Loading ...Stockman On The Donald’s ‘Seinfeld’ Tax Plan: “It’s A Big Show About Nothing”
Someone should remind the Donald that he actually is President and that it’s high time he accomplished something. Anything.
[And nobody knows nothingburgers better than Stockman. All of his last 150 dire the world is ending comments have been nothingburgers.].
[With eight corporate bankruptcies, two out of three failed marriages, numerous affairs, serial campaign promise breaking, non-stop name calling, bragging and bullying, lying and flip-flopping, constant whining in that obnoxious nasal New York accent, it’s not a show about nothing. It’s a shit-show starring George Costanza. ]
Back on April 21st, for example, he promised that a core feature of his platform — a sweeping, pro-jobs tax reduction — would be soon unveiled.
Trump said the tax reform package will be introduced on “Wednesday or shortly thereafter,” just before his 100th day in office. While the president would not reveal details about the tax plan, he did say that the cuts will be “bigger I believe than any tax cut ever.”
[History shows that the highest sustainable tax for a country is 16% of GDP. Go over that, and you are now digging a hole for your grave.
US debt to GDP = 108%
Russia debt to GDP = 16%
There’s your “Russian threat”.]
The Donald’s song and dance about tax simplification and reduction comes right out of the well-thumbed GOP hymnal. It speaks little to the blue collar folks — in places like the western Pennsylvania steel country, industrial Ohio, the Michigan auto belt and the manufacturing towns of Wisconsin and Iowa — who on the margin accounted for his electoral college victory.
The Donald, Tax Plan Rhetoric and the Gong Show
Trump’s tax reform airball will promise to make filing with the IRS more palatable to tens of millions of citizens who, apparently, find it inconvenient to shell out $25 to file their Federal income tax return with TurboTax.
Among the 148 million income tax filers, the bottom 53 million owed zero taxes in the most recent year (2014), and the bottom half (74 million) paid an aggregate total of just $45 billion. That amounted to just $8 per week per filer.
If you take all filers with AGI (adjusted gross income) under $100,000 per year, you end up with 122 million taxpayers or 83% of the total. Upwards of 85% of this group uses the standard deduction. So they are not caught up at all in the puzzle palace of IRS code that the Donald denounces.
The 122 million taxpayers — who make ends meet on less than $100,000 of income — paid a total of just $278 billion in income taxes during 2014.