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Biggest Reform EVER passed thread

It is always going to be hard to distribute a tax cut proportionally with income because taxes are not proportional to income. I mean I know that's basic stuff, but perhaps worth repeating. The interesting comparison would be if the tax cuts are proportional to taxes paid. I haven't seen that analysis, but that would be perhaps a better read on if "tax cuts are fair".
 
Most people making $75k/year pay in the $5-7k/year range for federal taxes. So yes, $1,000 is a meaningful reduction - possibly more than 20% reduction in your tax bill. If you don't pay taxes, you don't get tax cuts.
 
also, while you're eating the cake, don't forget that the crumbs for the bottom 90% basically disappear by 2021 or so, while the massive corporate and investment tax cuts never expire.

this bill did exactly what every sane economist said it was going to do: massively pad the pockets of the CEO and investor class, blow up the deficit and federal debt, and do just enough for the bottom 90% that people like Plama have something to desperately cling to in their self-delusion. It did nothing that Trumponomics pretended it would do, which was supercharge the economy and raise everyone's wages. But keep feverishly polishing the turd, guys.
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Really? That’s so hard to believe!

I mean, lowering tax rates is supposed to...ahem...increase growth soooo much that...ummm...revenue increases!

It’s supposed to be like...magic. Or something.
 
and at the same time a bunch of billionaires sign plea for a wealth tax. https://finance.yahoo.com/news/billionaires-soros-pritzker-heirs-call-120429291.html

all a bunch of assholes

One of the youngest signers, 35-year-old Liesel Pritzker Simmons, whose extended family is worth more than $33 billion, framed the situation simply: “We are part of the problem, so tax us.”


The signers “thought it was important for people who would be affected by a wealth tax to come out publicly and say we want this, this is OK, this leads toward the America we want to see,” she said in a phone interview.

So Warren's wealth tax is 2% on any wealth over $50M. So if Warren's tax plan takes affect, the Pritzker family would only be worth (does math) $32.3B. I assume they're getting more than a 2% return on their assets anyway plus plenty of revenue coming in that would likely increase if young people aren't shackled by student loans.
 
Feel free to correct it.
 
It’d be WAY simpler to make income tax rates more progressive. Annual income is comparatively easy to measure and value. Preparation of personal financial statements (to arrive at net worth) and the valuations required to build those would be nightmarish.
 
It’d be WAY simpler to make income tax rates more progressive. Annual income is comparatively easy to measure and value. Preparation of personal financial statements (to arrive at net worth) and the valuations required to build those would be nightmarish.

Yeah, that's the big problem. Of course, the counter to that is wealth is way more than just accumulated income. The cut line for an income tax would hit people with varying degrees of wealth.
 
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