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Trump US Tax reform thread 2017
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mgf 
Posted 9/27/2017 8:28 PM


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Trump outlines major tax cut plans

US President Donald Trump has called for major tax cuts as part of a longstanding Republican effort to overhaul the US tax system.

A framework released by Republicans calls for lowering the tax rate for corporations from 35% to 20%, among other changes.

The president said the revamp will make the US more competitive and help middle class families.

Democrats criticised the plan as a give-away for the wealthy.

The Republican blueprint does not detail what tax benefits might be eliminated to offset the cost of the cuts - negotiations that are likely to be difficult.

The Chamber of Commerce, an influential business group that has pushed for reform, said it would remain engaged during the "hard decisions" ahead.

What cuts are in the Republican tax plan?

For businesses:

Reduce corporate rate from 35% to 20%
Change tax on overseas profits
A top 25% rate for firms organised as "pass-through entities", such as limited liability corporations

For families:,

Nearly double the amount individuals and families can deduct to $12,000 and $24,000
Increase tax credit for children
Introduce a new tax credit for non-child dependents
Eliminate a tax on inheritances

'A relic'

President Trump said he wanted to simplify the system, lower the burden on middle class families and make the US more competitive.

"Our country and our economy cannot take off like they should unless we dramatically reform America's outdated, complex and extremely burdensome tax code," he said.

Currently, the bottom rate is 10% and the top rate is close to 40%.

Democrats said the changes will hurt middle class families, particularly lower income, single parents with children.

"He's talking the talk but he's not walking the walk," said Senator Chuck Schumer of New York, a top Democrat.

Mr Schumer also said the cuts would increase the deficit, putting entitlement programmes such as Medicare and Social Security at risk.
Deficit-financed cut

The Committee for a Responsible Federal Budget, a nonpartisan think tank, said a rough analysis suggests the proposal would lead to $2.2tn in net cuts over about a decade.

The Trump administration maintains that closing loopholes will help offset revenue loss, but the plan does not specify what benefits will be eliminated.

Lawmakers plan to preserve tax incentives for homeownership, retirement, education, as well as research and development.

White House officials said they intend to erase deductions for state and local taxes, among others.

Trump dines with Democrats to talk tax

Trump: 'It's time' for tax reform - Trump

US tax reform: Tough task for Trump

President Trump said the lower tax rate for business will spur growth, helping to cover the cost.

But economists maintain that growth will not be enough to close the gap. They expect the plan to add to the US debt, which has already passed $20tn.

"It is clear that much more work needs to be done to ensure tax reform is fiscally responsible," the Committee for a Responsible Federal Budget said. "Given today's record-high levels of national debt, the country cannot afford a deficit-financed tax cut."
Building momentum

Republicans are looking for a policy win, after failing to reform US healthcare.

The Trump administration had earlier pledged to achieve tax reform before the end of August.

But it has been tough to reach agreement on even the broad goals released on Wednesday, many of which are familiar from earlier proposals.

Republican leaders presented a united front on Wednesday, pledging to make changes this year while they control both the White House and Congress

Among the changes, Republicans would slim the number of tax brackets to three - with people charged at a 12%, 25% or 35% rate.

What incomes would qualify for each rate is still unknown.
mgf
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"Trump policies of canceling everything, withdrawing from everything spending money on building up his military Space Force for a war in space in preference over increasing its minimum wage or feeding his own people will come back & bite him in his big blond ass, hard! .
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mgf 
Posted 12/4/2017 4:04 AM


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If the following happens between now and the next 6 or so years,

The company executives and CEO's award them self's massive pay increases/rises,
the low and middle US income earners get slugged more income tax
if the US debt deficit increases rather then decrease,just to name a few

Then this tax reform, like the Health care bill will haunt the Republican party for many years.


mgf
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"Trump policies of canceling everything, withdrawing from everything spending money on building up his military Space Force for a war in space in preference over increasing its minimum wage or feeding his own people will come back & bite him in his big blond ass, hard! .
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mgf 
Posted 12/5/2017 7:25 PM


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In Australia

Mr Fraser, who was the head of Treasury for five years before serving as RBA governor from 1989 to 1996, is one of 75 prominent Australian economists and academics who have joined forces to pen an open letter deeply critical of the cut to some Sunday penalty rates.

Cuts will undermine household incomes and growth

The letter – signed by leading economists from universities, think tanks and consultancies across the country – says the decision will not deliver any meaningful boost to employment and will ultimately undermine household incomes and national economic growth.

"While it is doubtful that lower penalty rates will result in any measurable increase in total employment in the retail and hospitality industries there is no doubt that this decision will reduce incomes for some of the most insecure and poorly paid workers in the economy," it reads.

But the widely respected Mr Fraser – who served both Liberal and Labor governments as a public servant for 35 years – has gone even further, extending his criticism to the government and the business community for supporting the cuts.
"It was another illustration of what I'm afraid is an increasing trend towards unfairness in so many ways in policy matters," Mr Fraser said. "Some people now have much more than they really need and so many more have not even enough to get through.
"And you contrast that with the government's position to commit – at this stage – $25 billion to reduce company taxes. Who are the recipients of those cuts?

"The main recipients will be the dividend holders – not traditionally a disadvantaged, vulnerable section in the community. And the other people who will benefit will be the senior executives of those companies giving themselves bonuses.
"All the while the vulnerable people are being squeezed at the other end."

There's no mention of clawing back the unpaid taxes Prime Minister Malcolm Turnbull alluded to on radio. Photo: Andrew Meares
While he says he respects the Fair Work Commission's independence, Mr Fraser suggested the strong submissions from the business community led them to the wrong decision.

He also says the company tax cuts will deliver minuscule benefits off "in the never never". Meanwhile the inequality gap is only widening as the ruling class looks after themselves rather than the vulnerable and needy.
Genuine gains in income and wealth eroded

The genuine gains in income and wealth of the 1960s, '70s and '80s are being steadily eroded.
"Since the late '80s it's all reversed and it's getting worse and that worries more in terms of implications for opportunities and for the way different groups are going to struggling the future and the broader consequences for society might be.

"We're not quite at the danger point yet but we're moving in that direction – and that's a real worry."
The penalty rate letter was organised by Stephen Koukoulas, managing director of Market Economics and former economics adviser to Julia Gillard.

He says consumer spending is the main driver of employment in the retail and hospitality industries, not wage fluctuations, and the cut will only lead to increased welfare payments and reduced income tax revenues.
The letter also warns the precedent established by the commission's decision will embolden other employers to invoke the same rationale for lower penalty rates.



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mgf 
Posted 12/5/2017 7:35 PM


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Also in Australia,

Taxes must be raised to balance budget, Bernie Fraser and John Edwards tell Government

Financial heavyweights Bernie Fraser and John Edwards are united in calling on the Government to increase taxes if it wants to balance the budget.

Both believe there are flaws in Treasurer Scott Morrison's assumptions of a surplus by 2021 and say some radical changes are needed to address future spending.

Taxing the rich more and hitting all Australians with the Medicare levy is the only reliable way the Federal Government will reach its surplus goal, according to Dr Edwards, former Reserve Bank board member and leading economist.

He also welcomed Opposition Leader Bill Shorten's plan to take the tax rate for those earning more than $180,000 to 49.5 per cent permanently, an idea slammed by Dr Edwards' former boss Paul Keating, who labelled it a punitive tax gouge.

"I don't think a change of 2 cents in the dollar on very high incomes is going to make quite that much difference," Dr Edwards told The Business.

The bank levy does not trouble him and he praised the Government's "courage to recognise we need tax increases"

It is on the bank levy that the two men part.

"It looks like a populist policy based essentially on the unpopularity of the banks and it's an easy target for the Government to raise revenue," Mr Fraser, a former RBA governor, said.

"It won't hurt the economy in any obvious way but it won't lead to a sustainable society that politicians talk about wanting, a more prosperous and fair society."

When put to him that the Government believed it was fair the banks should pay a levy particularly given the taxpayer support they receive, Mr Fraser suggested the tax should be across the board.

"If Scott Morrison believes it is OK to chase big profits, then it should also look to pharmaceutical, mining, technology companies to name a few," he said.

"If there is this kind of capacity there that the Treasurer thinks that there is in the banks [to pay more tax] then it is elsewhere, and a fair tax would not be discriminatory on the unpopularity of the banks but would actually pursue [them all]."

Levy won't up playing field for smaller banks
He suggests a progressive company tax, similar to the income tax system, where the more a business earned the more it paid.

Levy won't up playing field for smaller banks
He suggests a progressive company tax, similar to the income tax system, where the more a business earned the more it paid.

"It's at least worth thinking about, we already have two rates of tax for business based on turnover," he said.

Bernie Fraser says if the Government must introduce a ley, banks should not be the only sector targeted. (AAP: Alan Porritt)
He backed former Treasury boss and now NAB chairman Ken Henry's calls for an inquiry into the bank levy, if the reports that the Government did not consult with industry or regulators were true.

"If there hasn't been appropriate consultation, that's a no no if the Government wants to make significant changes to taxation, if they don't consult adequately with all the stakeholders before they determine what they are going to do … that is a serious mistake and governments run a real risk in getting things wrong," he said.

Mr Fraser dismissed the argument the levy would even up the playing field for smaller banks, saying that would only happen if the big banks increased their lending rates dramatically as a result, which he did not believe would happen.

The temptation for future governments to raise the bank levy to plug budget holes would be too great to resist, Mr Fraser said, because there was nothing to stop them.

"There is no clear coherent framework for determining budgets, for determining government spending and revenue measures, and that's the problem — everything is ad hoc, in large part driven by ideologies and lobbyists," he said.





mgf
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mgf 
Posted 12/6/2017 2:35 AM


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"Trump policies of canceling everything, withdrawing from everything spending money on building up his military Space Force for a war in space in preference over increasing its minimum wage or feeding his own people will come back & bite him in his big blond ass, hard! .
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mgf 
Posted 12/6/2017 2:45 AM


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"Trump policies of canceling everything, withdrawing from everything spending money on building up his military Space Force for a war in space in preference over increasing its minimum wage or feeding his own people will come back & bite him in his big blond ass, hard! .
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Posted 12/6/2017 2:47 AM


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"Trump policies of canceling everything, withdrawing from everything spending money on building up his military Space Force for a war in space in preference over increasing its minimum wage or feeding his own people will come back & bite him in his big blond ass, hard! .
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mgf 
Posted 12/22/2017 4:49 PM


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Trump signs tax bill into law

US President Donald Trump has signed into law a $2.1 trillion tax overhaul package.

The move cements his biggest legislative victory yet with the President touting the size of the tax cut before signing it in the Oval office.

He said he was going to wait to sign it until after Janurary 1 but changed his mind.

The legislation slashes the corporate rate from 35 per cent to 21 per cent, while providing temporary reductions to middle class and low-income families.

The President also approved a short-term spending bill that averts a possible government shutdown.

It is the first major overhaul of the nation's tax laws since 1986, with the two pieces of legislation marking President Trump's most significant accomplishment since he took office.

Critics say the move is designed to benefit the wealthy at the expense of the national deficit.

President Trump states the overhaul is 'for the middle class, and for jobs.'


mgf
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mgf 
Posted 1/12/2018 2:50 PM


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To save him self embarrassment in the future, Sylvester left this out in this topic and decided to instead hide it instead in the other huge thread possibly to hide the record so it wouldn't be tracked in the future. hahaha.

Sylvester wrote,

..."Wal Mart announced entry level wage being raised nationwide and Waste Management the folks who pick up your trash recycling giving out 2k bonuses to 34k employees both companies citing Trump driven tax reform.Now get back to discussion about innauguration crowd sizes Trump incompetence DACA and the poor 30 yr old children etc etc etc ..."...

my the reply was,


..A small bump in the market. Hasn't transitioned yet into the wider US job market. Come back to the topic when you can find out how much $ the executives awarded them self's on top their existing high wage.
mgf
girlongirlscreencaps.blogspot.com.au


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"Trump policies of canceling everything, withdrawing from everything spending money on building up his military Space Force for a war in space in preference over increasing its minimum wage or feeding his own people will come back & bite him in his big blond ass, hard! .
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Posted 1/12/2018 3:22 PM


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See my response in that other thread.
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