Economy Trump Tax Cuts Announced.

[Mr. Shickadance]

Why are you reaching to invent a hypothetical negative spin? Do you not support tax relief for mostly working class Americans? That's people making overtime pay. The top 1% generally don't collect overtime pay because they're the ones signing the checks.

If tax on over time was gotten rid of I’d love it, but I’m a cynic and believe there is going to be stipulations. Overtime is unavoidable in almost all fields and should be rewarded as such. But I thought what I said was also said by trump he hates paying over time, he and the whole Republican Party are against unions and therefore, I believe against worker rights .

So dissolution of the forty hour week seems also inevitable

 

[Deleted member 577981]

More tax cuts for rich greedy waitresses.

and EVERYONE who can reframe their world as "tips" lots of loopholes there for the wealthy man and you know that.

I can reframe my entire income that way if I want for instance.

 

[avenue94]

This clip has 11.9K Likes after being uploaded 17 minutes ago.

Remember when you were convinced that Trump was trying to reduce the national debt? Lol

 

[avenue94]

and EVERYONE who can reframe their world as "tips" lots of loopholes there for the wealthy man and you know that.

I can reframe my entire income that way if I want for instance.

Pretty much. If you're serious about trying to reduce the tax burden for lower income people, you could just expand the EITC or allow it to be paid in advance.

 

[GearSolidMetal]

Remember when you were convinced that Trump was trying to reduce the national debt? Lol

Hopefully the next step is to absolve the federal reserve, which is a private bank that prints US dollars and owns the majority of the US debt.

And who owns it is not publicly known.

Doubt you want to fall down that hole into Wonderland, Alice.

 

[IDGETKTFO]

More tax cuts for rich greedy waitresses.

Im sure your joking, but its about time we don't have to feel bad about tipping them.

 

[avenue94]

Hopefully the next step is to absolve the federal reserve, which is a private bank that prints US dollars and owns the majority of the US debt.

Yeah, let's go back to the good ol days of recessions being much more common, because....you like Ron Paul?

And who owns it is not publicly known.

Every national bank, and state banks if they want. If you want to see how the Federal Reserve operates, their audits are available every year.

Doubt you want to fall down that hole into Wonderland, Alice.

Ya, dunno why you're deflecting and talking about the Fed instead of tax cuts. So back on topic: Looking at those list of tax ideas you posted, do you think they grow, reduce or have a neutral impact on the national debt?

 

[GearSolidMetal]

Yeah, let's go back to the good ol days of recessions being much more common, because....you like Ron Paul?

Say you have no idea when the federal reserve was created without saying you have no idea when the federal reserve was created.

And you think it help prevents recessions?
It caused and elongated the great depression.

Every national bank, and state banks if they want. If you want to see how the Federal Reserve operates, their audits are available every year.

You think those audits are real?

Ya, dunno why you're deflecting and talking about the Fed instead of tax cuts. So back on topic: Looking at those list of tax ideas you posted, do you think they grow, reduce or have a neutral impact on the national debt?

What's caused the national debt to increase $30 trillion over the last 23 years is the federal spending on absolute bullshit that benefits no one but who are getting their bank accounts filled with money they didn't have to work for.

And you're complaining that people who do have to work for money is being able to keep more of it.... instead of being fleeced to fill those giant bank accounts for doing no work.

Do yourself a favor and look up the net worth of longtime politicians in WashingtonDC of both parties.
Spoiler Alert - They're not poor, or only earned $170K a year.

 

[PEB]

Destroy OSHA no such as thing as overtime, therefore you can’t tax it

People forget too we are switching to 160 hour work month. So you could work 70 hour weeks no OT X 2 an get hours cut at the end of the mouth. Don't worry the war in Gaza will pay for itself.

 

[avenue94]

Say you have no idea when the federal reserve was created without saying you have no idea when the federal reserve was created.

And you think it help prevents recessions?
It caused and elongated the great depression.

Yeah, recessions were more frequent pre-1913, especially compared to the last couple of decades.

You think those audits are real?

Yup, they're legitimate, albeit not perfect since no audit is. Unless you think tens of thousands of people are lying about years of audits because....reasons?

What's caused the national debt to increase $30 trillion over the last 23 years is the federal spending on absolute bullshit that benefits no one but who are getting their bank accounts filled with money they didn't have to work for.

A couple of wars, but mostly massive tax cuts during Bush and Trump. The latter account for almost half of the debt increase.

And you're complaining that people who do have to work for money is being able to keep more of it.... instead of being fleeced to fill those giant bank accounts for doing no work.

Pretty much. If you're serious about trying to reduce the tax burden for lower income people, you could just expand the EITC or allow it to be paid in advance.

I'm gonna guess you don't know what the EITC is...

Do yourself a favor and look up the net worth of longtime politicians in WashingtonDC of both parties
Spoiler Alert - They're not poor, or only earned $170K a year.

Yeah that's not the national debt lol. You could pay 1,000 politicians $20 million and it's still barely 1% of last year's deficit.

This is an awful lot dicktucking for a simple question: Do Trump's proposed tax cuts increase or decrease the national debt?

 

[gentel]

To understand how this'll play out in practice, ask yourself:

"Do Trump and Edolf care more about working class people, or acquiring more money and power for billionaires like themselves?"

Anything nice they do for the working class will be tossing you their crumbs, while the real giga tax breaks will go to them and their billionaire friends. Maybe cut taxes a couple percent for the middle class, a whole lot of percent for themselves, put the cost of that on the credit card in the form of national debt

 

[GearSolidMetal]

Yeah, recessions were more frequent pre-1913, especially compared to the last couple of decades.

More frequent, but less severe.
And you didn't challenge that it caused the great depression because it's true.
Doesn't matter if they learned from the mistakes that were made, they literally caused and elongated the depression.

Yup, they're legitimate, albeit not perfect since no audit is. Unless you think tens of thousands of people are lying about years of audits because....reasons?

You really think 'tens of thousands of people' conducted those audits and reported honest results?

I'm gonna guess you don't know what the EITC is...

They're for show.
About as effective as the Ethics Committee in Congress or the UN's Human Rights Council.

Yeah that's not the national debt lol.

I never said it was you fool.
Sooner or later you're going to figure out the reason why politicians are so rich is because they're being bought off by corporations who have government contracts, and that's just one method. They get tens of millions of dollars richer in just a few terms.

You want Universal Healthcare right?
It sure as hell is never going to happen with politicians being bribed 'legally.'

You could pay 1,000 politicians $20 million and it's still barely 1% of last year's deficit.

Your side couldn't care less about the deficit so stop pretending you do.
Don't worry, Trump still has over 200 more weeks in office so he has plenty of time to solve many more problems.

But for you, you see people being able to keep more of the money they've earned as a problem.

 

[avenue94]

More frequent, but less severe.
And you didn't challenge that it caused the great depression because it's true.
Doesn't matter if they learned from the mistakes that were made, they literally caused and elongated the depression.

Not really in either case. You should try reading some economic literature instead of swampland conspiracy theories.

You really think 'tens of thousands of people' conducted those audits and reported honest results?

Like most conspiracy theories, yours here fails on the basic premise that it requires tens of thousands of people over many years to keep a secret...because reasons. Despite people being pretty bad at keeping secrets of that scale.

They're for show.
About as effective as the Ethics Committee in Congress or the UN's Human Rights Council.

Yeah...the EITC is a what, not a who....fuck you're attempts to discuss taxation or the debt causes second hand cringe. Yikes

SNIP

All I see is flailing and ducking the plain truth. Trump is proposing a massively bad tax platform that would pile onto the national debt.

Your side couldn't care less about the deficit so stop pretending you do.
Don't worry, Trump still has over 200 more weeks in office so he has plenty of time to solve many more problems.

But for you, you see people being able to keep more of the money they've earned as a problem.

Yeah man, Trump is definitely going to find several trillion dollars under the couch cushions or whatever.

And lol at arguing that folks don't care about the doubt while defending a tax plan that would grow the debt.

I mentioned that increasing the EITC is a better option than anything Trump is proposing there, and your dumbass didn't even know what it was.

 

[GearSolidMetal]

Not really in either case. You should try reading some economic literature instead of swampland conspiracy theories.

Really in both cases.
'Economic literature' from what I have heard are mostly written by professors who typically take the side of whomever has the most money.
Conspiracy theorists have a much better record of being correct.

Like most conspiracy theories, yours

...is correct. Thank you.

Yeah...the EITC is a what, not a who....fuck you're attempts to discuss taxation or the debt causes second hand cringe. Yikes

No, its a who, because its run by people with interests and goals.

All I see is flailing and ducking the plain truth. Trump is proposing a massively bad tax platform that would pile onto the national debt.

I never said SNIP, so what are you quoting?
Maybe we can get back some of the trillions we've wasted over the last two decades.

Yeah man, Trump is definitely going to find several trillion dollars under the couch cushions or whatever.

Why would you be against investigations for where several trillion dollars in spending went into?

And lol at arguing that folks don't care about the doubt while defending a tax plan that would grow the debt.

I mentioned that increasing the EITC is a better option than anything Trump is proposing there, and your dumbass didn't even know what it was.

We've actually discussed the EITC before but apparently you forgot.

If they were ineffective for the past few decades there's nothing to give them faith they would be effective now.

 

[Darkballs]

Well his last tax plan combined with his economy raised the deficit by $15 trillion. Single largest increase in American history. This one looks on track to do the same.

Just bookmark this thread for when it turns out the few paltry middle class cuts expire in a few years, yet the cuts to the billionaires extend for eternity.

The fact that you guys can still pretend, with a straight face, that trump is looking out for the little guy, is just astounding.

 

[Darkavius]

Looking at this from just hopefully an objective perspective and I have questions.

1. I have always hated the idea of tipping. Yes, Mr. Pink Reservoir Dogs stuff. Tipping passes the buck of paying the employee to the customer instead of the actual business for the most part. Doesn't the idea of no tax on tips just increase this further? Wouldn't it just be more sound to create a decent minimum wage for lower paid employees?
   
   
2. So what's the goal of not taxing overtime? Is the goal to work already burnt out Americans more? So with an already short-handed labor force you're asking them to work more and you won't get taxed?
   
   
3. Does the carried interest loophole and tax breaks for sports teams cancel out tax cuts for Made in America projects? If I'm a rich asshole if I have to pay more in capital gains tax or I don't get a tax break with my sports team why would take that compensation I get and invest more. Wouldn't I invest less so I don't have to pay more taxes since I hate paying taxes anyway?
   
   
4. How do you get Made in America projects if inflation does not lower? Corps are not interested in lower their costs and how can I, for example, open a restaurant when eggs are $6.00 or more when said corp I buy the eggs from has no interest in lowering the cost because they are making insane amounts of money?
   
   
5. So with all these tax cuts who is paying taxes? How are they going to fund things like Social Security which will be hurt bad by 2035?

 

[panamaican]

Why are you reaching to invent a hypothetical negative spin? Do you not support tax relief for mostly working class Americans? That's people making overtime pay. The top 1% generally don't collect overtime pay because they're the ones signing the checks.

Why would employers care whether or not their employees were taxed for overtime? That has nothing to do with government-influenced employer-based (dis)incentives to maintain full-time staff or allow overtime scheduling.

I think the basis for that claim is that the Project 2025 policy agenda wants to reduce access to overtime pay. And given that this administration has adhered to several of the objectives of Project 2025, it's not crazy to think they would try to implement that objective as well.

 

[panamaican]

Looking at this from just hopefully an objective perspective and I have questions.

1. I have always hated the idea of tipping. Yes, Mr. Pink Reservoir Dogs stuff. Tipping passes the buck of paying the employee to the customer instead of the actual business for the most part. Doesn't the idea of no tax on tips just increase this further? Wouldn't it just be more sound to create a decent minimum wage for lower paid employees?
   
   
2. So what's the goal of not taxing overtime? Is the goal to work already burnt out Americans more? So with an already short-handed labor force you're asking them to work more and you won't get taxed?
   
   
3. Does the carried interest loophole and tax breaks for sports teams cancel out tax cuts for Made in America projects? If I'm a rich asshole if I have to pay more in capital gains tax or I don't get a tax break with my sports team why would take that compensation I get and invest more. Wouldn't I invest less so I don't have to pay more taxes since I hate paying taxes anyway?
   
   
4. How do you get Made in America projects if inflation does not lower? Corps are not interested in lower their costs and how can I, for example, open a restaurant when eggs are $6.00 or more when said corp I buy the eggs from has no interest in lowering the cost because they are making insane amounts of money?
   
   
5. So with all these tax cuts who is paying taxes? How are they going to fund things like Social Security which will be hurt bad by 2035?

1) Yes, it would be more sound. But raising the minimum wage actually puts a burden on employers and there's no energy from this administration to do so.

2) The goal is help people working overtime to keep more of the money they earn working overtime. Not taxing overtime wouldn't increase the amount of overtime people have access to. The unasked question is if the administration plans to go through with policy objectives that reduce the availability of overtime.

3) Remains to be seen. From what I've read, carried interest is about $1.2 billion annually. So, it's not a big number at all. The sports owner issue is even more nebulous, probably driven by Trump's anti-NFL animus from back in the day, lol.

Tax tangent: The primary tax loophole for sports team owners is that the majority of the team's assets are depreciable assets - stadiums, vehicles, training equipment, etc. So the team assets are losing value on paper offsetting taxable revenue.

Additionally, some owners are taking a deduction on player salaries and a deduction on having purchased the player contracts. There's more complexity here but it revolves around owning the contracts as a separate asset from the operating expenses of paying salaries. Essentially, paying Lebron to play basketball is an operating expense and deductible. But Lebron's contract is an asset with depreciable value because Lebron, the athlete, is worth less money every year (because of age, injury risk, etc.). And that too is deductible, lol.

4) This is going to work hand in hand with the tariff threat. If we tariff goods produced in other countries and couple it with a tax break on goods produced here then manufacturers will have an incentive to move their manufacturing here instead. In a perfect world, this increases US worker salaries so that even if the cost of eggs don't go down, we're making enough money to still afford them. In the real world? I don't know if that's true.

5) Well, that's the question isn't it? There is a theory out there that some people on the right believe in a "Starve the beast" approach to ending social safety nets. If you reduce government revenues enough, eventually you have to cut the safety nets because you're literally out of money. We'll see if that's where they're going with this.

 

[calavera2]

So a problem Trump created (expiring tax cuts for the middle class) is now being fixed by Trump by exploding deficits again...by temporarily extending tax cuts for the middles class and not repealing permanent tax cuts for the rich...Trumponomics for the clapping seals...they always clap enthusiastically

 

[calavera2]

There is a reason those tax cuts are expiring this year....he was expecting to have been finishing up his second term now and not having to deal with the fallout.