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US: Trump tax reform - main cuts go to rich
  • As details have finally emerged regarding the specifics of the Trump administration’s “tax reform”, it is now easy to see it is a tax cut for the very rich. The highest tax bracket has been reduced from 39.6% to 25%, a nice reduction for the wealthiest in American society. However, this is not all. The dividend and capital gain rates have been brought into parity, the richest Americans will have their ordinary dividend tax reduced from 39.6% to 20%. This will benefit the capitalists who earn money not by working, but by owning stocks, bonds, and investments.

    Not only will these tax cuts apply to individuals, but to businesses as well. According to the plan, no business “will pay more than 15% of their business income in taxes”. This means that profits will benefit from a reduction in the corporate profit tax rate. The proverbial cherry on the cake is the elimination of the so called “death tax”, more commonly known as the estate tax. This is the tax individuals pay when they pass down property to their heirs. Under this proposal the capitalist class will be able to pass down their earnings tax free to their descendants. Like the kings and queens of old, the capitalist class has become a self-serving class of parasites, living off blood and sweat of the working people. This “reform” will surely benefit Trump and the oligarchs, but it will be harmful to the most vulnerable and hardest working in American society

    https://assets.donaldjtrump.com/trump-tax-reform.pdf

  • 14 Replies sorted by
  • Not a surprise. POTUS serves himself first. Besides, our finance secretaries are all bankers. We all know who gets drained.

  • I hate the overly-complex income tax system in this country. I'd prefer a simple flat tax and/or consumption tax system. Of course, this would put a lot of CPAs and financial firms out of work, so those lobby groups will be throwing a lot of money at the politicians to prevent a simplified tax code from ever happening.

  • Consumption-based tax systems tend to be regressive so hopefully we won't actually see one of them happen.

    Flat tax systems tend to result in increased wealth accumulation for the super rich - and it's pretty offensive to collect $1,500 from a person who is making $15,000/year and only take $100,000 from a person who is making $1,000,000/year.

    If anything, our tax system needs to be more progressive. I'm sure there are ways that we could simplify the tax code without going to an overly-simplistic approach which is mostly popular with the hyper wealthy and people who listen to right-wing talk radio.

  • we just need a reverse jubilee. Tax the assets of the rich 95% or something. I don't just mean their income, I mean their entire wealth. They'll still be rich, but they won't be hoarding on so much of the wealth.

    Obviously that will never happen

  • robertGL... another excellent point. We don't tax wealth, we tax income, upon which 95% of us depend for survival! Then, we tax the capital gain if you happen to make a few shekels on an investment! This system just creates dependency on the federal government by the masses -- obviously by design because it empowers politicians.

  • Any how you suppose to "tax the rich"? Do you realize that after any big tax hike on rich they start getting money via shares, options and lot of other schemes?

  • The progressive income tax structure is completely unnecessary and really only serves to foment class-warfare in our society. This benefits politicians who use emotional arguments to jockey for votes.

    A consumption-based tax is both fair and progressive in it's final result - but without the drama and gerrymandering.

    I say eliminate the income tax entirely and eliminate tax-havens and loopholes for both businesses and individuals. Eliminate tax credits (except in the case of tax surpluses paid back to citizens). Enact a consumption-based tax that exempts food, clothing and healthcare.

    The rich will spend significantly more and will always pay a much higher percentage of overall tax revenue. The poor basically live tax-free right up until they start to go out and buy iPads and Chevy Malibus, at which point they're not really poor anymore and can afford to contribute to society.

  • @Tron

    It is not original proposal. Supported by Austrian guys and alike, capitalism itself run from it as wanted to survive little more.

  • @Vitaliy_Kiselev Yes, the huge assortment of asset classes makes it complex (and easy to hide.) But Forbes routinely lists the wealthy and estimations of their wealth. That's at least a guideline to go by. Again, I give it a .001% chance of ever being implemented, at least before some future total economic collapse occurs.

    @firstbase - last night's celebrity fund-raiser event for the hurricanes was a bit ridiculous. Rich celebrities tapping the general public for money, while most are dishing out a few thousand at most. Apple gave something like 5 million dollars, the same day that I read that it might become the first 'trillion dollar company' !

  • Rich celebrities tapping the general public for money, while most are dishing out a few thousand at most. Apple gave something like 5 million dollars, the same day that I read that it might become the first 'trillion dollar company' !

    Well, fund-risers are all pretty much same. Designed at best to show how rich donated 1% from everything they stole.

  • @Vitaliy_Kiselev I could care less if garden gnomes came up with it, it's a much better tax concept than the status-quo circle-jerk between business and government.

    The only people I've really seen pushing back forcefully against capitalism these days are those Antifa dipshits. And they're doing a piss-poor job. They go after people's free-speech rights by trying to beat them to a pulp at political rallies and on college campuses. Then they demand folks turn their property over to them in the name of "social justice." Not a real appealing system except for the takers at the front of the line.

    I think I'll stay with Austrian economics for now.

  • The only people I've really seen pushing back forcefully against capitalism these days are those Antifa dipshits. And they're doing a piss-poor job.

    Let's use accurate words - only people presented widely with main media. And no, they are not against capitalism, they are for capitalism. They have just their role, while many young guys are dumbed by leaders.

    I think I'll stay with Austrian economics for now.

    Austrian economics school is not science, as it neglects capitalism development. States what capitalism must freeze in it's old form of small manufacturers and fully reject any progress.

  • Australian economics school in one picture

    image

    paper put in US school.

    And this is good text to understand it (also helps what was written in the time they want us to return to)

    https://www.personal-view.com/talks/discussion/17628/good-quote-how-i-became-a-socialist#Item_1

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    About 80% of the total benefit would accrue to taxpayers in the top 1 percent, whose after-tax income would increase 8.7 percent.

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