Page 1 of 18 12311 ... LastLast
Results 1 to 10 of 175

Thread: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

  1. #1
    Sage
    Greenbeard's Avatar
    Join Date
    Aug 2013
    Location
    Cambridge, MA
    Last Seen
    Today @ 09:56 AM
    Gender
    Lean
    Slightly Liberal
    Posts
    8,025

    Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    The GOP's greatest strategist once again offers up a master class in one-dimensional chess.

    Trump Tax Cuts Are (Probably) About to Become a Political Disaster
    But GOP operatives insisted that the “blue wave” on the horizon would crest long before November — because the Trump Tax Cuts were about to kick in. Once voters saw fatter paychecks, Republicans would see better poll numbers. And just to be sure that voters noticed all the good Paul Ryan had done for them, the Trump administration reportedly pressured the IRS to err on the side of withholding too little from Americans’ paychecks “so people will see big increases in their take-home pay ahead of this year’s midterm elections.”

    This did not work out as planned. Even with (allegedly) light withholding, the the tax bill’s breaks for middle-class people weren’t large enough to attract much notice. Between changes in salaries, health-care premiums, and 401(k) contributions, most Americans didn’t detect much tax relief in their paychecks. The Trump Tax Cuts actually became less popular after they took effect. And, of course, Paul Ryan’s majority drowned in a blue wave.
    Now, the bill for the GOP’s (reported) withholding shenanigans is coming due: The average American’s tax refund was 8.4 percent lower in the first week of 2019 than it was one year ago (under the pre-Trump tax code). And while Americans have trouble noticing tax changes when they’re dispersed across 12 to 24 separate paychecks, they do typically pay very close attention to the size of their refunds. About three-quarters of the country typically qualifies for a tax refund most years — and for many of those households, that check from the IRS is the largest lump sum they’ll receive all year.

    “Ask people how much they paid in taxes, nobody knows. Ask them how much they got in their refund, people know,” Howard Gleckman , a senior fellow at the Tax Policy Center, told the Intercept’s David Dayen this week. “Everyone focuses on size of the refund, and it does affect perception.”

    In other words: It looks as though the Republican Party implemented their signature tax bill in a manner that will lead many people who received tax cuts to believe that Donald Trump raised their taxes.

  2. #2
    Guru
    Amelia's Avatar
    Join Date
    Oct 2014
    Location
    Wisconsin
    Last Seen
    Today @ 04:15 AM
    Gender
    Lean
    Progressive
    Posts
    4,854

    Re: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    *eek*

    Not looking forward to this.

    The tax form looks so different that I have been going through it slowly so as not to make a mistake. (Also I hate paperwork.) So I'm not yet to the part where I see if it's a gut punch or a relief.

  3. #3
    Sage
    Lutherf's Avatar
    Join Date
    Sep 2012
    Location
    Tucson, AZ
    Last Seen
    Yesterday @ 07:15 PM
    Gender
    Lean
    Conservative
    Posts
    28,588

    Re: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    The reduced withholding was a bad idea but, on the whole, people are paying less tax. Contrary to the author's opinion that people are idiots, most will figure this out before long.

  4. #4
    patria et honor
    Rogue Valley's Avatar
    Join Date
    Apr 2013
    Last Seen
    Yesterday @ 06:59 PM
    Lean
    Independent
    Posts
    25,295

    Re: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    So much #winning for the middle class!

    Corporations and the wealthiest Americans are


    "I could do the wall over a longer period of time. I didn’t need to do this. But I'd rather do it much faster." — Donald Trump 15 February 2019
    US Constitution, Article 1, Section 9, Clause 7. No Money shall be drawn from the Treasury but in Consequence of Appropriations made by Law

  5. #5
    Global Moderator
    Moderator
    Helix's Avatar
    Join Date
    Jul 2011
    Last Seen
    Today @ 09:53 AM
    Gender
    Lean
    Independent
    Posts
    46,992

    Re: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    even though it's probably not a great investment, most people in my socioeconomic class and lower sort of count on the refunds as a windfall to be used to catch up on bills. if the refund drops significantly, people are going to be pissed off, so it might not be great PR for the Trumpist party. his core base will remain loyal, however.

  6. #6
    Sage
    Fletch's Avatar
    Join Date
    Feb 2012
    Location
    Mentor Ohio
    Last Seen
    Today @ 07:03 AM
    Gender
    Lean
    Libertarian
    Posts
    23,524

    Re: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    Quote Originally Posted by Helix View Post
    even though it's probably not a great investment, most people in my socioeconomic class and lower sort of count on the refunds as a windfall to be used to catch up on bills. if the refund drops significantly, people are going to be pissed off, so it might not be great PR for the Trumpist party. his core base will remain loyal, however.
    If my taxes are lower this year than last, which they are, why would I be upset or become 'disloyal?'
    Cardinal was right and I was wrong!!
    https://www.debatepolitics.com/gener...post1069600144

  7. #7
    Guru Luckyone's Avatar
    Join Date
    Jun 2018
    Location
    Miami, FL
    Last Seen
    Today @ 09:29 AM
    Gender
    Lean
    Independent
    Posts
    2,784

    Re: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    Quote Originally Posted by Lutherf View Post
    The reduced withholding was a bad idea but, on the whole, people are paying less tax. Contrary to the author's opinion that people are idiots, most will figure this out before long.
    To begin with, the tax cuts were mostly a scam on the middle class to give the rich the big cut on tax breaks. As it is, the increase in costs of products bought (because of the Tariff war) and the increase in inflation, means the middle class got crumbs while the rich got the entire pie.

    It is all a scam on the middle class to feed the rich. That is what it is.
    My guiding principles in life are to be honest, genuine, thoughtful and caring. Money is important but secondary.

  8. #8
    Sage
    Greenbeard's Avatar
    Join Date
    Aug 2013
    Location
    Cambridge, MA
    Last Seen
    Today @ 09:56 AM
    Gender
    Lean
    Slightly Liberal
    Posts
    8,025

    Re: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    Quote Originally Posted by Lutherf View Post
    The reduced withholding was a bad idea but, on the whole, people are paying less tax. Contrary to the author's opinion that people are idiots, most will figure this out before long.
    It's been a year. If people didn't feel them in 2018 and their refund this year is smaller or nonexistent, the GOP is going to have to give up on that "the tax plan can't be unpopular forever!" pipe dream.

    This ill-advised under-withholding strategy is just the icing on the cake of widespread middle class disappointment in the GOP's tax giveaway to the wealthy. And that cake's been baked for many months.

  9. #9
    Global Moderator
    Moderator
    Helix's Avatar
    Join Date
    Jul 2011
    Last Seen
    Today @ 09:53 AM
    Gender
    Lean
    Independent
    Posts
    46,992

    Re: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    Quote Originally Posted by Fletch View Post
    If my taxes are lower this year than last, which they are, why would I be upset or become 'disloyal?'
    you are one of his constant defenders, and probably will be no matter what he does. some people aren't. the problem for the Trumpist party is that they need his entire 2016 coalition to stay intact for 2020, or they need the Democrats to make a massive mistake when choosing a candidate. if i were you, i'd hope for the latter.

  10. #10
    Guru

    Join Date
    Nov 2016
    Last Seen
    @
    Lean
    Undisclosed
    Posts
    3,619

    Re: Trump Tax Cuts Are (Probably) About to Become a Political Disaster

    Quote Originally Posted by Greenbeard View Post
    The GOP's greatest strategist once again offers up a master class in one-dimensional chess.

    Trump Tax Cuts Are (Probably) About to Become a Political Disaster
    From what I read that the tax tables were set up to make it seem like most people got big tax cuts, but once they do their taxes they will find out that not enough tax was taken out of their paychecks and now they will have to pay in rather than get a tax refund. Made it look good a year ago, but now as they say, the chickens are coming home to roost.

Page 1 of 18 12311 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •