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deminks

(11,241 posts)
Tue Jul 16, 2024, 10:30 AM Jul 2024

Trump's Project 2025 will bring large middle class tax increase




Project 2025 shifts taxes from the wealthy to the middle class— a family of 4 earning $100K would suffer a $2,600 tax hike, while a family earning $5 million would get a $325,000 tax cut.

End snip.

41 replies = new reply since forum marked as read
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Trump's Project 2025 will bring large middle class tax increase (Original Post) deminks Jul 2024 OP
I tell ya, all the Democrats need to do is split Project 2025 open and show the voters what's in store Blue Owl Jul 2024 #1
Exactly because Project 2025 is their plan and they are ready StarryNite Jul 2024 #2
I hear you. I do. But you know who is really responsible for getting this word out? PatrickforB Jul 2024 #20
Please provide this information so that it can be shared h2ebits Jul 2024 #3
Haven't found a different link yet. Will keep looking. deminks Jul 2024 #7
See my reply below (#10) n/t Justice matters. Jul 2024 #12
Thank you! nt. deminks Jul 2024 #15
Here's my postimage link to that graph: Justice matters. Jul 2024 #10
Most twitter/xitter images can be extracted... Hermit-The-Prog Jul 2024 #18
Thanks for the advice on how to extract the file to post it elsewhere h2ebits Jul 2024 #38
Welcome. Hermit-The-Prog Jul 2024 #40
Thanks!! h2ebits Jul 2024 #37
Don't repukes always do this? Cut taxes for the rich and raise them for everyone else? sakabatou Jul 2024 #4
No. We all got a pretty nice tax break. jimfields33 Jul 2024 #26
Explain it to me like I am in Kindergarten FHRRK Jul 2024 #32
The SALT deduction is eliminated entirely in Project 2025 Trekologer Jul 2024 #41
But the Trump tax "cut" eliminated the personal exemption and the dependent exemption progree Jul 2024 #35
If that happens, I'm orchestrating a federal tax revolt! KPN Jul 2024 #5
republicon wet dream BoRaGard Jul 2024 #6
How to post a xitter graphic... littlemissmartypants Jul 2024 #8
I'm getting damn sick and tired of the well to do and the rich Stargazer99 Jul 2024 #9
Eloon whined last week he's having to pay $11 billions in taxes this year. Justice matters. Jul 2024 #11
It calls for elimination of SALT deduction entirely Trekologer Jul 2024 #13
Imagine that! FHRRK Jul 2024 #34
He raised my fucking taxes first term Johonny Jul 2024 #14
Steven Rattner Linda ladeewolf Jul 2024 #16
Getting a $325,000 tax cut is 3 times the salary of the "family of 4" referenced here. patphil Jul 2024 #17
BOMBARD the media to talk on this. CousinIT Jul 2024 #19
Read his lips! MORE ... NEW ... TAXES!!! Oopsie Daisy Jul 2024 #21
This is and always has been exactly what the GOP has been about Major Nikon Jul 2024 #22
Agree, and Trump is worse, he wants high tariffs, which radius777 Jul 2024 #39
Needs to be Talked About More erpowers Jul 2024 #23
But not in July, have them lined up from September. OnDoutside Jul 2024 #27
His rubes will eat that shit up. Turbineguy Jul 2024 #24
Deplorable. JohnnyRingo Jul 2024 #25
Project 2025 also cuts the 20% capital gains tax rate on high incomes to 15%. And gets rid of the 3.8% NIIT progree Jul 2024 #28
-- "TAX SHIFT" Mike Niendorff Jul 2024 #29
K&R B.See Jul 2024 #30
Many thanks... added to my stockpile of bookmarks for later reference B.See Jul 2024 #31
Yeah but Biden is old. we can do it Jul 2024 #33
kick bdamomma Jul 2024 #36

Blue Owl

(54,686 posts)
1. I tell ya, all the Democrats need to do is split Project 2025 open and show the voters what's in store
Tue Jul 16, 2024, 10:32 AM
Jul 2024

And chain this boat anchor around their neck and watch 'em sink into the murky, shark-infested depths

PatrickforB

(15,109 posts)
20. I hear you. I do. But you know who is really responsible for getting this word out?
Tue Jul 16, 2024, 01:18 PM
Jul 2024

The media.

I cancelled the NYT because they aren't.

I just called and left a long message on the Guardian's news office (not open in the middle of the day - I know they have US offices) to this effect.

Because THIS IS FUCKING FRONT PAGE NEWS.

If the media was beholden to actual TRUTH in news instead of some bullshit horserace that generates more shareholder profits, we'd be a boat load better off.

I think I'm going to send some tips to NBC, ABC, CBS, CNN, and Fox to this end. Fox won't but they will hear from me anyway.

Just called Sen. Bennet too. They aren't answering in DC, so he must be getting lots of blowback on his statement asking Biden to get out of the race. And I left a great message about the GIANT TAX INCREASE I would have and told them Bennet needs to publicly retract his statement.

h2ebits

(764 posts)
3. Please provide this information so that it can be shared
Tue Jul 16, 2024, 10:52 AM
Jul 2024

Does this graph exist in another universe outside of X? I'd love to share it but can't.

Many DU'ers are pasting X comments on this site. Many of us would love to share the information to other social media but find it extremely difficult to do so.

Can you help?

Justice matters.

(7,499 posts)
10. Here's my postimage link to that graph:
Tue Jul 16, 2024, 11:56 AM
Jul 2024


It's free to share it:

https://i.postimg.cc/1RqDzjNs/p2025taxhikes4workers. jpg
(remove the space character between the dot and the j before sharing)

Hermit-The-Prog

(36,573 posts)
18. Most twitter/xitter images can be extracted...
Tue Jul 16, 2024, 12:39 PM
Jul 2024

Usually, open the image in a new tab and examine the url
https://pbs.twimg.com/media/GSnFWIaXEAIBVHv?format=png&name=small
Note the "format=png". Delete everything from the "?" to the end, and put ".png" in its place:


jimfields33

(18,696 posts)
26. No. We all got a pretty nice tax break.
Tue Jul 16, 2024, 06:41 PM
Jul 2024

The standard deductions doubled and the tax brackets were readjusted downward for all.

FHRRK

(964 posts)
32. Explain it to me like I am in Kindergarten
Tue Jul 16, 2024, 09:03 PM
Jul 2024

Because due to limitation on State and Local Taxes (SALT) I sure as hell didn't get a break.

Taking away 15k plus of deductions and then cutting my rate by 3% ended up with a break even point of about 750k!

So explain to to me like I am in Kindergarten. How did taking 15k of deductions off my immediate tax liablilty and cutting my rate by 3% not end up increasing taxes!

People in low income States got a break, those of us in high income (Blue States) got screwed.

Trekologer

(1,054 posts)
41. The SALT deduction is eliminated entirely in Project 2025
Wed Jul 17, 2024, 08:14 AM
Jul 2024

The few individual tax return deductions that remain would be entirely eliminated (P. 697). Other tax changes?

Deductions for education expenses? Gone.

Deductions for moving expenses (if you aren't a member of the military)? Gone.

Ability to pay for your employee benefits, such as insurance premiums, health savings accounts, flexible spending accounts, childcare spending accounts is capped at $12,000 or "preferably lower". And the cap would not be indexed to inflation.

But if you're rich or a business owner, they've got you fam.

Estate tax exemption goes to $12.9 million. Entertainment expenses are fully deductible. Corporate tax rate reduced to 18%. Capital gains tax rate 15% but be indexed to inflation.

progree

(11,463 posts)
35. But the Trump tax "cut" eliminated the personal exemption and the dependent exemption
Tue Jul 16, 2024, 09:32 PM
Jul 2024

The personal exemption was almost as large as the change to the standard deduction. So on net, comparing the standard deduction before and the personal exemption before to the doubled standard deduction after, we got only a small break there.

The loss of the dependents exemption was made up for by the doubling of the child tax credit in some cases. In some cases more than made up for. In some cases didn't quite make up for it -- that one depended on what tax bracket a person was in.

Myself, I itemized deductions both before and after the tax "cut", and I lost out on the deal. But only like 10% (I forget the figure) of taxpayers itemize after the tax "cut". I also wasn't hurt by the loss of the SALT deduction limitation, but I came very close. Someone who lost out on that likely got hurt.

I agree the tax bracket reductions helped.

It all was a mixed bag, but everything I've seen, e.g. Tax Policy Center and Tax Foundation said it was a small tax cut for most people

littlemissmartypants

(25,370 posts)
8. How to post a xitter graphic...
Tue Jul 16, 2024, 11:47 AM
Jul 2024

~Open the graphic in another link

~Copy that link

~Delete up to and including the question mark in the link

~Add a period and jpg eg., ".jpg"

~Copy the newly created link

~Paste the link in your new location

~Voila! Now you have created a graphic independent of the entire tweet

~Well done,you!

Stargazer99

(2,926 posts)
9. I'm getting damn sick and tired of the well to do and the rich
Tue Jul 16, 2024, 11:47 AM
Jul 2024

They owe this country that let's them get wealthy...more is never enough for the rich...it is time for some ass kicking

Justice matters.

(7,499 posts)
11. Eloon whined last week he's having to pay $11 billions in taxes this year.
Tue Jul 16, 2024, 11:59 AM
Jul 2024

Apartheid's child is afraid to go starving?

Trekologer

(1,054 posts)
13. It calls for elimination of SALT deduction entirely
Tue Jul 16, 2024, 12:03 PM
Jul 2024

And all other individual deductions are eliminated. It also would limit the tax advantages of employee benefit contributions.

FHRRK

(964 posts)
34. Imagine that!
Tue Jul 16, 2024, 09:10 PM
Jul 2024

So take another deduction away, basically 3.3k.

Give me back 3k on each 100k I make.

So let me due the math with my limited State School education.

$3,300 imediately gone. 3k is coming back AFTER income of over (estimate) about 800k.

MOST OF US DON'T MAKE 800K!!!!!!!!!!!!!!

It is income redistribution to Red States! (Except of Texas)

patphil

(6,919 posts)
17. Getting a $325,000 tax cut is 3 times the salary of the "family of 4" referenced here.
Tue Jul 16, 2024, 12:27 PM
Jul 2024

How many middle class republicans can do the math, and realize how badly this plan screws them?
And how many will actually blame their party for their higher taxes, and the big tax breaks for the rich?
Probably a very small number.

CousinIT

(10,098 posts)
19. BOMBARD the media to talk on this.
Tue Jul 16, 2024, 01:10 PM
Jul 2024

I've been trying but they are not going to listen to one person:

https://www.democraticunderground.com/100219163121

@AP @CNN @MSNBC @ABC @CBS @NBC @NPR @NYTimes @bpolitics @USATODAY @Newsweek @Reuters @WashingtonPost @maddow @TheReidOut @Lawrence @ABCPolitics @ABCWorldNews @CBSNews @CBSEveningNews @TheBeatWithAri @NBCNews @NBCPolitics @NewsHour @CNNPolitics @TheLeadCNN @CNNSotu @MeetThePress @NBCUniversal @theweekendmsnbc

Major Nikon

(36,900 posts)
22. This is and always has been exactly what the GOP has been about
Tue Jul 16, 2024, 05:20 PM
Jul 2024

The singular objective of the GOP is to leverage the power of government to make the rich richer. This takes the form of shifting tax burdens and regulatory responsibilities downward toward the lower classes. All the bullshit about teh guns, and teh abortions, and teh Jebus in schools, and all the other single issue claptrappery is just the Trojan Horse they use to gather up the useful idiots needed to make the rich richer at the expense of everyone else. The fact they don't even really need to disguise that reality is just a testament to how gullible so many Americans are to their particular form of demagoguery. The same story has been repeated throughout recorded history. You don't have to be all that smart or clever. You just have to appeal to the base emotions of people unable or unwilling to see through it.

radius777

(3,790 posts)
39. Agree, and Trump is worse, he wants high tariffs, which
Wed Jul 17, 2024, 02:22 AM
Jul 2024

amount to a sales tax on consumers, which is regressive and inflationary.

The way the RW thinks is never challenged by the media, and unfortunately our side tends not to do a good job at pushing back either. For example, the RW has been good at blaming inflation on higher minimum wage, when the true cause is corporate greedflation.

erpowers

(9,356 posts)
23. Needs to be Talked About More
Tue Jul 16, 2024, 05:34 PM
Jul 2024

These things need to be talked about more. Trump is constantly claiming he signed the largest tax cut in American history. I know that is a lie, but where the tax cut went also needs to be discussed. Who cares if he signed the largest tax cut in American history if it only went to the rich? Who are if he signed the largest tax cut if his tax cut raised taxes on the middle class and poor?

Democrats need to run ads on this as often as possible and in as many states as possible. They also need to bring this up during every TV and radio appearance.

JohnnyRingo

(19,304 posts)
25. Deplorable.
Tue Jul 16, 2024, 06:38 PM
Jul 2024

I don't know how regular Americans can see fit to vote for such a money grab, but all too many will.
Then they'll complain that the state isn't paying enough for schools, safety services, and infrastructure. "Why are there so many tax levies on the ballot?"

progree

(11,463 posts)
28. Project 2025 also cuts the 20% capital gains tax rate on high incomes to 15%. And gets rid of the 3.8% NIIT
Tue Jul 16, 2024, 06:55 PM
Jul 2024

(net investment income tax) which is a tax surcharge on high incomes.



Mike Niendorff

(3,542 posts)
29. -- "TAX SHIFT"
Tue Jul 16, 2024, 08:24 PM
Jul 2024

It's about damn time somebody FINALLY used this phrase.

This has been going on for over 40 years now -- shifting the tax burden off of the wealthy and onto the middle class and the poor.

It's being done both directly (ie: actual tax-rate changes) and indirectly (running up the national debt, where the interest payments then dry up funding for literally everything else, but the repayment is deferred to the next generation(s) -- to be payed by the children of the middle class and the poor, of course, because the same tax-shift that benefits the rich NOW also benefits them in the FUTURE when it comes to who pays the national debt).

This has been the game plan for a long, long time.


MDN
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