Is a one page double spaced list of suggestions count as a tax plan? I think it was in crayon.

-------------------------
“It is the heart of US policy to use fascism to preserve capitalism while claiming to be saving democracy from communism “ - Michael Parenti

Trickle down does not work.

However 15% is not a terrible idea. I am all for it and the tax plan has some good stuff in it. My tax bill was 6k this year - what was yours?



-------------------------
QOP = Terrorists
FK = Gay

I wish mine was 6K.

This suggestion has zero chance in congress.
What's needed is comprehensive reform, not just tax cuts.


-------------------------
"The truth is incontrovertible.
malice may attack it,
ignorance may deride it,
but in the end,
there it is." -Sir Winston Churchill

It kind of depends on how you define tax bill WTF and what your tax situation is. If you are talking about just what you owed for the year, 6k is nothing.

Duel Income No Kids

Both of us earn above the median individually so our household income is way above the median.

No mortgage interest deduction because we got a really low interest rate on the house and didn't go nuts on the house.

Make too much money qualify for deducting her student loan interest.

We flat out get hosed on federal income taxes.

Plus, we paid over 6k in taxes before we sent a penny to the Feds anyway. Property tax, sales tax, fuel taxes, tolls,..................

A large part of the problem is that a handful of super huge multinational corporations keep consolidating and getting more and more powerful. They control most of the wealth in this country and they are hiding that wealth from the tax man and pushing the burden of funding the government down to us poor smoes that derive most of our income from wages. Sure we savers have our penny-ante investments but those aren't where those of us that have started our nest-egg from scratch are getting our income in middle age.

I'm for tax reform including reducing the corporate rate. But that reduction must be contingent upon getting everybody to pay their bills and having the tax burden distributed evenly relative to wealth. If 90% of the population only collectively controls 10% of the weath then they should only carry 10% of the total tax bill. If you try to get 90% of needed revenue out of 10% of the wealth then you are just shackling those people while further favoring the acculumulation of resources in the hands of the oligarchs.

 

 

-------------------------
...

That's on top of the 5 figures we already paid in taxes. Should have mentioned that. Only federal. I am in the 'you are screwed' tax bracket.



-------------------------
QOP = Terrorists
FK = Gay

We mirror you above except we have kids. Even with deductions we owed 6k on top of meaty 5 figure tax bill we already paid. Meanwhile like you mention above, corps get to hide their shit in offshore tax havens. Other items too - carried interest of hedge funds, capital gains tax, etc... all need to be addressed. The tax code is simply not fair.

The estate or 'death tax' is also bullshit. The gov't gets to rob you again after it already taxed the F out of that money? I would like anyone who is in favor of the estate tax tell me how that is fair?


-------------------------
QOP = Terrorists
FK = Gay

That's my point with the single page...where are the details?

What is a business?
What is a corporation?
Do LLC's count?
Are the dozens of current loopholes going to be closed?
What is the contingency plan is some chaos starts a global recession?
What is being cut to afford these massive federal income reductions?

From what I understand, 80% of these cuts will help the wealthy, the rest is split between the other 98% of the country. This is fair and balanced how?

-------------------------
I was right.

wtf

You are correct sir...

Its just not worth the time trouble and effort. Its such a small percentage .

There is a huge industry around setting up all kinds of trusts and like entities to avoid this tax. I don't think there would be much resistance to killing the death tax.

-------------------------
So if you are a surfer I wish you the prosperity that allows you more time to pursue the salt water dream, and the true happiness that comes from warm water, clean waves and the companionship of your fellow surfers. If you are an internet troll just spewing bs then f off.

"I would like anyone who is in favor of the estate tax tell me how that is fair?"

Its fair because only the very wealthy's children have to pay it.

currently
$5.45 Million of inheritance income is exempt, so only the largest 0.2% of estates in the US will have to pay any estate tax.

Calling it "death tax is also bullshit.
It's a tax on gifts to the living.

Getting rid of it would be another big tax break for the rich, that would have to be covered by tax increases for the rest of us.


-------------------------
"The truth is incontrovertible.
malice may attack it,
ignorance may deride it,
but in the end,
there it is." -Sir Winston Churchill

Oh well, looks like you are going to have to start paying your fair share for a change.

-------------------------
I :heart; Q

I understand that while corporate rates are high, given the loopholes the effective corp. rate is much lower. There may be those who benefit more under the current system who will support this plan in public for political theatre while trying to kill it in private.

It wouldn't be the first time the R's propose something for show that they don't really want as a ruse. They act like they're trying to do something conservative and then blame the Ds when it fails according to plan.


-------------------------
“It is the heart of US policy to use fascism to preserve capitalism while claiming to be saving democracy from communism “ - Michael Parenti

from Wikipedia:

The term "death tax"

The caption for section 303 of the Internal Revenue Code of 1954, enacted on August 16, 1954, refers to estate taxes, inheritance taxes, legacy taxes and succession taxes imposed because of the death of an individual as "death taxes". That wording remains in the caption of the Internal Revenue Code of 1986, as amended.[70] The term "death tax" is also a neologism used by critics to describe the U.S. federal estate tax in a way that conveys a negative connotation.

On July 1, 1862, the U.S. Congress enacted a "duty or tax" with respect to certain "legacies or distributive shares arising from personal property" passing, either by will or intestacy, from deceased persons.[71] The modern U.S. estate tax was enacted on September 8, 1916 under section 201 of the Revenue Act of 1916. Section 201 used the term "estate tax".[72][73] According to Professor Michael Graetz of Columbia Law School and professor emeritus at Yale Law School, opponents of the estate tax began calling it the "death tax" in the 1940s.[74] The term "death tax" more directly refers back to the original use of "death duties" to address the fact that death itself triggers the tax or the transfer of assets on which the tax is assessed.

Many opponents of the estate tax refer to it as the "death tax" in their public discourse partly because a death must occur before any tax on the deceased's assets can be realized and also because the tax rate is determined by the value of the deceased's persons assets rather than the amount each inheritor receives. Neither the number of inheritors nor the size of each inheritor's portion factors into the calculations for rate of the estate tax.

Proponents of the tax say the term "death tax" is imprecise, and that the term has been used since the nineteenth century to refer to all the death duties applied to transfers at death: estate, inheritance, succession and otherwise.

Chye-Ching Huang and Nathaniel Frentz of the Center on Budget and Policy Priorities assert that the claim that the estate tax is best characterized as a "death tax" is a myth, and that only the richest 0.14% of estates owe the tax.

Political use of "death tax" as a synonym for "estate tax" was encouraged by Jack Faris of the National Federation of Independent Business during the Speakership of Newt Gingrich.

Well-known Republican pollster Frank Luntz wrote that the term "death tax" "kindled voter resentment in a way that 'inheritance tax' and 'estate tax' do not".

Linguist George Lakoff, a member of Spain's Socialist Party's think tank, states that the term "death tax" is a deliberate and carefully calculated neologism used as a propaganda tactic to aid in efforts to repeal estate taxes. The use of "death tax" rather than "estate tax" in the wording of questions in the 2002 National Election Survey was correlated with an increased support for estate tax repeal by a few percentage points.

In 2016, presidential candidate Donald Trump released a health care plan which used the term "death penalty" in the context of health savings accounts which would pass tax-free to the heirs of an estate.

In July 2006, the IRS confirmed that it planned to cut the jobs of 157 of the agency's 345 estate tax lawyers, plus 17 support personnel, by October 1, 2006. Kevin Brown, an IRS deputy commissioner, said that he had ordered the staff cuts because far fewer people were obliged to pay estate taxes than in the past.



-------------------------
So if you are a surfer I wish you the prosperity that allows you more time to pursue the salt water dream, and the true happiness that comes from warm water, clean waves and the companionship of your fellow surfers. If you are an internet troll just spewing bs then f off.

So, I work my ass off to put my family in a good position for when I die (yes - I plan to be over the exemption). And then that gets taxed after already being subject to tax after tax already? The rate is 40% - sorry but that rate is BS and to me is a gov grab. Sure I can set up a trust, but I should not have to. That money is mine and has already been taxed to fukcin death.



-------------------------
QOP = Terrorists
FK = Gay

wtf

Not just "a" trust. You will need several. You will also need really good and expensive attorney's to make sure you do it right.

Good thing you live in Florida. People are changing their domicile everyday to avoid an additional State death tax. ( ie: New Jersey)

-------------------------
So if you are a surfer I wish you the prosperity that allows you more time to pursue the salt water dream, and the true happiness that comes from warm water, clean waves and the companionship of your fellow surfers. If you are an internet troll just spewing bs then f off.

If your kids are paying an estate tax on the gifts you leave for them, you are dead, you don't have anything anymore.

If your kids are inheriting $6 million in income, then they can afford a higher tax rate on that income.

I wouldn't have a problem with tweaking the rate, or adjusting the threshold upward, but I am so tired of all the people who will never pay inheritance income taxes whining about fictional "death taxes".

-------------------------
"The truth is incontrovertible.
malice may attack it,
ignorance may deride it,
but in the end,
there it is." -Sir Winston Churchill

Lets shift the tax burnden to the sectors that are falling behind to lighten the load for the one sector raking it all in, said the economic geniuses from the swamp.

"The tax rate is determined by the value of the deceased's persons assets rather than the amount each inheritor receives. Neither the number of inheritors nor the size of each inheritor's portion factors into the calculations for rate of the estate tax. "

That should be fixed, but it won't be.


-------------------------
"The truth is incontrovertible.
malice may attack it,
ignorance may deride it,
but in the end,
there it is." -Sir Winston Churchill

I'm pretty well off, so I doubt I will ever have to pay my fair share.

-------------------------
"The truth is incontrovertible.
malice may attack it,
ignorance may deride it,
but in the end,
there it is." -Sir Winston Churchill

I have everything I need, and I don't really mind paying taxes; I just want the money to go helping others and not be redistributed to the defense industry or religious schools, or worse yet pay for a round of golf at Maralago for the DiC.

"Trickle down" has never worked yet somehow 35-45% of american proles fall for it every time.

They will settle for the chance that a crumb might fall from the grinning mouth of capitalism rather than kick over the table and take back the stolen wealth they have created through labor.

I feel May Day coming on...

-------------------------
“It is the heart of US policy to use fascism to preserve capitalism while claiming to be saving democracy from communism “ - Michael Parenti