***Official Political Discussion Thread***

[EddieDoyers]

https://www.yahoo.com/finance/news/middle-class-trump-plan-mean-tax-increase-153628510--finance.html

For some in middle class, Trump plan would mean tax increase

Associated Press
CHRISTOPHER S. RUGABER 5 hours ago
WASHINGTON (AP) — President-elect Donald Trump's proposals would modestly cut income taxes for most middle-class Americans. But for nearly 8 million families — including a majority of single-parent households — the opposite would occur: They'd pay more.

Most married couples with three or more children would also pay higher taxes, an analysis by the nonpartisan Tax Policy Center found. And while middle-class families as a whole would receive tax cuts of about 2 percent, they'd be dwarfed by the windfalls averaging 13.5 percent for America's richest 1 percent.


Trump's campaign rhetoric had promoted the benefits of his proposals for middle-income Americans.

"The largest tax reductions are for the middle class," said Trump's "Contract With the American Voter," released last month.

The tax hikes that would hit single parents and large families would result from Trump's plan to eliminate the personal exemption and the head-of-household filing status. These features of the tax code have enabled many Americans to reduce their taxable income.

His other proposed tax changes would benefit middle- and lower-income Americans. But they wouldn't be enough to offset those modifications.

"If you're a low- or moderate-income single parent, you're going to get hurt," said Bob Williams, a fellow at the Tax Policy Center.

Unlike Trump's polarizing proposals on immigration and trade, his tax plan is in line with traditional Republican policy. His steep tax cuts in many ways resemble those carried out by Presidents Ronald Reagan and George W. Bush, and the Republican-run Congress is expected to welcome them.

During the campaign, Trump said his tax cuts — for individuals and companies — would energize the economy by boosting business investment in factories and equipment, while leaving consumers with more cash to spend. His proposals, he contended, would help create 25 million jobs over the next decade.

But Lily Batchelder, a visiting fellow at the Tax Policy Center and former deputy director of President Barack Obama's National Economic Council, estimates that roughly 7.9 million families with children would pay higher taxes under his proposals. About 5.8 million are led by single parents. An additional 2.1 million are married couples.

Other analysts, including economists at the conservative Tax Foundation and right-of-center American Enterprise Institute, have agreed with Batchelder's conclusions.

Here's what her analysis finds:

Right now, a single parent with $75,000 in income and two children can claim a head of household deduction of $9,300, plus three personal exemptions. Those steps would reduce the household's taxable income by $21,450, to $53,550.

Trump's plan would more than double the standard deduction to $15,000. But that change would be outweighed by his elimination of personal exemptions and head-of-household status. So the family's taxable income would be $60,000, and their tax bill would be $2,440 more than it is now.

A married couple with four children and income of $50,000 would absorb a tax increase of $1,090 because of their loss of personal exemptions.

Kelly Rodriguez, 47, who lives in Tampa, Florida, voted for Trump and is a single mother who claims two of her four children as dependents. (Her ex-husband claims the other two.) She made roughly $90,000 last year, including alimony payments. Her taxes would likely rise under Trump's plan, according to Batchelder's analysis.

"I would want him to explain that to me," she said. "Taxes have to make sense to the people paying them."

Still, Trump's plan will likely evolve during congressional negotiations before it becomes law.

"This is not anywhere close to a final plan," Williams said.

Kyle Pomerlau, director of federal projects at the conservative Tax Foundation, noted that House Speaker Paul Ryan's own tax-cut proposal is similar to Trump's but wouldn't raise taxes on single-parent families. In theory, the two plans could be melded, and Trump's elimination of the head of household status could be dropped.

But leaving the head of household filing status and personal exemptions intact would lower tax revenue by $2.1 trillion over the next decade, the Tax Policy Center says.

Trump's advisers deny that he will raise taxes on middle-income Americans but don't provide details. Previously, the campaign suggested that Trump would broadly instruct Congress to avoid raising taxes on lower- and middle-income workers.

"We will cut taxes massively for the middle class and working class and protect everyone in the middle class and working class," Stephen Miller, Trump's top policy adviser, said in an email.

Yet all independent analyses show most of the benefit flowing to the wealthiest Americans. Nearly half of Trump's tax cuts would go to the top 1 percent of earners, the Tax Policy Center found. Less than a quarter of the cuts would benefit the bottom 80 percent.

Trump proposes to reduce the number of tax brackets from seven to three, with rates of 12 percent, 25 percent and 33 percent. That would slash the top rate from the current 39.6 percent. He would repeal the estate tax, which affects only about 0.2 percent of estates — those worth above $5.45 million.

For middle-income earners as a whole, the Trump proposals would cut taxes, even taking into account the increases on single-parent families. Those earning nearly $50,000 to about $83,000 — the middle one-fifth — would receive an average cut of $1,010, according to the Tax Policy Center. That would lift their after-tax incomes 1.8 percent.

By contrast, the wealthiest 1 percent — those earning over $700,000 — would enjoy a tax cut averaging nearly $215,000, boosting their after-tax incomes 13.5 percent. And the richest 0.1 percent — those making above $3.7 million — would receive a bonanza: An average tax cut exceeding $1 million.

"Trump's campaign rhetoric may have been populist, but his tax plan isn't," Howard Gleckman, a senior fellow at the policy center, wrote on its website.

His tax proposals suggest what may be a challenge for Trump's administration: Providing his middle- and working-class supporters with tangible signs of economic progress. Middle-income Americans already pay a relatively modest share of federal income taxes compared with the wealthy. That limits the scope of what tax cuts could do for them.

"The thing that he needs to worry about is making life better for his supporters, and that involves more than tax cuts," Williams said.

Middle class finances have also been squeezed by high and rising costs for health care, higher education and housing, noted Joseph Cohen, a sociologist at Queens College in New York City.

"We've been cutting taxes since Reagan, and things have been getting worse for the middle class since Reagan," he said.

 

[biggie62]

Not to mention they want to eliminate itemized deductions for city and state taxes paid. Meaning people who live in NYC and parts of Cali will be hit super hard by this change.

 

[osh kosh bosh]

Look on the brihgt side.


Nothing will heal democeratic party weakness in the rust belt like republicans pushing regressive tax cuts for the rich and an attempt to privatize of medicare

 

[harlemtothebronx]

Request for Wisconsin vote recount sent

http://www.bbc.co.uk/news/amp/38112752

 

[boris]

 

The sad thing is this was being reported before the election. No one seemed to think a billionaire claiming to be a man of the middle class was a strange idea. 

 

[biggie62]

This is a big if so take it with a grain of salt for now before you bash it as anything overturning has really a slim to no chance.




If this would result in proving that some sort of manipulation was occurring by Russia with our actual voting results directly and the right leaning voters don't agree that this is outlandish than I have officially lost all hope for that side of the aisle just because they are the hardcore anti-Russia and any sort of non-American imperialism and influence party historically speaking. If they are to flip flop on this then that whole rhetoric of pro-American only goes out that window.

 

[gry60]

Sooo...

The choice for secretary of education is linked to AmWay, Blackwater, and contributes to an organization that advocates for the repeal of child labor laws and compulsory K12 education (the Acton institute).

Betsy DeVos is the name.

[emoji]128514[/emoji][emoji]128514[/emoji][emoji]128514[/emoji][emoji]128514[/emoji] Oh boy, did they **** up.

Teach a second language to your children. They'll need it when it's time to go to college because they'll probably have to go overseas to earn degrees.

 

[ksteezy]

As long as da hemi is copped, all will be well.

 

[RustyShackleford]

seriously, you still sneaking girls in da house Ninja?

I haven't smashed on a twin size mattress since high school.

ill smash anywhere b...who cares?

its just vagina.

This thread in shambles, anyone wants to talk about monetary policy?

Actually, I've been wanting to learn about this sort of thing.

I may of asked you before, but you got anything good I can read?

Ninja can't even hit the laying down sideways from the back position or one of them will fall off the bed and land on a fragile foamposite box.

I could tell you buy a Money and Banking textbook, but I hated mine and I'm sure whatever you buy you'll hate it as well.

So might be wise to build up to it. In reality, truth be told I don't know Monterrey policy that just the basics. Most people know absolutely nothing, so learning even a little will put you ahead:

For a basic understanding:

https://www.khanacademy.org/economics-finance-domain/macroeconomics/monetary-system-topic

https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking



More intensive:

http://www.thegreatcourses.com/courses/money-and-banking-what-everyone-should-know.html


https://www.coursera.org/learn/money-banking

Books people have recommend but I haven't read myself:

Amazon product ASIN 0393069028
Amazon product ASIN 0262513374
Naked money might be better for someone in your position.

 

[boris]

Sooo...

The choice for secretary of education is linked to AmWay, Blackwater, and contributes to an organization that advocates for the repeal of child labor laws and compulsory K12 education (the Acton institute).

Betsy DeVos is the name.

[emoji]128514[/emoji][emoji]128514[/emoji][emoji]128514[/emoji][emoji]128514[/emoji] Oh boy, did they **** up.

Teach a second language to your children. They'll need it when it's time to go to college because they'll probably have to go overseas to earn degrees.

Isn't she all about using taxpayer money to send kids to private schools?

 

[MVP]

 
Isn't she all about using taxpayer money to send kids to private schools?

Yep the champion of charter schools.

 

[moe fab]

Just need silicon valley to figure out a kost effektive desalinization plant plan, then we kan get #calexit underway...**** the middle n southern states with a kactus [emoji]127867[/emoji]

 

[ninjahood]

Just need silicon valley to figure out a kost effektive desalinization plant plan, then we kan get #calexit underway...**** the middle n southern states with a kactus [emoji]127867[/emoji]

http://www.forbes.com/sites/patrick...rnias-ticking-pension-time-bomb/#36feccae5a9c

California would turn into Greece da minute that happens.

 

[moe fab]

Pretty sure itd still be California tho

 

[Based Jesus]

.

 

[ryda421]

Just need silicon valley to figure out a kost effektive desalinization plant plan, then we kan get #calexit underway...**** the middle n southern states with a kactus [emoji]127867[/emoji]

 

[RustyShackleford]

My mans Moe Fab slippin

 

[EddieDoyers]

My mans Moe Fab slippin

Dude is brazy

 

[rolaholic]

Wisconsin agrees to statewide recount in presidential race

http://www.reuters.com/article/us-usa-election-recount-idUSKBN13K1ZJ?il=0

Wonder if the other states will also agree

 

[boris]

Wonder if the other states will also agree

Well, something to hope for.

 

[osh kosh bosh]

Waste of time and money as far as I can tell.

 

[deleted]

I wouldn't give her a penny, but I appreciate the effort

 

[rexanglorum]

http://www.forbes.com/sites/patrick...rnias-ticking-pension-time-bomb/#36feccae5a9c

California would turn into Greece da minute that happens.

California taxpayers have been financially supporting the Deep South and Appalachia for decades now. For every dollar we pay in Federal taxes, we get back 75 cents. If we could keep our tax payments within California we could fully fund our pension obligations and we could increase our funding for k-12 and our World beating higher education system.

Remember that an affordable education and a well paid and professional public work force is the back bone of a stable and prosperous middle class not your flash in the pan energy booms and 19th century labor and environmental regulations.

 

[moe fab]

Much love to the rest, but let us our water goin, n this state boutta be the wave [emoji]127867[/emoji]

 

[MVP]

I wouldn't be mad if Cali just became it's own country.