The new tax "plan" is out!!!


TonyC28

macrumors 68000
Aug 15, 2009
1,559
3,922
USA
Everyone can have their take on it, but I don't want to hear ANY politician on either side whining about what it could do to the deficit. We have a ridiculous debt and deficit problem in this country that will eventually bite us in the a--, but don't pick today as the day you're going to start pretending to care about it.
[doublepost=1493233409][/doublepost]
And, as is the case with everything our ADD-in-chief pitches: "The proposal is a one-page outline – key details are left incomplete...."


https://www.washingtonpost.com/business/economy/trump-to-unveil-proposal-for-massive-tax-cut/2017/04/26/2097fe42-2a94-11e7-be51-b3fc6ff7faee_story.html?utm_term=.cae878362fcf

It's really more of a tax "idea."
I'm not quite ready to knock it for not being 50,000 pages of crap.
 

poloponies

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Original poster
May 3, 2010
2,661
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Everyone can have their take on it, but I don't want to hear ANY politician on either side whining about what it could do to the deficit. We have a ridiculous debt and deficit problem in this country that will eventually bite us in the a--, but don't pick today as the day you're going to start pretending to care about it.
[doublepost=1493233409][/doublepost]
I'm not quite ready to knock it for not being 50,000 pages of crap.
It doesn't need to be 50,000 pages, but as it is, it's not a "plan." At best, it's a plan to have a plan. Trump is all about the big idea but has no capacity to follow through.
 

VulchR

macrumors 68020
Jun 8, 2009
2,329
10,249
Scotland
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rjohnstone

macrumors 68040
Dec 28, 2007
3,483
3,398
PHX, AZ.
Not really a plan, more an outline for discussion.
I like the idea of eliminating loopholes and deductions only rich people typically use.
I've always thought the estate tax was a BS money grab by the feds.
 

citizenzen

macrumors 65816
Mar 22, 2010
1,433
11,628
Everyone can have their take on it, but I don't want to hear ANY politician on either side whining about what it could do to the deficit. We have a ridiculous debt and deficit problem in this country that will eventually bite us in the a--, but don't pick today as the day you're going to start pretending to care about it.
It's not as if liberals don't care about debts and deficits.

So sorry ... if trump's giveaway to corporations explodes the budget, then I reserve the right to care and complain about it.
 
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Huntn

macrumors demi-god
May 5, 2008
17,037
16,509
The Misty Mountains
Everyone can have their take on it, but I don't want to hear ANY politician on either side whining about what it could do to the deficit. We have a ridiculous debt and deficit problem in this country that will eventually bite us in the a--, but don't pick today as the day you're going to start pretending to care about it.
[doublepost=1493233409][/doublepost]
I'm not quite ready to knock it for not being 50,000 pages of crap.
It's long past due that we start caring about our Nationsl debt. Most irritating is the GOP who claims fiscal responsbility but when it's their guy proposing an irresponsible budget, then it's ok. I hope the hard right liners shoot it down. Trickle down economics was tried during Reagan and W and it failed. It's just another hand out to big business their golden calf, that will prevent our national finances from getting back on track- a record tax break and building up our military more than it already is. Lunacy for hawks.
 

oneMadRssn

macrumors 601
Sep 8, 2011
4,738
11,030
New England
I'll have to mull this over, but I think I like about as much as I dislike.

Good: Lower tax rates for individuals is good. Though I'll have to plug this in to excel to see if it favors the rich too much.
Good: Getting rid of some tax deductions except homeownership, retirement savings and charitable giving ones. I think we've all been asking for this.
Good: 15% business tax. But I hope they eliminate enough deductions to offset the revenue.
Good: Increasing standard deduction is good. anything that makes doing taxes easier and less expensive is good by me.
Meh: Fewer brackets. More brackets doesn't mean more complicated.
Bad: Getting rid of estate tax. You should not be able to pass down massive wealth for generations, nothing good comes from it.
Bad: Getting rid of state tax deduction. What possible good justification is there for it?

The main thing I like is that the underlying theme is simplification. I disagree with some specifics, but I like the theme.

The main thing I dislike is the lack of details. Trump promised a tax plan, this is a tax tweet. Give us details, specifics, and economics. (though, Trump over-promising and under-delivering is the norm these days).
 

oneMadRssn

macrumors 601
Sep 8, 2011
4,738
11,030
New England
Everyone can have their take on it, but I don't want to hear ANY politician on either side whining about what it could do to the deficit. We have a ridiculous debt and deficit problem in this country that will eventually bite us in the a--, but don't pick today as the day you're going to start pretending to care about it.
I've always cared about. My general thinking is: Raising the national debt to help people with social programs, education, housing, etc. is a good investment in ourselves. Raising the national debt to reduce taxes on the rich, prop up defense contractors, and reward huge corporations is not a good investment at all. Democrats tend to do the former. Republicans tend to do the latter.
[doublepost=1493238665][/doublepost]
Plug what into Excel?? There isn't enough here to plug into my toaster.
It's a good point. He gave us the tax bracket rates but not the dollar thresholds. What a dunce.
[doublepost=1493238901][/doublepost]Here is the actual Trump tax "plan" without any media spin:


[doublepost=1493239322][/doublepost]This is seriously amateur hour. This screams it was done last minute and had no actual thought put into it. Like, wow, I knew Trump was a moron but I thought at least some of the people around him might spend some time thinking about this and putting together at least a professional-looking document with actual ideas. Who the hell is Trump employing? Did these people graduate form high school?
 

ibookg409

Suspended
Apr 20, 2016
612
7,356
Portsmouth, NH
I've always cared about. My general thinking is: Raising the national debt to help people with social programs, education, housing, etc. is a good investment in ourselves. Raising the national debt to reduce taxes on the rich, prop up defense contractors, and reward huge corporations is not a good investment at all. Democrats tend to do the former. Republicans tend to do the latter.
[doublepost=1493238665][/doublepost]

It's a good point. He gave us the tax bracket rates but not the dollar thresholds. What a dunce.
[doublepost=1493238901][/doublepost]Here is the actual Trump tax "plan" without any media spin:


[doublepost=1493239322][/doublepost]This is seriously amateur hour. This screams it was done last minute and had no actual thought put into it. Like, wow, I knew Trump was a moron but I thought at least some of the people around him might spend some time thinking about this and putting together at least a professional-looking document with actual ideas. Who the hell is Trump employing? Did these people graduate form high school?
These all look like fine ideas. Implementing them will be next to impossible.
 

steve knight

macrumors 68030
Jan 28, 2009
2,596
6,958
Not really a plan, more an outline for discussion.
I like the idea of eliminating loopholes and deductions only rich people typically use.
I've always thought the estate tax was a BS money grab by the feds.
Well hopfully trump will kill the ones he has used often.
 

Chew Toy McCoy

macrumors regular
May 13, 2016
202
2,811
There should be no new corporate tax breaks that aren’t directly linked to the hiring of new people in America and/or giving current employees a raise.

Then watch the corporations not take advantage of any of it.
 

poloponies

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Original poster
May 3, 2010
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1,359
Trump just announced his plan for eliminating ISIS, threats by hostile governments and achieving world peace. Here's the preview:

1. Eliminate ISIS
2. Eliminate threats by hostile governments.
3. Achieve world peace.
4. Golf
5. Eat a beautiful slice of delicious cake.
[doublepost=1493241225][/doublepost]
I've always cared about. My general thinking is: Raising the national debt to help people with social programs, education, housing, etc. is a good investment in ourselves. Raising the national debt to reduce taxes on the rich, prop up defense contractors, and reward huge corporations is not a good investment at all. Democrats tend to do the former. Republicans tend to do the latter.
[doublepost=1493238665][/doublepost]

It's a good point. He gave us the tax bracket rates but not the dollar thresholds. What a dunce.
[doublepost=1493238901][/doublepost]Here is the actual Trump tax "plan" without any media spin:


[doublepost=1493239322][/doublepost]This is seriously amateur hour. This screams it was done last minute and had no actual thought put into it. Like, wow, I knew Trump was a moron but I thought at least some of the people around him might spend some time thinking about this and putting together at least a professional-looking document with actual ideas. Who the hell is Trump employing? Did these people graduate form high school?
They're also missing a word in the sentence on dollars held overseas.