Comment by Workaccount2
12 days ago
I have a suspicion that the coming tax cuts will be extreme, and the gaps in critical funding will be covered with tariff income. This will essentially make tariffs a cornerstone for government finances.
Political suicide to roll back tax breaks if they are primarily for the <$150k earners, like trump wants.
> Political suicide to roll back tax breaks if they are primarily for the <$150k earners, like trump wants.
What tax breaks has he aimed at these people beyond some of the overtime and tipping (which is expected to only equate to about $2K)?
Instead:
>The largest tax cuts would accrue to the highest-income families, the Treasury said.
> Household in the top 5% — who earn more than $450,000 a year, roughly — are the “biggest winners,” according to a July 2024 analysis by the Urban-Brookings Tax Policy Center. They’d get over 45% of the benefits of extending the Tax Cuts and Jobs Act, it said.
> A Penn Wharton Budget Model analysis on the impacts of the broad Republican tax plan had a similar finding.
> The bottom 80% of income earners would get 29% of the total value of proposed tax cuts in 2026, according to the Wharton analysis, issued Thursday. The top 10% would get 56% of the value, it said.
I don't know what tax plan that is an analysis of, but Trump has stated he wants to eliminate income tax for those under $150k.
I don't know what news source you trust, but if you google it, he stated it back in March.
It's already stated in the source quote. Extending the TCJA.
What he says is almost irrelevant to what he actually does most of the time. He 'says' he wants to lower taxes on the lower income folks, but the tax bill he actually passed was essentially a handout to wealthy and businesses. He 'says' he wants to bring back manufacturing, but the reality is his tariff actions do nothing of the sort.
I admit I had not heard this one. But the first thing I saw on it said:
> According to Lutnick’s interview with CBS News, Trump’s tax policy goal is to remove federal income taxes for individuals earning under $150,000 annually.
(omitted some of the other bullet points around tariff funding and tip exemption)
> While Lutnick later walked back the certainty of these plans, he clarified that the proposal is aspirational and depends on the ability to balance the federal budget.
I have serious doubts about the likelihood of a Trump proposal that even his Commerce Secretary says are "aspirational". Then again, the other part of Trump is that sometimes he does whatever he wants, regardless of what his Secretaries have said or known (witness the tariffs being paused mid hearing, leading to a Republican politician frantically swiping at his iPad in the middle of his testimony about the value of keeping the tariffs despite widespread market uncertainty).
2 replies →