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Trump's blatant lie about the tax cut

Discussion in 'BBS Hangout: Debate & Discussion' started by adoo, Dec 20, 2017.

  1. adoo

    adoo Member

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    Like other top 1% of Americans, President Donald Trump stands to gain hundreds of millions of dollars from provisions likely to end up in the bill.

    These provisions in the bill cater to the millionaires/billionaires, in particular, RE developers
    • Eliminating the alternative minimum tax, capping the tax rate on pass-through income and
    • abolishing the estate tax would all likely boost the Trump family's bottom line by hundreds of millions
    Still, Trump told the public that the bill "is going to cost me a fortune."






    And while it's difficult to gauge exactly how much Trump stands to benefit from the bill, given that he refuses to release his tax returns, a partial return from 2005 offers a good starting point.

    It's also unclear exactly what any final bill will contain — the House and Senate each have their own versions, and the Senate's final version has yet to be released. Nonetheless, the broad outlines of the bills are known.

    Below are some of the ways Trump, his family, and their trusts and LLCs could benefit most from the passage of a GOP tax bill.

    And while it's difficult to gauge exactly how much Trump stands to benefit from the bill, given that he refuses to release his tax returns, a partial return from 2005 offers a good starting point.

    It's also unclear exactly what any final bill will contain — the House and Senate each have their own versions, and the Senate's final version has yet to be released. Nonetheless, the broad outlines of the bills are known.

    Below are some of the ways Trump, his family, and their trusts and LLCs could benefit most from the passage of a GOP tax bill.

    Eliminating the alternative minimum tax

    Trump's accountants use sophisticated methods to keep Trump's tax bill as low as possible, and Trump himself has admitted that for several years in the 1990s, he paid no personal federal income tax at all. The alternative minimum tax is designed to ensure that wealthy people can't use deductions and losses to avoid paying any taxes at all. According to data from The Washington Post, in 2005, the alternative minimum tax increased Trump's tax bill by $31 million, from $5.3 million to $36.5 million.

    Both the House and Senate tax reform bills include eliminating the AMT, potentially saving the president tens of millions of dollars a year in taxes.

    Capping the top tax rate for pass-through income

    Most of the Trump family's 500-plus individual companies are set up as partnerships and limited liability corporations — the types of businesses that pass income to their owners, and which the owners pay individual income tax rates on, rather than corporate rates. The House version of the tax reform bill caps the top tax rate for pass-through income at 25 percent, which is significantly lower than the top rate for individual income earned through wages, which is 39.6 percent.

    In 2005, Trump reported $109 million in income from closely held partnerships and small businesses. At a 40 percent individual tax rate, Trump owed $43.6 million in taxes on the income. But at the new, lower rate of 25 percent, Trump would have owed more than $27 million in taxes, a savings for him of more than $16 million. Over a decade, Trump could potentially save hundreds of millions of dollars in taxes by paying the new, lower rate.

    Eliminating the estate tax

    Here's the biggie. Both the House and the Senate are proposing an eventual elimination of the estate tax, which currently applies only to individual estates worth more than $11 million. Trump, according to Forbes, is worth $3.1 billion, although the president claims to be worth much more.

    Using Forbes' figure, the Republican plan to eliminate the estate tax would save Trump's heirs as much as $1.24 billion.

    That would be enough money to fund the entire children's health insurance program, known as CHIP, for America's three poorest states for two years. Congress has yet to reauthorize the CHIP program for 2018, after it was allowed to lapse earlier this year.



    https://www.cnbc.com/2017/12/01/heres-how-trump-stands-to-benefit-from-the-republican-tax-bill.html
     
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  2. B-Bob

    B-Bob "94-year-old self-described dreamer"

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    One of his more digusting lies, but it's getting hard to rank them.

    He lies every time he opens his tiny, disgustingly puckered mouth and waves his tiny hands.
     
  3. edwardc

    edwardc Member

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    In case some haven't notice that's what he does lies and grabs women by the *ussy.
     
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  4. conquistador#11

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    Fake dudes. I mean fake news. My president, who has the most tremendous track record in big business would never lie to benefit him! The trump family always come through never debunk on loans. But if they did, I mean it's just bankruptcy everyone does it.
     
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  5. pirc1

    pirc1 Contributing Member

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    Trump lies? You don't say.
     
  6. NewRoxFan

    NewRoxFan Contributing Member

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  7. R0ckets03

    R0ckets03 Contributing Member

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    It's sad that his fans just turn a blind eye to this.
     
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  8. DaDakota

    DaDakota If you want to know, just ask!

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    Tax cuts for PEOPLE expire, Tax cuts for corporations are permanent - COME ON...this is a blatant rip off of the middle class.

    Trickle down doesnt' work, never has worked, never will work, it is a failed policy.....can we please get some reasonable people in congress?

    DD
     
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  9. edwardc

    edwardc Member

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    It's not failed to the rich they will be richer than ever now.
     
  10. JuanValdez

    JuanValdez Contributing Member

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    I don't have a big problem with the tax cut for corporations (except how to pay for it). I think the economic argument there of having global businesses operate out of the US is a good one, as is the idea that lower tax burdens make more investments possible. However, it should have been paired with much higher taxes on the wealthy, not lower taxes. All these tax benefits for the rich are going to magnify the wealth disparity in this country. The benefits to capital and labor in the division of wealth was already tipping too far in favor of capital because of globalization, mechanization, and digitization. It is probably unprecedented in history that the owners have such a strong hand vis-a-vis the people who perform the work. This tax reform gives even more of the wealth to capital. We are going to have a handful of mega supra stupid rich people and a whole whole lot of poor people. That isn't politically sustainable and it will probably end in a very violent and chaotic way that isn't really ideal for anyone. That's the thing that most bothers me about this tax reform. When we should have been reforming to reduce wealth disparity, we decided to increase it.
     
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  11. Deckard

    Deckard Blade Runner
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    Good point about the increasing disparity between the wealthy class and every other class in this country, although I have a big problem with the permanent corporate tax cuts. I disagree with you there. Just wait. Those responsible for it will use the inevitable huge deficits to argue for slashing the social safety net that is so critical to 10's of millions of Americans.

    That there are still some deluded chumps bending over backwards to support an abuser of women and a compulsive liar, who is busy lining his own pockets with this farcical and very damaging tax cut stupidity at the expense of the middle class and the working class, while equally busy destroying our international system of alliances that have kept the globe, at an enormous cost in blood and treasure, from having a 3rd world war for over 70 years, is simply astonishing, in my humble opinion. They are stabbing themselves in the back and haven't got a clue that they are doing so.
     
    #11 Deckard, Dec 21, 2017
    Last edited: Dec 21, 2017
  12. NewRoxFan

    NewRoxFan Contributing Member

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    I suspect that now that corporations have their permanent tax cut, they will continue to move out operations at roughly the same pace as before. They will find some other reason to do so... cheaper labor force, lower costs of property/buildings, infrastructure, whatever. trump and the republicans will have shot their tax cut wads jobs and we will be no better off with respect to jobs and wages, and we will be seeing an even greater disparity between "haves" and "have nots" and an even larger deficit.
     
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  13. Cohete Rojo

    Cohete Rojo Contributing Member

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    I agree about corporate taxes. Middle class income earners, in some cases, rely on their own corporation's income for their income.

    However, the so-called inequal tax cuts for the rich are not going to create "wealth disparity" - we already had it regardless of tax rate. Let's be honest here, rich people like Bill Gates do not become rich because of tax laws.

    And as far as supply and demand of labor, I think this brings us in agreement - for now. Though you certainly know that my view is that immigration and offshoring is too blame for this massive disparity in wealth. We should therefore reform immigration to combat disparity.
     
  14. Rocket River

    Rocket River Member

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    Part of my disdain for Democrats is they do alot of temporary ****
    and then allow the republicans to permanently f8ck **** up

    seems almost planned

    Rocket River
     
  15. Rocket River

    Rocket River Member

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    I was told me. . .the 1st step in becoming rich is keeping what you get
    So the Rich work to keep their money instead of taxes while taxing the isht out of the middle class and poor

    Rocket River
     
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  16. bigtexxx

    bigtexxx Contributing Member

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    Liberals are so gruntled! I'm dying laughing at their desperation.

    as a friendly reminder, you are welcome to pay the IRS more if you're not in favor of tax cuts! (or are you a hypocrite?...)
     
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  17. Deckard

    Deckard Blade Runner
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    Democrats had next to nothing to do with this tax bill, RR. What exactly have Democrats done in the way of a lot of temporary **** that you don't like? All the executive orders President Obama put out that were progressive and beneficial to the American people? If that's what you're thinking of, it wasn't because the President didn't want legislation passed that would prevent the next "president" or "Chump currently in the Oval Office" from reversing those executive orders after the next election. Obama did it that way because he couldn't get anything through Congress, due to GOP obstruction after Democrats lost their majority.

    Perhaps I'm just not understanding you?
     
  18. wizkid83

    wizkid83 Contributing Member

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    Do you think tightening immigration would actually reduce offshoring or increase it?
     
  19. Rocket River

    Rocket River Member

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    They SQUANDERED their Majority and got nothing done. . .then spent the rest of the term b****ing about not having the majority
    They were sent to the white house with a mandate . . . .they ****ed it off trying to coddle and placate and reach across the isle
    NOTICE . . NONE OF THAT IS HAPPENING NOW!!!

    Rocket River
     
  20. krnxsnoopy

    krnxsnoopy Contributing Member

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    Trump's mouth has two shapes. One that looks like an anus, and one that looks slightly more like an anus.

    But that makes him smart!
     
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