PDA

View Full Version : Mnuchin outlines 'largest tax change since Reagan'




Created4
11-30-2016, 04:16 PM
Americans should expect the "largest tax change since Reagan," with federal tax cuts for average income earners as well as U.S.businesses, President-elect Donald Trump's nominee for Treasury secretary said Wednesday.

"There will be a tax cut for the middle class," banker, movie producer and former Goldman Sachs partner Steven Mnuchin told CNBC's Squawk Box in his first public comments on the incoming administration's economic priorities. "Any tax cuts that we have for the upper class will be offset by less deductions to pay for it."

Tax deductions for charitable contributions would still be allowed, he said. There would be a cap on mortgage interest payments, though "some deductibility" would continue, said Mnuchin.

The proposed changes also include cutting the nation's 35% top business tax rate to 15%, along with an effort to encourage repatriation of the estimated $1 trillion that large U.S. corporations hold in foreign subsidiaries to avoid the domestic tax bite. Trump has proposed a special 10% rate on overseas funds the companies shift back to the U.S.

Full Article (http://www.usatoday.com/story/money/2016/11/30/mnuchin-outlines-largest-tax-change-since-reagan/94667050/).

euphemia
11-30-2016, 04:27 PM
This is not enough. I do not think tax policy should be used to engineer social behavior. We are all equal under the law. If one pays tax, then all do.

phill4paul
11-30-2016, 05:27 PM
I laugh these days when politicians speak of middle-class tax cuts. There ain't no middle anymore.

Zippyjuan
11-30-2016, 05:55 PM
"largest tax change since Reagan,"

Keep in mind that Reagan signed what was at the time the biggest tax increases in US history (did it as governor of California too). He signed tax cuts, saw what they did to the debt (caused it to soar) and then sought new taxes to replace the ones they cut. "Largest tax change" -not necessarily largest tax cuts for you.

99% of the proposed tax cuts won't be going to the middle/ lower classes. With capping mortgage interest deductions, the middle loses one of the few deductions most of them actually use.


There would be a cap on mortgage interest payments, though "some deductibility" would continue, said Mnuchin.

Half of all income tax filers owe no net income taxes anyways so no discounts for you. They hint you may get money to get you to go along with the tax cuts on the wealthy (widening the income gap).

Add the cuts to the $trillions he wants to spend more money on and the budget deficit is about to explode (assuming Congress goes along- they have to write the actual laws).

libertyjam
12-01-2016, 11:09 AM
Keep in mind that Reagan signed what was at the time the biggest tax increases in US history (did it as governor of California too). He signed tax cuts, saw what they did to the debt (caused it to soar) and then sought new taxes to replace the ones they cut. "Largest tax change" -not necessarily largest tax cuts for you.

99% of the proposed tax cuts won't be going to the middle/ lower classes. With capping mortgage interest deductions, the middle loses one of the few deductions most of them actually use.



Half of all income tax filers owe no net income taxes anyways so no discounts for you. They hint you may get money to get you to go along with the tax cuts on the wealthy (widening the income gap).

Add the cuts to the $trillions he wants to spend more money on and the budget deficit is about to explode (assuming Congress goes along- they have to write the actual laws).

That was when everyone heard him say - No new Taxes, when he really was saying "(K)no(w) new Taxes". :eek:

Swordsmyth
12-02-2016, 12:32 PM
Keep in mind that Reagan signed what was at the time the biggest tax increases in US history (did it as governor of California too). He signed tax cuts, saw what they did to the debt (caused it to soar) and then sought new taxes to replace the ones they cut. "Largest tax change" -not necessarily largest tax cuts for you.

99% of the proposed tax cuts won't be going to the middle/ lower classes. With capping mortgage interest deductions, the middle loses one of the few deductions most of them actually use.



Half of all income tax filers owe no net income taxes anyways so no discounts for you. They hint you may get money to get you to go along with the tax cuts on the wealthy (widening the income gap).

Add the cuts to the $trillions he wants to spend more money on and the budget deficit is about to explode (assuming Congress goes along- they have to write the actual laws).
While I am sure this plan is far from perfect, it seem you are in favor of not cutting taxes or maybe you want to raise them? and yes lets all join the communist manifesto and support higher taxes for the rich, that's the ticket.

Ender
12-02-2016, 12:36 PM
While I am sure this plan is far from perfect, it seem you are in favor of not cutting taxes or maybe you want to raise them? and yes lets all join the communist manifesto and support higher taxes for the rich, that's the ticket.

How about no taxes at all?

Ron Paul:


On April 30, 2009 Ron Paul introduced the Liberty Amendment with the following speech:

Ron Paul: Madam Speaker, I am pleased to introduce the Liberty Amendment, which repeals the 16th Amendment, thus paving the way for real change in the way government collects and spends the people’s hard-earned money. The Liberty Amendment also explicitly forbids the Federal government from performing any action not explicitly authorized by the United States Constitution.

The 16th Amendment gives the Federal government a direct claim on the lives of American citizens by enabling Congress to levy a direct income tax on individuals. Until the passage of the 16th amendment, the Supreme Court had consistently held that Congress had no power to impose an income tax.

Income taxes are responsible for the transformation of the Federal government from one of limited powers into a vast leviathan whose tentacles reach into almost every aspect of American life. Thanks to the income tax, today the Federal government routinely invades our privacy, and penalizes our every endeavor.

The Founding Fathers realized that “the power to tax is the power to destroy,” which is why they did not give the Federal government the power to impose an income tax. Needless to say, the Founders would be horrified to know that Americans today give more than a third of their income to the Federal government.

Income taxes not only diminish liberty, they retard economic growth by discouraging work and production. Our current tax system also forces Americans to waste valuable time and money on compliance with an ever-more complex tax code. The increased interest in flat-tax and national sales tax proposals, as well as the increasing number of small businesses that question the Internal Revenue Service’s (IRS) “withholding” system provides further proof that America is tired of the labyrinthine tax code. Americans are also increasingly fed up with an IRS that continues to ride roughshod over their civil liberties, despite recent “pro-taxpayer” reforms.

Madam Speaker, America survived and prospered for 140 years without an income tax, and with a Federal government that generally adhered to strictly constitutional functions, operating with modest excise revenues. The income tax opened the door to the era (and errors) of Big Government. I hope my colleagues will help close that door by cosponsoring the Liberty Amendment.

http://www.ronpaul.com/taxes/