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Do you think that the Trump Tax plan will help the middle class?

Yes
No
I have no idea



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1. Patricia Pomerleau CEOExpressSelect Member
     Forum Moderator
     (11/20/2017 8:33:03 PM)
     Message ID #294017

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There is a lot of debate about the Trump tax plan right now ranging from it's great as trickle down economics plan and will bring businesses and jobs back from overseas, to it's doing to only going to help the rich and screw the poor and middle class.

It's very clear that the Trump tax plan will help the wealthy as well as corporations. However, there is a heated discussion about this tax plan and it's affect on the middle class.

Rather than my trying to analyze this complicated and contencious matter, I will provide links to folks to have done a pretty good job in the analysis.

1) Trump's Tax Plan and How It Would Affect You: How the Senate Tax Bill Differs from the House Bill This group has charts that clearly outline the differences between the house and senate bills and the present tax tables. It's excellent and unbiased. http://snips.ly/V5418

2) Wilbur Ross, Commerce secretary: Trump’s Tax Plan: What It Does and Doesn’t Do http://snips.ly/P588

3) Is the Trump tax plan a big win for middle class? Not so much CNN Money http://snips.ly/7I371O

4) How the Trump Tax Cuts Would Reshape (and/or Break) Our Economy http://snips.ly/EU

5) Trump Tax Reform Calculator for 2018 (vs 2017) http://snips.ly/8J

Every day another item comes out that strikes another group. This week it was eliminating interest deduction on college loans--something that almost no one thinks is a good idea when there are new tax exemptions for private jets. Sort of head scratching. There is a chasm of differences between the house and senate plans. "Reconciliation" will be interesting.

So, what is your view of the Trump Tax plan. It is only going to benefit the rich and corporations or will it also help the middle class and how?


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2. Noel Meyer
     (11/21/2017 3:57:42 AM)
     Message ID #294025

This message is in response to Patricia Pomerleau ( message id #294017 )  View All Related Messages

1. Senator Hatch says he was offended when Democrats challenged the Trump tax bill. Says he came from the lower middle class. Well Hatch, you ain't poor now, nor have you been since you started your political career.

2. Trump's Administration is filled with millionaires, billionaires and the entitled who think they should have private jet travel on the taxpayer dime. They say they are for the middle class and that they hope the tax cuts will be re-introduced in 10 years when the bill says they will be phased out. Yet the corporate rates cuts are permanent, not to be phased out should the republicans lose power. How is that for a tax cut for the middle class?

3. As with the Bush tax cuts, jobs and industries are created due to demand, not tax cuts. A FAMILY gets an $800 tax savings yet the corporations get their permanent taxes cut almost in half on billions.
How is that for a tax cut for the middle class?

4. Trump campaigned against the $20 trillion debt BUT SAYS some hypothetical increase in the future will actually add money to the treasury. So the same corporations which hid their money overseas to avoid paying taxes on it will somehow bring that money back here to invest in 'jobs and new manufacturing jobs' instead of still hiding it overseas where they will not spend any money on taxing those profits only be allowed to make more money doing the same things they are doing now.

5. Trickle down did not create any more jobs under Bush than actual demand created. Clean energy is banned as fake news under Trump and China was given the opportunity to now lead in this area.

I don't believe in Trump. He lies 80% of the time. I don't believe in Republicans creating their own tax plan and passing only with their own party vote. It didn't work for the Republican only 'repeal and replace' and it isn't good for the middle class which will pay more to subsidize the very wealthiest with their permanent tax cuts ballooning both America's debt and deficits.

3. Noel Meyer
     (11/21/2017 3:58:32 AM)
     Message ID #294026

This message is in response to Patricia Pomerleau ( message id #294017 )  View All Related Messages

1. Senator Hatch says he was offended when Democrats challenged the Trump tax bill. Says he came from the lower middle class. Well Hatch, you ain't poor now, nor have you been since you started your political career.

2. Trump's Administration is filled with millionaires, billionaires and the entitled who think they should have private jet travel on the taxpayer dime. They say they are for the middle class and that they hope the tax cuts will be re-introduced in 10 years when the bill says they will be phased out. Yet the corporate rates cuts are permanent, not to be phased out should the republicans lose power. How is that for a tax cut for the middle class?

3. As with the Bush tax cuts, jobs and industries are created due to demand, not tax cuts. A FAMILY gets an $800 tax savings yet the corporations get their permanent taxes cut almost in half on billions.
How is that for a tax cut for the middle class?

4. Trump campaigned against the $20 trillion debt BUT SAYS some hypothetical increase in the future will actually add money to the treasury. So the same corporations which hid their money overseas to avoid paying taxes on it will somehow bring that money back here to invest in 'jobs and new manufacturing jobs' instead of still hiding it overseas where they will not spend any money on taxing those profits only be allowed to make more money doing the same things they are doing now.

5. Trickle down did not create any more jobs under Bush than actual demand created. Clean energy is banned as fake news under Trump and China was given the opportunity to now lead in this area.

I don't believe in Trump. He lies 80% of the time. I don't believe in Republicans creating their own tax plan and passing only with their own party vote. It didn't work for the Republican only 'repeal and replace' and it isn't good for the middle class which will pay more to subsidize the very wealthiest with their permanent tax cuts ballooning both America's debt and deficits.

4. Scott Collins
     (11/21/2017 6:03:22 AM)
     Message ID #294028

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Corporate tax cuts will ignite the economy. A strong, growing economy will help all classes:lower, middle, and upper.

But that does not fit the progressive's agenda in which they want as many as possible to rely on the nanny state.

5. Michael O'Neill
     (11/21/2017 6:49:00 AM)
     Message ID #294029

This message is in response to Scott Collins ( message id #294028 )  View All Related Messages

Rhetoric. If true the Clinton tax increases in the 90s would have killed the economy, yet 22 million jobs were created. 6 million more than the Gipper' s trickle-down, 21 million more than Bush's trickle-down. Corporations and the wealthy already have a glut of cash. Why would more alter their thinking? The Koch Brothers, worth 35 billion dollars, need more money to create jobs? I would raise taxes and invest in infrastructure and education. Those are statistically proven strategies, not the appropriately named Voodoo economics.

6. Michael O'Neill
     (11/21/2017 6:52:13 AM)
     Message ID #294030

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I aunderstand when Trump pardons the Thanksgiving turkey he is also going to pardon Don Jr.

7. Michael O'Neill
     (11/21/2017 6:55:01 AM)
     Message ID #294031

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Better wording: When asked if he was going to pardon the turkey Trump replied, "My son will have to take his chances with the courts."

8. Steven Forest
     (11/21/2017 7:48:14 AM)
     Message ID #294032

This message is in response to Scott Collins ( message id #294028 )  View All Related Messages

Bull hockey. Corporations and any company exist for the sole purpose of enriching their shareholders.

Companies are not in business to create jobs. If anything, a cut in corporate taxes will go into the dividends paid to investors and bonuses to management.

Trickle down, nope. Investing in off-shore or exporting of jobs is the name of the game. With AI and robotics now in full play any monies put back into 'the' company will not produce many if any sustainable jobs.

That's a fact, Jack.

9. D Robb
     (11/21/2017 8:05:17 AM)
     Message ID #294034

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Cutting taxes has never resulted in reducing the deficit. Cutting taxes has ALWAYS resulted in increasing the deficit. Wishing, and hoping, and saying that this tax reform is different does not change anything. This Robin Hood tax plan takes from the poor to give to rich. It deserves to die.

10. Patricia Pomerleau CEOExpressSelect Member
     Forum Moderator
     (11/21/2017 8:47:42 AM)
     Message ID #294035

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I suggest everyone read this Tax Policy Center's "DISTRIBUTIONAL ANALYSIS OF THE TAX CUTS AND JOBS ACT AS PASSED BY THE SENATE FINANCE COMMITTEE"

This organization states it is non partisan (although the Brookings institute leans right) and is the best, fairest analysis I have seen.

PLEASE take a minute to read and see all sides--not just the one you have decided on already. : )


The Tax Policy Center has released distributional estimates of the Senate version of the Tax Cuts and Jobs Act as passed by the Senate Finance Committee on November 16, 2017. We find the bill would reduce taxes on average for all income groups in both 2019 and 2025. In general, higher income households receive larger average tax cuts as a percentage of after-tax income, with the largest cuts as a share of income going to taxpayers in the 95th to 99th percentiles of the income distribution. On average in 2027, taxes would rise modestly for the lowest-income group, change little for middle- income groups, and decrease for higher-income groups. Compared to current law, 9 percent of taxpayers would pay more in 2019, 12 percent in 2025, and 50 percent in 2027.


http://www.taxpolicycenter.org/sites/default/files/publication/148831/2001605-distributional-analysis-of-the-tax-cuts-and-jobs-act-as-passed-by-the-senate-finance-committee_1.pdf
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