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The Menlo 13% are happy! The first Trump/Ryan action to use ACA repeal to give the RICH a couple tax cuts

Original post made by UM law professor, Woodside: Family Farm/Hidden Valley, on Dec 9, 2016

Local Trump voters, all 13%, must be ecstatic that the first tax cuts will give the top .01% a $154,000 annual tax break.

Drop 30 million from Obamacare and give Trump himself a $154,000 tax break - it's a two-fer!

University of Michigan law professor Nicholas Bagley:

"How big is the tax break? According to CBO, the reconciliation bill that Republicans are using as a template would cut taxes by $623 billion over ten years. Of that, $123 billion would come from the repeal of the Medicare tax surcharge and $223 billion from the repeal of the tax on investment income.

That $346 billion represents about $1,000 for every man, woman, and child in the United States. Every cent will go into the pockets of people making more than $200,000 per year—the “upper class” that Mnuchin says won’t be getting any tax cuts."

Last week, Trump's billionaire nominee Steven Mnuchin clearly lied to Americans when he said: "Any reductions we have in upper income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class."


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Comments (4)

Posted by Small Pete
a resident of Atherton: other
on Dec 9, 2016 at 12:28 pm

A government filled with Goldman Sachs owned millionAires and billionaires giving themselves tax cuts. Of course we do. I would do the same. Folks in Ohio and Michigan are just that - fools.

Posted by Mex
a resident of Menlo Park: Belle Haven
on Dec 9, 2016 at 1:27 pm

Evil. Attacking working peeps.

Posted by Joan
a resident of Menlo Park: Central Menlo Park
on Dec 9, 2016 at 6:41 pm

What will happen to the 3.1% Medicare tax on home sales?

Posted by 8 pause
a resident of Atherton: West Atherton
on Dec 10, 2016 at 8:54 am

When the number is listed as "3.1% Medicare tax" that is a flag that it came from a fringe site, imo.

It's actually 3.8% iirc.

Effects very few, certainly none of the white working class that powered Trump in the flyovers. Income over 250,000; first 500,000 gain is excluded.

If they cut that tax, it's for the coastal elite rich folk.

Not the Carrier assembly line job, 2/3rds of which are still going to Mexico, with the rest being automated in coming years.

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