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Oct 18 2017 10:51am
in not so surprising news the people pushing for tax cuts have stopped pretending it's about tax cuts for the middle class and now admit outright that it's hard not to cut taxes for reach people too... so hard in fact that 80% of the tax cut benefits goes directly to the rich

considering that 99% of the people in this sf aren't particularly wealthy how do you feel about tax cuts for wealthy folks as a whole? perhaps we should skip the foreplay and cut taxes to zero like kansas did

https://www.cnbc.com/2017/10/18/its-very-hard-not-to-give-tax-cuts-to-the-wealthy-steven-mnuchin-now-says.html
Quote
The Trump administration, bent on deregulation from the start, has now completed wholesale repeal of the "Mnuchin Rule."

It happened in an interview with Treasury Secretary Steven Mnuchin that Politico published Wednesday. Faced with economic analyses showing the White House plan to cut corporate and personal income taxes provides big gains for wealthy Americans, Mnuchin called that result unavoidable.

"The top 20 percent of the people pay 95 percent of the taxes," the Treasury secretary said. "The top 10 percent of the people pay 81 percent of the taxes."

"So when you're cutting taxes across the board, it's very hard not to give tax cuts to the wealthy with tax cuts to the middle class," he concluded. "The math, given how much you are collecting, is just hard to do."

That represents a dramatic reversal from Mnuchin's initial assertions on the subject. After last November's election, he appeared on CNBC to pledge that wealthy Americans would receive no tax cut whatsoever.

"Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class," Mnuchin told CNBC's "SquawkBox" then.

"When we work with Congress and go through this, it will be very clear: This is a middle-income tax cut."

After the administration took office in 2017, Mnuchin began softening that pledge, which had come to be known as the "Mnuchin Rule." When I interviewed him in May at the Peter G. Peterson Foundation's Fiscal Summit, he described avoiding tax cuts for the rich as a goal, not a commitment.

"The president's objective is to create a middle-class tax cut," he told me. "I can't pledge what the results will be, since the results are going to be a combined effort of the administration and the House and the Senate.

"The president's priority has been not cutting taxes for the high end," Mnuchin continued. "His priority is about creating a middle-income tax cut. So we'll see where it comes out."

Where it came out, according to analysts at the Tax Policy Center, was a tax plan that in 2027 would give 80 percent of the benefits to the wealthiest 1 percent of Americans. That figure involved some educated guesswork based on details in earlier GOP proposals, since the White House-Congress "Big Six" plan has not yet filled in many details.
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Oct 18 2017 10:56am
i am SHOCKED. who would have guessed this would turn out to be a (barely) hidden taxcut for the people in power and those who donated billions to put them there!? didn't the president PROMISE? he seems like such an honest and reliable guy who genuinely cares deeply about the wellbeing of average americans.
if i didn't know america was the best at everything, i would almost suspect there is something MASSIVELY FUCKING FLAWED in the whole system...
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Oct 18 2017 10:58am
cutting taxes on wealthy people happens no matter what when it comes to tax reform, and its good for everyone. to a degree of course. and iirc trumps current plans will be great for middle class people too, so idk what youre going on about
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Oct 18 2017 11:01am
Quote (V0LTR0N @ Oct 18 2017 10:58am)
cutting taxes on wealthy people happens no matter what when it comes to tax reform, and its good for everyone. to a degree of course. and iirc trumps current plans will be great for middle class people too, so idk what youre going on about


No it doesn't, no it isn't, and just what? Have you been taking Reaganomics 101?

Also always relevant:


“This guy who spent 70 years on this Earth showing no concern for working people. This guy is suddenly going to be your champion? I mean he’s spent most of his life trying to stay as far away from working people as he could. And now this guy's going to be the champion of working people? Huh?”
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Oct 18 2017 11:04am
It's like the entire left ignores that you can't cut taxes for people who aren't paying them.
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Oct 18 2017 11:06am
Quote (Santara @ Oct 18 2017 11:04am)
It's like the entire left ignores that you can't cut taxes for people who aren't paying them.


Sure you can, by removing essential services due to the giant hole you ripped in the budget two years ago.
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Oct 18 2017 11:06am
canadian-made thread with post #2 featuring a german raging about the US tax system :unsure:
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Oct 18 2017 11:10am
Quote (V0LTR0N @ Oct 18 2017 11:58am)
cutting taxes on wealthy people happens no matter what when it comes to tax reform, and its good for everyone. to a degree of course. and iirc trumps current plans will be great for middle class people too, so idk what youre going on about


believe it or not, through a magical combination of numbers and special characters on a piece of paper we can actually put together changes in tax policy that benefits the middleclass without benefiting the rich

observe this magic trick!

[100k+] - 30%
[40k-100k] - 20%
[20k-40k] - 10%
[0k-20k] - exempt

we subtract a few numbers from the two middle brackets

and boom! wouldya look at that? tax cuts to those in the middle without having to cut taxes to those at the top!
[100k+] - 30%
[40k-100k] - 15%
[20k-40k] - 7%
[0k-20k] - exempt

i'll be conducting more magic tricks later if you're interested
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Oct 18 2017 11:11am
Quote (Thor123422 @ Oct 18 2017 12:06pm)
Sure you can, by removing essential services due to the giant hole you ripped in the budget two years ago.


Cutting their services =/= cutting their taxes.
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Oct 18 2017 11:14am
Quote (excellence @ Oct 18 2017 11:06am)
canadian-made thread with post #2 featuring a german raging about the US tax system :unsure:


Do you attack people's nationalities every time you don't have an argument? Noticing a pattern here
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