Former economic policy adviser finds a gem in senate tax bill.
Republicans have a nice little tax break for private jets
squeezed into their tax cuts
Seth Hanlon @SethHanlon
UN-REAL. Check out what they added to the Senate bill the other night, at the same time that they made all the tax cuts for families expire.
A new tax break for private jets.
Study after study shows the republican tax cut bill targets the wealthy.
The FM is blaming democrats for not participating in a tax cut for the rich when it’s so insidious that 13 republicans voted against it.
6 republican senators have issues with the tax bill.
Andrew Cuomo @NYGovCuomo
The House just passed a tax bill that is poison for New York. It now falls on the Senate to vote against the GOP tax plan that cripples the New York economy and prioritizes corporations over families.
Cuomo and Brown are pitching a fit… this busts their already dismal state budgets… I bet no to many of those 400 millionairs live in a high tax state or have thought through he consequences of killing there state tax deduction… as a matter of fact, no doubt few of those 400 millionairs are even worried about income tax brackets…
The only thing I will say that is a big negative is that the pass through doesn’t help the small business as it should…
Who pays the majority of Federal income Tax.
Try real hard to guess.
How so, the rest of the country isn’t subsidizing the high tax rate in NY???
What the narcissist in the White House has difficulty with is comprehending the need for civility. Little wonder he finds such support on this board. He thinks he can name call and publically attack and humiliate people within his own party with impunity. And then when he needs them, they’re going to line up. He’s not a very bright man, has very small character and is viewed by many Americans as nasty and divisive with the most dismal job approval rating of any president in polling history.
Maybe he’s just tired of being called a Racist, A bigot, A xenophobe, A misogynist etc… you know… those names… or perhaps people in your camp say them so much, not unlike people who cuss all the time, don’t even here the bigotry and hatred they spew…
So abandon the thing you ran on and promise your voters elected you to DO , all because your feelings got hurt , hell that sounds like a snowflake !!!
So says the ANTIFA supporter.
Reading your posts says it all.
It’s called being a hypocrite.
Just like when you said you wanted him to succeed.
… and the remaining 9,590,600 millionaires in the US said screw that, commie boy!
There’s nothing in the tax code that says they cannot send in extra money to the IRS.
Yet not 1 of them, including Warren Buffet has set in an extra dime.
Still have six ornery senators on The Hill.
What a happy person you are, democrat deadlock.
Check my math, but if this is valid it would make an effective ad campaign. A vivid way of pointing out just how unfair the GOP tax plan really is?
The average working American has a total tax burden of around 32%. Subtract out the state and local part, and the total federal tax burden is about 22%.  Just over 15% of that is payroll taxes, taken out before they even print your paycheck, and for many working class folks that’s the biggest chunk of their overall tax burden. The GOP would like you to think only about the federal income tax when they talk about taxes, but for the average American worker that’s a very distorted picture.
Now consider Trump’s tax situation. For the one year that we have his tax returns he paid about 25% (about one percent of which is payroll taxes).  But under the GOP tax plan the Alternative Minimum Tax (AMT) is repealed, and that one change would have dropped Trump’s tax bill from 38 million to about 7 million, for a tax burden of about 5%.
Furthermore, the bulk of Trump’s wealth is in the form of unrealized capital gains.The GOP tax plan ends the estate tax but retains the stepped-up basis. Under that change when Trump dies his heirs would pay ZERO taxes on that wealth. The stepped-up basis means that those billions would never be taxed.
Just those two things along make a strong argument that Trump’s total lifetime federal tax burden would be less than that of a typical working American, but most everything else in the tax plan helps him a lot more than it helps his supporters. The special rate on pass-throughs, for example, drops his rate from 39.6% to 25%.
I’d like to see some accounting analysis to estimate Trump’s total lifetime federal tax burden under the GOP bill. With the estate tax repeal on top of everything else I’ll bet it’s well down into the single digits.
And if so, isn’t that a powerful point to make? His supporters might be vaguely in favor of “tax reform” even if they don’t understand the details, but knowing that Trump thinks he should pay a smaller percentage to the government than them, even if they’re barely making it from paycheck to paycheck, might have some punch.
And if Trump denies it, that just reminds everyone that he’s refusing to release his tax returns.
You should post your link as clearly this is a cut and paste.
I wish Trump would seize control of the messaging on tax reform. 45% of Americans don’t pay any federal taxes at all. Anyone making under $100K per year will get a tax cut. The claim that the middle class will get a tax increase is a blatant lie politicians should be recalled for knowingly telling.
Why respond to a cut and paste without a link?
Why respond to an offensive person which a moniker that should be flagged???