More Giveaways to the TOP 1% Scheduled Under a Trump Admininstration
Tax Schedule "giveaways" to be precise.
Top Earners Would See Bigger Tax Cuts Under Trump Plan
Effective marginal income tax rates on wages and salaries would be reduced by about 2 percentage points, on average, under Donald Trump’s tax plan compared to current law, the Tax Policy Center says. The top 0.1 percent of earners would see a cut of over 7 percentage points, but those with the lowest incomes would see less than a 1-percentage-point cut.
Income Percentile Current Rate Proposed Rate Tax Cut (Percentage Points)
Lowest quintile 2.3 1.7 -0.6
Second quintile 15.6 14.9 -0.8
Middle quintile 19.2 17.5 -1.7
Fourth quintile 20.1 18.5 -1.7
Top quintile 31.1 27.9 -3.2
Top 1 percent 38.8 32.3 -6.5
Top 0.1 percent 39.5 32.2 -7.3Source: Tax Policy Center
Credit: Brittany Mayes/NPR
Who Benefits From Donald Trump's Tax Plan?
npr.org -- November 13, 2016
Before he's done catering to "his base," DJT is going to make GWB look like a piker.
Before he's done making America "grate" again.
That NPR link has other data and tables about the slated Trump Tax changes. (Nice of them to report on this AFTER the fact, eh?)
Comments
Where, indeed ...
The Alan Parsons Project -- Games People Play
https://www.youtube.com/watch?v=SLi7Ljcy6n8&list=RDSLi7Ljcy6n8
Half a lifetime ago
I was working with a Brit who asked me to explain the election.
I sez "Step 1, get rid of the Democrats. Step 2, get rid of the Republicans".
The problem was that the neoliberal imperial Democrats came back. So now we have to get rid of them again to create a space for a peoples' party to rise. Keep burning the neoliberal house down until there is nothing left but ashes. Burning down the house to kill the roaches works, but it's a high price to pay.
As the slogan goes, freedom isn't free. There's always a price to be paid. His name is Trump and he's leading a zombie army that will terrorize the country for 2-4 years. That's the cost of being duped by Obama and letting the Clintons slink back. House should have been definitively cleaned after Gore lost, but we failed.
We can't afford to fail again.
"The greatest shortcoming of the human race is our inability to understand the exponential function." -- Albert Bartlett
"A species that is hurtling toward extinction has no business promoting slow incremental change." -- Caitlin Johnstone
How do you propose we do this? We need to solve climate change
now, not years from now when maybe we have a third party in place of the Dems.
Please check out Pet Vet Help, consider joining us to help pets, and follow me @ElenaCarlena on Twitter! Thank you.
I intend to spend my tax savings
buying laundry detergent at the Family Dollar Store.
In a single shopping spree!
Trump isn't diverging a whole lot from what our entitlement-cutting neolibs want.
I remember the Grand Bargain that almost happened.
"We'll know our disinformation program is complete when everything the American public believes is false." ---- William Casey, CIA Director, 1981
I don't pay income taxes any more
But with my Social Security costvof living increase I might not even be able to affordca caramel machiatto at Starbucks. Hell, maybe not even a coffee at the corner Cuban restaurant, where coffee goes for $5.
Mundus vult decipi, ergo decipiatur.
No offense to the OP, but
I am going to try hard to take ALL "mainstream media reports" with a grain of salt, and that includes NPR. They were all, every last one of them, completely in the tank for Her Heinous. So of course the gloom and doom is going to ramp up accordingly, in efforts to undermine the guy SHE LOST to out of the gate.
Mind you, this is no defense of Trumpsky--I have no doubt the majority party wants to give shit away to their buddies at the top. But I'm not taking any actual numbers reported seriously until I see it on an actual budget submission. Far as I'm concerned, the Corporate Information Services are going to all do their level best to scare the bejesus out of all of us, IN SENSURROUND (which is really loud, if you weren't around in the 1970s) about how bad Trump will be. It's what they do.
But I had an idea--and so far it's bearing out--that all News about the POTUS-elect will have an extra layer of bone-chilling slopped on top of it. You know, as punishment for not selecting Their Queen.
So will Senate Dems roll over and die?
I think it takes 60 votes to move things forward in the senate (unless Harry managed to change all the rules).
Are they already caving?
“Until justice rolls down like water and righteousness like a mighty stream.”
maybe
this is just a trial balloon? I don't expect those are going to stop, either.
The Grand Experiments on the minds of the populace will surely not be going away anytime soon....
Chuck Schumer is going to be minority leader
" In the beginning, the universe was created. This has made a lot of people very angry, and is generally considered to have been a bad move. -- Douglas Adams, The Hitch Hiker's Guide to the Galaxy "
I love me some Mr. Fish.
But damnnnn. He has gotten very dark in the last couple of months.
Regardless of the path in life I chose, I realize it's always forward, never straight.
Most Senators will profit from this,
much more then their pesky constituents. Everybody in Media/Propaganda World will have forgot about it by the time the deficit quadruples.
Beware the bullshit factories.
Rather meaningless, though.
The book rate for income taxes is meaningless. Cutting the top rate by 7.3% sounds like a big deal but the reality is virtually nobody pays the book rate. It's the effective rate that matters, and until that is fixed, our tax system remains unfair.
Exactly
Taking away 7% of 0 is still 0. The only way it could possibly change is if some people decide that paying 7% less of what they should be paying already means it's worth paying their taxes instead of paying nothing. I see the likelihood of that happening being about the same as the likelihood of a Trump U degree being the deciding factor of someone getting a job.
Thanks for this 'tax reform' essay. As legislation moves
through the Lame Duck, I am concerned that the Administration will use this session to get some of their primary (and worst) Grand Bargain planks pushed through.
While I am dead against many of DT's tax reform proposals (including abolishing the Estate Tax, lowering the corporate and business tax rates to 15%, etc.), I hope that folks haven't forgotten the extreme cuts for corporations and 'the wealthy' which are contained in the DP's Cat Food Commission's 2010 proposal. (parts of which have implemented in dribs and drabs, for almost 6 years).
As a reminder, here's what US Rep Jan Scahkowsky (IL) had to say about the B-S tax cuts in a Reuters Op-Ed,
[Re-paragraphed, for emphasis.]
So, I'm hoping that the Progressive Community will watch for, and push back on, any tax reform/entitlement cut bills that might be included in an end-of-the-year Ombudsman Bill.
I have a gut feeling that we're getting ready to take a reaming!
Mollie
“I believe in the redemptive powers of a dog’s love. It is in recognition of each dog’s potential to lift the human spirit and therefore– to change society for the better, that I fight to make sure every street dog has its day.”
--Stasha Wong, Secretary, Save Our Street Dogs (SOSD)
The SOSD Fantastic Four
Available For Adoption, Save Our Street Dogs, SOSD
Everyone thinks they have the best dog, and none of them are wrong.
This is the real irony of Trump the "outsider"
He is so enamored of the failed public policies that personally enriched him over the years. Many that voted for Trump were so thrilled that he was the guy from outside the beltway...so unlike Hillary...a man of the people.
One thing he will be able to get done quickly is tax cuts. This will come with some spending off sets like SS, medicare, Food stamps etc. The cuts will still result in big deficits, just like St Ronnie gave us.
Maybe Hillary was worse on foreign policy and global trade, but we are totally screwed on domestic issues like the economy, civil rights, environment etc. Just look at the right wing political rejects, Wall Street toadies and -GASP- beltway insiders Trump is surrounding himself with.