Trump's tax plan released. He is doing what he promised.....and it is GREAT!!!

[TornadoHawk93]

Just some of the positives!!!!

1. Elimination of Taxes on Specific Income Types:

• Tips and Overtime Pay: The plan proposes exempting income earned from tips and overtime from federal income taxation. This measure is intended to increase take-home pay for workers in industries where such earnings constitute a substantial portion of their income.
  npr.org
  
  
• Social Security Benefits: Retirees would no longer pay federal income taxes on Social Security benefits, potentially providing significant financial relief for seniors.
  kiplinger.com
  

2. Extension and Expansion of Previous Tax Cuts:

• Tax Cuts and Jobs Act (TCJA) Provisions: The plan seeks to make permanent the individual and estate tax cuts introduced in the 2017 TCJA, which are currently set to expire after 2025.
  taxfoundation.org

3. Corporate Tax Rate Reduction:

• Domestic Production Incentive: A proposed reduction of the corporate tax rate to 15% specifically targets domestic manufacturing and production activities, aiming to bolster U.S. industry competitiveness.
  taxfoundation.org

4. New Tax Deductions:

• Auto Loan Interest: The introduction of an itemized deduction for auto loan interest is designed to provide financial relief to individuals financing vehicle purchases.
  cbh.com

5. Adjustments to State and Local Tax (SALT) Deductions:

• SALT Deduction Cap: The plan proposes adjustments to the current $10,000 cap on state and local tax deductions, which could alleviate tax burdens in high-tax states.
  nypost.com

6. Elimination of Certain Tax Loopholes:

• Carried Interest and Sports Team Ownership: To offset revenue losses from the proposed tax cuts, the plan suggests ending tax perks for hedge fund managers (carried interest) and billionaire sports team owners.
  nypost.com

7. Implementation of New Tariffs:

• Universal Baseline Tariff: A universal baseline tariff on all U.S. imports is proposed, with higher rates for countries engaging in unfair trade practices. This measure aims to protect domestic industries and generate additional revenue.
  taxfoundation.org

 

[HROT]

So we don’t care about the debt now, right? Won’t be mentioned again?

 

[Jimmy McGill]

Just some of the positives!!!!

1. Elimination of Taxes on Specific Income Types:

• Tips and Overtime Pay: The plan proposes exempting income earned from tips and overtime from federal income taxation. This measure is intended to increase take-home pay for workers in industries where such earnings constitute a substantial portion of their income.
  npr.org
  
  
• Social Security Benefits: Retirees would no longer pay federal income taxes on Social Security benefits, potentially providing significant financial relief for seniors.
  kiplinger.com

2. Extension and Expansion of Previous Tax Cuts:

• Tax Cuts and Jobs Act (TCJA) Provisions: The plan seeks to make permanent the individual and estate tax cuts introduced in the 2017 TCJA, which are currently set to expire after 2025.
  taxfoundation.org

3. Corporate Tax Rate Reduction:

• Domestic Production Incentive: A proposed reduction of the corporate tax rate to 15% specifically targets domestic manufacturing and production activities, aiming to bolster U.S. industry competitiveness.
  taxfoundation.org

4. New Tax Deductions:

• Auto Loan Interest: The introduction of an itemized deduction for auto loan interest is designed to provide financial relief to individuals financing vehicle purchases.
  cbh.com

5. Adjustments to State and Local Tax (SALT) Deductions:

• SALT Deduction Cap: The plan proposes adjustments to the current $10,000 cap on state and local tax deductions, which could alleviate tax burdens in high-tax states.
  nypost.com

6. Elimination of Certain Tax Loopholes:

• Carried Interest and Sports Team Ownership: To offset revenue losses from the proposed tax cuts, the plan suggests ending tax perks for hedge fund managers (carried interest) and billionaire sports team owners.
  nypost.com

7. Implementation of New Tariffs:

• Universal Baseline Tariff: A universal baseline tariff on all U.S. imports is proposed, with higher rates for countries engaging in unfair trade practices. This measure aims to protect domestic industries and generate additional revenue.
  taxfoundation.org

You are batshit crazy.

 

[TornadoHawk93]

So we don’t care about the debt now, right? Won’t be mentioned again?

Well now, that was a nice deflection. LOL!!

 

[Bonerfarts]

Project 2025 - Wikipedia

en.m.wikipedia.org

 

[HROT]

Well now, that was a nice deflection. LOL!!

How is it a deflection? Is it not a large part of the deficit?

 

[TornadoHawk93]

You are batshit crazy.

Says the moron with no actual dialog to refute anything. 😂

 

[TornadoHawk93]

How is it a deflection? Is it not a large part of the deficit?

Absolutly it is a defelction when you ignore the obvious other moves being done to combat the deficit.

 

[HROT]

Trump Tax Priorities Total $5 to $11 Trillion | Committee for a Responsible Federal Budget

2025-02-06-In a closed-door meeting with House Leadership today President Trump reportedly outlined his tax priorities.

www.crfb.org

 

[Formerly Rockymtnole]

Says the moron with no actual dialog to refute anything. 😂

How exactly do we pay for all this?

Hint, it ain’t Mexico and it ain’t cutting USAID.

 

[Formerly Rockymtnole]

Absolutly it is a defelction when you ignore the obvious other moves being done to combat the deficit.

Such as?

 

[TornadoHawk93]

Trump Tax Priorities Total $5 to $11 Trillion | Committee for a Responsible Federal Budget

2025-02-06-In a closed-door meeting with House Leadership today President Trump reportedly outlined his tax priorities.

www.crfb.org

We shall see how it all plays out. He is doing some things that he said he would do to help many young erners and many older Americans. I love that.

 

[TornadoHawk93]

How exactly do we pay for all this?

Hint, it ain’t Mexico and it ain’t cutting USAID.

Tariff's on countries who have been ripping us off is one way.

 

[TornadoHawk93]

Such as?

Tariff's on countries who have been ripping us off for starters. Increasing production in the US would lead to increases in the tax roll.....

 

[Bearhawk0505]

It will have the same result as every Republican plan. If it were a Pizza, the top%5 will get 99/100ths of the pizza, and the bottom %95 of people will get 1/100th of the pizza. Trumpers will think they are getting “help” with that tiny slice. Meanwhile, the very wealthy will line their pockets and our debt will absolutely explode.

 

[Formerly Rockymtnole]

Tariff's on countries who have been ripping us off is one way.

Oh, right.
🙄

 

[boxahawks]

As if Mark Cuban needed one more reason to hate Trump.

 

[HROT]

We shall see how it all plays out. He is doing some things that he said he would do to help many young erners and many older Americans. I love that.

Which will be made pointless by the Trump tax (tariffs).

 

[Tiny Hands Trump]

Tariff's on countries who have been ripping us off is one way.

Tell us you're an idiot without saying you're an idiot.

 

[The Tradition]

I love the "how do we pay for that?" response.

The federal government is too big and it costs too much! Dozens if not hundreds of federal agencies, bureaus, commissions, offices, boards, etc. wouldn't be missed if they were gone. That's how you pay for it.

 

[Formerly Rockymtnole]

I love the "how do we pay for that?" response.

The federal government is too big and it costs too much! Dozens if not hundreds of federal agencies, bureaus, commissions, boards, etc. wouldn't be missed if they were gone. That's how you pay for it.

Maybe, maybe not.

But I’m sure we can figure all that out in three weeks.

 

[HROT]

So he’s not getting rid of income tax?

 

[HROT]

I love the "how do we pay for that?" response.

The federal government is too big and it costs too much! Dozens if not hundreds of federal agencies, bureaus, commissions, boards, etc. wouldn't be missed if they were gone. That's how you pay for it.

Yes. So we can cut corporate taxes!

 

[theiacowtipper]

Odds this become law is zero. Well, part of it will. The part where taxes are cut for corporations and permanent tax cuts for the wealthy. Those are set.

 

[MuscoHawk]

Wait a minute.. I’m just a young lad so I’ll need you ouldes to explain something to me.

You pay income taxes on your Social Security?!

That nuts.

 

[hawkeyetraveler]

Absolutly it is a defelction when you ignore the obvious other moves being done to combat the deficit.

Spending cuts are great, we should be cutting the ever living hell out of our budget. But even if we cut all discretionary spending we would be running a deficit. Musk and Crew won’t cut discretionary spending to zero either.

We have a spending problem, but we also have a revenue problem. And tariffs are not going to solve the revenue problem.

Dropping taxes without balancing the budget is absolutely moronic.

MORONIC.

 

[binsfeldcyhawk2]

So we don’t care about the debt now, right? Won’t be mentioned again?

BAU

 

[Jimmy McGill]

I love the "how do we pay for that?" response.

The federal government is too big and it costs too much! Dozens if not hundreds of federal agencies, bureaus, commissions, boards, etc. wouldn't be missed if they were gone. That's how you pay for it.

Way too many loser HR resps in this country as well

 

[lucas80]

Tariff's on countries who have been ripping us off for starters. Increasing production in the US would lead to increases in the tax roll.....

Trump was too much of a pussy to put tariffs on Canada and Mexico.

 

[The Tradition]

Wait a minute.. I’m just a young lad so I’ll need you ouldes to explain something to me.

You pay income taxes on your Social Security?!

That nuts.

After I joined the Coast Guard, my dad was incredulous that I had to pay income tax on my military pay.

 

[95Hawk]

I love the "how do we pay for that?" response.

The federal government is too big and it costs too much! Dozens if not hundreds of federal agencies, bureaus, commissions, boards, etc. wouldn't be missed if they were gone. That's how you pay for it.

So there should be no need to raise the debt ceiling in June?

Sounds like our MAGA elected leaders will have figured this all out by then.

 

[Tiny Hands Trump]

Dropping taxes without balancing the budget is absolutely moronic.

MORONIC.

They've done this since the 80s. Spend more, tax less. The GOP is fiscally insane.

 

[The Tradition]

Spending cuts are great, we should be cutting the ever living hell out of our budget. But even if we cut all discretionary spending we would be running a deficit. Musk and Crew won’t cut discretionary spending to zero either.

We have a spending problem, but we also have a revenue problem. And tariffs are not going to solve the revenue problem.

Dropping taxes without balancing the budget is absolutely moronic.

MORONIC.

There is no revenue problem. The IRS is collecting more money than ever.

And remember, DOGE is working on the expenses side of the balance sheet.

 

[cheeselog8]

Wait a minute.. I’m just a young lad so I’ll need you ouldes to explain something to me.

You pay income taxes on your Social Security?!

That nuts.

Up to 85% of your SS benefit can be taxable but only if you have other sources of taxable income.

 

[Jimmy McGill]

There is no revenue problem. The IRS is collecting more money than ever.

And remember, DOGE is working on the expenses side of the balance sheet.

Are you serious Clarke?

You are out of your element

 

[95Hawk]

There is no revenue problem. The IRS is collecting more money than ever.

And remember, DOGE is working on the expenses side of the balance sheet.

Are you willing to wager that the national debt will not increase under Trump 2.0?

Where is that $36T clown when you need him?

 

[Bloody Run Hawk]

Wait a minute.. I’m just a young lad so I’ll need you ouldes to explain something to me.

You pay income taxes on your Social Security?!

That nuts.

Yes, that's a Democrat thing from way back.

 

[cheeselog8]

Yes, that's a Democrat thing from way back.

JFC just because you want it to be true doesn't make it so:

Q3. Which political party started taxing Social Security annuities?

A3. The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote.

LINK

 

[95Hawk]

Yes, that's a Democrat thing from way back.

Interesting. Social Security has been taxed since 1984.

I’m struggling to recall who the president was then….

 

[runkpanole]

OP is just happy that his taxes from serving at the local Applebee’s will no longer be taxed.