Trump's tax plan too expensive, experts say

[Morphine Prince 109,648]

In his bid for the White House, Donald Trump promised tax cuts. Big ones. Lots of 'em. For everyone.

Given that Republicans will control both the House and Senate during at least the first two years of Trump's administration, the prospects for tax reform have never been better.

But the tax cuts may not be quite as large as Trump has touted.

The reason: His tax plan is seen by experts and deficit hawks as just too expensive, potentially costing between $6 trillion and $7 trillion on the high end.

It's too early to say exactly how conservative deficit hardliners in Congress will react to Trump's pricey plans. But Republican leaders in the House have already put forth their own tax reform blueprint, estimated to cost about half as much as Trump's.

More details: http://money.cnn.com/2016/11/15/pf/taxes/trump-tax-plan/index.html?sr=fbCNN111516trump-tax-plan0600PMStoryLink&linkId=31186547

 

[Azor Ahai 18,861]

Presidents never do what they're promised. People forget Obama promised to have the troops retreat and end Guatonamo Bay  

[Red 99,106]

What does he mean by "tax cuts 'for everyone'"?  

[venusfly 17,885]

6 minutes ago, Red said:

What does he mean by "tax cuts 'for everyone'"?  

He has great disdain that businessmen pay more tax than the employees

[Whispering 18,865]

35 minutes ago, Azor Ahai said:

Presidents never do what they're promised. People forget Obama promised to have the troops retreat and end Guatonamo Bay  

If Obama hadn't of had overwhelming opposition for six of his eight years, more would have been accomplished for those types of promises. He still managed to make some headway on those issues.

The first two years of his Presidency was trying to keep us from going into a Depression. People forget that. Trump will be inheriting a country that is stable economically and showing growth and he has both the Senate and the House. He isn't in the midst of a economic disaster. He should at least be able to do what he promised with giving us "the best" health insurance for "much cheaper" and bringing back manufacturing jobs...right? 

[Whispering 18,865]

13 minutes ago, Red said:

What does he mean by "tax cuts 'for everyone'"?  

It means the rich are going to get richer. The middle class might have a couple of hundred of extra bucks for Christmas. And the working poor get jack. 

[Woolfsmck 2,763]

Trump's 'plan' is all blab ... We are just gonna have to wait an see what really gets done

[xoxo cupcakke 4,781]

12 minutes ago, Whispering said:

If he hadn't of had overwhelming opposition for six of his eight years, more would have been accomplished for those types of promises. He still managed to make some headway on those issues. The first two years of his Presidency was trying to keep us from going into a Depression. People forget that. Trump will be inheriting a country that is stable economically and showing growth and he has both the Senate and the House. He isn't in the midst of a economic disaster. He should at least be able to do what he promised with giving us "the best" health insurance for "much cheaper" and bringing back manufacturing jobs...right? 

I feel like the US economy is still a mess, but not as volatile as it was during Obama's term. Obama truly got the short end of the stick, yet a lot of people blame Obama for mishandling the Recession, when in actuality, his presidency saw us returning to a stabler economy, one that will be attributed to Trump and no thanks will be given to Obama for his efforts and that of his administration 

14 minutes ago, Whispering said:

It means the rich are going to get richer. The middle class might have a couple of hundred of extra bucks for Christmas. And the working poor get jack. 

I don't get why people think our taxes our bad. We have some of the lowest taxes in the world, low taxes which the rich are already benefiting from and will only benefit from more if taxes are cut even more. Then again, the US does not have the best wages for lower class peoples, which sucks and the good thing is they won't have to pay as much in taxes, but social programs which are meant to benefit those individuals could likely see a reduction in their budgets and services

But don't even get a conservative started on welfare in this country, even though similar people eligible for welfare are eligible for Medicare and Medicaid and are all examples of socialism 

inb4 conservatives who oppose socialism call for a ban on these programs as well as Social Security; as long as they get money when they retire, even though with tax cuts that's gonna be a lot less and it's gonna affect me more than it will people like my parents or my siblings... but I'm just a Millenial who doesn't know any better

[Eighteen 5,430]

47 minutes ago, Azor Ahai said:

Presidents never do what they're promised. People forget Obama promised to have the troops retreat and end Guatonamo Bay  

that's true and he's tried to do both. but for example the reality in iraq proved otherwise (and he was criticized for brining a lot of the troops home, saying it left iraq even more destabilized, so some were sent back), and in terms of guantanamo, people don't want these prisoners brought to US prisons (iirc) and so people in congress (i don't know whether it was republicans or democrats) are making it difficult for him, but last i heard the number has been reduced to some 50 or so prisoners. 

[Eighteen 5,430]

i don't think taxes should but cut on the richest people in the US. look at how the economy improved in california after taxes were raised on the rich (i know, there are a lot of rich people living there so this is a flimsy example) but the theory seems to work in my observation. but i don't know much about the economy so i can't really think that critically about it. 

also, of the political texts i've read, none of them that i recall mention cutting taxes at all. they always say taxes have to be raised. but then again, i'm not good with math so idk if this is true numbers-wise, but the logic seems to make sense. 

edit: and yeah i get that the logic for lowering taxes makes sense too, but bush sr. tried this and it ran up the deficit so in practice it hasn't worked (and i think he was allowed to cut taxes because there was a surplus in social security i think, which he drained). 

ps. i think it was bush sr.? maybe it was bush jr. i really don't remember

[Whispering 18,865]

8 minutes ago, CowSiss said:

I feel like the US economy is still a mess, but not as volatile as it was during Obama's term. Obama truly got the short end of the stick, yet a lot of people blame Obama for mishandling the Recession, when in actuality, his presidency saw us returning to a stabler economy, one that will be attributed to Trump and no thanks will be given to Obama for his efforts and that of his administration 

I don't get why people think our taxes our bad. We have some of the lowest taxes in the world, low taxes which the rich are already benefiting from and will only benefit from more if taxes are cut even more. Then again, the US does not have the best wages for lower class peoples, which sucks and the good thing is they won't have to pay as much in taxes, but social programs which are meant to benefit those individuals could likely see a reduction in their budgets and services

But don't even get a conservative started on welfare in this country, even though similar people eligible for welfare are eligible for Medicare and Medicaid and are all examples of socialism 

inb4 conservatives who oppose socialism call for a ban on these programs as well as Social Security; as long as they get money when they retire, even though with tax cuts that's gonna be a lot less and it's gonna affect me more than it will people like my parents or my siblings... but I'm just a Millenial who doesn't know any better

Yeah, the conservatives complain about welfare and Medicaid, but its shortsighted. They don't want to spend money to enact programs that will help stop the cycle of poverty and don't realize that keeping preventive healthcare will help in the long term. The same they do with Planned Parenthood, with 97 per cent of their services going to sexual health, cancer screenings, and well-baby services. They simply don't want to take care of the poor in our society. 

I believe Social Security will be safe for a while, because old people vote...especially for Republicans, and even wealthy old people want their SS benefits. I know that Paul Ryan wants to do something with Medicare, but the seniors in this country will rise up at vote them all out of office! The Seniors are a more powerful voting block than millennials. They show up to vote every single year for local elections, every two years for Congress and every four years for general elections. They don't sit out because their choice didn't get nominated or to throw a little fit. They will vote for their interests and they will vote your ass out if you piss them off! Lol 

[Woolfsmck 2,763]

Hi taxes , low taxes , tax the rich ,,,. Blah blah blah ....

Focus on waste and corruption in gov. spending and the issue will get a lot smaller

[Woolfsmck 2,763]

When you read about military project that are crap and we send mega **** to the Middle East , I feel insulted by the notion of increasing taxes...

DO A BETTER JOB WITH WHAT WE ALREADY HAVE !