Sane Proposal

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Sane Proposal

Postby KeithE » Thu Mar 08, 2018 7:49 am

JOBS & INFRASTRUCTURE PLAN FOR AMERICA’S WORKERS

This reverses the large tax cuts for the rich in the so-call Tax Cut and Jobs Act of 2017 by restoring the 39.6% tax rate, changes the corporation tax rate from the current 22% to 25%, restores the Alternative Minimum Tax (AMT) and the Estate tax to that prior to Tax Cut and Jobs Act. It does not change the tax cuts to the 99%.

A. Restore the Top Individual Tax Rate to 39.6 Percent
The Republican tax bill both reduced the top individual tax rate to 37 percent and raised the income threshold at which it applies to $600,000 for married couples ($500,000 for individuals). This is a tax cut solely for the top one percent. Senate Democrats would reverse the cut in the top individual tax rate, returning it to 39.6 percent for income above $600,000 for couples ($500,000 for individuals).
This provision is estimated to increase federal revenues by $139 billion over 10 years.

B. Restore 2017 Parameters to the Alternative Minimum Tax
The Alternative Minimum Tax (AMT) ensures that high income taxpayers cannot avoid taxes by abusing the deductions and other loopholes that still litter the tax code. Prior to the Republican tax bill, the AMT fully exempted the first $54,300 of income for an individual ($84,500 for a married couple). These exemptions were phased out at a 25 percent rate for those with incomes over $120,700 ($160,900 for married couples). These thresholds, indexed for inflation, were agreed to on a bipartisan basis in the American Taxpayer Relief Act of 2012 (ATRA). The Republican plan increased both the exemption levels and the income threshold at which the exemptions phase out, a boon for the wealthiest taxpayers. Senate Democrats would restore the AMT to the 2017 thresholds.
This provision is estimated to increase federal revenues by $429 billion over 10 years.

C. Restore 2017 Parameters to the Estate Tax
The federal estate tax previously affected fewer than 2 out of every 1,000 estates each year. Families with estates worth less than $11 million ($5.5 million for an individual) were fully exempt from the federal estate tax in 2017. Like the AMT, these thresholds were agreed to on a bipartisan basis in the ATRA. However, in a giveaway to the billionaire class, Republicans doubled the estate tax exemption levels to $11 million for individuals and a whopping $22 million for married couples. These changes did nothing to help the more than 99.6 percent of family farms who owe no estate tax. Instead it provided an $83 billion tax cut for millionaires and billionaires. Senate Democrats would restore the 2017 parameters for the estate tax.
This provision is estimated to increase federal revenues by $83 billion over 10 years.

D. Close the Carried Interest Loophole
The president spent the 2016 campaign claiming he would close the carried interest loophole. During his confirmation proceedings, Treasury Secretary Steven Mnuchin identified it as a tax break he wanted to eliminate. However, despite the claims of Congressional Republicans, the carried interest loophole continues, allowing Wall Street high fliers to continue to disguise their compensation income as capital gains. Senate Democrats would shut down the carried interest loophole.
This provision is estimated to increase federal revenues by $12 billion over 10 years.

E. Bring the Corporate Tax Rate to 25 Percent
Over the past decade, both Democrats and Republicans have expressed interest in reducing the corporate tax rate in a fiscally responsible manner, with proposals ranging from a reduced rate of between 24 and 28 percent. Rather than engage with Democrats, Republicans rammed through a budget-busting tax cut, slashing the corporate tax rate to 21 percent, while corporations today already enjoy the highest after-tax profits since the 1950s. Republicans claim this cut will trickle down to workers. Rather than relying on a repeatedly debunked economic ideology, Senate Democrats would bring the corporate tax rate to a competitive 25 percent.
This provision is estimated to increase federal revenues by $359 billion over 10 years.


That provides over $1T dollars (over 10 years) to actually create jobs (estimated at 15M good paying jobs) doing a much needed infrastructure improvements to keep the USA competitive.

Among the infrastructure projects are:

$140 billion for roads and bridges;
$115 billion to "modernize America's water and sewer systems";
$115 billion to repair public transportation;
$50 billion to "modernize America's rail infrastructure";
$62 billion to expand public housing; and
$50 billion to repair public schools.
Read more details in link. Many of these are grants to states.

And if more money is needed we could have a 0.5% Financial Transaction Tax (FTT) which would bring in $110 billion to $403 billion per year or just do a 0.1% FTT which add $220 to $803B over 10 years.

This is a “conservative" plan in terms of funding unlike the current Trump Plan (not yet being put thru congress) provides for only $200B (over 10 years) in federal funds hoping that the private sector and states will provide for an additional $800B (over 10 years). That is a pipe dream - states are already poor and the GOP/Trump are making them poorer; private entities will only provide funds if they know they will get a return of more than they invest by say toll roads, iow by asking travelers to pay.

Study this and write your Congressman. https://www.nwyc.com
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Re: Sane Proposal

Postby Jon Estes » Thu Mar 08, 2018 10:14 pm

KeithE wrote:JOBS & INFRASTRUCTURE PLAN FOR AMERICA’S WORKERS

This reverses the large tax cuts for the rich in the so-call Tax Cut and Jobs Act of 2017 by restoring the 39.6% tax rate, changes the corporation tax rate from the current 22% to 25%, restores the Alternative Minimum Tax (AMT) and the Estate tax to that prior to Tax Cut and Jobs Act. It does not change the tax cuts to the 99%.

A. Restore the Top Individual Tax Rate to 39.6 Percent
The Republican tax bill both reduced the top individual tax rate to 37 percent and raised the income threshold at which it applies to $600,000 for married couples ($500,000 for individuals). This is a tax cut solely for the top one percent. Senate Democrats would reverse the cut in the top individual tax rate, returning it to 39.6 percent for income above $600,000 for couples ($500,000 for individuals).
This provision is estimated to increase federal revenues by $139 billion over 10 years.

Why should I have to pay more simply because I earn more? Why is it the left want equality in everything but my taxes? This is insane.

B. Restore 2017 Parameters to the Alternative Minimum Tax
The Alternative Minimum Tax (AMT) ensures that high income taxpayers cannot avoid taxes by abusing the deductions and other loopholes that still litter the tax code. Prior to the Republican tax bill, the AMT fully exempted the first $54,300 of income for an individual ($84,500 for a married couple). These exemptions were phased out at a 25 percent rate for those with incomes over $120,700 ($160,900 for married couples). These thresholds, indexed for inflation, were agreed to on a bipartisan basis in the American Taxpayer Relief Act of 2012 (ATRA). The Republican plan increased both the exemption levels and the income threshold at which the exemptions phase out, a boon for the wealthiest taxpayers. Senate Democrats would restore the AMT to the 2017 thresholds.
This provision is estimated to increase federal revenues by $429 billion over 10 years.

Once again, the party of equal everything loves to throw equality out the window because I can take the same deductions any other citizen takes. This is insane.

C. Restore 2017 Parameters to the Estate Tax
The federal estate tax previously affected fewer than 2 out of every 1,000 estates each year. Families with estates worth less than $11 million ($5.5 million for an individual) were fully exempt from the federal estate tax in 2017. Like the AMT, these thresholds were agreed to on a bipartisan basis in the ATRA. However, in a giveaway to the billionaire class, Republicans doubled the estate tax exemption levels to $11 million for individuals and a whopping $22 million for married couples. These changes did nothing to help the more than 99.6 percent of family farms who owe no estate tax. Instead it provided an $83 billion tax cut for millionaires and billionaires. Senate Democrats would restore the 2017 parameters for the estate tax.
This provision is estimated to increase federal revenues by $83 billion over 10 years.

Double taxation should not be supported by anyone here. This is insane.

D. Close the Carried Interest Loophole
The president spent the 2016 campaign claiming he would close the carried interest loophole. During his confirmation proceedings, Treasury Secretary Steven Mnuchin identified it as a tax break he wanted to eliminate. However, despite the claims of Congressional Republicans, the carried interest loophole continues, allowing Wall Street high fliers to continue to disguise their compensation income as capital gains. Senate Democrats would shut down the carried interest loophole.
This provision is estimated to increase federal revenues by $12 billion over 10 years.

This income of mine is capital gains. Just because you want more of my moneyt doesn't mean you get to write the dictionary for the terms. This is insane.

E. Bring the Corporate Tax Rate to 25 Percent
Over the past decade, both Democrats and Republicans have expressed interest in reducing the corporate tax rate in a fiscally responsible manner, with proposals ranging from a reduced rate of between 24 and 28 percent. Rather than engage with Democrats, Republicans rammed through a budget-busting tax cut, slashing the corporate tax rate to 21 percent, while corporations today already enjoy the highest after-tax profits since the 1950s. Republicans claim this cut will trickle down to workers. Rather than relying on a repeatedly debunked economic ideology, Senate Democrats would bring the corporate tax rate to a competitive 25 percent.
This provision is estimated to increase federal revenues by $359 billion over 10 years.

Not a corporation so I will refrain from comment.


That provides over $1T dollars (over 10 years) to actually create jobs (estimated at 15M good paying jobs) doing a much needed infrastructure improvements to keep the USA competitive.

Among the infrastructure projects are:

$140 billion for roads and bridges;
$115 billion to "modernize America's water and sewer systems";
$115 billion to repair public transportation;
$50 billion to "modernize America's rail infrastructure";
$62 billion to expand public housing; and
$50 billion to repair public schools.
Read more details in link. Many of these are grants to states.

And if more money is needed we could have a 0.5% Financial Transaction Tax (FTT) which would bring in $110 billion to $403 billion per year or just do a 0.1% FTT which add $220 to $803B over 10 years.

This is a “conservative" plan in terms of funding unlike the current Trump Plan (not yet being put thru congress) provides for only $200B (over 10 years) in federal funds hoping that the private sector and states will provide for an additional $800B (over 10 years). That is a pipe dream - states are already poor and the GOP/Trump are making them poorer; private entities will only provide funds if they know they will get a return of more than they invest by say toll roads, iow by asking travelers to pay.

Study this and write your Congressman. https://www.nwyc.com
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Re: Sane Proposal

Postby KeithE » Fri Mar 09, 2018 11:15 am

Unbolded black is mine original
Bolded black is Jon’s reply
Red bolded in my reaction to Jon.
Blue is another quote added by me.
Jon Estes wrote:
KeithE wrote:JOBS & INFRASTRUCTURE PLAN FOR AMERICA’S WORKERS

This reverses the large tax cuts for the rich in the so-call Tax Cut and Jobs Act of 2017 by restoring the 39.6% tax rate, changes the corporation tax rate from the current 22% to 25%, restores the Alternative Minimum Tax (AMT) and the Estate tax to that prior to Tax Cut and Jobs Act. It does not change the tax cuts to the 99%.

A. Restore the Top Individual Tax Rate to 39.6 Percent
The Republican tax bill both reduced the top individual tax rate to 37 percent and raised the income threshold at which it applies to $600,000 for married couples ($500,000 for individuals). This is a tax cut solely for the top one percent. Senate Democrats would reverse the cut in the top individual tax rate, returning it to 39.6 percent for income above $600,000 for couples ($500,000 for individuals).
This provision is estimated to increase federal revenues by $139 billion over 10 years.

Why should I have to pay more simply because I earn more? Why is it the left want equality in everything but my taxes? This is insane.

This is small potatoes for the wealthy (2.6%). Hardly felt by millionaires. Insane? Really now Jon.

This does not remotely make after-tax income “equal”. And this “left”ist (or any leftist I know) do not want total equality of income. That is an insane (well outside of reality) strawman claim of an ideological rightist.

BTW, Our country is the worse in the world of developed countries in terms of inequality and the Trump tax cut will it worse. This Act merely returns to the previous level of inequality which was bad enough.



Image

B. Restore 2017 Parameters to the Alternative Minimum Tax
The Alternative Minimum Tax (AMT) ensures that high income taxpayers cannot avoid taxes by abusing the deductions and other loopholes that still litter the tax code. Prior to the Republican tax bill, the AMT fully exempted the first $54,300 of income for an individual ($84,500 for a married couple). These exemptions were phased out at a 25 percent rate for those with incomes over $120,700 ($160,900 for married couples). These thresholds, indexed for inflation, were agreed to on a bipartisan basis in the American Taxpayer Relief Act of 2012 (ATRA). The Republican plan increased both the exemption levels and the income threshold at which the exemptions phase out, a boon for the wealthiest taxpayers. Senate Democrats would restore the AMT to the 2017 thresholds.
This provision is estimated to increase federal revenues by $429 billion over 10 years.

Once again, the party of equal everything loves to throw equality out the window because I can take the same deductions any other citizen takes. This is insane.


Note that Jon has to make up a foe ("the party of equal”) to fight. There is no party that advocates for equal pay for all.

Truth is there are many loopholes that are only possible for the super-rich and their tax accountants. In fact the very rich (>$2M/year) actually pay less in tax rate than the not so rich due to these loopholes.

Image

Truth is more should be done to eliminate these loopholes like the Carried Interest whose origin was:

The origin of carried interest can be traced to the 16th century, when European ships were crossing to Asia and the Americas. The captain of the ship would take a 20% share of the profit from the carried goods, to pay for the transport and the risk of sailing over oceans.
Source

This Act will help prevent gaming the tax system currently riddled with loopholes. This is not small potatoes - look at the amount of gaming (some call it cheating) going on - $429B over 10 years. Insane or making things right?

C. Restore 2017 Parameters to the Estate Tax
The federal estate tax previously affected fewer than 2 out of every 1,000 estates each year. Families with estates worth less than $11 million ($5.5 million for an individual) were fully exempt from the federal estate tax in 2017. Like the AMT, these thresholds were agreed to on a bipartisan basis in the ATRA. However, in a giveaway to the billionaire class, Republicans doubled the estate tax exemption levels to $11 million for individuals and a whopping $22 million for married couples. These changes did nothing to help the more than 99.6 percent of family farms who owe no estate tax. Instead it provided an $83 billion tax cut for millionaires and billionaires. Senate Democrats would restore the 2017 parameters for the estate tax.
This provision is estimated to increase federal revenues by $83 billion over 10 years.

Double taxation should not be supported by anyone here. This is insane.
Taxation occurs when money us handed over from one person to another. Thus estate taxes are not “double taxation” and seldom occurs (only for estates over $5.5M). Those with estates over $5.5M have most likely already blessed their heirs with $$s for life of and will bless them more with 60% of their estate (the estate tax rate is 40%). If this was truly a land of equal opportunity (as rightists claim it is) we would return all estates (after bills) to the state - the national debt would dissolve.

D. Close the Carried Interest Loophole
The president spent the 2016 campaign claiming he would close the carried interest loophole. During his confirmation proceedings, Treasury Secretary Steven Mnuchin identified it as a tax break he wanted to eliminate. However, despite the claims of Congressional Republicans, the carried interest loophole continues, allowing Wall Street high fliers to continue to disguise their compensation income as capital gains. Senate Democrats would shut down the carried interest loophole.
This provision is estimated to increase federal revenues by $12 billion over 10 years.

This income of mine is capital gains. Just because you want more of my moneyt doesn't mean you get to write the dictionary for the terms. This is insane.


Huh? What money of yours do I want? and what terms am I defining?? Have you gone non-sensical in your anti-“left” zeal that you won’t even listen to calls to reform taxes??? Carried Interest is not capital gains although carried interest is taxed at the same rate as long term (>1 year) capital gains (typically 15%). Both are attempts to limit tax liability from the easiest of all income to garner - just sitting there watching your money/asset grow , not actually working for wages. This provision is dealing with private equity and hedge fund operators “carried interest“ in their investor’s investments (not capital gains). To be an investor in these nearly risk-free hedge fund investments you need to have liquid assetsof over $1M in assets to participate - I know I tried). Just another opportunity / loophole for the rich and the even richer hedge fund operators who get to deduct 20% of the investments they carry and thus typically pay no taxes.

What is truly insane is that Warren Buffet tax rate (11%) is less than his secretary. Another example is Romney paid 14% effective tax rate in 2011 on $13.7M income
. The tax rate of those making between $38K and $165K/year is either 22% or 24%. Ref: 2018 tax rates

E. Bring the Corporate Tax Rate to 25 Percent
Over the past decade, both Democrats and Republicans have expressed interest in reducing the corporate tax rate in a fiscally responsible manner, with proposals ranging from a reduced rate of between 24 and 28 percent. Rather than engage with Democrats, Republicans rammed through a budget-busting tax cut, slashing the corporate tax rate to 21 percent, while corporations today already enjoy the highest after-tax profits since the 1950s. Republicans claim this cut will trickle down to workers. Rather than relying on a repeatedly debunked economic ideology, Senate Democrats would bring the corporate tax rate to a competitive 25 percent.
This provision is estimated to increase federal revenues by $359 billion over 10 years.

Not a corporation so I will refrain from comment.

This is the most sane thing Jon has said.


That provides over $1T dollars (over 10 years) to actually create jobs (estimated at 15M good paying jobs) doing a much needed infrastructure improvements to keep the USA competitive.

Among the infrastructure projects are:

$140 billion for roads and bridges;
$115 billion to "modernize America's water and sewer systems";
$115 billion to repair public transportation;
$50 billion to "modernize America's rail infrastructure";
$62 billion to expand public housing; and
$50 billion to repair public schools.
Read more details in link. Many of these are grants to states.

And if more money is needed we could have a 0.5% Financial Transaction Tax (FTT) which would bring in $110 billion to $403 billion per year or just do a 0.1% FTT which add $220 to $803B over 10 years.

This is a “conservative" plan in terms of funding unlike the current Trump Plan (not yet being put thru congress) provides for only $200B (over 10 years) in federal funds hoping that the private sector and states will provide for an additional $800B (over 10 years). That is a pipe dream - states are already poor and the GOP/Trump are making them poorer; private entities will only provide funds if they know they will get a return of more than they invest by say toll roads, by asking travelers to pay.

Study this and write your Congressman. https://www.nwyc.com


Other comments/opinions.
Informed by Data.
Driven by the SPIRIT and JESUS’s Example.
Promoting the Kingdom of GOD on Earth.
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