Trump admin bobbles opening bid in their 'no billionaire left behind' tax plan

[bigtree]

Jonathan Chait? @jonathanchait 2h2 hours ago
White House 'can't guarantee' middle class won't pay higher taxes. http://nymag.com/daily/intelligencer/2017/09/white-house-cant-guarantee-middle-class-wont-pay-more.html …

So, this is going well.


Gary Cohn: bad at lying about taxes. Photo: ABC

Tax reform is now an existential issue for House Speaker Ryan and Senate Leader McConnell,” assert Mike Allen and Jonathan Swan. “If they botch this, as they did health care, both chambers could lose their Republican majorities.” The notion that passing the tax cut will help the party in 2018 is the conventional wisdom, and it is what Republicans have been asserting for months. But not only is this false, it is increasingly obvious that many Republicans themselves do not believe it.

Asked by George Stephanopoulos if he can promise middle-class families won’t have to pay higher taxes under the plan, economic adviser Gary Cohn says, “I can’t guarantee anything.”

read: http://nymag.com/daily/intelligencer/2017/09/white-house-cant-guarantee-middle-class-wont-pay-more.html

Link to tweet

[n2doc]

1. Of course they will pay higher taxes

Getting rid of the state income tax deduction and property tax deductions, while leaving the base standard deduction essentially unchanged (after they roll everything into one deduction) will screw middle and upper middle class taxpayers who own houses and earn, say 50K-200K. The ones that really benefit are those who can funnel money through 'pass throughs' and get out of paying the 35% rate. So contractors, Doctors, Lawyers and the like.

Like Kansas, and will have the same effect. Sky high deficits.

[MineralMan]

2. Trump's Tax Plan for the Middle Class Worker

[bigtree]

3. »

Link to tweet