Trump's Tax Plan

RedDenver said:
Could Republicans unintentionally fix corporate tax loopholes in an attempt to slash corporate taxes?
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Significant changes being tossed around behind closed doors on the tax bill:


Congressional Republicans are in advanced talks to lower the top tax rate for individuals from 39.6 percent to 37 percent as they finalize a massive $1.5 trillion tax package, said three people familiar with the negotiations.

The move follows complaints from wealthy taxpayers in New York and elsewhere that their taxes could go up under the legislation because of other changes it makes to the code.

The change, if finalized, would amount to a major tax cut for the wealthiest Americans. And it would be certain to spark a furious response from Democrats who are unanimously opposed to the legislation which they already have been casting as a giveaway to corporations and the rich.
 

House and Senate negotiators are working to blend legislation passed separately by each chamber, with the aim of voting on a final package next week and sending it to President Trump to sign before Christmas.
 

Lawmakers are also settling on a corporate rate of 21 percent, higher than the 20 percent corporate rate passed by each chamber, but still a massive decrease from the current 35 percent corporate rate.

And they are moving toward allowing homeowners to deduct interest on mortgages up to $750,000, higher than the $500,000 that the House bill allowed.
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For me the biggest change is the drop in the top rate, particularly for the reasons stated... "complaints from wealthy taxpayers." I'm sure there are some folks set to benefit from the mortgage interest deduction cap being raised as well.

I tend to think the GOP have simpler, more cohesive, more emotionally effective messaging than the Dems. But, boy, are they misreading the room on this tax bill. They're really setting themselves up to be the saviors of the rich and the enemies of everyone else.



 
Rubio could stand for something if he cared to, but I suspect he's too amped up at the larger picture of passing this dream tax bill to make too much of a fuss over these things.

He voted for it. He probably will again.

 
I'm sure he will.  He an Sen. Lee sponsored and amendment basically making the Corporate tax 1% smaller and using that money to help with the Child Tax Credit.  It failed to pass 29-71.  Good article about it on National Review.  I'm sure if he were President and wanted this in the tax cut plan, it would be in there.  Hence my stating that I wish he would have won the nomination/presidency.

 
Dbqgolfer said:
I'm sure he will.  He an Sen. Lee sponsored and amendment basically making the Corporate tax 1% smaller and using that money to help with the Child Tax Credit.  It failed to pass 29-71.  Good article about it on National Review.  I'm sure if he were President and wanted this in the tax cut plan, it would be in there.  Hence my stating that I wish he would have won the nomination/presidency.
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I think this kind of brings up an interesting point about the Trump Presidency.  In a normal world, a President would have to put some kind of "signature" on the bill.  They would have something they ran on in it so they could rest on it.  Trump doesn't have that, he never has given specific plans or ideologies.  So, like many have said, this has no direction.  Trump is okay with whatever, as long as it's Republican.  The problem is that not all Republicans will agree (see Rubio tweet).  This, along with Trump, should be a disaster moving forward.  I'm just hoping there is someone in the RNC that can slow this disaster down a little.

 
funhusker said:
I think this kind of brings up an interesting point about the Trump Presidency.  In a normal world, a President would have to put some kind of "signature" on the bill.  They would have something they ran on in it so they could rest on it.  Trump doesn't have that, he never has given specific plans or ideologies.  So, like many have said, this has no direction.  Trump is okay with whatever, as long as it's Republican.  The problem is that not all Republicans will agree (see Rubio tweet).  This, along with Trump, should be a disaster moving forward.  I'm just hoping there is someone in the RNC that can slow this disaster down a little.
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I personally think he just doesn't want to upset the apple cart.

I think somewhere along the line, someone planted the seed "20% corporate tax rate" was the most important goal in his head. He decided it was a tremendous idea & 20% was a nice, round number that was easy to grasp and hock to people, and here we are.

There's also the fact that Trump doesn't really give a crap about the middle class or certainly the lower class. It's prudent to remember he's never really interacted with any of them outside of rallies or hocking his own crappy products & actually made a living stiffing them in the form of contractors and others with whom he did business. Given he never really had to interact with them & probably doesn't have any real friends in the middle/lower classes, why would he care what the tax bill does to them? Of course, a rational president would want to pass a tax bill that was, you know, popular... but Trump ain't that. He has a very strong penchant for just doing whatever he wants, consequences be damned.

It's fairly evident that for all their rhetoric, the GOP who actually structured this bill doesn't appear to care about the middle or lower classes all that much, either. But if they did, they wouldn't have tilted so egregiously towards the upper class and ultra-wealthy. They also wouldn't have tried to shred healthcare for the lower and middle classes. Sure, they doubled the standard deduction. But they seem to be existing in a universe where they've imbibed their own rhetoric too heavily and have begun to believe it lock, stock & barrel. They reject the analyses that predict this bill isn't structured well enough to not underwhelm & tack trillions onto the debt because, well... liberals obviously have the facts wrong and they don't like those mathy types.

Trump doesn't dare inject reservations into the debate. He knows he can just blather lie after lie about what the bill will do instead and a certain portion of the population will lap it up. Besides, if they had to restructure it, it might cost him personally something like the repeal of the estate tax or alternative minimum tax, which both benefit him tremendously. I'm operating under the cynical assumption he merely wants a bill to pass & to personally benefit financially as much as possible, while the rest of the details are frivolous and ancillary.

The most disappointing thing is the utter lack of anyone in the GOP standing up to Trump. Several people have the power to bring this damn thing to a screeching halt and get whatever recessions they want. But they fear his tweeting fingers and meekly watch something they don't really like chug along. Nobody will stand up to this guy. The closest we've got are a couple of soon to be retirees, a woman operating on a good-faith handshake deal with a couple proven liars & a war hero likely to soon shuffle off this mortal coil with most likely terminal brain cancer. 

 
funhusker said:
I think this kind of brings up an interesting point about the Trump Presidency.  In a normal world, a President would have to put some kind of "signature" on the bill.  They would have something they ran on in it so they could rest on it.  Trump doesn't have that, he never has given specific plans or ideologies.  So, like many have said, this has no direction.  Trump is okay with whatever, as long as it's Republican.  The problem is that not all Republicans will agree (see Rubio tweet).  This, along with Trump, should be a disaster moving forward.  I'm just hoping there is someone in the RNC that can slow this disaster down a little.
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dudeguyy said:
I personally think he just doesn't want to upset the apple cart.
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I personally think it's that he has absolutely no clue what he's talking about so, either he realizes that or people around him have realized that and told him to shut his mouth and don't say anything about specifics.  They had to throw something out there, so the easiest thing to do is just say...."We are going to drop the corporate tax rate to 20% and give everyone the biggest tax cut in the history of the world."

He would have absolutely no clue how to talk about specifics and if he did, it would look like the Roy Moore representative interview with Jake Tapper.

So.....Funhusker, is right in that he will trumpet and sign anything that comes to his desk written by Republicans.

 
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what if a democrat disguised himself as a republican and wrote a quick tax bill and dropped it on donnies desk to sign?   it's crazy enough that it just might work.

 
commando said:
what if a democrat disguised himself as a republican and wrote a quick tax bill and dropped it on donnies desk to sign?   it's crazy enough that it just might work.
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It probably would work, since that's kind of how he got elected; life-long democrat, disguised himself as a republican (i think a poor disguise); won the nomination/presidency.  A lot of people had to be fooled for it to work, but, here we are.

 
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