Trump's tax plan

[Cthulhu 2020]

We shall see. I think it will work out for the best. But, time proves all things.

We've been cutting taxes on the wealthy since '79.

That's when the wealth gap began widening, the middle and lower classes started making less and less improvement in pay every year, and every time there's a new tax cut on the wealthy, the gap widens significantly.

So yes, time has told us that it's complete crackpot idea that lowering taxes on the wealthy helps anyone but the wealthy.

[Kujako]

We've been cutting taxes on the wealthy since '79.

That's when the wealth gap began widening, the middle and lower classes started making less and less improvement in pay every year, and every time there's a new tax cut on the wealthy, the gap widens significantly.

So yes, time has told us that it's complete crackpot idea that lowering taxes on the wealthy helps anyone but the wealthy.

Clearly they just haven't lowered it enough! Just a bit more, till it's a negative value, and the trickle down will start!

[jakeic]

His goal is that everyone will benefit from it. The rich, who generally are the ones who own companies and create jobs will benefit most from it. The poor who are not paying any taxes now and are on government assistance anyway, will not of course benefit more than they are now with the exception they may actually have better job opportunities.

So, the people who don't need help will be helped the most, while the people who do need help will at best stay the same (but in reality be worse off as tax receipts falling will be used to as an excuse to cut funding to programs they rely on). I'm confused as to why this would make sense to you.

[Cthulhu 2020]

So you are guessing and really do not know.

Based on his own proposed tax plan from the campaign trail, yeah, the middle class actually sees a marginal INCREASE in their taxes to account for all the money the government would be losing from lowering taxes on the wealthy.

The rhetoric was taxing the wealthy less will create an explosion in jobs to the point that taxing the middle class more wouldn't matter because the middle class would explode as well. Which every single economist knows is complete horse shit.

Unless of course, we take "explosion" to mean "complete and utter destruction", rather than "dramatic increase", then it's accurate.

[Mayhem]

So you are guessing and really do not know.

Well everyone in this thread is guessing because no one reasonable knows what trump will come up with.

[melodramocracy]

Yeah. If you accept that as a realistic effect. Which I do. Cutting the corporate business tax rate will without question for myself, increase the profits for a company, allowing them better success at expanding and thus hiring more people.

You think companies hire based on profit margins? Ho-lee shit, the delusion.

[kail]

Yeah. If you accept that as a realistic effect. Which I do. Cutting the corporate business tax rate will without question for myself, increase the profits for a company, allowing them better success at expanding and thus hiring more people.

Yes, businesses will surely find it in their hearts to use the tax cuts to employ more people and provide better wages .

[Santti]

We shall see. I think it will work out for the best. But, time proves all things.

How much time do you want? It has been shown not to work time and time again.

[Kujako]

Yes, businesses will surely find it in their hearts to use the tax cuts to employ more people and provide better wages .

Of course! They'll hire people to just stand there, doing nothing, since their wont be more customers or anything like that since the money all pooled at the top.

[Blur4stuff]

Trickle down is proven not to work. Next?

[Sunseeker]

That's stupid.... it wont be anywhere near that low. I expect 250k as the baseline to really benefit.

Honestly I only pay about 8.5% in income taxes anyway. (no state tax in Wyoming) Which sees me an average tax burden of ~$200/mo. The taxes I pay on goods and services are unlikely to change so I won't see a change to how much I pay in taxes there (it's 6% local taxes and the taxes on goods are marginal to the price). The only way I would see a tax break of any magnitude would be to halve, or completely eliminate my tax burden. Lowering my taxes by 1-2% points is not going to realistically impact my monthly income, nor change how I spend in any matter whatsoever.

[Mihalik]

We shall see. I think it will work out for the best. But, time proves all things.

No we won't. We have been trying it since the 1980's and it has been failing spectacularly since the 1980's. How long does something need to fail before we accept it failed?

37 years? 41 years? 45 years? 50? 80? The Soviet Union stuck around for 74 years before people finally called it quits...are we going to have to drag this on for another 30 years before we can say it's not working?

[Kujako]

Honestly I only pay about 8.5% in income taxes anyway. (no state tax in Wyoming) Which sees me an average tax burden of ~$200/mo. The taxes I pay on goods and services are unlikely to change so I won't see a change to how much I pay in taxes there (it's 6% local taxes and the taxes on goods are marginal to the price). The only way I would see a tax break of any magnitude would be to halve, or completely eliminate my tax burden. Lowering my taxes by 1-2% points is not going to realistically impact my monthly income, nor change how I spend in any matter whatsoever.

Trump's plan seems to include massive import tariffs. The cost of goods will be going up.

[Cthulhu 2020]

Trump's plan seems to include massive import tariffs. The cost of goods will be going up.

"It's gonna be YUGE"

[alexw]

Not likely. The only people getting tax breaks are probably those making over 150k+ a year. They're probably not going to be spending anymore money than they currently are already, so it does nothing for the economy for them to have more go under their mattress.

It will actually do the exact opposite of what ghostpanther thinks.

Those monies are currently going into the hands of the middle class and poor who spend all or nearly all of their income. The tax cuts will redistribute to the wealthy who only spend a small fraction of their income. Thus overall the amount of stuff bought and overall economic demand will fall.

[alexw]

So, the people who don't need help will be helped the most, while the people who do need help will at best stay the same (but in reality be worse off as tax receipts falling will be used to as an excuse to cut funding to programs they rely on). I'm confused as to why this would make sense to you.

Because its ghostpanther and he worships the ground republicans walk on? To him republicans can literally can do no wrong. If they started eating babies on live TV he'd find an excuse as to why its OK for them to do so.

[Sunseeker]

Trump's plan seems to include massive import tariffs. The cost of goods will be going up.

While I do favor producing more Stateside, we have to do that first and reduce imports second. It doesn't do us any good if we don't step up internal production and limit imports.

[Kujako]

Benefiting small businesses would be better than large ones.

Trump has a history of screwing over small business, why would he change now?

[schwarzkopf]

So trickle down?

Saying 'trickle down' with Trump can mean only one thing

[XDurionX]

I'm pretty sure it may be dubbed "trickle up economics". The ones working three jobs to stay alive will pay for the third ivory backscratcher of Scrooge McRichass.