I could be wrong, but I don't think so. It seems to me this is all about cutting the additional tax imposed by Obamacare. Obamacare imposes an additional 3.8% tax on investment income for taxpayers with adjusted gross income over $250,000. Before Obamacare, this passive investment income was taxed at a maximum rate of 20%. With Obamacare, the rate rises to 23.8%. There is also an additional 0.9% tax on earned income (wages) for taxpayers with AGi over $250,000, but you never hear about that, so I assume it's not as big of a deal. Note that wage earners are subject to social security and medicare tax on their wages which totals 15.3%, which this income completely avoids. This was Obamacare's argument for the tax in the first place. Because of senate rules, bills that are revenue neutral can pass without threat of filibuster. Because the Republicans don't have a filibuster proof majority, they need to cut expenses by an amount at least equal to the proposed tax cuts. Therefore, they need to reduce the spending included in Obamacare by at least as much as the tax cut, so they are cutting Medicaid and the marketplace subsidies by an amount that covers the tax cut.
SS tax stops after ~127k in income, and employers pay half that 15.3% so the burden isn't fully on the worker.
capital gains should be taxed just like regular income there is no argument I've ever bought for why it shouldn't be
The employers share comes directly from the production of the worker. It's directly proportional to their wages. It's just a hidden tax on labor. Likewise, the employer portion of healthcare expenses are another hidden tax on workers wages. Employers wouldn't hire these workers if their production didn't exceed these these costs. These costs are paid on the backs of the workers.
The argument is that corporations are also taxed (double taxation), and it's a pretty good argument in my opinion. I'd argue for directly taxing the shareholders for corporate profits at the shareholder level, similar to how it's done for S-Corps and Partnerships, and then taxing all income at the same rate. I think Australia has a system sort of similar to this.
btw, and apropos of nothing, this is also what courts are doing when they issue a per curiam decision in a controversial case
If I had unlimited money I'd make this a super bowl commercial And this a billboard anywhere Trump might see it
Forget traveling there. 9/10 Trump supporters probably couldn't locate Cambodia on a map. Or identify what continent it is on for that matter.
The American Experience exhibit at Epcot is pretty lame and will be even worse with the animatronic Trump. The film is a complete white wash on history, but they throw in the sad Indian and a reference to slavery. Drinking heavily is a perfectly acceptable way to work your way through the country pavilions before you head down to wait 2 hours to ride Soarin.
I'm not a big fan of that double taxation argument because any investment income received is new income to the recipient. That would be like a store owner claiming that their customers were already taxed so the money they receive should not be taxed. Double taxation is a phrase similar to the "death tax" created to justify giving tax breaks to the rich. Also by taxing investment income at a lower rate it creates an environment where money is used to invest in the financial market rather than investing it back into the companies.
So you're admitting that white male non-democrats feel neglected by people not like themselves getting equal rights?
God damn it I drank too much in Mexico and Norway. The Epcot pavillion is still pretty weak for being the host country and all.
Am a white male. I don't feel neglected. In fact, I am still and always have been the most well-off demographic in this country. Believe it or not, I don't just care about myself. If you're in my demographic and you truly believe that, you're a racist piece of shit.
I'm all for all income being taxed the same. Whether you're slinging a hammer, or own a bunch of rental properties, everyone should be subject to the same tax brackets. Including social security. Social security should be for everyone, regardless of income. Just put everyone on the same tax scheme. I'm a strong proponent for progressive taxes rate too. I think it's a great idea. I also think abolishing the estate tax would be terrible for society. If we consider ourselves a meritocracy, there's no reason to abolish estate taxes. I think abolishing the estate tax leads to tons of societal problems we'd rather not face.
to be fair, you can't really trust anyone with the name swackhamer because i think that was the villain's name in space jam
So another shitty CBO score comes out and suddenly the White House is saying Syria is planning another gas attack
Apparently Project Veritas has smoking gun proof CNN made up the Russia scandal. Everything conservatives wanted, all nicely wrapped in a bow:
Keep dreaming. They ain't finding shit. And even if they do not like the R's are going to turn on him.
What is worse for America: 1) Proof that our President conspired with a foreign government to win our election, or 2) Trump's ego if nothing comes of this?