HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Conservative anti-tax gro...

Thu Jan 24, 2019, 08:53 AM

Conservative anti-tax groups ask Trump to give the rich another tax cut by executive fiat

https://www.latimes.com/business/hiltzik/la-fi-hiltzik-cap-gains-cut-20190123-story.html

Some people are never satisfied. That goes double for America’s 1%, especially when it comes to tax breaks.

Not content with the enormous tax cut they received from President Trump and the Republican-controlled Congress in December 2016, they’re now angling for an additional tax cut. Even worse, they’re proposing that Trump circumvent the Democratic majority in the House of Representatives by giving it to them via executive fiat.

The proposal is embodied in a letter to Trump issued Tuesday by 41 anti-tax and right-wing organizations. They include current or former affiliates of the Koch brothers’ network such as the American Legislative Exchange Council (ALEC) and the Club for Growth; Grover Norquist’s Americans for Tax Reform; the American Conservative Union, which is chaired by Matt Shlapp, husband of Trump White House aide Mercedes Shlapp; and the Heartland Institute.

...

Capital gains taxpayers already receive huge tax breaks compared with ordinary working stiffs that should more than compensate them for inflation.

To begin with, the rates on capital gains are much lower than those on wages and salaries. The top rate is 20%; compared with a top rate on wages and salaries of 37%. Even if one adds the 3.8% tax on unearned or investment income imposed on those with income over $250,000 (for married taxpayers filing jointly), that rate is still roughly only two-thirds of the rate on earned income — in other words, roughly the amount of gains the Tax Foundation says is due to inflation.


3 replies, 348 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 3 replies Author Time Post
Reply Conservative anti-tax groups ask Trump to give the rich another tax cut by executive fiat (Original post)
CousinIT Jan 24 OP
grumpyduck Jan 24 #1
MiniMe Jan 24 #2
Proud Liberal Dem Jan 24 #3

Response to CousinIT (Original post)

Thu Jan 24, 2019, 08:59 AM

1. We seem to be heading back to the medieval era

when the landed gentry ruled and the serfs worked their butts off. Or like after the Industrial Revolution.

Seems like the middle class has a chance of becoming an extinct species after all the work that went into bringing it to life.

I know I'm oversimplifying it. Just making a point.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to CousinIT (Original post)

Thu Jan 24, 2019, 11:32 AM

2. Executive fiat seems totally unconstitutional

The House has the power of the purse

Reply to this post

Back to top Alert abuse Link here Permalink


Response to MiniMe (Reply #2)

Thu Jan 24, 2019, 11:33 AM

3. Exactly

No way this happens. These groups are deluded.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread