Historical tax brackets

[Captain Save]

hmmm.... Maybe we should spend less?

yes of course .. do you have control over that?

[MooseBucks]

yes of course .. do you have control over that?

I don't think we are going to cut spending but we don't have control over taxes either. It'd help if we didn't spend 600 billion on the military yearly.

[Spiffster]

Yeah, lets lower everyones taxes... great idea, Trump... self declared "smart guy". Not only will the national debt increase during Trump's term, but it will increase at an accelerated rate. Time will tell. Lets visit this discussion again in four years.

[Singuy]

Yeah, lets lower everyones taxes... great idea, Trump... self declared "smart guy". Not only will the national debt increase during Trump's term, but it will increase at an accelerated rate. Time will tell. Lets visit this discussion again in four years.

He is actually not lowering taxes for everyone. If you read his tax plan, families with many children is actually going to get a tax increase because he is taking away personal exemption. So the middle class gets a very small tax break unless there are 3+ children in the house. The lower middle and working class barely paid taxes before(remember how 47% of the people don't pay federal income taxes) so they may actually see a small increase in taxes.

Most of the tax breaks are for people making 100k+ with very few children. AMT is going away(which affects like 200k+ earners) and the medicare surtax is going away(which is for people making over 250k+). Lastly the top brackets end at 33% so that's another 6% of taxes saved if you are in the top bracket today(people making over 400k+).

[Spiffster]

He is actually not lowering taxes for everyone. If you read his tax plan, families with many children is actually going to get a tax increase because he is taking away personal exemption. So the middle class gets a very small tax break unless there are 3+ children in the house. The lower middle and working class barely paid taxes before(remember how 47% of the people don't pay federal income taxes) so they may actually see a small increase in taxes.

Most of the tax breaks are for people making 100k+ with very few children. AMT is going away(which affects like 200k+ earners) and the medicare surtax is going away(which is for people making over 250k+). Lastly the top brackets end at 33% so that's another 6% of taxes saved if you are in the top bracket today(people making over 400k+).

I did read an article to the effect that middle class is not getting any break and some may pay more. I also took a look at Trump and current tax brackets compared. So yes, not everyone is going to pay less under Trump's plan. Tax brackets themselves show upper middle class would get a 3% break. Just saying, we will see less tax revenue under this plan, MUCH less. It certainly wont help a majority of the middle class at all. The focus really should be on getting spending under control... which im hopeful that Trump will address, but it would be very difficult to offset lost tax revenue. Debt will go way up. Just my opinion.

[LivingAlmostLarge]

I don't think cutting personal taxes will do much compared to cutting corporate tax structure right? Although now that he's in it'll be nice for us to get a tax break. LOL. Plus I benefit from the mortgage deduction previously and will now so I hope that won't go away.

It'll suck to be making around $100k and lose all the exemptions.

[corn18]

Yeah, lets lower everyones taxes... great idea, Trump... self declared "smart guy". Not only will the national debt increase during Trump's term, but it will increase at an accelerated rate. Time will tell. Lets visit this discussion again in four years.

Obama raised taxes and the national debt. Yeah, baby!!