Trump's tax plans

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Peter1469
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Trump's tax plans

Postby Peter1469 » Fri Nov 25, 2016 9:04 pm

For some in middle class, Trump plan would mean tax increase

Trump's tax plan would save most in the middle class money. It will however cost some significant amount- those who can currently claim head of household status. Typically you file married or single. For married people you can also file married filing single- which is the worst position to be in- you get raped in taxes. A subset of this is head of household- usually granted for a single mother who has a dead beat husband.
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President-elect Donald Trump's proposals would modestly cut income taxes for most middle-class Americans. But for nearly 8 million families — including a majority of single-parent households — the opposite would occur: They'd pay more.

Most married couples with three or more children would also pay higher taxes, an analysis by the nonpartisan Tax Policy Center found. And while middle-class families as a whole would receive tax cuts of about 2 percent, they'd be dwarfed by the windfalls averaging 13.5 percent for America's richest 1 percent.

Trump's campaign rhetoric had promoted the benefits of his proposals for middle-income Americans.

"The largest tax reductions are for the middle class," said Trump's "Contract With the American Voter," released last month.

The tax hikes that would hit single parents and large families would result from Trump's plan to eliminate the personal exemption and the head-of-household filing status. These features of the tax code have enabled many Americans to reduce their taxable income.

His other proposed tax changes would benefit middle- and lower-income Americans. But they wouldn't be enough to offset those modifications.

"If you're a low- or moderate-income single parent, you're going to get hurt," said Bob Williams, a fellow at the Tax Policy Center.

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Re: Trump's tax plans

Postby Peter1469 » Fri Nov 25, 2016 9:07 pm

Off the top of my head I can only assume Trump is going after head of household because it isn't a strong voting block and it is an easy way to save money. But that is just a guess. I have no idea what they are thinking.

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Re: Trump's tax plans

Postby Sweetchuck » Fri Nov 25, 2016 9:45 pm

Money has to get back into the hands of the middle class for a number of reasons, one of the more important ones is that the middle class drives the consumption part of the economy.

It has to come from somewhere - either growth or wealth.

I don't think Trump is going to tax wealth.
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Re: Trump's tax plans

Postby Peter1469 » Fri Nov 25, 2016 9:56 pm

Sweetchuck wrote:Money has to get back into the hands of the middle class for a number of reasons, one of the more important ones is that the middle class drives the consumption part of the economy.

It has to come from somewhere - either growth or wealth.

I don't think Trump is going to tax wealth.

Growth is what to shoot for. Take less in taxes from more people.

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Re: Trump's tax plans

Postby Sweetchuck » Fri Nov 25, 2016 10:14 pm

Peter1469 wrote:
Sweetchuck wrote:Money has to get back into the hands of the middle class for a number of reasons, one of the more important ones is that the middle class drives the consumption part of the economy.

It has to come from somewhere - either growth or wealth.

I don't think Trump is going to tax wealth.

Growth is what to shoot for. Take less in taxes from more people.


The sudden spike in the market is indicative of anticipated growth but it has to happen.

Shrinking gubmint would stimulate growth also IMO.

I don't think Trump is going to struggle in this department, I just wonder if he understands the public sector side of the equation enough. This is where choosing his cabinet will either make or break him.
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Re: Trump's tax plans

Postby Peter1469 » Fri Nov 25, 2016 10:20 pm

I agree. The one thing that Trump may do is give the economy a break and allow it to grow. Hillary and the other politicians chock the economy out of ignorance.

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Re: Trump's tax plans

Postby Sweetchuck » Fri Nov 25, 2016 10:23 pm

Peter1469 wrote:I agree. The one thing that Trump may do is give the economy a break and allow it to grow. Hillary and the other politicians chock the economy out of ignorance.


The leftist establishment looks at the middle class as unharvested resources.

That's the difference, Trump looks at them the same way but from an incentive standpoint.

Not that he has a heart for the middle class, he just understands the economic math better.
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Re: Trump's tax plans

Postby Peter1469 » Fri Nov 25, 2016 10:38 pm

I think that you are correct.

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Re: Trump's tax plans

Postby Tahuyaman » Wed Dec 14, 2016 10:32 pm

Peter1469 wrote:I agree. The one thing that Trump may do is give the economy a break and allow it to grow. Hillary and the other politicians chock the economy out of ignorance.


I don't know that it's out of ignorance. The way to grow an economy is not a mystery. I don't think most liberal politicos actually want a growing economy which creates more wealth within the private sector. They want an economy to just eke by and provide a benefit only to a select few.

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Re: Trump's tax plans

Postby Peter1469 » Wed Dec 14, 2016 11:48 pm

Tahuyaman wrote:
Peter1469 wrote:I agree. The one thing that Trump may do is give the economy a break and allow it to grow. Hillary and the other politicians chock the economy out of ignorance.


I don't know that it's out of ignorance. The way to grow an economy is not a mystery. I don't think most liberal politicos actually want a growing economy which creates more wealth within the private sector. They want an economy to just eke by and provide a benefit only to a select few.


Maybe so- to keep a strong welfare class who tend to vote (D) by default.


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