Tax Reform for the Little Person....Right
8 years ago
Apparently, someone somewhere found a Donald Trump tax return for 2005. IT shows he paid about $38 million on a income of $150 million, or about 25.3%. That's not a bad ratio, actually, until you look a little closer and discover that only $5.3 million were regular taxes. The rest was due to something called the Alternative Minimum Tax.
Now the AMT was created in 1969 (under Republican President Richard Nixon) to force 155 wealthy taxpayers from using deductions and credits to avoid paying any federal income taxes. It was a good idea at the time. But like most things from Washington, it was never updated to today's financial situations. So its terms are impacting those who only make $100,000 year and more today.
Now Trump's tax reform plan calls for eliminating the AMT. For those who are paying the AMT, that sounds great. Sure you'll get a couple hundred or a couple thousand dollars back. But people like Trump will get millions! $32.7 million back in the case of his 2005 return. Let me show you this on a graph:
Each asterisk represent $1000 returned:
Avg. America: ***
Trump's Gain:
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I can't go on....that's about 2000 asterisks that represents $2 million. Multiply those asterisks 16 times for Trump's return. This tax reform isn't about the average American, it's about making millions for Trump and his Wall Street investment cronies.
Now the AMT was created in 1969 (under Republican President Richard Nixon) to force 155 wealthy taxpayers from using deductions and credits to avoid paying any federal income taxes. It was a good idea at the time. But like most things from Washington, it was never updated to today's financial situations. So its terms are impacting those who only make $100,000 year and more today.
Now Trump's tax reform plan calls for eliminating the AMT. For those who are paying the AMT, that sounds great. Sure you'll get a couple hundred or a couple thousand dollars back. But people like Trump will get millions! $32.7 million back in the case of his 2005 return. Let me show you this on a graph:
Each asterisk represent $1000 returned:
Avg. America: ***
Trump's Gain:
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I can't go on....that's about 2000 asterisks that represents $2 million. Multiply those asterisks 16 times for Trump's return. This tax reform isn't about the average American, it's about making millions for Trump and his Wall Street investment cronies.
Bless you for posting this. Thank you for staying awake.
Fences exist around your house and I don't see you inviting illegal immigrants to your house to live. Trump is merely enacting existing legislation that was passed by Congress in 2012 to build a wall, voted on and approved by both Hillary Clinton and Bernie Sanders.
Spare me your self righteous indignation please, it makes me want to vomit.
Also, the alternative I've heard is letting people die - so much for all that pro-life bullshit! I don't benefit from Obamacare, but a lot of people do - and those people are going to be hurt under Trumpcare.
And, no - I don't have walls around the small home I rent. Not all of us can afford mansions surrounded with high electric fencing to keep the rabble out. Great don, you want to accuse me of self-righteousness when you are here bitching about how great your god and ideology is and how morally superior you are for your arbitrary beliefs.
You poor thing you rent? So do I. And yet you have a lock on your door do you not? I have a gate on my complex that makes me punch in a code to get in. Is my apartment manager racist for that? Your ideas are inconsistent with reality.
And not really, you probably couldn't even name two of my ideas let alone debate against them in an intelligent way.
And no, I don't have a lock. What the fuck are you talking about? Are you trying to say the United States is a house and we should put a lock on the front door? Do you know how nations work? Do you know how the current system works? The fuck are you on about?
We are talking about ideas right now and here you are building strawman arguments. The first subject relating to immigration. You're all emotion and no logic.
Who is building strawmen again?
And we'll see what happens. Enjoy being blissfully ignorant of the world.
or just plain simple what's right there in front of everyone that no one isn't having their noses rubbed in.