The elimination of the ‘carried interest rate’ deductions is a pretty big deal. Anybody that hates rich people should cheer that one on, because that affects them greatly. It increases their taxable income.
And the standard philosophy behind lower rates is to generate action and create more taxable opportunities. It’s in the same spirit of lower margin, higher productivity, vs. higher margin, lower productivity models. Making child care 100% deductible for instance, allows people to enter the workforce who otherwise might not because child care costs are so high.
A streamlined tax process reduces overhead, so money going to the IRS can go into the pot. Here’s an interesting look at the IRS budgeting structure. It cost $12.9 billion just to run the IRS, to collect the money. That’s the GDP of some small counties! And it’s gone up $2 billion in the past 2 years. https://www.irs.gov/PUP/newsroom/IRS%20Budget%20in%20Brief%20FY%202016.pdf
3 tax brackets instead of 12.
So far, I like it. I do not want to be taxed more. This idea that incomes have been stagnant since 2008 isn’t just some right wing talking point. Its reality for me and many people I know. My taxes in actual dollars has gone up 20% and my insurance costs, my healthcare has at least tripled. So that stagnated any gains I made.
I would like to hear countingbeans take… You out there oh counter of beans??
That’s great. I don’t want to be taxed more either and I wouldn’t be under this plan (at first glance). However, we’re talking about a significant loss of tax revenue with no mention of cuts, anywhere, and that’s kind of important.
Reducing tax revenue while relying on increased debt (if that ends up being the case) is just politics. It does nothing to actually improve the economy or reduce our dependence on debt.
I can already tell you what Beans will say, leave the code alone it’s complex for a reason.
I agree, but that wasn’t this speech. Cuts, hmmmm…
Let’s eliminate completely Planned Parenthood, IRS, welfare, The EPA, Social Security and Medicare…
There, that ought to do it!
Yeah, beans makes his living off the tax code I could see him supporting it’s complexity. But I would like to see an unbiased (putting down the crack pipe), economic opinion. I disagree that it needs to be that complicated.
This was the initial unveiling, I sure it will be fleshed out more later.
Everyone up to and including Mitch McConnell has labelled Trump an idiot, because he is a goddamn idiot and there is literally no way to argue against this point. Literally: no way. That’s why you’ve done such a shit job of it in this thread.
In fact, a new group just chimed in:
At this rate, Melania and Ivanka will hold a joint press conference to call Trump disqualifyingly stupid by the end of October.
Are you under the impression that “top aide” is syntactically capable of referring to fifty people?
And as I said, this is simply the latest round. Kagan, Boot et al. already went on the record re: Trump’s being too arrantly stupid to be trusted with national security. Who will be next? We await with drawn breath.
A friendly reminder that Donald Trump is not wildly successful. Borrowing from that famous phrase, Donald Trump was born on third but his supporters think he hit a triple.
Unfortunately or not, some people may still view banking and real estate execs as villainous. Granted, these may not be the guys responsible for a gigantic financial collapse felt through out the world, but their professions have been significantly maligned in the past decade.
America 2016, where “you are not an orange reality-TV buffoon wallowing in the D-list dignityless cesspool with Snooki and Big Ang” is thought to be ammunition in political debate. What a fucking world the human race has made for itself.
One day after being distracted by immigrants, refugees and building walls, everyone will wake up to the realization that automation is what is actually threatening their jobs.
Trump has already said he doesn’t want to cut social security, Medicare, or Medicaid. The IRS and EPA are drops in bucket compared to the former three.
