Tag: Tax Reform

GOP Tax Plan–2017

I listen to the lying toad Paul Ryan give his speech about the newest tax plan to get hammered through the House….his words made it seem like us poor working stiffs would be sitting pretty and that jobs would be thrown at us ad nauseum…..the problem is it is all typical GOP LIES……he had to make sure to state that there had not been a tax reform since 1986…..a typical talking point. (Yawn)

This vote in the House is the big win that Trump has been praying for…..plus it helps those like himself….filthy rich….

In a victory for President Trump, the House successfully passed its version of the Republican tax-cut plan Thursday, the Los Angeles Times reports. All Democrats and 13 Republicans voted against the bill, giving it a 227-205 win. “Passing this bill is the single biggest thing we can do to grow the economy, restore opportunity, and help these middle income families that are struggling,” House Speaker Paul Ryan says. The vote took place after Trump met with House Republicans, telling them, “I love you. Go vote.” The Washington Post explains the contents of the bill, which includes more than $1.4 trillion in tax cuts, reduces the corporate tax rate from 35% to 20%, reduces taxes for the rich, and ultimately raises taxes on middle-income earners. The bill also reduces the number of tax brackets from seven to four and gets rid of popular tax deductions, the New York Times reports.

The vote was held two weeks after the bill was introduced with little analysis or debate. Now Senate Republicans have to pass their own tax bill and work out the differences with the House bill. That will be easier said than done. Support for the Senate bill is wavering, especially after a nonpartisan committee found that it would end up increasing taxes for low-income Americans in 2021 and for everyone earning less than $75,000 a year in 2027. Not to mention it repeals part of ObamaCare. If the Senate manages to pass its bill and rectify it with the House version, it would give Trump the first major legislative achievement of his presidency. The White House has been pressuring Republicans to get tax cuts passed by Christmas.

The Congressional Republican tax plan is not a good deal for middle-class and working Americans. It fails to cover the full cost of the tax cuts for the wealthy and corporations, adding to the deficit and putting middle-class priorities such as Medicare, Medicaid, education, and infrastructure at risk. Many states would see tens of thousands of families with tax increases, while nearly three-quarters of U.S. states would see hundreds of thousands—and in a few cases well more than 1 million—families with tax increases under the plan. Here’s what you need to know:

Many Working and Middle-Class Americans Would See a Tax Increase Under the House GOP Tax Plan: A State-by-State Breakdown

The Senate Tax Bill Threatens Access to Health Care

Work Requirement Proposals Would Kick Struggling Workers When They’re Down

Repealing the Estate Tax Would Plunge Charitable Giving

Giving to the Rich

4 Ways Repealing the Estate Tax Would Expand the Racial Wealth Gap

Not in a Million Years: The House’s Proposed Windfall for Donors

House Republican Attempts to Repeal the Adoption Tax Credit Show Their Real Priorities in Tax Reform

As usual…the GOP builds lies to cover their help for the wealthy….and we simpletons buy their crap every time….and when it does not pan out for us we re-elect the same lying bastards to screw us all over again……no wonder we are about to elect a pedophile and do it with joy.

What a silly bunch we as a nation have become.

More On GOP Tax Bills

The GOP health care plans has been a bust…..and the GOP needs something that that they can point to and say that they have a win this session of the Congress……taxes is the basket they are putting all their apples in…..

So far no matter how they try to sale their plan it still equates to rich get breaks and poor get the shaft….

Yet another analysis shows how bad the middle class will be screwed…..again……

Critics of the Republican tax plan say it offers a crystal-clear view of which Americans matter to the Trump administration and the Party in control of Congress—and which don’t. Despite an aggressive push to portray the proposal as a tax cut for middle-class Americans, according to a New York Times analysis, millions of middle-income families would pay more in taxes immediately—and many more would see their tax bills rise over time.

“The GOP tax plan is a simple political statement about who matters more in American democracy: the heirs to hedge fund fortunes or everyone else in the country,” wrote Zach Carter in the Huffington Post on Monday. “Trump and the Republicans have chosen the dynasts.”

https://www.commondreams.org/news/2017/11/07/yet-another-analysis-shows-how-trump-gop-tax-scam-will-bury-middle-class

But now the House and the Senate each have dueling plans……

Senate Republicans revealed the details of their sweeping tax legislation Thursday, including a one-year delay in plans for a major corporate tax cut despite strident opposition from the White House and others in their own party. Their bill would leave the prized mortgage interest deduction untouched for homeowners in a concession to the powerful real estate lobby but would ignore a House compromise on the hot-button issue of state and local tax deductions. On the other side of the Capitol, the House Ways and Means Committee approved its own version of the legislation on a party-line 24-16 vote. Changing the tax code is President Trump’s top priority and a goal many Republicans believe has grown even more urgent in the wake of election losses on Tuesday that displayed an energized Democratic electorate, the AP reports.

Yet as the Senate Finance Committee unveiled its bill, a few stark differences emerged with the version approved by the House tax-writing committee, underscoring the challenges ahead in getting both chambers to agree on the complex and far-reaching legislation that would affect nearly every American. The Senate bill would fully repeal the state and local deduction claimed by many taxpayers, an idea that has drawn vigorous opposition from House Republicans in New York and New Jersey and resulted in a compromise in the House version of the bill that would allow property taxes to be deducted up to $10,000. On the other hand, the House bill would cap the mortgage interest deduction, an idea that caused intense blowback from the real estate lobby, but the Senate tax measure would leave it unchanged. Click for more on the similarities and differences between the House and Senate bills.

Please some one tell us what would a real tax reform look like…….

No matter our politics, most Americans have a beef with taxes. And it’s no wonder.

Working class Americans pay a much greater share of their income than the wealthiest Americans, who get away with exploiting tax loopholes and paying less than their fair share to support public projects and government programs.

Our system is rigged to favor the richest, so tax reform is key to un-rigging the economy. But the latest GOP tax plan is a slimy wet kiss for the wealthiest Americans.

It doesn’t even try to propose reforms — it’s literally just a giant giveaway to millionaires, billionaires, and wealthy corporations. The non-partisan Tax Policy Center estimates that 80 percent of the benefits in the new plan will go to the richest 1 percent, while nearly one in three working families would end up paying more.

https://www.commondreams.org/views/2017/11/01/what-real-tax-reform-could-look

Real tax reform is possible but the GOP feels they have to treat the rich and corporations as if they make up the bulk of the taxpayers……when we start treating all taxpayers the same then we can have real tax reform that will make the country strong again.

The Trump “Tax Reform” Bill

Tax reform……(pause here for raucous laughter…..) It is NOT tax reform it is tax cuts for the rich….selling it anyway you choose it is tax cuts for the rich….working people are just a slogan that will see NOTHING substantial out of these tax cuts.  And yet they buy the manure being spread by Ryan, McConnell and the rest of the ilk in the GOP…..

Republicans finally unveiled their tax reform legislation Thursday with a draft bill that would dramatically cut taxes for corporations and the wealthy.

GOP legislators generally stuck to their already released framework for the legislation: lowering individual and corporate tax rates while eliminating most individual deductions. But they also showed a willingness to jettison major aspects of their plan in order to get a bill through Congress.

https://www.huffingtonpost.com/entry/republican-tax-bill_us_59fb289fe4b0b0c7fa387e8f

This GOP bill is repugnant because it is lying to the hard working people they are pretending to protect…….

It is once again “plug your nose week” on Capitol Hill as House Republicans have released their tax bill with sweeping odious overhauls that steal away benefits for the poor and middle-class to pay for massive tax cuts for the most wealthy and largest corporations.

It is once again plug your nose week on Capitol Hill as House Republicans have released their tax bill with sweeping odious overhauls that steal away benefits for the poor and middle-class to pay for massive tax cuts for the most wealthy and largest corporations.

Senate Minority Leader Chuck Schumer (D-NY) declared, “The bill’s like a dead fish: The more it hangs out in the sunlight, the stinkier it gets. The more people learn about this bill, the less they’re going to like it.” This was after learning of a quiet revision on Friday by Rep. Kevin Brady (R-TX) that, “reduces the value of the tax cuts for ordinary Americans by $89 billion over 10 years compared with the legislation released with fanfare Thursday.”

In a press conference House Democratic Leader Nancy Pelosi blasted Republicans following the unveiling of their tax bill, “Get real. Don’t tell the middle class this is for them. You’ve set a banquet for the wealthy and corporate America and thrown a few crumbs to the middle class. It’s really making suckers of the American people.”

(politicususa,com)

You really want to know who this tax reform will benefit?

President Trump’s inner-circle may be among the biggest beneficiaries of his proposed tax bill that would allow multinational corporations to bring massive offshore holdings back to the mainland at a one-time low-rate.

Several Trump officials — including key writers of the proposed tax reform bill being sped through Congress — have their own investments or were involved in the decision to keep company profits sheltered overseas, according to a report from the Guardian, which was part of an international coalition of journalists who obtained leaked documents called the Paradise Papers.

Among the various advisors and cabinet members in Trump’s administration identified in the reporting are:

https://thinkprogress.org/gop-tax-reform-offshore-holdings-aae3b60f62ec/

Rich people benefit and hard working Americans get the shaft as always when the GOP has an idea on “Tax Reform”…..why do we allow this bullshit to happen ?

Update–After writing this draft word has come down that the tax bill has a compromise…..

Congressional Republicans released their proposal for tax reform on Nov. 2, and it included major provisions with implications for every American taxpayer.

Changes to individual and corporate tax rates, the boosting of the standard deduction, and the elimination of many popular itemized deductions have garnered a lot of attention from policymakers. Yet by the time most people read about these provisions, there’s a risk that they’ll be out of date, because lawmakers are making further revisions to the proposal at breakneck speed in order to keep proponents onboard and boost the chance of eventual passage.

https://www.usatoday.com/story/money/taxes/2017/11/07/forget-the-original-republican-tax-plan-its-already-changed/107416020/

But wait…….ther’s more……

“In the world of conservative thought, few issues are as popular as tax reform. It’s an accepted truth, by nearly anyone on the right, that the tax code is too complicated for an average citizen to understand and too laden with loopholes to be fair. Beyond the structure of the code itself it’s a fairly standard conservative view that taxes themselves are unjust, that government should not be confiscating a large chunk of our hard-earned pay and they certainly shouldn’t then be helping themselves to additional taxes after that first take. In a perfect conservative world there would either be no taxes at all or a tax which would be simple to understand, a flat tax or the Fair Tax. But we don’t live in that perfect conservative world and so we recognize that tax policy, while still being burdensome, complicated and unfair, is used to achieve various societal objectives.” (11/07/17)

http://www.foxnews.com/opinion/2017/11/07/im-conservative-and-hate-republican-tax-plan.html

Note:  I apologize for posting the urls but since WP has eliminated the “Press This” it is the best I can do to get the info to my reader….sorry for the inconvenience……chuq

It’s Tax Cuts Time Again!

Trump has been on a losing streak now for 9 months….he tells us all about his accomplishments in the last 9 months….oh good.,…what are they?

NO fucked up health care.  Close enough to a shooting war with N. Korea.  Pissed off most of our allies (which we will need when he succeeds in a shooting war).  Our State Department is run like Sesame Street.  He has fucked the environment for a generation.

And now after 30 years Trump gets to screw the Middle Class with this lame trickle down bullshit that has not worked since forever.

Ever noticed when you are gonna get screwed it is always to help the Middle Class?

Well sports fans as usual a good screwing is coming…..even The American Conservative sees it…why cannot you?

Can we define the middle class in practical terms? To be sure, there are probably as many sociological definitions of the middle class as there are commentators seeking definitions. So let’s set aside the socio-swamp of beliefs, values, and taxonomies of class in favor of a definition with measurable thresholds.

Many commentators attempt to define the middle class by income, and people tend to self-report that they belong to the middle class based on income. The self-evident way to define the middle class by income is to set aside the top 10 percent (households earning $145,000 or more) and those defined as poor by the U.S. Census Bureau (households making less than $25,000), roughly 25 percent of all households.

Source: Are You Really Middle Class? | The American Conservative

Nothing your president and Congress is about to do will do anything to change this downward slide.

But that’s okay….he, Trump, will finally have a win that he can thump his chest about and you can continue your drive to the poor house.

Ain’t American politics grand?

Voodoo Economics Returns

Roll us over and do it again!

Our Congress is once again on a break (is there ever a time when this isn’t so?)  They have tried health issues and failed…..they are talking abut some sort of gun regulations…..and since nothing is sticking to the wall then they will go to the ever popular tax reform.

And since the GOP is in control then we will try their fix for the economy…..supply-side solutions.

This solution has not been a answer for 30+ years….hey, why not try it again?

Our president has decided the “voodoo economics” will solve all the ills of our economy….

Billionaire US President Donald Trump wants to reform the US tax system, like others before him. But his plan looks more like tax cuts for America’s wealthiest and some of the world’s biggest corporations.

Although it’s yet to be fleshed out, it’s based on the idea that the cuts will pay for themselves, with the economic growth they generate in years to come. Yet, that’s never happened in the history of US tax cuts.

In economics jargon: this is a classic supply-side response to a demand-side problem. But why help companies and investors if workers are the ones in trouble?

It’s been done before and George HW Bush famously called it “voodoo economics” to discredit the notion that cutting tax rates will increase revenues.

Source: Donald Trump’s ‘voodoo economics’ | USA | Al Jazeera

An IST factoid:  Tax cuts have NEVER paid of themselves!

But you will be asked to buy into the dream anyway…..you cannot drain the swamp and keep the crap in place.

I have written on this subject before and pointed to the fallacy……..

Source: It Is Always Supply Side Economics – In Saner Thought

Source: The Humor That Is Trickle Down Economics – In Saner Thought

Source: Let’s End The Illusion Now! – In Saner Thought

A laughable solution that the population falls for almost every time.

Tax Reform–2017

A Repub president, a Repub Congress and now it is time for the Repub stand-by….TAX REFORM.

They are in control….time to do what they always want to do…..Tax Reform….those policies that screw the Middle Class and give the wealthy incentives and more money.

Trump made it official……he put his tax plan out there……

President Trump launched his push for tax reform Wednesday in Indianapolis, promising a “once-in-a-generation opportunity” and “revolutionary change.” “Under our framework, we will dramatically cut the business tax rate so that American companies and American workers can beat our foreign competitors and start winning again,” USA Today quotes Trump as saying. The New York Times reports the proposed framework reduces the corporate tax rate to 20%, doubles deductions for married and single filers to $24,000 and $12,000 respectively, and reduces the number of tax brackets from seven to three. The top bracket would see a reduced tax rate; the lowest bracket would see an increased tax rate. Overall, Trump claims the plan represents the biggest tax cut in history: “There’s never been tax cuts like we’re talking about.”

Trump is promising the middle class will be “the biggest winners” of his tax plan, which will cause “jobs to start pouring into our country.” But the framework presented lacks details to show whether that would or would not be the case. (CNN reports Trump also claims the plan is “not good for me,” but that’s impossible to prove without his tax returns.) The framework does, however, include details that will specifically benefit rich Americans, for example by getting rid of inheritance taxes paid by the country’s wealthiest families. Without further specifics, the head of the nonpartisan Committee for a Responsible Federal Budget calls Trump’s tax plan “nothing more than a fiscal fantasy.” Trump says he wants to work with Democrats to fill in those details, but Republican leaders say they’ll likely use a special rule to pass tax reform without Democratic support.

It has all the selling points needed…..jobs creation, more tax savings for the workers,etc…..for instance…..a few highlights to work with….

  • Corporations: The New York Times reports that the plan calls for a steep reduction in the tax rate paid by corporations from 35% to 20%, which Trump sees as vital to stimulating the economy.
  • Standard deduction: This would roughly double to $12,000 for individuals and $24,000 for married couples, “meaning Trump can accurately argue that many more low income earners would pay no tax under his plan,” writes Jonathan Swan at Axios. But:
  • The fine print: The savings in the larger deduction isn’t quite as big as it appears, notes Business Insider, pointing to the fine print: “To simplify the tax rules, the additional standard deduction and the personal exemptions for taxpayer and spouse are consolidated into this larger standard deduction.” For example, a single person with no dependents currently takes the standard deduction of $6,350, plus one personal exemption of $4,050. The new plan replaces that with a single deduction of $12,000, or a 15% increase.
  • Wealthiest: Though initial plans called for a reduction in the top rate paid by the wealthiest individuals (those who make more than $418,000) from 39.6% to 35%, Politico reports that this is “now open to negotiation.” That’s partly because Trump wants to make sure Democrats are on board, reports CNN. Another idea being floated is to impose some kind of tax surcharge on the wealthiest Americans. The plan also calls for the elimination of the estate tax and the alternative-minimum tax.
  • Lowest rate: It would reportedly rise from 10% to 12%, though the increase for low-income Americans would likely be offset by the bigger standard deduction.
  • Simplification: The current system has seven brackets ranging from 10% to 39.6%. Trump wants to reduce the number of brackets to three, perhaps from 12% to 35%, reports the Hill. (Income levels for each have not been determined, and it’s possible a fourth bracket would be added for the wealthiest Americans.) Under the changes, Trump says most Americans would be able to fill out their taxes on a single page, reports the AP.
  • Elderly parents: A new credit of up to $500 would be created for those caring for non-child dependents, including parents, per USA Today. The newspaper’s roundup also notes that people would no longer be able to deduct state and local income or property taxes, which would hurt residents in high-tax states such as California and New York.
  • More details: Business Insider has a comprehensive roundup of what is known about the plan, including a 25% rate for “pass-through businesses,” which applies to those who own their own business The plan would also increase the Child Tax Credit, an idea championed by Ivanka Trump.

“Trickle Down Economics” makes a comeback……a theory that has NOT worked in 30 years and so why not keep pushing a lie…..something the GOP has mastered.

And yes I have an idea for tax reform that I posted a month ago…..

Source: Tax Reform—-2017 Edition – Gulf South Free Press

Listen to the rhetoric and smile or dig through the manure pile and find the truth of the matter……this is a typical GOP proposal…..wealthy get richer and the working stiffs get buried…..

The one thing that the GOP seems to ignore….what may have worked in the 1980’s will not work in the 21st century…..but Hell keep pushing that failed theory….dress it up and force feed it to the population.

The Year Of Tax Reform

Not really but it makes a good title and a good slogan to keep idiots in line.

The GOP is scrambling to find something anything that they can hang their hats on….so far they are batting 1000 in failures….but like any good GOP they want the rich to get more of their money while the rest us struggle.

The Chamber of Commerce has thrown their hat into the GOP ring as far as taxes go……here are their ideas…..

  • Lower rates for all businesses – Our C corporations and pass-through entities face some of the highest marginal rates in the world. And, to top that off, while other countries are slashing rates, we are falling behind simply by standing still. It’s time to cut rates for all businesses.
  • An internationally competitive system – We are the last member of the major industrialized OECD countries to cling to an anti-competitive worldwide system of taxation. Let’s jettison that like a Members Only® jacket at the end of the 1980s and adopt an internationally competitive territorial system of taxation. And while we are doing that, let’s make sure any anti-abuse rules are minimally invasive and that we use a bifurcated rate on any previously untaxed earnings. After all, that cash isn’t just sitting offshore taking a vacation – much of it has been reinvested in property, plant, and equipment, or used in restructuring so companies can stay globally competitive.
  • Faster cost recovery – Let’s let businesses write off their investments more quickly so they can focus on doing what they do best: drive economic growth and job creation. And let’s make sure our research and development incentives encourage conducting research in the United States and locating the ensuing intellectual property that is created here.
  • Investment taxes –Taxes on investment income and capital gains drive up the cost of capital, thereby reducing the amount of capital productively employed, productivity, wage gains, and international competitiveness. We strongly urge that in tax reform, investment taxes be kept as low as possible to avoid damaging economic ramifications.
  • Compliance – No surprises here – the business community would like to see less complex tax rules to reduce compliance costs!
  • Transition rules – How we get from here to there is as important as the new tax regime we adopt. Tax reform should include effective transition rules to provide adequate time for implementation of any new system of taxation and to help minimize economic hardships that businesses may encounter in moving to a new tax system.
  • Certainty – The uncertainty plaguing the business community under the current tax code is paralyzing. Businesses need to know the rules of the road to best allocate resources. To have the most pro-growth impact, tax reform should be permanent to allow businesses to expand, create jobs, and remain competitive in the United States and abroad.

If the idiots in Congress ever admit defeat on health care then they will most likely move on to tax reform…..after ll it is popular if just about everybody in their party…..

The problem is that it will not be reform…..rather just a set of tax breaks for those that need no tax breaks….so there will be a new game in town…..coming soon to a channel near you.

The Plan Is NO Plan

Trump’s play for health care was a bomb……to be honest most everything he has tried legislatively has been a bomb…..but that will change when the Congress returns next month and they want to take up tax reform.

If you think there is some sort of strategy to push through tax reform then as usual you would be wrong……

Trump let the worm out of the can in Missouri…..

President Trump begins his push for another major goal of his White House in a speech Wednesday afternoon in Missouri: the need for tax reform. But White House officials previewing the speech on Tuesday made one thing clear: Don’t expect policy details, reports the Kansas City Star. Instead, expect the president to focus on why tax reform is needed, and he’ll be selling it in populist fashion a la Huey Long, reports Axios. The speech is being drafted by Stephen Miller, notes Politico, which expects to hear phrases such as “Jump-start America” and “Win again.” Trump also is expected to hit on the theme of “unrigging the economy,” a phrase the GOP has been testing with swing voters. The broad strokes include lowering business taxes to help US corporations compete, plus cuts for middle-income taxpayers and a simplified filing system.

“We’re going to end the rigged system,” said one White House official. “We’re going to build a tax code that really allows all Americans to have access to the American dream.” Trump and the GOP aim to have legislation signed by the end of the year, but as Bloomberg notes, fundamental questions remain unanswered, such as “Will the changes be permanent or temporary? How will individual tax brackets be set? What rate will corporations and small businesses pay?” The Wall Street Journal notes that Trump has a further challenge in selling reform as a benefit for the masses when previous proposals from the White House and Republicans have largely benefited wealthier Americans. Trump speaks in Springfield at 3:30pm Eastern.

STOP LYING!

The stated corporate tax is 35% but in real time they pay NO where near that amount and if they hide profits offshore they pay NOTHING!

Really?  The best they can do is a tired plan from 40 years ago?  Trickle down economics?

It does not work!

And yet they keep trying to push through this crappy idea that only helps the 1% of the population…..a working stiff gets a stiffy from the government.

The Republican Party’s leaders in the United States House of Representatives have been hard at work for more than a year designing a major reform of personal and corporate taxes. With an election looming in 2018, the House Republicans are determined to deliver a reform package and send it to the Senate for enactment.

This reform will be very different from the last major tax overhaul enacted back in 1986. The Tax Reform Act of 1986 focused on the personal income tax, lowering the top rate from 50% to 28% and cutting rates for lower-income taxpayers. The revenue loss was offset by changes in tax deductions and other accounting rules, producing a reform that was revenue neutral at each income level, even without taking into account the effects of lower tax rates on increasing economic growth and taxable incomes.

Source: Tax Reform and Budget Deficits in America by Martin Feldstein – Project Syndicate

Nothing they do will simplify the tax code….everything they do will be to the benefit of the wealthy.

NO matter the promises this plan is the same old plan the GOP has had for decades…..

As President Donald Trump kicked off his aggressive, Koch brothers-backed tax “reform” push with a speech in Missouri on Wednesday, progressive advocacy groups and policy analysts argued that the president’s tax agenda is nothing more than a “scam” that would take money from low-income families and hand it to the rich.

“Make no mistake, what Trump and Republican leaders in Congress are proposing is not tax reform,” Frank Clemente, executive director of Americans for Tax Fairness (AFT), said in a statement on Tuesday. “They simply want massive tax cuts for millionaires, billionaires, and big corporations, at the expense of everyone else. And those tax giveaways will be paid for by cuts to Social Security, healthcare, education, and other programs that maintain living standards for working families.”

Source: As Trump Begins Tax Reform Push, Critics Rip Plan as Fact-Free, Trickle-Down ‘Scam’ | Common Dreams

Just the GOP playing the long con on the people of the US…..yet again.

The average worker making $50,000 or less will see NO change in their taxes.  PERIOD!

Tax Reform–Yet Again

It is that time of the year again……that time when the GOP has the grand plan for tax reform….a grand plan that changes little over the years.

The problem is that after all these years  the only people that benefit from these plans are the rich and corporations.  And yet they sell their crap to the average person with promises of more jobs, better pay and more prosperity for the Middle Class…..after decades of the same tired promises how has that worked out for the Middle Class?

Since the 1980’s the Middle Class has been on a downhill run to the bottom and all that time corporations are making so much cash that their CEOs are making obscene bonuses…..

Now we approach the newest edition of their grand scheme for tax reform….and there is NOTHING new!

“We have arguably the worst tax system in the industrialized world,” House Speaker Paul Ryan (R-Wis.) told a gathering in Hillsboro, Oregon on Wednesday.

He called the current system “complicated,” “paternalistic” and “condescending.”

Source: Ryan Plugs Tax Reform: Current System ‘Paternalistic,’ ‘Condescending’

He , Ryan, is right but the tax plan we have now is the child of the GOP and yet they want to stick it to the middle class again….

President Donald Trump and Congressional Republicans seem to be on the same page about tax reform. Unfortunately for middle-class Americans, that means they both support a plan that is widely expected to benefit the wealthy at the expense of the rest of the country.

According to Politico:

The options include capping the mortgage interest deduction for homeowners; scrapping people’s ability to deduct state and local taxes; and eliminating businesses’ ability to deduct interest, while also phasing in so-called full expensing for small businesses that allows them to immediately deduct investments like new equipment or facilities.

The Middle Class can look forward to more downward pressure on their necks by the government…..once again corporations will make out…….. they will turn everything around with a lower tax bracket…..a lie that just keeps giving.

Nothing changes with the GOP……corporations come first the people are just an irritant they must endure…..if you are a working stiff then you are SCREWED!

But Trump will offer up his grand plan and after he does I will analyze it but I am not looking for anything but help for the rich.

It’s Tax Reform Time Again

Well sports fans it is that time of the year again….the presidential push for tax reform.  And our Trumpy boy is no different….he has said he wants to give the country tax reform…..but as usual when the GOP uses the term “tax reform” they mean a tax cuts…reform is NO where in the equation.

The problem is what he is offering is not tax reform but rather the ever popular tax cuts.

The White House on Wednesday began laying out President Trump’s tax plan, which calls for sharp cuts for businesses and individuals. The administration says the cuts will spur economic growth and bring jobs and prosperity to America’s middle class, though lawmakers were worried about ballooning federal deficits. Much of the details have yet to be hashed out with Congress. Some highlights, per the AP:

  • Trump’s plan would reduce the number of personal income tax brackets to three from seven: rates of 10%, 25%, and 35%. The current maximum is 39.6%.
  • It would double the standard deduction for married couples to $24,000, while keeping deductions for charitable giving and mortgage interest payments.
  • The administration plans to provide tax relief for families with child care expenses, too, although the specifics have yet to be included.
  • The plan would trim deductions utilized by wealthier Americans. This would include deductions for state and local tax payments, a change that could alienate support from lawmakers in states such as California and New York with higher state taxes.
  • It would also repeal the estate tax and the alternative minimum tax.
  • On the corporate side, the top marginal tax rate would fall from 35% to 15%.

Small businesses that account for their owners’ personal incomes would see their top tax rate go from 39.6% to the proposed corporate tax rate of 15%. Treasury Secretary Steve Mnuchin, who earlier called the plan the “biggest tax cut” in history, said the change for small-business owners—a group that under the current definition could include doctors, lawyers, and even major real estate companies—would be done to ensure that wealthier Americans could not exploit the change to pay less in taxes.

As you can see…these are tax cuts….reform would require legislative action on the tax code….a thousand plus page code…..this does nothing to reform….but it does return us to the days of the damn silly “trickle down economics”….or “voodoo economics”…….

President Trump’s tax reform plan unveiled Wednesday heralds the return of the Laffer curve, or as it’s more commonly known—thanks to the first President Bush—”voodoo economics.” The New York Times reports the Laffer curve was first sketched on a napkin by Arthur Laffer in 1974. The curve says that if you cut taxes enough, you can make up for the financial shortfall through economic growth. And that’s exactly what Trump’s team is pitching—though it’ll mean adding billions upon billions of dollars to the national deficit while waiting on that promised growth. Here’s what else you need to know about Trump’s tax reform plan:

  • While Republican lawmakers were supportive in public, they’re grumbling in private, CNN reports. Congressional Republicans are upset Trump’s promised tax-reform plan is more of a tax-cut plan. One senior GOP aide says it’s “not even close” to tax reform.
  • CNBC reports the plan is missing one thing that Wall Street really wanted: a steep reduction—all the way to 10%—for companies that bring earnings back to the US from overseas.
  • There are eight reasons Trump’s tax reform plan likely won’t get through Congress, according to the Washington Post. They include that Republicans may not tolerate a huge deficit increase and that the GOP head of the Senate Finance Committee is openly wondering if it’s a “good idea.”
  • Politico argues the plan released Wednesday was less a step toward actual tax reform and more something for Trump to use to bolster his 100-day presidential resume. It was a single page of “mostly general principles” largely carried over from campaign promises.
  • Mother Jones reports Trump’s tax reform plan will make the Trump family richer in four different ways, including by cutting the tax rate for “pass-through corporations.” The Trump Organization is made up of pass-through corporations, and the plan would cut the tax rate of Trump and his children from 39.6% to 15%.
  • But we may never know exactly to what extent Trump stands to benefit from his tax reform plan, according to the Washington Post, as Treasury Secretary Steven Mnuchin says the president still “has no intention” of releasing his tax returns.

The trickle down was promised in the 1980’s and so far that trickle has not found the middle class….and yet the GOP still thinks the idiots in society will believe the bullshit from 35 years ago…..and guess what…they will!

Please stop calling it reform and label it what it is….a cut….nothing more than that.