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C Moon

(12,188 posts)
Fri Sep 29, 2017, 02:29 AM Sep 2017

Gary Cohn (Chief WH economic advisor) "can't guarantee" middle-class families won't pay more taxes

https://www.cbsnews.com/news/gary-cohn-cant-guarantee-middle-class-families-wont-pay-more-taxes/

Surprised?
The GOP has been having wet dreams about reliving the Ronald Reagan era.
But trickle down economics does NOT work. They know that. They just don't give a flying fuck about the U.S.—only about themselves.

Wake up you dumb ass Trump, Bush, Reagan voters! They are NOT put in place to help YOU or your causes!
19 replies = new reply since forum marked as read
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Gary Cohn (Chief WH economic advisor) "can't guarantee" middle-class families won't pay more taxes (Original Post) C Moon Sep 2017 OP
especially those in higher state income tax locations lapfog_1 Sep 2017 #1
Great. :/ C Moon Sep 2017 #2
Unfortunately too many Americans buy the Reagan BS BigmanPigman Sep 2017 #3
The stupid is at DEFCON 2 Cosmocat Sep 2017 #5
But, you know what he can guarantee, Ohiya Sep 2017 #4
Especially for Himself and his spawn. n/t n2doc Sep 2017 #6
When he said the tax plan was purely "aimed" at middle class families, Thor_MN Sep 2017 #7
Who cares about the middle class and the masses. democratisphere Sep 2017 #8
At what point does the hoarding of wealth satisfy nothing other than the deprivation of others? nt Snotcicles Sep 2017 #9
This is the equivalent of speeding up the assembly line! bucolic_frolic Sep 2017 #10
Bet he has provided that guarantee to the 1% RainCaster Oct 2017 #11
So far, it very much sounds like my taxes would go up under this plan. dawg Oct 2017 #12
It VERY much benefits single people with no children, who take the standard deduction. roamer65 Oct 2017 #13
I don't know about four figures since I didn't run figures dsc Oct 2017 #16
Depends on your income, but it will be noticable. roamer65 Oct 2017 #19
But he CAN guarantee that the wealthy and corporations will TexasBushwhacker Oct 2017 #14
OF COURSE the Middle Class will pay more! It's the last group to rob! WinkyDink Oct 2017 #15
Let me rephrase... Moral Compass Oct 2017 #17
+1 C Moon Oct 2017 #18

lapfog_1

(29,166 posts)
1. especially those in higher state income tax locations
Fri Sep 29, 2017, 03:01 AM
Sep 2017

like CA and NY. Those people, especially those that pay the max rate of state income tax, will likely pay more federal taxes.

BigmanPigman

(51,430 posts)
3. Unfortunately too many Americans buy the Reagan BS
Fri Sep 29, 2017, 03:24 AM
Sep 2017

every time it is sold to them. Are the people in this country getting more and more stupid or am I imagining it?

 

Snotcicles

(9,089 posts)
9. At what point does the hoarding of wealth satisfy nothing other than the deprivation of others? nt
Fri Sep 29, 2017, 12:32 PM
Sep 2017

Last edited Fri Sep 29, 2017, 08:58 PM - Edit history (1)

spelling edit.

bucolic_frolic

(42,674 posts)
10. This is the equivalent of speeding up the assembly line!
Fri Sep 29, 2017, 08:07 PM
Sep 2017

Exploit us as workers by raising prices and tax us harder to give them tax cuts all so we can produce more for them and their businesses. They are on the win/win/win side of everything!

dawg

(10,610 posts)
12. So far, it very much sounds like my taxes would go up under this plan.
Sun Oct 1, 2017, 02:00 PM
Oct 2017

Too poor to benefit from the upper bracket decreases, I'll potentially lose the benefits of head of household status, lose my personal and dependent exemptions, and lose the benefit of my state and local tax deductions. I also see my bottom rate rise from 10% to 12%.

In return, I get a larger standard deduction. But since I usually itemize, I was already getting that much to begin with - so no real gain there. Pretty much all loss for me.

Fuck these people.

roamer65

(36,739 posts)
13. It VERY much benefits single people with no children, who take the standard deduction.
Sun Oct 1, 2017, 02:14 PM
Oct 2017

I would get a 4 figure tax cut.

I just ran the numbers.

The result, if it is passed, will be a substantial decrease in the birth rate.

dsc

(52,130 posts)
16. I don't know about four figures since I didn't run figures
Sun Oct 1, 2017, 03:50 PM
Oct 2017

but I am sure I gain a decent amount. Single, standard deduction, and only one extra one for teachers.

roamer65

(36,739 posts)
19. Depends on your income, but it will be noticable.
Mon Oct 2, 2017, 12:23 AM
Oct 2017

I calculated my 2016 tax return with a standard deduction of $20K, if it is increased to that figure.

It all hinges on how large the increase is in the standard deduction, of course.

Personally, I think this proposal is DOA. I don't see the votes being there for it.

I am against it because it does not increase the top rate to 50 percent.

Moral Compass

(1,498 posts)
17. Let me rephrase...
Sun Oct 1, 2017, 07:40 PM
Oct 2017

Last edited Mon Oct 2, 2017, 10:34 AM - Edit history (1)

What he's saying is that he can guarantee that middle class taxes will go up.

If you look more closely this is an even greater screw job than the Reagan and Bush tax "reform".

Corporate tax rates will be slashed, but the corporate loopholes??? Hell, they won't even look at them. The top tax rate for individuals will go down, but all those sweet deductions that turn ordinary income into investment income--well those will most likely be expanded.

But the deduction for state and local taxes that will go bye bye.

They might even fuck with the brackets and force a bunch of people into a higher bracket than they're in now. (Since I wrote this I've seen that this bill will push those in the 10% bracket (the lowest) into a 12% bracket (the new lowest). Ain't math fun? When you're dealing with a mathematically impaired populace you can sneak all sorts of stuff by them.

The net net is that just like in 1986 a bunch of people will realize in the year following passage of this grotesque monstrosity that their taxes have gone up. Those in the top income brackets will, of course, make out like bandits.

The really really great thing from the Republican/Randian/libertarian standpoint is that when the deficit again soars it will make going after Medicare/Medicaid and Social Security much easier as people hyperventilate over the exploding deficit. Completely forgetting that there is lots and lots of money out there if Congress would just raise taxes and maybe institute a small tax on high frequency trading.

I have pointed out to many Republican voters that the largest chunk of that deficit they're bemoaning was accrued during first the Reagan administration and then during the 2nd Bush administration. They always start bleating about Obama and the stimulus. They just don't get it. And never will. Sigh.

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