7 ms·

So he's going to lower taxes on the wealthy, drop taxes on businesses, increase spending on military, destroy our national parks to extract oil, and lay off fed

by tw04 10y ago

So he's going to lower taxes on the wealthy, drop taxes on businesses, increase spending on military, destroy our national parks to extract oil, and lay off federal employees. This is going to help the middle class and the uneducated who are struggling through... magic. None of the lobbying stuff will ever see the light of day. The term limits won't happen. He's going to repeal the "illegal" Obama executive orders but leave the Bush ones in place because... they're illegal but he likes them? The immigration thing will happen and result in massive backlash if I had to guess. None of the reforms will ever happen because he doesn't have the power to enact any of it, and the Republicans are NEVER going to agree to that when they're currently in power. His justice choice will never in a million years overturn Citizens United which is literally the only affect he could have on political corruption.

samfisher83 10y ago
The president doesn't make the tax plan congress does, but given he has a republican congress he can get a lot of those things passed.
- tw04 10y ago
  That's the point, he'll get the things passed that are going to hurt the country, and the only things that are actually GOOD ideas will sit on the floor because congress is never going to vote to limit its own power.
  - krige 10y ago
    So four more years of Obama?
giarc 10y ago
>A middle-class family with two children will get a 35% tax cut. He's basically Oprah with tax cuts. Kidding aside, I think all politicians promise wide tax cuts, and this "contract" was written prior to him winning. So take most with a grain of salt.
- mememachine 10y ago
  It certainly doesnt seem like a dem. tradition
danenania 10y ago
He's (unfortunately) going to have a LOT of leverage over Congress. One word to his minions and he can instantly remove over 50% of any Republican's support. They are terrified of provoking him.
- bdavisx 10y ago
  How is he going to remove their support - Paul Ryan was still reelected against Trump's wishes.
  - bbctol 10y ago
    As disliked as Paul Ryan is by Trump followers around the country, his actual seat is very safe. There are plenty of Republicans relying on the Trump coalition, though.
TuringNYC 10y ago
You are arguing that he wont do/be-able-to-do things which GOP silent supporters (large corporations) dislike. That is probably a safe bet. However, he can still do crazy things that all his supporters wont care about, such as skewering minorities, Muslims, etc -- I doubt there will be any objection from either his populist support or GOP financial support.
chrischen 10y ago
He is pushing protectionist trade policies (backing out of NAFTA, punishing China for currency manipulation, backing out of TPP, etc) that will probably have the biggest income on low-skill jobs that will help the lower and middle classes at the expense of profits for businesses.
RealGeek 10y ago
> A middle-class family will get a 35% tax cut. I did some back-of-the-envelope calculation to figure how our taxes could change for various income levels for married joint filers. This does not factor in any deductions. Nobody is getting a 35% tax cut. Tax rate for middle-class families will go down by around 1% only, and taxes will go up for low-income families by 2%. Single tax filers will also see an increase in taxes. The biggest tax cuts will actually go the highest income earners, tax rate will go down by 6.42% for someone who makes $10 million. Maybe that is what Trump calls the middle-class? Trump's proposed tax brackets vs current brackets $18,000 Current: $1,800 (10%) Trump: $2,160 (12%) Change: + $360 (2%) $36,000 Current: $4,472 (12.42%) Trump: $4,320 (12%) Change: - $152 (0.42%) $75,000 Current: $10,322 (13.76%) Trump: $9,000 (12%) Change: - $1,322 (1.76%) $120,000 Current: $21,542 (17.95%) Trump: $20,250 (16.87%) Change: - $1,292 (1.08%) $250,000 Current: $57,913 (23.16%) Trump: $45,750 (18.3%) Change: - $12,163 (4.86%) $500,000 Current: $143,665 (28.73%) Trump: $11,1750 (22.35%) Change: - $31,915 (6.38%) $1 million Current: $341,666 (34.16%) Trump: $293,250 (29.32%) Change: - $48,416 (4.84%) $10 million Current: $3,905,666 (39.05%) Trump: $3,263,250 (32.63%) Change: - $642,416 (6.42%)
- aliston 10y ago
  Virtually nobody making 10 million a year pays a 39% tax rate. They likely take most of their comp as stock and pay the long term capital gains rate. If they're in finance/VC, they are taking full advantage of carried interest. They have financial planners who structure their portfolio to favor low-tax investments. They form S-Corps and trust funds to defer tax liability, get paid in distributions, write off all sorts of business expenses, use real estate to offset gains with depreciation, carry forward every conceivable loss, tax loss harvest etc. etc. etc. This is how Warren Buffett, Mitt Romney and Trump end up paying < 20% effective rates. The people hit hardest by "tax the wealthy" politicians are folks making large salaries (engineers, doctors, lawyers...). The mega-wealthy like Mark Zuckerberg make $1 a year in salary. If you really want to go after the wealthy, you need to tax wealth, not ordinary income and go after the complexity of the tax code.
  - RealGeek 10y ago
    > If you really want to go after the wealthy, you need to tax wealth, not ordinary income Trump has promised several more yuuge tax breaks and loopholes to wealthy: - Repeal alternative minimum tax - Repeal estate tax - Reduce capital gains tax - Reduce business tax rate to 15% eliminate the corporate alternative minimum tax. A wealthy individual could just make an LLC, and funnel all his money into it and enjoy the 15% tax rate while working folks pay regular income tax of 33%.
vehementi 10y ago
I thought this was post-election but it's just his propaganda from a few weeks ago. Nothing should really be taken any more seriously than anything else he's talked about
kdamken 10y ago
For the tax cuts, seems like it'd be pretty helpful for the lower and middle classes from what he's posted here - https://www.donaldjtrump.com/policies/tax-plan https://www.donaldjtrump.com/policies/tax-plan

by tw04 10y ago

samfisher83 10y ago

The president doesn't make the tax plan congress does, but given he has a republican congress he can get a lot of those things passed.

tw04 10y ago
That's the point, he'll get the things passed that are going to hurt the country, and the only things that are actually GOOD ideas will sit on the floor because congress is never going to vote to limit its own power.
- krige 10y ago
  So four more years of Obama?

giarc 10y ago

>A middle-class family with two children will get a 35% tax cut. He's basically Oprah with tax cuts. Kidding aside, I think all politicians promise wide tax cuts, and this "contract" was written prior to him winning. So take most with a grain of salt.

mememachine 10y ago
It certainly doesnt seem like a dem. tradition

danenania 10y ago

He's (unfortunately) going to have a LOT of leverage over Congress. One word to his minions and he can instantly remove over 50% of any Republican's support. They are terrified of provoking him.

bdavisx 10y ago
How is he going to remove their support - Paul Ryan was still reelected against Trump's wishes.
- bbctol 10y ago
  As disliked as Paul Ryan is by Trump followers around the country, his actual seat is very safe. There are plenty of Republicans relying on the Trump coalition, though.

TuringNYC 10y ago

You are arguing that he wont do/be-able-to-do things which GOP silent supporters (large corporations) dislike. That is probably a safe bet. However, he can still do crazy things that all his supporters wont care about, such as skewering minorities, Muslims, etc -- I doubt there will be any objection from either his populist support or GOP financial support.

chrischen 10y ago

He is pushing protectionist trade policies (backing out of NAFTA, punishing China for currency manipulation, backing out of TPP, etc) that will probably have the biggest income on low-skill jobs that will help the lower and middle classes at the expense of profits for businesses.

RealGeek 10y ago

> A middle-class family will get a 35% tax cut. I did some back-of-the-envelope calculation to figure how our taxes could change for various income levels for married joint filers. This does not factor in any deductions. Nobody is getting a 35% tax cut. Tax rate for middle-class families will go down by around 1% only, and taxes will go up for low-income families by 2%. Single tax filers will also see an increase in taxes. The biggest tax cuts will actually go the highest income earners, tax rate will go down by 6.42% for someone who makes $10 million. Maybe that is what Trump calls the middle-class? Trump's proposed tax brackets vs current brackets $18,000 Current: $1,800 (10%) Trump: $2,160 (12%) Change: + $360 (2%) $36,000 Current: $4,472 (12.42%) Trump: $4,320 (12%) Change: - $152 (0.42%) $75,000 Current: $10,322 (13.76%) Trump: $9,000 (12%) Change: - $1,322 (1.76%) $120,000 Current: $21,542 (17.95%) Trump: $20,250 (16.87%) Change: - $1,292 (1.08%) $250,000 Current: $57,913 (23.16%) Trump: $45,750 (18.3%) Change: - $12,163 (4.86%) $500,000 Current: $143,665 (28.73%) Trump: $11,1750 (22.35%) Change: - $31,915 (6.38%) $1 million Current: $341,666 (34.16%) Trump: $293,250 (29.32%) Change: - $48,416 (4.84%) $10 million Current: $3,905,666 (39.05%) Trump: $3,263,250 (32.63%) Change: - $642,416 (6.42%)

aliston 10y ago
Virtually nobody making 10 million a year pays a 39% tax rate. They likely take most of their comp as stock and pay the long term capital gains rate. If they're in finance/VC, they are taking full advantage of carried interest. They have financial planners who structure their portfolio to favor low-tax investments. They form S-Corps and trust funds to defer tax liability, get paid in distributions, write off all sorts of business expenses, use real estate to offset gains with depreciation, carry forward every conceivable loss, tax loss harvest etc. etc. etc. This is how Warren Buffett, Mitt Romney and Trump end up paying < 20% effective rates. The people hit hardest by "tax the wealthy" politicians are folks making large salaries (engineers, doctors, lawyers...). The mega-wealthy like Mark Zuckerberg make $1 a year in salary. If you really want to go after the wealthy, you need to tax wealth, not ordinary income and go after the complexity of the tax code.
- RealGeek 10y ago
  > If you really want to go after the wealthy, you need to tax wealth, not ordinary income Trump has promised several more yuuge tax breaks and loopholes to wealthy: - Repeal alternative minimum tax - Repeal estate tax - Reduce capital gains tax - Reduce business tax rate to 15% eliminate the corporate alternative minimum tax. A wealthy individual could just make an LLC, and funnel all his money into it and enjoy the 15% tax rate while working folks pay regular income tax of 33%.

vehementi 10y ago

I thought this was post-election but it's just his propaganda from a few weeks ago. Nothing should really be taken any more seriously than anything else he's talked about

kdamken 10y ago

For the tax cuts, seems like it'd be pretty helpful for the lower and middle classes from what he's posted here - https://www.donaldjtrump.com/policies/tax-plan https://www.donaldjtrump.com/policies/tax-plan