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The crumbs of the new tax cuts

Discussion in 'Controversial Topics' started by Johnny-be-Good, Feb 14, 2018.

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  1. Johnny-be-Good

    Johnny-be-Good Thread Starter

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    https://www.usatoday.com/story/opin...acy-1-50-week-jason-sattler-column/332739002/


    mmmmm. cookies :rolleyes:
     
    SpywareDr likes this.
  2. Wino

    Wino

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    If Cheetolini's request for $0.25/gal. gas tax hike goes thru, there goes any tax reform benefits (if there ever were any) for a majority of Americans with many too damn stupid to know they just got scammed - again by the Liar-In-Chief !! Sad.

    Next thing you know he'll be wanting a huge military parade in his honor - Oh, wait!! Already in planning stage.
     
  3. Johnny-be-Good

    Johnny-be-Good Thread Starter

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    First, I don't dislike Warren Buffett.
    But here is what the tax cuts can accomplish.

    Warren Buffett’s Company Made $29 Billion Off the Trump Tax Cuts
    http://nymag.com/daily/intelligence...o-made-usd29-billion-from-trump-tax-cuts.html

    Maybe you remember the secretary that was getting an extra $6 a month?

    It's an interesting comparison.

    Anyone really think those tax cuts will stimulate greater consumer participation in the economy?
    In case you've missed the news, interest rates and projected inflation are about to rise ..........and that $6 isn't going to cover it.
     
    Wino likes this.
  4. Johnny-be-Good

    Johnny-be-Good Thread Starter

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    So, Trump backers think his tax plan brings new prosperity to the American worker?

    Here's some food for thought for when the cut rate tax plan ends:

    Trump Tax Plan: 80 Percent of Economic Gains Will End Up Going to Foreigners in 2028
    http://www.newsweek.com/republican-tax-plan-donald-trump-cbo-884129

     
  5. Johnny-be-Good

    Johnny-be-Good Thread Starter

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    Is a tax cut really a tax cut when deficits increase........or are deficits really future tax increases that the taxpayer are liable for?

    Rather obvious, imo. The latter.

    Federal Budget Deficit Projected to Soar to Over $1 Trillion in 2020

    https://www.nytimes.com/2018/04/09/us/politics/federal-deficit-tax-cuts-spending-trump.html


    When tax cuts are disguised future tax increases

    https://www.usatoday.com/story/opin...xpayers-deficit-editorials-debates/507447002/


    So what is Trump up to?
    Is this his "playing the game" with the US citizen liable for the debts he's creating while enrichening himself?
    (general search:
    https://www.google.com/search?clien...f+his+US+property+holdings,&ie=utf-8&oe=utf-8 )

    https://www.usatoday.com/story/news...rs-make-clear-shift-secretive-llcs/102399558/

    https://www.reuters.com/article/us-...om-his-business-while-president-idUSKBN14V21I

    IMO, looks like both political parties are guilty of tax schemes.
    Liberals tax and spend.
    Conservatives spend and tax.
     
  6. Wino

    Wino

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    The odds for me being around in 2028 are pretty slim. But then, with Grand Cheeto as POTUS the odds of anyone being around in 2028 are slim to none.:cry::p
     
  7. Wino

    Wino

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    If you liked the Great Recession of 2008/09, you're gonna love the next one. Regulations put in place to prevent have been rescinded; consumer protection is being rescinded; banks can again play dangerous games and we will have to bail out, AGAIN. Education is being destroyed; environmental standards abandoned; xenophobia, racism, class warfare are rampant. Welcome to the 50's.
     
  8. Johnny-be-Good

    Johnny-be-Good Thread Starter

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    I suspect you know what a 'fire sale' means in a financial context.

    One of the results is those with extreme wealth wind up expanding their empires on the cheap.

    The issue currently at hand is whether a 'fire sale' is presently a planned event playing out. :cool:
     
  9. Wino

    Wino

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    Unlike James Comey, I do not believe Turnip is smart enough to plan much of anything. I do believe he is a useful idiot for those that are smart enough, though.

    I had small visions of grandeur back in 2009 when I jumped into the stock market. Bought a bunch on the cheap - unfortunately, some choices filed bankruptcy; some folded altogether; some others really bad choices; and some I held too long and should have left market when Cheeto won. Still, for my base investment, way ahead even with losses and bad choices. Whether this will survive Cheeto is another matter - no losses until sold. By the same token I never professed to be “like, really smart” and “a very stable genius.” :rolleyes::ROFLMAO:
     
  10. Johnny-be-Good

    Johnny-be-Good Thread Starter

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    imo, Trump is smart enough to recognize who to implement to achieve his goals, however, he's not smart enough to avoid being used at the same time.
    An idiot? imo, no.
    Arrogant, narcissistic, vicious, indulgent and incredibly lacking in ethics and morality.
    I believe the term 'sociopath' would apply, explaining his apparent antisocial attitudes, behavior and lack of conscience.
    I would go with 'stupid', though. His current actions seem to prove that out.
     
    Wino likes this.
  11. zx10guy

    zx10guy Trusted Advisor

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    Since tax season has finished for most of us, I had a nice chat with my accountant about what my life will be next year with the new Trump tax "cuts". My accountant didn't mince words. He said those that fall in the middle to upper middle class are going to get screwed by the new tax plan.

    How this affects me....well, he said I have to change my withholdings because if I keep them at where they are now with everything being static going into next year, I'm going to end up owing a crap load of money. Many of the deductions I used this year will be taken away from me next year. I currently claim 5 on my Federal withholdings. He said I need to move the withholdings to at least 2 or 3 to make sure I don't get in trouble with having to pay taxes at filing and also avoid a penalty for not withholding enough. Hmmm.....so how is this tax plan benefiting me?

    I don't consider myself wealthy. But I do recognize I live very comfortably. As I criticized the Obama economic stimulus which to me was just an upfront wealth transfer to the lower income segment, I'm critical of the Trump tax plan. My objections with the Obama stimulus was that the checks went to households which as a whole have a higher percentage of debt relative to their assets and income. I didn't understand the message of giving these people a bonus check to go spend to increase economic activity when we all can agree that money would have been better spent to either reduce their current debt or to be placed into savings. The income bracket which didn't get checks are the ones that provide a lot of disposable consumption.

    So here we are again where the income bracket which spurs on a lot of disposable spending is going to get smacked down. In my opinion, the Trump plan is even worse than what Obama did. This year I got back a sizable tax return which I would have rather not. Would rather break even as I don't like giving the Feds a zero percent interest loan. But now I'm facing having less per pay check because I have to withhold more in anticipation of next year's taxes. I probably won't get a refund next year and am actually facing having to pay. Trump is also going to kill off the secondary housing market along with home improvements. These two things are huge economic engines. No longer can you deduct interest and property taxes for second homes. Nor can you deduct interest paid on HELOCs.
     
  12. Wino

    Wino

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    If you're screwed now, wait until 2026 !! IF we make it that far. They didn't kick a can down the road, it's more like a 100 ton silo.
     
  13. Johnny-be-Good

    Johnny-be-Good Thread Starter

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    This is what the 'art of the deal' really means.

    https://finance.yahoo.com/news/u-tax-reform-rewards-companies-110241797.html


    In case you missed it. Trump's tax reform bill invites US corporations to invest in making profits elsewhere in order to get those lower tax rates.

    I'd really like to see the spin on how that helps our economy :cool:
     
  14. Wino

    Wino

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    The Orange Blob will just say it helps the economy, even though it doesn't, and his faithful will drink the purple koolaid. Mullets all.
     
  15. Johnny-be-Good

    Johnny-be-Good Thread Starter

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    More on that "Art" fiasco and trade talks.

    This article is mostly a rehash of what is already commonly known about Trump's efforts in destroying trading relationships with our allies.

    https://finance.yahoo.com/news/commerce-secretary-wilbur-ross-apos-111500619.html

    But this is new, at least to me:

    But remember, tarriffs aren't only a persuasion on countries that trade with the US, it's a tax passed onto the US consumer at the same time.

    If the above bill goes through, it gives Trump the ability to tax the US citizen for what ever he needs without any need for or input from Congress to write legislation in regards to Federal Income Tax codes. He's writing a workaround and trying to make it 'legal' that facilitates additional tax collection at his discretion.

    Too much power in one individual leads to dictatorships.
     
    Last edited: Jul 2, 2018
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