vast majority of benefits?

What exactly are THE LOWEST earners doing to stimulate the economy? Buying US products? And? So does millions of people, regardless of their income. Are they ALSO, Starting a business, taking the risks with their own money to build, insure, learn how to....and hiring hundreds of employees? No. Are they donating millions to build a hospital wing? Are they giving millions to a charity? No. They are benefiting from the charity that the wealthy give (without being forced through taxation) Yes!

When the poor DEMAND someone else provide for them. They are worse than an infidel!

Perhaps you should brush up on Scripture of WHO your brother is.

 

[InTheLight]

I'm not seeing how taking less of someone's hard earned money in taxes is removing that money from federal coffers, as suggested in the title of the thread.

Sent from my Nexus 7 using Tapatalk

 

[Deacon]

That is a wonderful modern day myth. Also you are confusing corporate income with personal income.

True, the force of the article created a rich/poor tax dichotomy.

but the article began by discussing his whole plan, not only individual taxes.​

WASHINGTON — President Trump’s proposal to slash individual and business taxes...

Trump's solution on "how best to use the government’s already strained resources" is not to continue things as they are but to reduce the cause of the strain 1) by encouraging employment opportunities and 2) reducing the ever-increasing size of our government.

Rob

 

[church mouse guy]

Lowering the corporate tax to 15% and allowing capital to return to the USA at a cheap rate should restore prosperity to the lower classes.