Discussion: WH, GOP Finalizing Tax Plan That Would Be First Major Overhaul In 3 Decades

Round and round and round she goes, where she stops, nobody knows!

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It stops when it lands on poor people’s heads.

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WASHINGTON (AP) — The White House and congressional Republicans are
finalizing a tax plan that would slash the corporate rate while likely
reducing the levy for the wealthiest Americans, with President Donald
Trump ready to roll out the policy proposal at midweek.The grand
plan to rewrite the nation’s tax code would be the first major overhaul
in three decades, delivering on a Trump campaign pledge and providing a
sorely needed legislative achievement. It also is expected to eliminate
or reduce some tax breaks and deductions.

Cut taxes for the wealthy, shift the burden to the poor and middle class while blowing a HUGE hole in the national debt…
Sounds like a plan

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It’s insulting to see DT standing by the flag like that. PLEASE post a different image TPM.

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Why do I get the distinct feeling that this will be just as successful as the “health care” bill?

Of course it will add to the deficit. Who on earth ever thought it wouldn’t?

Well I think the morons will vote for it because it won’t directly cut programs, just make the debt high so then they can claim we have to cut the programs because of the debt.

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"The plan being assembled lays out “pro-growth tax reform,” Brady told reporters on Capitol Hill. It will fix a tax code that is “so complex, so costly and so unfair,” he said. Brady predicted the plan “will deliver the lowest tax rates on businesses in modern history.”

I’m smelling a Brownback - Kansas-style gutting of the tax code to promote an extreme trickle down of wealth.

The country will be bankrupt in short order.

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I’ll believe it when I see it. Not before.

Because we control our own money supply and because it is easy to print more, the US cannot be legally bankrupt.

GOP policies, though, will surely result in a big devaluation in the value of the dollar.

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Payfors are for suckers. And Democrats. But my Republican’t friends would say I’m being redundant…

Well then it’s a good thing that Donald Trump is president, as he has lots of experience with bankruptcy!

(Okay, I just threw up a little in my mouth there…)

Why attempt to overhaul the entire tax code? Why not select a specific area of the tax code and work on reforming it. Then when that is done… work on another? The tax code does need modification and should be addressed regularly by congress (instead of “Hey! It’s been thirty years… let’s ram something through and make people think it is a crisis.”). If congress has not been able to tweak and modify portions of the tax code… how can they ever “fix” the whole thing at one time?

Q. How do you eat and elephant?
A. One bite at a time.

You really think they’d have that much sense? That’s why I will believe in tax reform legislation when I see it.

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The Republicans believe strongly that if you cut taxes on the rich and on huge corporations, while transferring the tax burden to the poor and what’s left of the middle class, that you have successfully overhauled the entire tax code.

The fact that they’ve been wrong about this for at least 40 years doesn’t faze them in the least.

just make the debt high so then they can claim we have to cut the programs because of the debt.

Also known as ‘Starving the Beast’: lower corporate tax rates, reduce revenue, debt climbs to new highs, alarm bells go off, crisis environment established, Republicans throw hands up, no choice they say, look no money, must cut social programs (the fat ones) and privatize essential services. In order to survive. .

And best of all, ‘never mind who’s fault it is, stop pointing fingers, must save country now.’

It will seek to simplify the tax system by reducing the number of income tax brackets from seven to three

The equivalent of simplifying a form by printing it in B&W instead of color.

Reducing the number of brackets is, and always has been, a GOP tool for moving us toward their preferred flat tax rate.