OT: Tax Cuts 2.0?

[scotchtiger]

Looks like it could be a possibility later this year.

https://www.foxbusiness.com/economy/trump-tax-cuts-retirement-savings-tax-break

https://www.foxbusiness.com/money/larry-kudlow-china-trade-deal-trump

Not sure how it will play out, but conceptually I love that they are exploring options to help Americans save more in a tax advantaged way.

Looks like a middle class rate reduction is on the docket too. Would love for them to tweak higher bracket rates down a bit as well in exchange for maybe a new top rate of 40% on high earners in the $5M+ range.

One negative is potentially making the $10K limit on SALT deductions permanent. That’s too low IMO and adversely impacts plenty of regular folks. Would love to see it more like $25K individual and $50K family.

 

[johnhugh]

I don’t understand why you have to pay taxes at all if you make $200k+. If you make that much the odds are slim to none that you’re using any government programs. Make those that don’t work hard enough and have to rely on government help pay into it. Don’t punish those that have earned the privilege of not needing government help

 

[MBRO]

I don’t understand why you have to pay taxes at all if you make $200k+. If you make that much the odds are slim to none that you’re using any government programs. Make those that don’t work hard enough and have to rely on government help pay into it. Don’t punish those that have earned the privilege of not needing government help

Why should anyone pay taxes? Apparently, debt is meaningless.

 

[nytigerfan]

Looks like it could be a possibility later this year.

https://www.foxbusiness.com/economy/trump-tax-cuts-retirement-savings-tax-break

https://www.foxbusiness.com/money/larry-kudlow-china-trade-deal-trump

Not sure how it will play out, but conceptually I love that they are exploring options to help Americans save more in a tax advantaged way.

Looks like a middle class rate reduction is on the docket too. Would love for them to tweak higher bracket rates down a bit as well in exchange for maybe a new top rate of 40% on high earners in the $5M+ range.

One negative is potentially making the $10K limit on SALT deductions permanent. That’s too low IMO and adversely impacts plenty of regular folks. Would love to see it more like $25K individual and $50K family.

I thought the last tax cut was for the middle class?

 

[Da Swami]

I don’t understand why you have to pay taxes at all if you make $200k+. If you make that much the odds are slim to none that you’re using any government programs. Make those that don’t work hard enough and have to rely on government help pay into it. Don’t punish those that have earned the privilege of not needing government help

Huh?! Holy shit

 

[scotchtiger]

I thought the last tax cut was for the middle class?

It was for everyone, including the middle class.

The only brackets mentioned for this one seem to be down the income scale though, so specifically for middle class.

There is also mention of a $200K cap for the additional tax advantages on non-qualified savings. That clearly excludes even moderately high earners. Not in favor of that.

https://www.marketwatch.com/story/t...-stock-buying-report-2020-02-14?mod=home-page

 

[johnhugh]

I thought the last tax cut was for the middle class?

The middle class should be taxed more to incentivize them to work to move up. If you give poor/middle class people help via tax breaks they’ll never want to work harder

 

[FedFan]

Huh?! Holy shit

Obvious troll is obvious.

 

[iceheart08]

Looks like it could be a possibility later this year.

https://www.foxbusiness.com/economy/trump-tax-cuts-retirement-savings-tax-break

https://www.foxbusiness.com/money/larry-kudlow-china-trade-deal-trump

Not sure how it will play out, but conceptually I love that they are exploring options to help Americans save more in a tax advantaged way.

Looks like a middle class rate reduction is on the docket too. Would love for them to tweak higher bracket rates down a bit as well in exchange for maybe a new top rate of 40% on high earners in the $5M+ range.

One negative is potentially making the $10K limit on SALT deductions permanent. That’s too low IMO and adversely impacts plenty of regular folks. Would love to see it more like $25K individual and $50K family.

Sooooo no concerns about the deficit?

 

[piperdog188]

Obvious troll is obvious.

Scotch aint trolling unfortunately.

 

[scotchtiger]

Sooooo no concerns about the deficit?

Huge concerns. Wish we would significantly cut spending. The White House’s most recent budget is a start, but would prefer them to be more aggressive. Someone needs to do something about entitlements to move the needle.

 

[PAWrocka]

Huge concerns. Wish we would significantly cut spending. The White House’s most recent budget is a start, but would prefer them to be more aggressive. Someone needs to do something about entitlements to move the needle.

Entitlements and Military spending

 

[clemsontyger04]

Entitlements and Military spending

"Conservatives" only care about cutting entitlements

 

[TuesdayJ]

I don’t understand why you have to pay taxes at all if you make $200k+. If you make that much the odds are slim to none that you’re using any government programs. Make those that don’t work hard enough and have to rely on government help pay into it. Don’t punish those that have earned the privilege of not needing government help

 

[IcelandTiger]

How bout we tax wealth by up to 8%?

I know it is being invested in the private sector, but I think the government would be more efficient with it. Should turn out great

 

[scott in nashville]

I like the idea of the universal account. The new SECURE act puts a big burden on people who inherit IRAs. (Paying over 10 years vs 30)

 

[tigerman75]

Clearly wealthy people don’t need to use roads, libraries,I guess they also don’t enjoy America’s beautiful destinations maintained like beaches, parks, also protection from our military.

 

[iceheart08]

Huge concerns. Wish we would significantly cut spending. The White House’s most recent budget is a start, but would prefer them to be more aggressive. Someone needs to do something about entitlements to move the needle.

someone needs to do something about buyouts to the farm industry and military spending to move the needle.

 

[iceheart08]

Scotch aint trolling unfortunately.

he was referring to @johnhugh here

 

[IcelandTiger]

someone needs to do something about buyouts to the farm industry and military spending to move the needle.

How much money is being given to the farm industry?

 

[scotchtiger]

someone needs to do something about buyouts to the farm industry and military spending to move the needle.

Correct me if I’m wrong, but defense spending was only up 0.3% in the WH budget - far below the rate of inflation. Seems like a start?

And defense is around 15% of the federal budget. Entitlements make up like 59% when you factor in SS, Medicare, safety net programs, etc. That’s obviously a much bigger opportunity for savings than anything else.

Also shows why we don’t need to enact an expansion of entitlements, like more government healthcare or free college.

 

[johnhugh]

Huge concerns. Wish we would significantly cut spending. The White House’s most recent budget is a start, but would prefer them to be more aggressive. Someone needs to do something about entitlements to move the needle.

Lol

 

[dbjork6317]

Correct me if I’m wrong, but defense spending was only up 0.3% in the WH budget - far below the rate of inflation. Seems like a start?

And defense is around 15% of the federal budget. Entitlements make up like 59% when you factor in SS, Medicare, safety net programs, etc. That’s obviously a much bigger opportunity for savings than anything else.

Also shows why we don’t need to enact an expansion of entitlements, like more government healthcare or free college.

To really dig into entitlements there would need to be big cuts in social security and Medicare. Neither party is willing to take that on.

 

[iceheart08]

How much money is being given to the farm industry?

almost 30 billion.

 

[CU_TrialLawyer]

Bloomberg will cut taxes for lower class and raise for upper.

 

[IcelandTiger]

almost 30 billion.

View embedded media

I’m for cutting that significantly, but we are talking peanuts with a trillion dollar budget

 

[scotchtiger]

To really dig into entitlements there would need to be big cuts in social security and Medicare. Neither party is willing to take that on.

It’s a shame. It’s completely logical to begin adjusting the eligibility age upward. It should be 70+ for any benefits. That would be more in line with the original intent.

 

[scotchtiger]

almost 30 billion.

View embedded media

Wow. So a whole 0.7% of the budget? Probably makes sense to focus there rather than entitlements.

 

[scotchtiger]

Bloomberg will cut taxes for lower class and raise for upper.

How? The lower class doesn’t pay income tax.

 

[IcelandTiger]

Bloomberg will cut taxes for lower class and raise for upper.

Lower class? Do i need to contact my local commissar to see who qualifies?

 

[rjohn19]

It was for everyone, including the middle class.

The only brackets mentioned for this one seem to be down the income scale though, so specifically for middle class.

There is also mention of a $200K cap for the additional tax advantages on non-qualified savings. That clearly excludes even moderately high earners. Not in favor of that.

https://www.marketwatch.com/story/t...-stock-buying-report-2020-02-14?mod=home-page

It was a temporary tax cut for the middle class and a permanent tax cut for upper classes. Coupled with increased spending it was fiscally irresponsible to the nth degree. If you've amassed a billion dollars, the old tax rate was probably not killing you.

What drives an economy is spending and it doesn't matter a whole lot who spends it. Tax breaks for the lower and middle classes get spent. Period. You saw an uptick in growth when the last tax cut hit. All that was due to middle and lower class spending that extra money. Multi-millionaires and billionaires do not help- give them a hundred grand and just adds idly to their piles of existing money. Spend that rich man's cut on public works and you get sustainable money moving in the economy by paying workers directly or the workers of suppliers indirectly.

And if anyone still believes in trickle-down, I've got some prime swampland here in Florida I could be persuaded to part with for the right consideration.

 

[dbjork6317]

It’s a shame. It’s completely logical to begin adjusting the eligibility age upward. It should be 70+ for any benefits. That would be more in line with the original intent.

Would love an opt out option for payroll taxes but obviously not going to happen. Even small cuts to SS/Medicare/military would make big differences.

 

[metalman82]

How bout we tax wealth by up to 8%?

I know it is being invested in the private sector, but I think the government would be more efficient with it. Should turn out great

Name one government program that has been a self sustaining success and efficient.... Good Luck with That. Proven fact that the private sector is far more efficient and innovative in regards to business related endeavors.

 

[IcelandTiger]

Name one government program that has been a self sustaining success and efficient.... Good Luck with That. Proven fact that the private sector is far more efficient and innovative in regards to business related endeavors.

Lol, I thought the sarcasm was obvious. Yes, all evidence shows the private sector is more efficient with money

 

[allorangec]

You would be able to go to have individual retirement accounts when Gen X is in retirement. There are a lot more millennials than there are Gen Xers. More people will be putting into system than taking out

 

[CLEMSON96JDH]

This ploy by trump is blatantly obvious.

 

[Da Swami]

I thought the last tax cut was for the middle class?

Don't under estimate the sheep

Obvious troll is obvious.

You would be surprised by the people that believe this

 

[metalman82]

metalman82 said:

↑



Name one government program that has been a self sustaining success and efficient.... Good Luck with That. Proven fact that the private sector is far more efficient and innovative in regards to business related endeavors.

Lol, I thought the sarcasm was obvious. Yes, all evidence shows the private sector is more efficient with money
[/quote]
I missed the sarcasm. In today’s political landscape you just never know what people are thinking or believe.

 

[FedFan]

You would be surprised by the people that believe this

Sure but consider who you quoted here.

 

[FedFan]

Scotch aint trolling unfortunately.

Wasn't talking about him. Was talking about johnhugh.