Trump pledges 'biggest tax cut ever' if he wins election in November

[signit]

article

President Trump vowed to continue lowering taxes if he defeats Democratic challenger Joe Biden on Nov. 3, tweeting from the Walter Reed National Medical Center on Monday morning that his administration would pass a sequel to the 2017 tax overhaul.

“BIGGEST TAX CUT EVER, AND ANOTHER ONE COMING. VOTE!” Trump wrote in a series of tweets from Walter Reed, where he’s been staying since Friday to undergo treatments for COVID-19.

“IF YOU WANT A MASSIVE TAX INCREASE, THE BIGGEST IN THE HISTORY OF OUR COUNTRY (AND ONE THAT WILL SHUT OUR ECONOMY AND JOBS DOWN), VOTE DEMOCRAT!!!” he wrote in another tweet.

 

[PaulinVA]

President Trump vowed to continue lowering taxes if he defeats Democratic challenger Joe Biden on Nov. 3, tweeting from the Walter Reed National Medical Center on Monday morning that his administration would pass a sequel to the 2017 tax overhaul.

Buying votes, with your tax dollars.

 

[TMC]

Serious question - what is Trump’s tax policy?

I just went to his campaign website to see if this promise is reflected in his policy positions. Turns out he does not list any policy positions - None! So does anyone know what Trump’s tax policy is, and whether this tweeted promise is consistent with his published policies? (Or even what he means by it?)

 

[RidgeSprinter]

It just means he is trying to BRIBE the voters.

 

[Xystus]

Buying votes, with your tax dollars.

There is a difference between this and the “vote for me and look at all the free stuff ill give you” that is typical of the Democrats. That difference is with a tax cut, i keep what is already mine. with the Dem vote buying, they give away what is taken from others.

 

[Xystus]

Passing debt on to future generations results from spending more than you take in. if you are arguing that we need to cut spending then you will get no arguments from me.

 

[Xystus]

If the Federal Govt is a bloated behemoth that performs way more functions than is constitutionally authorized. Cut out all non constitutionally authorized functions and i bet we dont have a spending problem anymore.

And the whole passing debt to future generations being a just a republican problem is laughable.

 

[signit]

Serious question - what is Trump’s tax policy?

I just went to his campaign website to see if this promise is reflected in his policy positions. Turns out he does not list any policy positions - None! So does anyone know what Trump’s tax policy is, and whether this tweeted promise is consistent with his published policies? (Or even what he means by it?)

For now, from the article:

Trump, who presided over the passage of the Tax Cuts and Jobs Act in 2017, the biggest overhaul of the tax code since Ronald Reagan was in the Oval Office, has repeatedly pledged a follow-up, often referred to as “Tax Cuts 2.0.”

It’s unclear exactly what it would include, but the president has previously
said he would cut the top capital gains tax rate to 15% from 20%; forgive temporarily deferred payroll taxes; give tax breaks to U.S. companies that bring their operations back from China; and codify changes made in the previous tax overhaul that are slated to sunset in 2025.

And, from the last election, from his site:

Under President Trump’s leadership, Congress passed historic tax cuts and relief for hard-working Americans. The Tax Cuts and Jobs Act:

• Is the first major tax reform signed in 30 years.
• Provided tax relief for 82% of middle-class families.
• Doubled the Child Tax Credit proving an additional $1,000 per child in tax relief for working parents.
• Nearly doubled the standard deduction, a change that simplified the tax filing process for millions of Americans.
• Cut taxes for small business by 20%, providing $415 billion in tax relief for small business owners.
• Alleviated the tax burden on over 500 companies. who used those savings to fund bonuses, wage increases for 4.8 million workers.
• Spurred new investments into the American economy, after it was passed businesses invested $482 billion into new American projects.
• Repealed Obamacare’s burdensome individual mandate.
• Made U.S. companies competitive on the world stage, lowering the corporate tax rate from one of the highest in the industrialized world (35%) to 21%.

And, just think, Biden and the Democrats would probably repeal that “tax relief for 82% of middle-class families.”

 

[PaulinVA]

There is a difference between this and the “vote for me and look at all the free stuff ill give you” that is typical of the Democrats. That difference is with a tax cut, i keep what is already mine. with the Dem vote buying, they give away what is taken from others.

I’m bribing you with your own money. Vote for me!

Great.

 

[TMC]

OK, maybe that answers the question of what Trump’s tax policies were in the past. Has he said what his policies are for his second term?

 

[signit]

OK, maybe that answers the question of what Trump’s tax policies were in the past. Has he said what his policies are for his second term?

Apparently not in finalized form; but we can go by what he’s said he’d do:

It’s unclear exactly what it would include, but the president has previously
said he would cut the top capital gains tax rate to 15% from 20%; forgive temporarily deferred payroll taxes; give tax breaks to U.S. companies that bring their operations back from China; and codify changes made in the previous tax overhaul that are slated to sunset in 2025.

 

[TMC]

Apparently not in finalized form; but we can go by what he’s said he’d do:

Hmm… Just seems odd that with less than a month to the election he has doesn’t have an actual policy out there yet. Maybe policy doesn’t matter so much anymore.

 

[Nepperhan]

This sounds like some extreme campaign promises. Trump is looking desperate.

 

[WA_Catholic]

Good. I’d rather have more of my money instead of the government wasting it.

 

[Pattylt]

Has he reduced government spending in any significant manner? Lowering taxes when also lowering spending is logical. Just reducing the government income without lowering its cost seems…wrong?

 

[ProVobis]

I’d rather not have to bother filing or paying taxes at all. But the world isn’t perfect.

 

[Zake]

Just reducing the government income without lowering its cost seems…wrong?

What a beautifully mild phrase: “wrong”???

I’d rather not have to bother filing or paying taxes at all. But the world isn’t perfect.

Well, there is a need for common spendings. Common judicial system, common laws, and quite a few more. Those have to be financed. The best way would be a voluntary taxation… before you laugh at it, just ponder: a lottery and other gambling methods. No one would force you to spend your money on it, and if someone spends too much, it is their own fault. He could not blame anyone else.

The spending would have to be adjusted according to the income, of course. But no sane family spends more than they can afford. The ones who are not financially “sane”, will go bankrupt. By the way, this is a very simplified presentation of a fair tax system. It would need to tweak a lot. But the principle is sound.

 

[1cthlctrth]

And Biden plans to raise taxes, as he SPECIFICALLY SAID he’d eliminate the Trump tax cuts. And the Biden/Harris/AOC Green New Deal is estimated to cost households between $35,000 and $60,000 per year for the next 10 years.

The Trump tax cuts benefitted the middle class the most.

 

[ProVobis]

a lottery and other gambling methods.

Seems like every time they do that they end up selling the lottery to some privates and then forego the revenues. Just seems that way.