Trump Administration Mulls a Unilateral Tax Cut for the Wealthy | Forex Factory

Trump Administration Mulls a Unilateral Tax Cut for the Wealthy | Forex Factory

Trump Administration Mulls a Unilateral Tax Cut for the Wealthy

From nytimes.com

The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives. Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for ... (full story)

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Jul 30, 2018 5:01pm

Why the assumption that motivation should be to earn more money? Motivation should be serve more to humanity. In fact, tax should be (soon it would be) related to the jobs as well. In few years time it would be obvious that human society needs to encourage proper jobs (serving humanity) rather than earn money only. Jobs which is not contributing to society but earning self alone would be highly taxed (coming soon as there is no alternative).

4

Jul 31, 2018 10:50am

What does one person do with 1 billion? How many cars and houses can he buy or use? Would one for each week day be enough?
I think that for the economy it would be much better if the one person had 100 million and 9000 people had 100,000 each. If these 9000 people bought one car each, it would mean 9000 cars sold instead of 7. Now most tax benefits go to the richest 1% and that is not good for the economy. It also increases the inequity which is also a negative factor.

3

Jul 30, 2018 4:36pm

Taxes shouldn't be progressive, it makes no sense to pay more % just because you earn more. Where is the motivation to earn more then? If you earn more, you pay more even if you have the same %, logically, so whats with this punishing of success?

2

Jul 31, 2018 1:46pm

Quoting OnlineAddict

Disliked

{quote} I think you lack common sense...I have education, but its useless, real world has taught me much more.

Ignored

Sure, sure you do.

*chuckles*

2

Jul 31, 2018 8:41am

Quoting raklian

Disliked

{quote} There's tons of resources you can look up for why Congress went for the progressive taxation system. There's a very perfectly logical reason for why they did. You just lack education on this issue just a bit.

Ignored

I think you lack common sense...I have education, but its useless, real world has taught me much more.

1

Jul 30, 2018 6:58pm

Quoting OnlineAddict

Disliked

Taxes shouldn't be progressive, it makes no sense to pay more % just because you earn more. Where is the motivation to earn more then? If you earn more, you pay more even if you have the same %, logically, so whats with this punishing of success?

Ignored

If you make 100 thousand dollars a year and your wife makes only 20 thousand do you make her pay equally for everything you guys buy or do you offer to pay more often so it balances things out and take some of the pressure off trying to keep up with you. It will make her a lot happier as well don't you think?

1

Aug 10, 2018 11:52am

If you want to know whether tax cuts work, you have to understand why a country has taxes in the first place. And the idea that fewer taxes for the corporations will increase wages for the workers it's a laughable one.
If you want so bad to increase wages and if that was the intention all alone why not just raise the minimum wage. Workers will have more money to spend and ultimately will be good for the economy. Right now for most people to afford to pay their mortgages is by working overtime or have two or three jobs.

1

Jul 31, 2018 8:55am

Quoting OnlineAddict

Disliked

{quote} I think you lack common sense...I have education, but its useless, real world has taught me much more.

Ignored

It is no use OnlineAddict, even if you had jedi mind powers you could not get through to these people as they are brainwashed by socialism. Even pointing out things like Sweden with their now no go zones, or Venezuela with the awesome brilliant economy will not sway them.. they are lost.
These are the people that want to sit at home on FB or youtube earning a doctors income or a CEO's income, they don't want to work hard but want everything handed to them on a silver platter.. and god bless them the little scoundrels deserve it, the FED RESERVE should give them each a gold plated jet to fly around the world in.

1

Jul 31, 2018 11:31am — Edited

Trickle down economy is not working, so tax cuts should be given to the middle class and poor as they would consume most of it. That would also benefit the rich. A strong economy needs a strong middle class. The current policy is just making the poor poorer and rich richer. There is no limit to the greed.

"While fallout from the unpopular Republican tax plan continues —setting the deficit on a path to reach new highs and Congress already pushing cuts to Veterans programs to cover funding shortfalls— President Donald Trump looks to hand another $100 billion tax cut to the wealthiest citizens."

https://secondnexus.com/news/trump-p...taxes-wealthy/

1

Jul 31, 2018 2:40am

You can't logically defend the current tax system, because the more tax, the more cheating, the less the government gets anyway. I would bet that if taxes were lets say 10-15% fixed for all incomes...all the non-payers, offshore guys, etc, wouldn't bother hiding it anymore and the government would end up making more than by taxing 30-40%. In economy theories are just theories, real world is different.

Jul 31, 2018 6:31am

Quoting SPeedFANat1c

Disliked

I am not sure what is best for all. I hear my friends telling tha t situagion is good in norway , denmakrt. Everyvody is kind of rich, and there is still oportunity to be richer.

Ignored

I hear the opposite...people I know complain all the time that if they work harder and make more money, they have to pay more to support those lazy ass people who just watch TV all day and end up with almost the same money as before. So the motivation to actually achieve something is zero.

But it always depends on the people someone talks to...I surround myself with motivated people who are trying to achieve something...and they all hate the socialism in most of Europe.

Jul 31, 2018 8:39am

Quoting Nick.

Hidden

Those comments are stupid only for people on welfare like you...come back when you grow up and actually run a business some day.

Jul 31, 2018 4:58pm

Ohhhhh the people's president!!!!

😁

Trump ...bypassing Congress to grant a $100 billion tax cut mainly to the wealthy Trump's friends and buddies....

You can't make this up!!!!

Quoting OnlineAddict

Disliked

Taxes shouldn't be progressive, it makes no sense to pay more % just because you earn more. Where is the motivation to earn more then? If you earn more, you pay more even if you have the same %, logically, so whats with this punishing of success?

Ignored

Bilbo
You are u saying that a poor guy, who can't afford a bread and milk should pay same 50% tax as fat useless bankers who "make" 100k a month????????

What ass-planet are u from??????

Jul 30, 2018 6:57pm

Quoting benudhar

Disliked

Why the assumption that motivation should be to earn more money? Motivation should be serve more to humanity. In fact, tax should be (soon it would be) related to the jobs as well. In few years time it would be obvious that human society needs to encourage proper jobs (serving humanity) rather than earn money only. Jobs which is not contributing to society but earning self alone would be highly taxed (coming soon as there is no alternative).

Ignored

Proper jobs ?

Jul 30, 2018 7:02pm

Quoting SPeedFANat1c

Disliked

{quote} it kind of makes sence not for motivation to earn more, thats the point as I understand. For rich to become even more richer is easier than for poor because of the capital. Like lets say you make from investmensst 10 % a year. From 100 dollrars if you are poor - you make 10 %. If you are rich and invest 1 million, you make 100k for same amount of skill. And for that who has 100 to invest is kind of impossible to catch up, he has to work much harder and be lucky. One thing is that rich might just rule the world and everybody else become slaves...

Ignored

So you want everyone to earn the same ?

There are more millionaires coming on to the stage every year .
Its not just the same people making it.
So those newbies must be doing something right and they arent all coming from the US or for that matter the west.

Aug 1, 2018 2:04am

Quoting TraderTero

Disliked

What does one person do with 1 billion? How many cars and houses can he buy or use? Would one for each week day be enough? I think that for the economy it would be much better if the one person had 100 million and 9000 people had 100,000 each. If these 9000 people bought one car each, it would mean 9000 cars sold instead of 7. Now most tax benefits go to the richest 1% and that is not good for the economy. It also increases the inequity which is also a negative factor.

Ignored

Bang on! You got it, man!

Jul 31, 2018 8:10am

Quoting OnlineAddict

Disliked

{quote} I hear the opposite...people I know complain all the time that if they work harder and make more money, they have to pay more to support those lazy ass people who just watch TV all day and end up with almost the same money as before. So the motivation to actually achieve something is zero. But it always depends on the people someone talks to...I surround myself with motivated people who are trying to achieve something...and they all hate the socialism in most of Europe.

Ignored

There's tons of resources you can look up for why Congress went for the progressive taxation system. There's a very perfectly logical reason for why they did. You just lack education on this issue just a bit.

Jul 31, 2018 6:51am

Quoting benudhar

Disliked

Why the assumption that motivation should be to earn more money? Motivation should be serve more to humanity. In fact, tax should be (soon it would be) related to the jobs as well. In few years time it would be obvious that human society needs to encourage proper jobs (serving humanity) rather than earn money only. Jobs which is not contributing to society but earning self alone would be highly taxed (coming soon as there is no alternative).

Ignored

Very interesting thoughts!!! Especially "Jobs which is not contributing to society but earning self alone would be highly taxed (coming soon as there is no alternative" as it is a potential solution to the problem that has been debated since automation and now robots are more and more becoming a reality and making people obsolete!
I.E. what do people do when a robot does it all and how do you feed cloth and house everyone if there are no jobs

Jul 30, 2018 4:27pm

Let's go shopping!

Jul 31, 2018 10:55am

The rich are going to die.

Aug 10, 2018 7:32am

Tax cuts for Bankers and the rich or for the "little guy?"

https://www.theguardian.com/business/2018/apr/21/joseph-stiglitz-2018-sydney-peace-prize-winner-on-tax-cuts-and-trump

Jul 30, 2018 8:06pm

u dont need tax.. its a debt based economy sure but we are migrating away from usury system to a more efficient one which will not require taxes

Jul 30, 2018 5:52pm

Quoting OnlineAddict

Disliked

Taxes shouldn't be progressive, it makes no sense to pay more % just because you earn more. Where is the motivation to earn more then? If you earn more, you pay more even if you have the same %, logically, so whats with this punishing of success?

Ignored

it kind of makes sence not for motivation to earn more, thats the point as I understand. For rich to become even more richer is easier than for poor because of the capital. Like lets say you make from investmensst 10 % a year. From 100 dollrars if you are poor - you make 10 %. If you are rich and invest 1 million, you make 100k for same amount of skill. And for that who has 100 to invest is kind of impossible to catch up, he has to work much harder and be lucky.

One thing is that rich might just rule the world and everybody else become slaves to them with not posibility to get out of slavery because the gap of money constantly increases.

Jul 31, 2018 4:53am

Quoting lasty

Disliked

{quote} So you want everyone to earn the same ? There are more millionaires coming on to the stage every year . Its not just the same people making it. So those newbies must be doing something right and they arent all coming from the US or for that matter the west.

Ignored

No, i dont want everyone to earn same, because that will not motivate peope who work hard. But at the same time i dont want to become a slave o people like putin or trump

Jul 31, 2018 4:56am

I am not sure what is best for all. I hear my friends telling tha t situagion is good in norway
, denmakrt. Everyvody is kind of rich, and there is still oportunity to be richer. On the other hand houses are super expensive in norway which again makes you not rich, evwn f hou are rich comparing to other countries. Or london houses also insane prices and to have a house you have to be in slavery for bank and they can even raise interest rate to who knows how much

Aug 2, 2018 4:39am

Quoting OnlineAddict

Disliked

{quote} I hear the opposite...people I know complain all the time that if they work harder and make more money, they have to pay more to support those lazy ass people who just watch TV all day and end up with almost the same money as before. So the motivation to actually achieve something is zero. But it always depends on the people someone talks to...I surround myself with motivated people who are trying to achieve something...and they all hate the socialism in most of Europe.

Ignored

Yea, thats true, when those joblesss eat your hard earned money, it annoys you everyone. The money should not be given for fred to thpde lazy.but if they work and are poor, i think why mot help them. Often the problem is the lack of capital for hard work smart people and no matter how hard they work, they cannot earn as much as those who born havong rich parents for example

Jul 30, 2018 5:07pm

really?
And if you earn little , the money is more valuable for your basic needs.

Hidden for breach of Trader Code of Conduct

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Jul 30, 2018 4:17pm
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