Trump planning new top 1% tax cut without congressional approval - Polidicks

https://www.nytimes.com/2018/07/30/us/politics/trump-tax-cuts-rich.html >“This would be in terms of its economic impact over the next several years, and long term, similar in size as the last tax cut,” Mr. Norquist said, suggesting that making the change would raise revenue for the government by creating new economic efficiencies and faster growth. “I think it’s going to happen and it’s going to be huge.” We are being robbed right in front of our eyes.

Trump is desperately looking for short term approval it seems. It worked the first time, so it must work the second time, right?

Afaik a majority of people didn't even like the first ones, but a new one that only benefits the wealthy? Go and do it right before the elections Trumples.

Trying to steal wealth and power for the rich while he still can, approval is a bonus at best

This is oligarchy.

The richest president the United States has ever had is doing things that only benefit the ultra rich? Say it ain't so!

Boy, I’m sure glad we didn’t vote in Shillary Corpton, right??? HHahahahha

Guys stop ragging on Trump- that wealth is going to trickle down and minute now!

God damn Laffer curve bullshit. Anyone who says this will bring the government more money is either absurdly stupid, brainwashed, or getting paid.

Well getting trickled down on certainly worked so well for him.

I'd imagine even the most liberal CEO would prefer Trump over a Sanders type for this reason.

https://twitter.com/mattyglesias/status/1024063143457247232?s=19

mr grover "who needs money for anything but defense spending" Norquist.

Hell, why would even his own following support this when it very clearly doesn't bene-- Oh wait, every Trump voter is a temporarily-embarrassed billionaire, also trickle-down something something. Carry on.

I guess owning 99 percent of the wealth isn't enough

thats not gold, thats piss

Eventually no one will be able to buy the stuff they sell, when happens then

The poor die while the rich live in their ivory towers

World War 3 (or an equivalent) which equalizes everything and re-ignites the world economies as everyone rushes to rebuild.

you buy all the stocks in rope

https://www.youtube.com/watch?v=owI7DOeO_yg

The rest of the world declares all of the 1%'s amassed wealth worthless starts over with a new commerce system that the old wealth can only be converted over to at an incredibly low rate. "Oh, you have 700 tons of gold? That's nice, but no one really uses gold anymore. We're all on Zlottür now and everyone who signed up at the start already got 2,000. I'll help you get started and give you 50 Zlottür for 50 tons, though."

Logically, this just makes sense. You're supposed to be taxed on profit, and larger absolute sums from inflation aren't profit.

it SHOULD be on overall income

That makes more sense than being against this change. I don't agree with it because that would hurt a lot of regular people as well, but I at least get the logic behind it. Does anyone actually have an argument against this change other than just not wanting rich people to be taxed less? It really does make sense.

Speedrunning not only Watergate, I see, but the lead-up to the French Revolution too.

This is for a capital gain. It's not some random tax that only effects the top 1%. Obviously its going to benefit the rich more since they actually invest back into the country by buying stocks .Not to mention the only time you pay taxes on your capital gains is when you cash out. This would be good short term at least since it would incentivizes people to sell stocks and not horde them for years.You guys need to realize that these Billionaires don't just have piles of cash sitting around ,most of it's in stocks which haven't been taxed in years.

It worked really well the last time, when all the companies brought their offshore wealth home, and reinvested it into the company so they wouldn't have to lay off all their workers, they didn't just dump it all to the shareholders.

If you’re going on the merits of pure accounting and taxation theory, it absolutely does make sense for capital gains to be indexed to inflation, to account for the time value of money. I really don’t mean to toot Australia’s horn, but our taxation system does a very good job at applying academically sound taxation theory, eg we have full dividend imputation, something that most other countries do not. And indeed, we had capital gains indexed to inflation back in the 90’s (we currently have a simpler discount system which roughly accounts for inflation). However, the US tax system already provides concessions for capital gains which - albeit poorly - replicate indexation of capital gains. Without repealing those existing concessions, this would just be concessions on top of existing concessions.

this country desperately needs a lot of british humor to counter all the right wing bullshit