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Trump Seeks Tax Hike on Wealthy Earning $2.5 Million or More

Chomsky said:
What's "amusing"?

The Dems have been pressuring Trump, and he seems to capitulating to them.

Dems got what they wanted.

And it looks like something similar may happening with Trump's push for a Crypto bill:

Here:

(CNN) Senate Democrats block first-of-its-kind bill regulating cryptocurrency amid concerns over Trump’s crypto dealings

(CNN) Senate Democrats block first-of-its-kind bill regulating cryptocurrency amid concerns over Trump’s crypto dealings -- Senate Republicans were largely united in their support for the legislation, and even received a visit from David Sacks, the White House’s czar on AI and cryptocurrency...
debatepolitics.com debatepolitics.com
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I'm very against CBDC. Not sure if it was part of the proposed legislation, or not, but skeptical and leery of cryptocurrency full stop, much less a cryptocurrency controlled by the government / fed.
Seems they have their hands already full trying to manage the currency which is already under their control.
 
Bullseye said:
There are already tax cuts for low earners in the plan as there has been since Trump's first term.
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Aren't those tax cuts the ones which are set to expire? Needing to be extended or made permanent?
If so, I'm inclined to support their being extended or made permanent.
 
dmpi said:
It works both ways. Rich people can be sued and fined so they have to act responsibly. Poor people have nothing, they cannot be sued. Fining them is useless too. They can act anyway they want. The whole costly judicial system is to control the people who can't or won't act responsible.
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Typical MAGA response - the rich are such victims and the poor people are evil.
 
Trump isn't calling for a tax increase on anyone. What he said is that he would accept one if Congress added it to his one big beautiful bill. He also said he did not think it was a good idea to add that in it.
 
If they're serious about extending the 2017 tax cut mostly for the rich, they will need to find revenue if some Republicans are somewhat fiscally responsible.

"Administration officials have discussed several options for doing so, including allowing the top tax rate to revert back to Obama-era levels. Treasury Secretary Scott Bessent has also floated creating a tax bracket for those earning more than $5 million per year."

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Airyaman said:
And here I thought tariffs were going to replace income tax.
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For those making less than $200K

Airyaman said:
Huh.

I'm surprised the naysayers aren't mentioning this: "according to people familiar with the discussion."
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It's unconstitutional though, right? Creating a new tax bracket for the extremely wealthy denies them due process, and Orange Man Bad - right?
 
jpn said:
If they're serious about extending the 2017 tax cut mostly for the rich, they will need to find revenue if some Republicans are somewhat fiscally responsible.

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I knew I could count on the radical left to be outraged...

HOW DARE TRUMP TAX THE RICH!

You can't make this shit up.

I tell you, Trump needs to come out in favor of breathing, it will solve most of the problems America faces.
 
Uncensored2008 said:
I knew I could count on the radical left to be outraged...

HOW DARE TRUMP TAX THE RICH!

You can't make this shit up.

I tell you, Trump needs to come out in favor of breathing, it will solve most of the problems America faces.
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Trump isn't going to tax the rich. He'd never go against all his elitist billionaire friends and cabinet members.
Don't you worry, the precious rich are safe.
 
If anyone is truly interested in curing our fiscal problems, we need to let the 2017 Trump tax bill expire and raise the highest tax bracket a few percentage points.

Even that won't get the budget to balance, but it would be a great start.

Meanwhile Trump's insane tariffs are a regressive tax, hitting the lowest income Americans the hardest.
 
Uncensored2008 said:
For those making less than $200K



It's unconstitutional though, right? Creating a new tax bracket for the extremely wealthy denies them due process, and Orange Man Bad - right?
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???

Weird strawman.
 
dobieg said:
If Trump gets this passed, it will be wildly popular.
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It needs to be a bigger hike. Donald once claimed he could pay down the debt. This wimpy little hike is not enough to do it. He needs to get aggressive with this if he really wants it to accomplish anything meaningful. Otherwise it's just a passing story that has little effect on the problem. If he does this and gets it through, it opens the door for more of it. If he doesn't do it, he leaves the door wide open for Democrats to campaign on doing the right thing and taxing the rich enough to really make a difference in the federal budget.
 
Uncensored2008 said:
I knew I could count on the radical left to be outraged...

HOW DARE TRUMP TAX THE RICH!
Click to expand...

Uncensored2008 said:
You can't make this shit up.

I tell you, Trump needs to come out in favor of breathing, it will solve most of the problems America faces.
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"extending the 2017 tax cut mostly for the rich" is their already making shit up. Why would they stop?
 
aociswundumho said:
The left will call Trump a fascist because of this.
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Not me. I approve of taxing the rich more. This hike simply is not enough to get the job done.

Republicans have now tried cutting government as much as they dare and they found out the budget cannot be balance through cutting alone.

Now, all the Republican bullshit about government being too big is out the window. America is now realizing it has to be tax hikes. The poor can't pay any more. The middle would be hurt too much, leading to a damper on economic growth. It has to be the rich. The rich have to suck it up and pay for this country they get more economic return out of than anybody else.
 
dobieg said:
What do you believe the threshold should be?

People who live in areas like NYC or SF in the $2.5 million club already have a combined tax burden of +50%. Add in the astronomical cost of housing and regular cost of living and what originally seemed like a lot is a whole lot smaller.

Not that I would shed any tears if the threshold was $1 million or so. Just curious what you think.
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Example of one, just one very wealthy person taxed into poverty by taxes being too high?

Can't find one?

Not surprised.

Republican BS hits the pavement with a thud.

Where is that photo of AOC wearing that beautiful white dress with big red letters all over the back: "Tax The Rich?"
 
dobieg said:
Come'on Chomsky, do you really believe that?


When in our lifetimes have Republicans ever capitulated on raising taxes on the rich?
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Apparently it just happened.
 
dobieg said:
What do you believe the threshold should be?

People who live in areas like NYC or SF in the $2.5 million club already have a combined tax burden of +50%. Add in the astronomical cost of housing and regular cost of living and what originally seemed like a lot is a whole lot smaller.

Not that I would shed any tears if the threshold was $1 million or so. Just curious what you think.
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Well, at my income level I see 40% taken in taxes from bigger checks.

Could we make the 1%s taxes scale up like that? I don’t get to itemize anymore, so they shouldn’t. If corporate persons get to write off all of their “living expenses” (rent, utilities etc, “food”) I should too.
 
I will believe a Trump tax hike for the rich when it actually happens.
A tax hike isn't really a tax hike though if he's given them hundreds of billions and then takes back 5 billion.
 
NuffSaid said:
Trump isn't going to tax the rich. He'd never go against all his elitist billionaire friends and cabinet members.
Don't you worry, the precious rich are safe.
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It wasn't me melting down over the proposal.

Trump needs to come out in favor of breathing, it will solve most of the problems America faces.
 
Uncensored2008 said:
So he was just trolling you?

He sure got the DP left up in arms opposing taxes on the very wealthy.

Trump plays the left like a fiddle.
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He was lying, like usual. The goal is to slash Medicaid, not tax the rich.
 
dmpi said:
It works both ways. Rich people can be sued and fined so they have to act responsibly. Poor people have nothing, they cannot be sued. Fining them is useless too. They can act anyway they want. The whole costly judicial system is to control the people who can't or won't act responsible.
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Except that their lawyers can pay people off, are generally more powerful, simply available at a price that they can get them, unlike many at lower levels. You can't legitimately sue someone if you can't afford a lawyer willing to take on such a powerful entity, especially if it will cost you so much more money to do so, and you have much more to lose if you fail than the person you're suing. It is not a fair process.
 
dmpi said:
Do the wealthy get rich because of the goverment or despite of the goverment?
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The government makes it possible.
 
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