Politics STEVE BANNON PUSHING FOR 44 PERCENT MARGINAL TAX RATE ON THE VERY RICH

[Denny Crane]

https://theintercept.com/2017/07/26...4-percent-marginal-tax-rate-on-the-very-rich/

TOP WHITE HOUSE adviser Steve Bannon is pushing for tax reform to include a new 44 percent top marginal tax rate, hitting people who earn more than $5 million a year, with the revenue paying for tax cuts for the rest, according to three people who’ve spoken to him recently.

The top rate is now 39.6 percent and most Republicans have been planning to lower it significantly as part of tax reform. The plan Trump put out previously would have only three brackets, with the top one brought down to 35 percent.

Raising taxes on the very rich has been a rare policy that President Donald Trump has publicly espoused throughout much of his life. On Tuesday, he told the Wall Street Journal, “if there’s upward revision it’s going to be on high-income people.”

“I have wealthy friends that say to me, ‘I don’t mind paying more tax,’” he said. White House spokesperson Sarah Huckabee Sanders was pressed on Trump’s comment at a televised briefing Wednesday, and said that further specifics of the plan would be released shortly, with an emphasis on tax cuts for the middle class.

 

[Denny Crane]

So much for the claims that repeal and replace is all about paying for tax cuts for the rich.

 

[riverman]

So much for the claims that repeal and replace is all about paying for tax cuts for the rich.

This is Steve Bannon's idea....and it's not law....Trump's camp has to make up for lost revenue somehow...I'm guessing this is Bannon's damage control...Trump did say he'd cut taxes on the wealthy in half.....now, he has to backtrack....his budget doesn't add up..there's a pattern to this sort of backtracking don't you think?

 

[Denny Crane]

Raising taxes on the very rich has been a rare policy that President Donald Trump has publicly espoused throughout much of his life. On Tuesday, he told the Wall Street Journal, “if there’s upward revision it’s going to be on high-income people.”

 

[riverman]

So much for the claims that repeal and replace is all about paying for tax cuts for the rich.

Who exactly claimed this? Tax cuts for the rich were part of his campaign promise....during his campaign he said he'd lower it to 15 percent...which was never going to be possible anyway......my guess....he's overspending and has to make it up somewhere

 

[riverman]

Raising taxes on the very rich has been a rare policy that President Donald Trump has publicly espoused throughout much of his life. On Tuesday, he told the Wall Street Journal, “if there’s upward revision it’s going to be on high-income people.”

You're confusing Trump with Warren Buffett

 

[riverman]

from 2016
http://www.nola.com/politics/index.ssf/2016/11/trump_promises_tax_cut_on_weal.html

 

[riverman]

So much for the claims that repeal and replace is all about paying for tax cuts for the rich.

Bannon wants this tax on folks who make over 5 million a year....safe to say folks who make 1-4 million a year are rich....

 

[SlyPokerDog]

You will also be able to deduct your servants as dependants.

 

[riverman]

Raising taxes on the very rich has been a rare policy that President Donald Trump has publicly espoused throughout much of his life

Explains why he paid zero dollars in tax for so many years and refuses to release his tax returns since the election eh?

 

[riverman]

You will also be able to deduct your servants as dependants.

and your weapons of mass destruction

 

[Minstrel]

Congress makes the laws. When Congress passes a tax reform bill through both the House and Senate that increases taxes on the wealthy, then it'll be news and will contradict the idea that Congressional Republicans wanted to slash Medicaid to fund a large tax break for the wealthy.

 

[Denny Crane]

Who exactly claimed this? Tax cuts for the rich were part of his campaign promise....during his campaign he said he'd lower it to 15 percent...which was never going to be possible anyway......my guess....he's overspending and has to make it up somewhere

Schumer, Pelosi, lots of Democrats and the media wing of the democrat party.

 

[Denny Crane]

Explains why he paid zero dollars in tax for so many years and refuses to release his tax returns since the election eh?

Did he pay $0? That might actually be truly fake news.

 

[SlyPokerDog]

You will also be able to deduct your servants as dependants.

@HCP is nervously waiting to see who will claim him.

 

[Denny Crane]

2015

http://www.reuters.com/article/us-election-trump-hedgefunds-idUSKCN0QS0P120150823

Trump says tax code is letting hedge funds 'get away with murder'

WASHINGTON (Reuters) - Republican presidential front-runner Donald Trump blasted hedge fund managers on Sunday as mere "paper pushers" who he said were "getting away with murder" by not paying their fair share of taxes.

In a telephone interview on CBS's "Face the Nation," Trump vowed to reform the tax laws if elected and said the current system was harming middle class Americans who currently faced higher tax rates than traders on Wall Street.

 

[riverman]

That might actually be truly fake news

Or news that you'd like to believe is fake......seems the "fake news" excuse is pretty popular when it comes to defending the guy......I'm really not surprised you'd lean on that one .......

 

[riverman]

Did he pay $0? That might actually be truly fake news.

• Email

Donald Trump paid no federal income taxes for at least two years in the late 1970s, according to a New Jersey government report.

Trump, who has declined to release his tax returns during the campaign season, incurred no tax liability in 1978 and 1979, New Jersey gambling regulators found, when they looked into his tax returns and personal finances in connection with the Trump Plaza Corporation's 1981 application for a casino license.

Trump claimed negative income in both those years: losses of $406,379 in 1978 and $3,443,560 in 1979. In 1975, 1976, and 1977, he claimed $76,210, $24,594, and $118,530 in income, respectively, paying $18,714, $10,832, and $42,386 in federal taxes, according to the document, the Report to the Casino Control Commission.

The regulators "did not ascertain any inconsistent or questionable matters" in Trump's returns, they wrote.

The findings were included in a report obtained by ABC News and verified by the New Jersey Casino Control Commission. Although the regulators viewed Trump's tax returns from 1975 to 1979, they did not include the actual returns in their report to the commission.

Donald Trump Says He Will Release Tax Returns 'Once Audit Is Complete'

Donald Trump Refuses to Reveal His Tax Rate: 'It's None of Your Business'

The Only Time Donald Trump Undersells: Tax Time

Donald Trump Still Claims Golf Course Worth Over $50M

The presumptive GOP presidential nominee had promised to release his most recent tax returns as a 2016 candidate, but he later declined to do so until an audit is completed. He has faced criticism for that decision, though not required to do so, as presidential candidates have consistently released their tax returns to the public over the last 40 years.

The tax rates paid by Trump are "none of your business," the GOP candidate told ABC's George Stephanopoulos in a recent interview on "Good Morning America." In the same interview, he told Stephanopoulos that "you'll see it when I release but I fight very hard to pay as little tax as possible."

 

[BrianFromWA]

I don't want to get too far into this, b/c I don't care about tax returns any more than college transcripts, but I do remember this part:

the Form 1040 from Trump's 2005 return.
Maddow said it showed that Trump reported over $150 million in income that year and paid $5.3 million in federal income tax and $31 million in alternative minimum tax. Many questions were left unanswered, including the sources of his income.

https://www.forbes.com/sites/maddie...ddow-releases-trump-tax-returns/#400712aa37a7

I mean, $36M > $0...

 

[Denny Crane]

Or news that you'd like to believe is fake......seems the "fake news" excuse is pretty popular when it comes to defending the guy......I'm really not surprised you'd lean on that one .......

It might help if someone produced a tax return showing $0. All you have is innuendo and fake news. Really fake news. See Brian's post.

"many years"

 

[riverman]

All you have is innuendo and fake news

I have news articles..just like you do.....and your innuendos are as fake as any to be found dude.....you can easily find Trump contradictions....he says whatever he thinks will fly.....unless you think The New Jersey Casino Control Commission is lying about it....

 

[riverman]

It might help if someone produced a tax return showing $0. All you have is innuendo and fake news. Really fake news. See Brian's post.

"many years"

According to Trump his tax returns are non of our business and he works hard to pay as little tax as possible...he paid zero taxes for two years in the late 70s but I guess that doesn't count eh? As to recent years.....we have one tax return to see...the 2005 he released when he paid some tax.....that's one year

 

[Denny Crane]

I have news articles..just like you do.....and your innuendos are as fake as any to be found dude.....you can easily find Trump contradictions....he says whatever he thinks will fly.....unless you think The New Jersey Casino Control Commission is lying about it....

When I look at news articles, I also look at their sources and corroboration.

Beware "reporters" with an agenda.

You said "many years," yet we know Trump went through some bankruptcies in his big casino. He paid taxes on the money he lost the previous year(s).

Maddow had egg all over her face when THE TRUTH bit her.

 

[Denny Crane]

According to Trump his tax returns are non of our business and he works hard to pay as little tax as possible...he paid zero taxes for two years in the late 70s but I guess that doesn't count eh? As to recent years.....we have one tax return to see...the 2005 he released when he paid some tax.....that's one year

Asked and answered.

You buy $1M in mutual funds. It goes up 50% to $1.5M. You pay tax on $.5M. The next year, it drops to $900K and you report a $100K loss, maybe pay $0 in tax. But you paid the tax on the $1.5M (the $.5M). You paid income tax (or whatever) on the $1M in the first place, too.

The scenario with Trump's casino was roughly the same sort of thing.

I don't care about Trump's tax returns. There's NOTHING in them of any real interest to anyone.

 

[Rastapopoulos]

So much for the claims that repeal and replace is all about paying for tax cuts for the rich.

Oh Denny. Thinking is hard.
1. Trump doesn't know what's in the GOP bill. That would require reading it. And caring. And the GOP is the party of the rich.
2. This is a rumor. About Steve Bannon. Wake me up if this gets anywhere, because I would LOVE to see the GOP reaction.
3. You're honestly telling me that you believe that Trump would raise his own taxes? Actually, I guess he could, since he doesn't actually pay taxes, so it wouldn't affect him.

 

[Denny Crane]

Thinking is hard.

Keep on practicing, you'll get the hang of it.

 

[Denny Crane]

What I see is that you have Harvard educated individuals looking at the budget mess and the slow economic growth. The debt is crushing and a real threat to the government's ability to write all the checks it does. You know, to SS recipients and so on.

And Democrats throwing sand in your face.

 

[riverman]

Denny....show me proof he paid zero dollars in taxes
(proof)
Denny.....I don't care about his taxes

 

[Rastapopoulos]

Keep on practicing, you'll get the hang of it.

Burns are also hard.

 

[Rastapopoulos]

So, Denny: what do you think of Bannon's idea? As good as all the other ones coming out of the Trump administration, right?