What Trump Doesnt Say About His Tax Plan

[turbinetree]

David Cay Johnston April 19, 2018 3:52 am

Reprinted with permission from DCReport.org

In a Tax Day essay under the byline of Donald Trump, the USA Today newspaper has allowed the 45th president to tell an utterly misleading story about the tax “reform” law he signed into law in December. The calculated deceptions in this piece matter a lot because the front page of that same newspaper declares “Exclusive: GOP banks on tax cuts to keep majority in Congress.”

So, let’s examine what someone wrote for Trump as he campaigns for a second term and a Congress controlled by Republicans who will not hold him accountable for anything.

Keep in mind that Donald Trump claims to be the greatest world expert of all-time on taxes, but under oath has testified that he knows nothing about accounting. Accounting is central to taxes. Indeed, it is so critical that his claim of expertise is the same as if I declared myself the world’s greatest airplane designer, but then asked, “What is a wing?”

Trump says he signed “the most sweeping tax reform in the generation.”

http://www.nationalmemo.com/what-trump-doesnt-say-about-his-tax-plan/

-snip-


Make it a point right now to write down your income tax rate for 2017. Take the figure on Line 56, your total income tax after credits, and divide it into the Line 38, your adjusted gross income. That will give you your Effective Tax Rate or ETR.

Next year do the same. The line numbers may change so pay attention to your adjusted gross income and your total tax after credits. See how well you did.

Here’s a good bet. Your taxes may go down a few percentage points, especially if you make under $100,000 and have children. But will they go down by 40%, the tax cut for corporations?

USA Today...............deflection to not even challenge a fucking lying traitor.................

"In a Tax Day essay under the byline of Donald Trump, the USA Today newspaper has allowed the 45th president to tell an utterly misleading story about the tax “reform” law he signed into law in December. The calculated deceptions in this piece matter a lot because the front page of that same newspaper declares “Exclusive: GOP banks on tax cuts to keep majority in Congress.”

...

[Vinca]

1. We're on SS and also self-employed and our quarterly taxes have gone up for 2018.

The estimated tax is based on 2017 income so it's rather obvious we're among the "screwees." FYI, we're not even slightly wealthy. That's why we're still working.

[turbinetree]

2. I am on SS and Medicare, and I will pay 1,000 dollars more for 2018

and with my wife working.........................we only get 22,300 in deductions, so if our combined income is lets say 75,000, I have to pay the difference for 22,300 and 75,000, which equals out 52,700 at the tax rate of 12% which means that we have to pay around 7,000 in taxes, because we after all can only can take 10,000 on property and mortgage, and still have to come up with 7.6% of medical to qualify, and other deductions have been damn neared wiped out, except education......................the average taxpayer is screwed..................................................

I hate republicans..............................


November 2018 cannot get here fast enough