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Trump Administration Mulls a Unilateral Tax Cut for the Wealthy

Discussion in 'Political Debate & Discussion' started by FollowTheWay, Jul 30, 2018.

  1. FollowTheWay

    FollowTheWay Well-Known Member
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    https://www.msn.com/en-us/news/poli...tax-cut-for-the-wealthy/ar-BBLhtZx?li=BBnb7Kz

    WASHINGTON — The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives.

    Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells.

    “At a time when the deficit is out of control, wages are flat and the wealthiest are doing better than ever, to give the top 1 percent another advantage is an outrage and shows the Republicans’ true colors,” said Senator Chuck Schumer of New York, the Democratic leader. “Furthermore, Mr. Mnuchin thinks he can do it on his own, but everyone knows this must be done by legislation.”

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    At least they're being honest this time about taking money from the middle class and poor to ,give it to the rich.
     
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  2. Revmitchell

    Revmitchell Well-Known Member
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    Good!
     
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  3. InTheLight

    InTheLight Well-Known Member
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    What? Only the 1% sell their homes? Only the 1% buy/sell stock?



    Sent from my Pixel 2 XL
     
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  4. InTheLight

    InTheLight Well-Known Member
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  5. FollowTheWay

    FollowTheWay Well-Known Member
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    That's very nice. I wish I could do that but I've lost both of my parents. I remember those phone calls, Mom, I'm OK but....I totalled my car. She never cared about the car, etc., only that I was OK.
     
  6. InTheLight

    InTheLight Well-Known Member
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    Still repeating the lie that the economy is a zero sum game. As if there is a finite amount of money and the only way that someone increases wealth is to take it from those with less wealth.
     
  7. FollowTheWay

    FollowTheWay Well-Known Member
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    US Wealth Distribution.jpg
     
  8. InTheLight

    InTheLight Well-Known Member
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    Your graph says nothing about my post. The economy is not a zero sum game. The same amount of wealth is not being dished around among everyone.

    It could be that the 90% of people that are not holding as much wealth as before are in debt, aren't saving as much as they used to, etc. etc. The answer is not that rich people are taking their money.
     
  9. FollowTheWay

    FollowTheWay Well-Known Member
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    Show data supporting your claim that i am a liar.
     
  10. InTheLight

    InTheLight Well-Known Member
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    The burden of proof is on you to show that the rich are getting wealthier by taking money from the poor. This is your assertion, so prove it.

    Your graph does not show that.

    My assertion is that the amount of wealth is a dynamic amount, not a fixed amount that must be shared. This is Econ 101.

    The lie is that there is a finite amount of wealth and the only way someone can get wealthier is to take wealth away from someone else.

    Sent from my Nexus 7 using Tapatalk
     
  11. InTheLight

    InTheLight Well-Known Member
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  12. church mouse guy

    church mouse guy Well-Known Member
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    Something needs to be done to lower taxes everywhere.
     
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  13. Yeshua1

    Yeshua1 Well-Known Member
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    The "tax ciut" of 100 Billion would probable releash and bring into economy going forward 1 trillion dollars!
    it is MUCH better to have the wealthiest Americans given tax rates and savings to promote them to reinest now into Economy, as when the Govt keeps it, not much happens!
     
    #13 Yeshua1, Aug 1, 2018
    Last edited: Aug 1, 2018
  14. FollowTheWay

    FollowTheWay Well-Known Member
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    That's a lie.
     
  15. Rob_BW

    Rob_BW Well-Known Member
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    So if a guy buys some seed, plants it on his land, and then sells his crop for more than he paid for the seed, did he increase his wealth by:

    a. Working hard to produce something of value

    or

    b. Taking wealth from someone else

    ???????????????????
     
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  16. Salty

    Salty 20,000 Posts Club
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    Lets see - the top 1% pay about 50% of all taxes
    The bottom 40% pay absolute no federal income taxes

    You're right there is a large inequality between the super rich and the poor
     
  17. FollowTheWay

    FollowTheWay Well-Known Member
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    If the government plans to do something like say build a wall on our Mexican border that costs $50B where does that money come from? It comes from taxes. Now if they reduce taxes on the wealthiest people, who pays more for the wall afterward? The rich or the middle class/
     
  18. Rob_BW

    Rob_BW Well-Known Member
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    What does that scenario have to do with ITL's question on whether or not wealth is a zero sum game?
     
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  19. church mouse guy

    church mouse guy Well-Known Member
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    Good question. You have to factor in all of the savings that will occur with the wall such as the medical costs of treating illegals, the educational costs of educating illegals, the welfare costs of feeding, clothing, and housing illegals, and the reduction in costs of imprisoning illegals who commit felonies.
     
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  20. InTheLight

    InTheLight Well-Known Member
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    Umm...I suppose if there is no tax increase on the poor and middle class they pay the same amount they were always paying.

    Really, you don't understand this?

    Sent from my Nexus 7 using Tapatalk
     
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