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Trump considering raising top marginal income rates to 40%?
Posted on 4/5/25 at 5:42 pm
Posted on 4/5/25 at 5:42 pm
I've seen some articles mentioning this but I'm not seeing anything official that would suggest this is the case
This is from News Nation which is a Hindi publication so I'm not inclined to take it seriously.
LINK
AP is reporting that the Senate is moving ahead with a different approach
Will be interesting to see what the actual passed tax legislation is
AP Link
quote:
The new top rate could be around 39% to 40%, according to Bloomberg
Most Americans (58%) want higher taxes on households making $400K-plus:
Republicans have generally opposed tax hikes over the years
This is from News Nation which is a Hindi publication so I'm not inclined to take it seriously.
LINK
AP is reporting that the Senate is moving ahead with a different approach
quote:
The Senate bill proposes keeping nearly $4 trillion in existing tax cuts, and adding $1.5 trillion in new ones. It bolsters spending for defense, homeland security, the judiciary and the Coast Guard to more than $500 billion, though Graham has signaled it would likely end up closer to $345 billion.
As for the size of the spending cuts, it’s still a work in progress. The Senate sets a much lower floor of $1 billion in reductions each for committees handling health care, food stamps and other programs. However, that can be raised, if needed, to compromise with the House’s estimated $2 trillion in cuts.
Will be interesting to see what the actual passed tax legislation is
AP Link
11
Posted on 4/5/25 at 5:45 pm to Powerman
Here comes the dems to say we need low tax rates for the rich.
Posted on 4/5/25 at 5:46 pm to OysterPoBoy
The dems are saying precisely the opposite and claiming that the proposed GOP tax plan will add trillions to the deficit in the coming years
Posted on 4/5/25 at 5:47 pm to Powerman
Figure out why Gates and Buffet keep saying they don't pay attention aces address that as well
Posted on 4/5/25 at 5:53 pm to thelawnwranglers
quote:
Figure out why Gates and Buffet keep saying they don't pay attention aces address that as well
Can you elaborate more on that comment?
I've always thought that people like Gates and Buffet that complain about the wealthy not being taxed enough should be sending checks to the treasury. No one is stopping them from voluntarily paying more.
Posted on 4/5/25 at 5:56 pm to Powerman
quote:
The new top rate could be around 39% to 40%, according to Bloomberg
The more important question than the rate is the cutoff. The fact so many don't understand this is embarrassing.
quote:Because they're fricking morons and think this will affect the ultra rich.
Most Americans (58%) want higher taxes on households making $400K-plus:
quote:Because they don't work if you define "work" as having any real long term effect on budgets. All it ends up doing is locking in new levels of spending.
Republicans have generally opposed tax hikes over the years
Posted on 4/5/25 at 5:59 pm to Powerman
I highly doubt they are going to meaningfully cut spending no matter what they are saying right now
Posted on 4/5/25 at 6:00 pm to Grumpy Nemesis
Yeah there aren't that many W-2 employees making over 400K
Really the only way you're going to get significant revenue increases in the form of income taxes is raising rates at a lower threshold like 180K or something
Really the only way you're going to get significant revenue increases in the form of income taxes is raising rates at a lower threshold like 180K or something
Posted on 4/5/25 at 6:00 pm to Powerman
quote:
raising top marginal income rates
If he does this he can eat a pile of shite.
Posted on 4/5/25 at 6:02 pm to OysterPoBoy
THIS
Posted on 4/5/25 at 6:02 pm to DallasTiger11
We’re in late stage Rome with somewhat of a reprieve on the cultural war
Posted on 4/5/25 at 6:04 pm to Powerman
quote:
I've seen some articles mentioning this but I'm not seeing anything official that would suggest this is the case
If the TCJA subsets the top marginal rate would go from 37 to 39.6. Trumps proposal is to extend the TCJA rates. This is a huge nothingburger.
Posted on 4/5/25 at 6:06 pm to Powerman
quote:
I've always thought that people like Gates and Buffet that complain about the wealthy not being taxed enough should be sending checks to the treasury. No one is stopping them from voluntarily paying more.
I agree with you but what are they paying and is it really that low? What are those loopholes?
The tax loans on stock above basis makes sense. What are those loopholes?
Posted on 4/5/25 at 6:06 pm to Powerman
quote:
Yeah there aren't that many W-2 employees making over 400K
I think you would be surprised.
Posted on 4/5/25 at 6:06 pm to Powerman
quote:
Really the only way you're going to get significant revenue increases in the form of income taxes is raising rates at a lower threshold like 180K or something
We could get some revenue from the people who currently pay zero income taxes. That would be a good start.
Posted on 4/5/25 at 6:06 pm to Powerman
quote:
The new top rate could be around 39% to 40%, according to Bloomberg
Posted on 4/5/25 at 6:13 pm to SDVTiger
Remember when you laughed at me when I said JD Vance would be the VP pick?
That was great
That was great
Posted on 4/5/25 at 6:16 pm to BBONDS25
quote:
I think you would be surprised
Not really. I know they exist but that's probably in the 3% of top earners. I'd have no issue with that rare going to 40% honestly. But old school Republicans would act like it would kill off the entire Republic
Posted on 4/5/25 at 6:18 pm to Powerman
quote:That's ALWAYS been the lib game. "Look all those CEOs, Billionaires etc etc and how obscenely rich they are! We must do something. RAISE INCOME TAXES!!!" LOL
Yeah there aren't that many W-2 employees making over 400K
quote:Which is what conservatives have been pointing our FOREVER whenever someone says, "we don't have a spending problem, we have a revenue problem".
Really the only way you're going to get significant revenue increases in the form of income taxes is raising rates at a lower threshold like 180K or something
Posted on 4/5/25 at 6:27 pm to Powerman
quote:
The dems are saying precisely the opposite and claiming that the proposed GOP tax plan will add trillions to the deficit in the coming years
Like they care about the debt.
What I read is the plan will add 5.7 trillion of debt over a decade. Which is a deficit under 600 billion a year. Which would be a great improvement and more manageable if we have low interest rates and good gdp growth
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