GOP leaders push new tax cut to exclusively benefit the wealthy

tulc · Jan 31, 2019

McConnell and Thune are currently the top two lawmakers in the Senate’s Republican leadership. Grassley is the Senate Finance Committee chairman, the Senate’s president pro tempore (longest serving member of the majority), and a senator who defended his position on the estate tax about a year ago by suggesting working-class people spend too much of their money “on booze or women or movies.”

At this point, some of you are probably thinking, “There’s no way such a proposal would see the light of day in the Democratic-led House.” That’s true. What I think matters, however, is the fact that these three powerful Senate Republicans are ignoring this context and pushing for the tax break anyway.

As things currently stand, the estate tax only applies to estates worth more than $22 million. By most estimates, we’re talking about a few thousand Americans – each of whom is among the wealthiest of the wealthy – who might actually be affected by the tax.

Mitch McConnell, Chuck Grassley, and John Thune look at the existing policy landscape – the enormous deficit Republicans have created, the priorities in desperate need of investment – and believe what’s really needed is another tax break that would exclusively benefit the rich. They see those at the very top and effectively declare, “We should be their champions.”

tulc(is going to get more coffee and watch things)

Acts2:38 · Jan 31, 2019

tulc said:
GOP leaders push new tax cut to exclusively benefit the wealthy

tulc(is going to get more coffee and watch things)

I'm not rich by any means, yet, I really am not offended by their tax cut.

He is my idea of why I am not offended one bit.

The tax cut is cutting a tax on "possessions" that the rich ALREADY own. They have already paid taxes to acquire these "possessions". The "possessions" talked about are means of things like, just in case one dies.

So should their children and grandchildren be taxed when the parent/grandparent dies on "possessions" that have already been taxed, just because the parent/grandparent dies? Just because the estate goes to the kids/etc?

How is anyone offended by this. I would be offended in the fact that democrats would WANT to "double dip" on my possessions that were already taxed. They want to tax people to death.

tulc · Jan 31, 2019

Acts2:38 said:
(snip)They want to tax people to death.

tulc(is just sayn') :sorry:

Johnny Slick · Jan 31, 2019

tulc said:
GOP leaders push new tax cut to exclusively benefit the wealthy

tulc(is going to get more coffee and watch things)

Why do you think rich people owe the government?

Basil the Great · Jan 31, 2019

It would be a grave mistake for the Senate GOP to undertake a tax cut to benefit the wealthy.

Ringo84 · Jan 31, 2019

The party of "just plain folks", everyone! They care so much about us average people that they're going to see to it that the ultra-rich don't have to pay a cent more in taxes*!

* Not applicable to those making less than several million in income
Ringo

archer75 · Jan 31, 2019

Johnny Slick said:
Why do you think rich people owe the government?

They benefit more from the economic system that the gov't supports. So they should do more to keep it all going.

Back when we had a healthier economy, the wealthy paid a much higher top tax rate.

archer75 · Jan 31, 2019

Basil the Great said:
It would be a grave mistake for the Senate GOP to undertake a tax cut to benefit the wealthy.

But they will!

TuxAme · Jan 31, 2019

Acts2:38 said:
I'm not rich by any means, yet, I really am not offended by their tax cut.

He is my idea of why I am not offended one bit.

The tax cut is cutting a tax on "possessions" that the rich ALREADY own. They have already paid taxes to acquire these "possessions". The "possessions" talked about are means of things like, just in case one dies.

So should their children and grandchildren be taxed when the parent/grandparent dies on "possessions" that have already been taxed, just because the parent/grandparent dies? Just because the estate goes to the kids/etc?

How is anyone offended by this. I would be offended in the fact that democrats would WANT to "double dip" on my possessions that were already taxed. They want to tax people to death.

Anything that keeps money from the government seems to be seen as intrinsically evil to these folks.

archer75 · Jan 31, 2019

If things were so great socially half a century ago, I do wonder why we had such a tereible tax system.

Yekcidmij · Feb 1, 2019

tulc said:
GOP leaders push new tax cut to exclusively benefit the wealthy

tulc(is going to get more coffee and watch things)

Won't tax cuts always benefit the wealthy more than the non-wealthy? I mean, the wealthy pay more in taxes, so any tax cuts will benefit them more, especially compared those at the bottom who get rebates during tax season...

archer75 · Feb 1, 2019

Yekcidmij said:
Won't tax cuts always benefit the wealthy more than the non-wealthy? I mean, the wealthy pay more in taxes, so any tax cuts will benefit them more, especially compared those at the bottom who get rebates during tax season...

If there were a tax cut that affected only lower (i.e. - normal) income brackets, then that cut would not benefit the wealthy more.

Yekcidmij · Feb 1, 2019

archer75 said:
If there were a tax cut that affected only lower (i.e. - normal) income brackets, then that cut would not benefit the wealthy more.

But if the lowest brackets aren't actually paying taxes, then it's hard for a "tax cut" to benefit them more than the wealthy. They already aren't paying taxes - there's nothing to cut.

archer75 · Feb 1, 2019

Yekcidmij said:
But if the lowest brackets aren't actually paying taxes, then it's hard for a "tax cut" to benefit them more than the wealthy. They already aren't paying taxes - there's nothing to cut.

Can you let me know who you mean by "lowest"? I said "lower," and meant sort of working classish people - who most definitely pay income tax. Though I admit I would have to look up the charts for people who made only $50 last year.

Acts2:38 · Feb 2, 2019

Yekcidmij said:
Won't tax cuts always benefit the wealthy more than the non-wealthy? I mean, the wealthy pay more in taxes, so any tax cuts will benefit them more, especially compared those at the bottom who get rebates during tax season...

archer75 said:
If there were a tax cut that affected only lower (i.e. - normal) income brackets, then that cut would not benefit the wealthy more.

This isn't tax cuts in the sense that I am assuming you are implying.

The cuts mentioned here are estate taxes. And you have to remember, these things have already been taxed.

What this is, is that they want to "double dip" on things that have already been taxed, when the parent or grandparent passes on the "estate" to the children or grandchildren.

So basically, just because you die and pass on your estate (that has already been taxed) they want to tax it again.

The tax cut benefits the wealthy sure, however, how can anyone be offended at this? One would have to think, "would I like to be taxed on things I had already been taxed on, just because I want to pass it on to my children?"

Any logical person would say no.

As far as tax brackets are concerned, you can drop their rate to 5% and they would still be paying more than us.

GOP leaders push new tax cut to exclusively benefit the wealthy

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