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

[Peacenik]

Well that's something you need to work on. Progressive taxation punishes success, and success is not something which should be punished.



It depends on how they earn their income. People who are genuinely productive - those creating value, innovating, or building businesses - already contribute enormously to society. If you really want to maximize societal benefit, don’t tax them - leave the money in their hands. It’s far more useful there than in the hands of some idiot politician who’ll blow it on nonsense. If you believe in efficient capital allocation, Mr. Superproductive beats a geriatric politician who can barely use email any day of the week, month, or year.

Tax the rich, tax the rich, tax the rich.

That's the only way we are going to pay for our country.

So what's the impact?

They have to give up another diamond chandelier in their villa on the French Riviera?

Pshsht.

 

[Peacenik]

Typical MAGA response - the rich are such victims and the poor people are evil.

Yeah, and the poor are poor because it's their own damned fault for 'being stupid,' and 'making poor choices in life.'

Such as being born into a family of cross-generational poverty that has no idea how to instill confidence nor success into their young.

Such a "bad decision..."

 

[The AntiDonald]

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?"

She's always had the right idea !!!

 

[Uncensored2008]

He was lying, like usual. The goal is to slash Medicaid, not tax the rich.

It appears the goal was to get the left to meltdown in opposition to raising taxes on the rich - which they predictably did..

Trump plays you like a fiddle.

Trump needs to come out in favor of breathing, it will solve most of the problems America faces.

 

[Peacenik]

That was fast.

Trump pivots, says GOP should ‘probably not’ raise taxes on rich

As usual, Donald is trying to have it both ways.

He always wants to position himself to take credit for anything good, but have an out if it's not popular.

He is such a populist ass.

 

[Gatsby]

It would be so amusing if Trump undercut Democrats and hiked taxes on the rich to pay for tax cuts for the middle class.

If Trump actually convinces MAGA hats to vote for a tax hike on rich people, that will actually be an accomplishment for which he will deserve credit. I'll believe it when I see it though.

Perhaps if Demcorats weren't such flaming idiots they would get back to their roots of being for the working man and actually do something useful for the middle class on taxes.

So you agree that the standard Democratic view that taxes are too low on rich people is useful for the middle class, and that the standard Republican view that taxes are too high on rich people is not useful for the middle class. OK, that's progress. Would have been nice if MAGA hats could reach that conclusion on their own, instead of waiting for their cult leader to tell them to flip on this though. But I'll take it!

You might want to hold off on worshipping Trump until *after* he actually accomplishes something. "Seeking" a tax hike (supposedly) isn't actually the same as cajoling Congress and signing one into law.

 

[Greenbeard]

It appears the goal was to get the left to meltdown in opposition to raising taxes on the rich - which they predictably did..

Trump plays you like a fiddle.

Huh? I said above that backing off the gutting of Medicaid and raising taxes on the rich would make it a palatable bill. But correctly predicted it was just a lie.

 

[dmpi]

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.

The whole personal injury lawyer industry is based on the little guy suing the big guy. Judging by how many of these lawyers are out there I would argue that the little guy has equal if not more access to lawyers than the big guys. Both sides must pay for their legal representation.

 

[roguenuke]

The whole personal injury lawyer industry is based on the little guy suing the big guy. Judging by how many of these lawyers are out there I would argue that the little guy has equal if not more access to lawyers than the big guys. Both sides must pay for their legal representation.

No. It is about the "little guy" suing the medium guys o those at the same level even, not the big guys.



If you are in an accident (most common personal injury lawsuit), is it really you suing some big company, or are you suing the guy who likely makes about the same as you on average?

 

[Gatsby]

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.

Maybe I've missed it (admittedly I skimmed the thread) but I haven't heard any liberals say they would be outraged if Trump taxed the rich.

 

[Gatsby]

"extending the 2017 tax cut mostly for the rich" is their already making shit up. Why would they stop?

The 2017 tax cut is, in fact, mostly for the rich. If you want to extend solely the comparatively small portion of the tax cut for the poor and middle-class, great, let's extend that. I'm on board with that.

 

[Greenbeard]

Maybe I've missed it (admittedly I skimmed the thread) but I haven't heard any liberals say they would be outraged if Trump taxed the rich.

The libs would be so owned if Trump taxed the rich!

 

[Gatsby]

Forcing the Marxists to openly oppose raising taxes on the very rich. And they really have no choice, if he actually does it, it will severely undercut them.

Trump plays them like a fiddle - every time.

So he was just trolling you?

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

 

[eohrnberger]

The 2017 tax cut is, in fact, mostly for the rich.

Yes, yes, this is what the left constantly claims, however . . .

Indeed.

In fact:

How many times have you heard President Joe Biden or Sens. Elizabeth Warren (D-MA) and Bernie Sanders (I-VT) berate the Trump tax cuts as “a giveaway to the rich?”​

​

Biden and congressional Democrats now want to let expire major planks of the Tax Cuts and Jobs Act of 2017, former President Donald Trump's signature domestic achievement, particularly the incentives for American businesses to invest more here at home.​

​

We now have incontrovertible evidence that after five years since they took effect, the Trump tax rate cuts of 2017 raised revenues over this time period. For full disclosure, I should note that I worked with fellow economists Larry Kudlow, Arthur Laffer, and Kevin Hassett together on that plan, which went into effect on Jan. 1, 2018.​

​

The latest Congressional Budget Office report released earlier this month calculated that the federal government collected $4.9 trillion of federal revenue last year. This was up — ready for this? — almost $1.5 trillion since 2017, the year before the tax cuts became law.​

​

In other words, revenues were up 40% in five years. The evidence through the first three years of the tax cut finds that the share of taxes paid by the wealthiest 1% rose as well. So much for this being a tax giveaway for the rich.​

It’s official: Trump’s tax cuts paid for themselves - Washington Examiner

Opinion It’s official: Trump’s tax cuts paid for themselves By Stephen Moore January 20, 2023 09:05 AM Twitter LinkedIn Facebook Email Print Opinion It’s official: Trump’s tax cuts paid for themselves By Stephen Moore January 20, 2023 09:05 AM Twitter LinkedIn Facebook Email Print How many times...

www.washingtonexaminer.com

Further supported by:

Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, which, according to many on the left, have benefited disproportionately and unfairly from the 2017 tax reform law passed by Republicans and signed by former President Trump. The latest data, however, proves that this claim is pure mythology.​

​

Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans' tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.​

​

A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans' Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.​

MSN

I think this liberal talking point and apparently false claim about the Trump tax cuts needs to be accepted as debunked now.
The same as State legislation addressing issues with the 2020 election being 'Jim Crow 2.0', and the same as Biden inherited a 9% inflation rate on his entering office.

. . . those talking points don't appear to align with the data above.

 

[eohrnberger]

Further supported by:

Overall, federal revenues came in slightly higher in FY 2018 — up 0.5%.
Spending, on the other hand, was $127 billion higher in fiscal 2018. As a result, deficits for 2018 climbed $113 billion.

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts

Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal 2018.

www.investors.com

People you have no one to blame except yourself for voting in people to congress that can't control themselves when it comes to spending your money.

with yet further support by:

Just nonsense. The lie that democrats tell about who pays taxes and tax cuts not helping the middle class is bullshit. Plenty of data that says the opposite but you will not hear or see it on partisan CNN or MSNBC broadcast news.

ICYMI: IRS Data: Middle Class Americans Saw Biggest Tax Reduction from Trump Tax Cuts | U.S. Senator Chuck Grassley of Iowa

By Alex HendrieAmericans for Tax ReformPublished September 22, 2020 The IRS has released 2018...

www.grassley.senate.gov

Studies: Trump tax cuts helped lower income families, Build Back Better helps wealthier Americans

(The Center Square) – Democrats have argued that the tax reforms implemented through the 2017 Tax Cuts and Jobs Act (TCJA) only benefited the rich, and that the Build Back

www.thecentersquare.com

Opinion | The Trump Tax Cuts Were Not ‘Tax Cuts for the Rich’

The most significant benefits accrued to working- and middle-class filers.

www.wsj.com

It's also bullshit that the rich don't pay taxes.
In 2020, the bottom half of taxpayers earned 10.2 percent of total AGI and paid 2.3 percent of all federal individual income taxes. The top 1 percent earned 22.2 percent of total AGI and paid 42.3 percent of all federal income taxes.

In all, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $723 billion in income taxes while the bottom 90 percent paid $450 billion.

Summary of the Latest Federal Income Tax Data, 2023 Update

The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.

taxfoundation.org

So I'm skeptical of the left's claims to the contrary.

If you want to extend solely the comparatively small portion of the tax cut for the poor and middle-class, great, let's extend that. I'm on board with that.

 

[RaleBulgarian]

Does it cause you real physical pain that Trump might be the one who taxes the rich and gives to the middle class instead of your beloved liberals?

Yes, it must be that double reverse whirlwind psychology.

Ignorant shit talk talk noted.

Traitor Trump’s 2017 Tax Cuts and Jobs Act disproportionately advantaged corporations and the wealthiest Americans with permanent tax cuts while providing comparatively small temporary tax cuts for the vast majority of Americans.

The most likely reason for Traitor Trump’s recent public talk of raising, or returning to pre-TCJA tax rates, the personal tax rates on highest earning Americans is because he will need Dem support to make permanent several provisions in TCJA that are set to expire at the end of this year.

 

[ashurbanipal]

This thread is a great example of extremists not actually listening to their opponents in the slightest...

 

[Gatsby]

We now have incontrovertible evidence that after five years since they took effect, the Trump tax rate cuts of 2017 raised revenues over this time period. For full disclosure, I should note that I worked with fellow economists Larry Kudlow, Arthur Laffer, and Kevin Hassett together on that plan, which went into effect on Jan. 1, 2018.

Conservatives always say that tax cuts raised revenue and it's almost never true (unless taxes were initially at some ridiculously high level). Whenever there's a study arguing this, one can be sure that Art Laffer's name is on it somewhere. He is the avatar of right-wing crank economics, just as Stephanie Kelton is the avatar of left-wing crank economics (both of whom get to similar conclusions that we can get something for nothing).

There are no free lunches. We aren't going to cut taxes AND raise revenue.

 

[eohrnberger]

Conservatives always say that tax cuts raised revenue and it's almost never true (unless taxes were initially at some ridiculously high level).

Again, the fact remains that US federal government revenues increased after those tax cuts.
US federal government tax revenues have been going up since 2009.

U.S. Federal Government Tax Revenue

The federal government generates tax revenue through sources like income and corporate taxes. Learn how much tax revenue the U.S. generates each year.

www.thebalancemoney.com

Nearly double in the time span shown.
Are you trying to tell me that the government's obligations have similarly grown?
If so, then it's time to start looking at those 'obligations', as I rather doubt that some of them really are obligations.
(Now waiting for the baseless sob story of 'it'll kill children' )

Whenever there's a study arguing this, one can be sure that Art Laffer's name is on it somewhere. He is the avatar of right-wing crank economics, just as Stephanie Kelton is the avatar of left-wing crank economics (both of whom get to similar conclusions that we can get something for nothing).

Everyone is entitled to their opinions.

There are no free lunches. We aren't going to cut taxes AND raise revenue.

Again, the fact remains that US federal government revenues increased after those tax cuts.

Further, since when government fraud, waste and abuse (that no one in DC wants to do anything about) any sort of justification for increasing taxes on those who work?

Sorry, but, no, the US federal government needs to get on a harsh and strict money diet to squeeze out the fraud, waste and abuse, and gross largess spending.

 

[dobieg]

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.

lolol

 

[ModernDiogenes]

It would be so amusing if Trump undercut Democrats and hiked taxes on the rich to pay for tax cuts for the middle class.

Perhaps if Demcorats weren't such flaming idiots they would get back to their roots of being for the working man and actually do something useful for the middle class on taxes. Instead they'll focus all their energy on letting hairy 40 year old men into the women's bathroom and telling little Johnny he's actually Sarah.

I’ll believe it when I see a bill coming out of the Oval with the White House’s full support.

Why? Because Trump has a track record and this isn’t part of it.

You see, there are those of us whose opinion of Trump, despite MAGA outrage and “hate based” to the contrary, is positioned upon practical, pragmatic, thinking based on documented fact.

 

[Ikari]

I’ll believe it when I see a bill coming out of the Oval with the White House’s full support.

Why? Because Trump has a track record and this isn’t part of it.

You see, there are those of us whose opinion of Trump, despite MAGA outrage and “hate based” to the contrary, is positioned upon practical, pragmatic, thinking based on documented fact.

Yeah, I certainly don't believe it at this point.

 

[Jezcoe]

Do the wealthy get rich because of the goverment or despite of the goverment?

Behind every anti government libertarian tech CEO is a massive government contract.

 

[ModernDiogenes]

Again, the fact remains that US federal government revenues increased after those tax cuts.
US federal government tax revenues have been going up since 2009.

​

You guys hurt yourselves when you make statements like this in front of people who dig a little to find out the actual whys and wherefores.

The Trump tax cut didn’t raise these revenues.

It was, in part, inflation but most of it was the tariffs. The tariffs paid by U.S. CONSUMERS, AKA WORKING AND MIDDLE CLASS FOLK.

What Trump did, and he is attempting the repetition of now, is one of the greatest transfers of wealth in the nation’s history. Taking HUNDREDS OF BILLIONS OF WEALTH ANNUALLY AND TRILLIONS OVER THE NEXT TEN YEARS, from the pockets of the working and middle classes and putting it in the pockets of the rich and very well to do in the form of vastly reduced income taxation on the wealthy and replacing it with a purchasing tax on consumers.

That is precisely what the income tax reductions combined with tariffs are and accounts for most of that which you are pointing out in greater Fed tax revenue.

 

[eohrnberger]

You guys hurt yourselves when you make statements like this in front of people who dig a little to find out the actual whys and wherefores.

None the less the data posted in #115 and #119 is correct.

The Trump tax cut didn’t raise these revenues. It was, in part, inflation but most of it was the tariffs. The tariffs paid by U.S. CONSUMERS, AKA WORKING AND MIDDLE CLASS FOLK.

I see an assertion, but what I don't see is any support for it.

What Trump did, and he is repeating now, is one of the greatest transfers of wealth in the nation’s history. Taking HUNDREDS OF BILLIONS OF WEALTH ANNUALLY AND TRILLIONS OVER THE NEXT TEN YEARS, from the pockets of the working and middle classes and putting it in the pockets of the rich and very well to do in the form of vastly reduced income taxation on the wealthy and replacing it with a purchasing tax on consumers.

Yes, this the constant refrain from the left. They accuse every nno-Democrat president of doing this. Its faded into background noise from over use.

That is precisely what the income tax reductions combined with tariffs are.