The wealthy paid much more taxes under obama than they did under bush's tax cuts. The unearned income tax (4.9percent) primarily hits the wealthy. As did the increase in capital gains. Trumps proposal takes wealthy tax cuts to a whole new level. Many wealthy individuals paying 30-40percent effective rates will see those rates go down to 3-5percent. The biggest chop is the AMT. while the amt is hurting middle class Americans it does a decent job of cutting all the loopholes that the rich can use. What congress needs to do is raise the minimum for the Amt to 500k from the like 150k it is now.
Key Senate Republican Obliterates Trump’s Disastrous Budget Proposal As ‘Dead On Arrival’ Republicans in Congress won't touch Trump's agenda with a 20-foot pole – and it's only been four months since he took office. As Donald Trump keeps racking up failures both at home and abroad, a top Republican in the Senate is saying the president is about to be dealt another blow with respect to his $4.1 trillion budget expected to be released on Tuesday. “I just think its a prerogative of Congress to make those decisions in consultation with the president,” said the second-highest ranking Republican in the Senate, John Cornyn, according to The Hill. “Almost every budget I know of is basically dead on arrival, including President Obama’s.” The Hill notes that Cornyn said Trump’s budget would be met with the same attitude as one of Obama’s proposals – not a good sign for the Republican president. “I think it may find a similar fate, but obviously it’s an expression of his priorities which is important in terms of the conversation between the branches.” “I think [Trump’s budget] may find a similar fate,” Cornyn added. The inevitable failure of Trump’s blueprint proves that even Republicans in Congress recognize how politically suicidal the budget would be if approved. As The New York Times notes on Monday the budget “contains deep cuts in entitlement programs that would hit hardest many of the economically strained voters whose backing propelled the president into office. Over the next decade, it calls for slashing more than $800 billion from Medicaid, the federal health program for the poor, while slicing $192 billion from nutritional assistance and $272 billion over all from welfare programs. And domestic programs outside of military and homeland security whose budgets are determined annually by Congress would also take a hit, their funding falling by $57 billion, or 10.6 percent.” All of this combined with the president’s expected gutting of the EPA and the State Department make such a measure a non-starter, even among the GOP. Republicans in Congress won’t touch Trump’s agenda with a 20-foot pole – and it’s only been four months since he took office. A year from now, it’s likely that the GOP won’t even be seen in the same room as Trump or even utter his name publicly. Not even a budget that attacks the working poor and the environment, two staples of the overall GOP agenda, can pass a Republican Congress – all because it has Donald Trump’s name on it.
Retirement Age Voters Are Fleeing Trump A new Quinnipiac University poll found that retirement age voters are abandoning Trump in droves, which could be great news for Democrats looking to take back Congress in 2018. According to Quinnipiac University, “President Trump gets a negative 37 – 55 percent job approval rating, compared to a negative 36 – 58 percent approval in a May 10 survey by the independent Quinnipiac (KWIN- uh-pe-ack) University. Today, voters over 65 years old, divided in earlier surveys, now disapprove 53 – 42 percent. Trump has a negative 36 – 54 percent approval among independent voters, an improvement from his negative 29 – 63 percent two weeks ago.” The reason why Trump being underwater with retirement age voters is such bad news for Republicans is that midterm turnout tends to smaller and it skews older. For the 2014 midterms, 37% of the electorate was over age 60, while just 12% was under age 30. As Larry Sabato wrote, “One big difference between midterm and presidential electorates is that the midterm electorate skews older. On average, about 54% of the electorate was aged 45 or older in the most recent presidential elections, while an average of 64% of the midterm voters — nearly two-thirds — were 45 or older. Overall, 53% of the adult population is 45 or older, so older voters are significantly overrepresented in midterm elections. That’s a generic advantage for Republicans in midterms although, again, the overall political environment next year may be more important than the age of the participants.” If the electorate is older in 2018, but also more anti-Trump, this will be nothing short of a disaster for Republicans. If young people come out to vote in larger numbers, and the older electorate is anti-Trump, Republicans will be facing a bloodbath in 2018. The special election results in red states already have Republicans worried. If retirement age voters turn on Trump, it won’t just be a blue wave in 2018
Or we (the Fed) can continue printing trillions of dollars from thin air and postpone it another 5 or 6 years, like we did under Obama.
Well we need to do something soon, if we don't start raising taxes we will be forced to cut spending or borrow more money and go deeper in debt. Give the people a choice. Do you think the government should 1. Raise taxes 2. Cut spending 3. Borrow more money I know what 47% would choose.
The AMT was designed to catch the super rich but it now unfairly hits upper middle class taxpayers living in high tax states. In effect it imposes a 28% flat tax on them. Any tax reform should address it.