So they are going to cut taxes, they are just going to claim its made up by some other BS.
bookmarks this article, because I think it will be needed later.
But if you should happen to own a small corporation, you are in hog heaven…“15 % Corporate Tax”
(According to Financial Times quoting Mnuchin on the front page this very moment)
So, …
The middle class (however you define that group currently) will get a huge tax cut.
The upper class will not get a tax cut but will still be able to partake of the deductions that enable them to keep massive amounts of money and pay no taxes.
The government gets its revenue (that pays for SS, Medicare, the VA) from - where?
EDIT TO ADD:
Asked about tax-deductible mortgage interest and charitable donations, Mnuchin said charity would still be deductible, and “we’ll cap mortgage interest, but we’ll allow some deductibility.”
“There will be other deductions that are absolutely limited,” he said.
Guys, this should set off a very BIG RED FLAG. Especially for those feral trumpers who weren’t experiencing economic anxiety, making an average of $72K per yr. but stone cold racist.
Even Barron’s says 15% is way too low. BARRON’S. Excerpt:
On the campaign trail, he proposed slashing the rate that businesses pay on income from 35% to 15%. That might be too much—it could significantly reduce the government’s tax haul and add to the nation’s already unacceptable debt burden. Barron’s recommends a cut to 22%, which would be revenue-neutral, allowing businesses to produce just enough additional taxable income to offset the effect of the lower rate. And getting a 22% cut through Congress would be easier than 15%.
“By cutting corporate taxes, we’re going
to create huge economic growth and we’ll have huge personal income,”
Mr Mnuchin said in an interview with CNBC. “We’re going to
get to 15 per cent and bring a lot of cash back into the US.”
I kid you not ! And you will all have HUGE personal income !
P.S. Maybe Trump just want to inflate the US Debt away (and Granny’s savings) ? That will teach the Chinese !
Other than the fact we’re going to massively cut their taxes, there will be no absolute tax cut.
Anyone who thinks that there won’t be at least 5 parts tax cut for every 1 part deduction removal hasn’t seen this movie before. Most of us have seen it many times.
How about no corporate tax deductions for companies that don’t guarantee $15 an hour minimum wage to its workers?
That is socialism ! Shame on you !
In other words – not every wealthy person will get the exact same tax cut. Some will get much more than others.
it doesn’t appear to support Mnuchin’s claim that eliminating deductions would completely offset Trump’s tax cut for the rich.
There is a very easy answer for that: Mnuchin is lying.
At this point, I’m really wondering when, if ever, people will get it through their goddamned heads that from here on out, what government officials say is meaningless. Literally meaningless. As in, their words have no more meaning than random noises and made up word-like sounds. We live in a post-truth world now. The one, single, only thing that matters is what they do.
And that’s the hack on our our entire degenerate journalist culture that won (insert asterisk here) the race for them. The entire cable news format, the entire culture of access and leaks that substitutes for investigation and reporting, is keyed to giving paramount influence to what people say. The only real reporting on what politicians do now is a quest for “gotchas,” an attempt to find “facts” that can be portrayed as contradicting what was actually said. (Benghaaaazzzzziiii! Email!!!) And when you’ve said every possible thing about each thing without ever actually saying anything in particular, that model collapses.
If you lives through Reagan (God help me, I did) you saw a variety of deductions go the way of the Dodo bird. And, in exchange, the individual tax bill went up.
Welp…there goes buying a house next year…
“There will be a big tax cut for the middle class, but any tax cuts we have for the upper class would be offset by less deductions that pay for it," he said.
Ok, I’m not getting this. Tax cuts for everybody (except the poors), check. The tax cuts for the upper class will be “paid for” by getting rid of deductions - but whose deductions? Sounds like the middle class will be paying more with their ‘simplified’ lower rate, while the richest get to dance away and spend their new dough at those Trump Hotels in Argentina.
The idea that any of that would trickle down to rural Arkansas is laughable.
Any Rich Person, with a modicum of sense, has his/her fortune stashed away in some kind of Shell corporation.
They will get a windfall, when the corporate tax rate is changed from 35 to 15 %…
Yep.
Unless you are so wealthy that you can afford to pay for a house in cash, renting looks a lot more attractive. The numbers for first time home buyers have been weak in recent years so expect that number to be even weaker going forward.
Shorter Mnuchin: “There will be no absolute tax cuts for the upper class. We will make sure those ‘pay-to-play’ limousine liberals will not benefit in any way” 
The tax cuts will starve the government of revenue, setting up a massive Republican roll-back of services for the American people and an exploding national debt.
This will lead to another conservative-caused recession, which will further erode the federal revenue stream, which the GOP will answer with austerity measures—which will make everything far, far worse, turning the recession into a massive Depression that will make the 30s look like a Sunday School picnic.
This is the Republican vision for America, proving that the great H L Mencken was right when he said “The common man knows what he wants—and he deserves to get it, good and heard.”
There will be no kiss, no lube, and no reach-around.