Utopia Talk / Politics / Trump: Another tax cut for the rich

murder Member	Tue Jul 31 12:02:28 Here’s who wins and loses if capital gains are indexed to inflation By Robert Schroeder Published: July 31, 2018 12:35 p.m. ET Trump administration mulling bypassing Congress A move being contemplated by the Trump administration to let Americans account for inflation in determining their capital gains tax liabilities would overwhelmingly benefit the wealthy. A study released in the spring from the University of Pennsylvania’s business school shows the top 0.1% of earners, in particular, would reap more than 60% of the tax cut, according to the school’s model. The middle class, by contrast, gets a mere 0.1%. The move would cost $102 billion over 10 years, according to the Penn study. Since the White House is considering making the move using administrative powers, it would not have to be financed through tax increases or spending cuts. Related: These 10 numbers reveal the average American’s financial health — how do you compare? Treasury Secretary Steven Mnuchin told the New York Times his agency will look at the tools it has to execute the move on its own, “if it can’t get done through a legislation process.” Read: Trump administration weighs $100 billion tax break for capital gains. Such an examination of Treasury’s powers has been done before, by the administration of President George H.W. Bush, the Times noted in its story. The administration concluded the Treasury didn’t have the power to act on its own. Seizing on the report, Senate Minority Leader Charles Schumer said on Twitter that “everyone knows this must be done by legislation.” He added that Congress wouldn’t pass such a proposal if considered. Analysts at Keefe, Bruyette & Woods noted Congress could indeed pass legislation addressing the issue. But, they were skeptical about it going anywhere soon. “We do not think we would see Democratic buy-in on this issue and therefore do not see a clear path forward for tax legislation such as this proposal in the near-term future,” they wrote. http://www...-inflation-2018-07-31?mod=bnbh
murder Member	Tue Jul 31 12:03:05 "Trump administration mulling bypassing Congress" This should be amusing. ;o)
Forwyn Member	Tue Jul 31 12:04:22 muh class warfare
yankeessuck123 Member	Tue Jul 31 12:14:31 I mean, for it to be warfare, the rest of us would need to be fighting back.
murder Member	Tue Jul 31 12:23:18 ^ yup
hood Member	Tue Jul 31 16:10:52 Yankee, Trump would say that second amendment rights might be the only way to fight back.
Y2A Member	Tue Jul 31 21:37:23 Class war against the people who actually work instead of living life off of investment income from inherited assets.
kargen Member	Tue Jul 31 22:14:29 Of course it benefits the wealthy they are the ones with the money. Top one percent pays 50% of the taxes so it stands to reason when there is a cut they are the ones that benefit.
murder Member	Tue Jul 31 22:25:32 Which explains why they are the ones with the money, and the ones paying the taxes.
Dukhat Member	Tue Jul 31 23:01:49 It's nice that when the rich rape you, you always compartmentalize it by calling it class warfare. There's a difference between creating a business-friendly environment on a level playing field and being the bitch of a kleptocrat. But hard idealogues are always trying to oversimplify a complicated world through their own myopia.
Forwyn Member	Tue Jul 31 23:17:52 Speaking of oversimplification: "Here’s who wins and loses" REEE THE RICH BENEFIT MORE FROM THIS THAN ME We can have a discussion on a proper tax system and the most beneficial targeting of it. As we can see, an OP such as this doesn't really spur that.
Dukhat Member	Tue Jul 31 23:19:25 It's a $100 billion tax cut for the rich that doesn't spur economic growth and increases the deficit. You're a fucking retard.
kargen Member	Tue Jul 31 23:22:52 My idea of a proper tax system would be a two tiered flat tax based on actual earnings or income. No deductions no added taxes such as estate taxes. Just a flat income tax.
Forwyn Member	Wed Aug 01 00:07:29 "doesn't spur economic growth" Most government spending doesn't, either. "increases the deficit" Weird how D's suddenly started caring about the deficit on Jan 20, 2017. Right around the same time R's stopped caring.
Forwyn Member	Wed Aug 01 00:08:04 "You're a fucking retard." Coming from Captain Counter-Strike, that's a compliment.
Dukhat Member	Wed Aug 01 00:08:56 "Most government spending doesn't, either. " Hey we all agree to cut the military but how else would we breed another generation of "libertarian" idiots like you? The normal economy doesn't allow for full employment of stubborn white men otherwise.
Dukhat Member	Wed Aug 01 00:09:40 Considering every Democratic president has cared about the deficit while literally no Republican president except George H. Bush; you're again, a fucking retard.
Dukhat Member	Wed Aug 01 00:10:01 George H. Bush has*;
murder Member	Wed Aug 01 06:55:23 "We can have a discussion on a proper tax system and the most beneficial targeting of it. As we can see, an OP such as this doesn't really spur that." You don't think that a tax cut on income that is already favorably taxed for people that are already favorably taxed is a scandal?
LazyCommunist Member	Wed Aug 01 07:03:47 kargen: "Top one percent pays 50% of the taxes so it stands to reason when there is a cut they are the ones that benefit." which isn't true anyway but: article: "shows the top 0.1% of earners, in particular, would reap more than 60% of the tax cut" They rape you. Yes I mean you kargen. They rape you in your bloody ass and you still try to defend them.
kargen Member	Wed Aug 01 14:03:31 Again they have more money so of course they would benefit more from a tax cut. If a store is having a sale 10% off on everything in the store the person spending a hundred dollars is going to benefit more than a person spending one dollar. Doesn't make the sale unfair. We need to get rid of the complicated tax laws we have now and go with a flat tax on all realized income.
murder Member	Wed Aug 01 14:09:26 We have to go with a flat tax on all income.
Sam Adams Member	Wed Aug 01 15:30:21 "the rest of us would need to be fighting back." People with free bread and iphones will never revolt.
kargen Member	Wed Aug 01 16:20:17 Thought I might clarify what I mean by realized income. Right now if I am given a rare painting or by chance catch a record setting home-run baseball the government decides how much that ball or painting is worth and then charges a tax on it. Realized income would be the income you gain when the painting or baseball sells. If I choose to keep the baseball and never sell it I don't pay tax on it. Soon as it is sold I pay a tax on what it sold for. That is realized income.
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