How will Trump’s tax INCREASE affect you?

[4th&long]

M

[Homelander]

 

[Trump_is_Mentally_fit]

7 hours ago, Homelander said:

 

Economic suicide. 

 

The legislative branch needs to reassert its authority over trade, taxes and spending 

[Andy1]

These tariffs will hurt the working middle class the hardest. Those young working families that are struggling, are the customers for low cost items sold at Walmart etc. A lot of them voted for Trump to lower inflation. Their standard of living is about to drop. They will either go further in debt or go without. Trump and Musk don’t give a crap about them. Let the pain begin. Now I bet it won’t be long till they start talking about a tax cut for the wealthy.

[All_Pro_Bills]

21 minutes ago, Andy1 said:

These tariffs will hurt the working middle class the hardest. Those young working families that are struggling, are the customers for low cost items sold at Walmart etc. A lot of them voted for Trump to lower inflation. Their standard of living is about to drop. They will either go further in debt or go without. Trump and Musk don’t give a crap about them. Let the pain begin. Now I bet it won’t be long till they start talking about a tax cut for the wealthy.

The tax cuts I'm hearing about are excluding tips and overtime pay from taxation along with eliminating the tax on social security benefits. Unless the "wealthy" are waiting on tables and catching some extra hours in the warehouse or depending on SS for their existence what exactly is the proposal on the table for cutting rich people's taxes?

[Andy1]

1 hour ago, All_Pro_Bills said:

The tax cuts I'm hearing about are excluding tips and overtime pay from taxation along with eliminating the tax on social security benefits. Unless the "wealthy" are waiting on tables and catching some extra hours in the warehouse or depending on SS for their existence what exactly is the proposal on the table for cutting rich people's taxes?

1. Renewal of the soon expiring Trump 1.0 tax cuts which mostly went to the wealthy. 
2. Whenever he talks about no tax on tips, there is never an upper income limit on his proposal. If that happens, the wealthy will figure out how to claim their income as tips. 
3. See below. 
 

 

[All_Pro_Bills]

1 minute ago, Andy1 said:

1. Renewal of the soon expiring Trump 1.0 tax cuts which mostly went to the wealthy. 
2. Whenever he talks about no tax on tips, there is never an upper income limit on his proposal. If that happens, the wealthy will figure out how to claim their income as tips. 
3. See below. 
 

 

Millionaires and billionaires are going to report "tip" income? I'm dying to see that.

Extending the tax cuts is not a cut. And given 50% of Americans don't pay any federal taxes how do you cut their taxes? Send them more free money?

 

As for the IRS I have no insights into the working of the agency. Its hard to evaluate the impact of these staff cuts because for starters we don't know what they were doing? 38% of how many people? 100 or 1,000 or 10,000.

 

What I also find preposterous is the idea Trump and Musk are in this for self-enrichment. I don't know about anyone else,but I'm not going to get shot at, charged with a bunch of bogus "crimes" just to make more money when I have enough money to live on forever. And Musk doesn't need more money and if he did there are other more direct ways to generate more income for the guy than getting involved in the headache of government.

 

The idea Trump and Musk are pulling off some get richer caper is a narrative the opposition likes to peddle because they can't say, hey, we support fraud, waste, and abuse in government spending because we're the people committing fraud, waste, and abuse and a lot of that money is funding our causes and ending up in our pockets.

[Joe Ferguson forever]

personally, I'm guessing I'm down about 10% in my portfolio (before market opening today).  In a couple months.  not going to punish myself looking right now.  The dollar is down so a house in Portugal will be more expensive.  https://www.msn.com/en-us/money/markets/dollar-tumbles-as-investors-seek-safe-havens-after-us-tariffs/ar-AA1Cdngg. Meanwhile, I anticipate US house values, especially at the upper end, will decrease as buyers get twitchy.  Groceries are going to go up, especially fresh fruits and veg which we eat a great deal of.  I was thinking of trading a car for a non Tesla EV.  not happening among this chaos.  So, all in all, not good...

Edited yesterday at 01:30 PM by Joe Ferguson forever

[Homelander]

22 minutes ago, All_Pro_Bills said:

Millionaires and billionaires are going to report "tip" income? I'm dying to see that.

 

Because you’re not thinking it through.

 

Eliminating taxes on tips creates a major loophole that the wealthy could exploit to avoid taxes - lawyers, consultants, hedge fund managers, and other professionals could simply label their fees as tips.

 

Remember, everything they do is not for your benefit, but for their own.

 

 

[Homelander]

 

[Big Blitz]

14 hours ago, Trump_is_Mentally_fit said:

Economic suicide. 

 

The legislative branch needs to reassert its authority over trade, taxes and spending 

 

What about everything else?  
 

 

FYI - thank you for making everything the POTUS can deem a national emergency to allow this to most likely hold.  
 

They're going to argue that national security interests vulnerabilities exposed during the OG National emergency - Covid - were at risk bc we don’t make vital pharmaceutical drugs and the various weapons of war here.  

[leh-nerd skin-erd]

On 4/3/2025 at 9:30 AM, Joe Ferguson forever said:

personally, I'm guessing I'm down about 10% in my portfolio (before market opening today).  In a couple months.  not going to punish myself looking right now.  The dollar is down so a house in Portugal will be more expensive.  https://www.msn.com/en-us/money/markets/dollar-tumbles-as-investors-seek-safe-havens-after-us-tariffs/ar-AA1Cdngg. Meanwhile, I anticipate US house values, especially at the upper end, will decrease as buyers get twitchy.  Groceries are going to go up, especially fresh fruits and veg which we eat a great deal of.  I was thinking of trading a car for a non Tesla EV.  not happening among this chaos.  So, all in all, not good...

@Andy1, just gauging your thoughts on what Fergie has shared here as it relates to your perspective on collective responsibility for the current situation in our world. 

 

Assuming what's been shared is accurate, Fergie is a retired businessman who enjoys country clubs, golf, travel, fine wine, the beautiful beaches of Cuba (oddly devoid of Cubans as I recall), liberal politics and a robust discussion on the future of the country.  He would also fall into the Boomer category, one of the groups you suggested needed to do more as a sort of fiscal penance for the state of the world as it exists today. 

 

Fergs is looking to invest in a property in Portugal. A quick check of real estate available revealed a 3 bedroom villa (new build) near Lisbon sells for $600,000 US, though that's just one of many I am sure.  

 

My question, Andy...would you think that money be better served spent here, in our country to assist those in need and fund social programs?  If so, should a wealthy American be assessed a fee (or tax) on the overseas purchase?  Let's use 10% as an example---would it be unreasonable to ask/require a wealthy American to contribute $60,000 based on the knowledge that  his/her success was really all our collective success?  This, of course would be in addition to whatever tax requirements exist for a US citizen living abroad.

 

We struggled to find a number you might be comfortable to contribute the other day, but if people like Fergs were willing to help out just a little bit more, maybe people like you and I can keep the lights on. 

 

 

 

 

 

[Joe Ferguson forever]

8 minutes ago, leh-nerd skin-erd said:

@Andy1, just gauging your thoughts on what Fergie has shared here as it relates to your perspective on collective responsibility for the current situation in our world. 

 

Assuming what's been shared is accurate, Fergie is a retired businessman who enjoys country clubs, golf, travel, fine wine, the beautiful beaches of Cuba (oddly devoid of Cubans as I recall), liberal politics and a robust discussion on the future of the country.  He would also fall into the Boomer category, one of the groups you suggested needed to do more as a sort of fiscal penance for the state of the world as it exists today. 

 

Fergs is looking to invest in a property in Portugal. A quick check of real estate available revealed a 3 bedroom villa (new build) near Lisbon sells for $600,000 US, though that's just one of many I am sure.  

 

My question, Andy...would you think that money be better served spent here, in our country to assist those in need and fund social programs?  If so, should a wealthy American be assessed a fee (or tax) on the overseas purchase?  Let's use 10% as an example---would it be unreasonable to ask/require a wealthy American to contribute $60,000 based on the knowledge that  his/her success was really all our collective success?  This, of course would be in addition to whatever tax requirements exist for a US citizen living abroad.

 

We struggled to find a number you might be comfortable to contribute the other day, but if people like Fergs were willing to help out just a little bit more, maybe people like you and I can keep the lights on. 

 

 

 

 

 

this place is filthy with socialists.  it's every man for himself now.  good luck.

Edited 4 hours ago by Joe Ferguson forever

[leh-nerd skin-erd]

8 minutes ago, Joe Ferguson forever said:

this place is filthy with socialists.  it's every man for himself now.  good luck.

I don't believe that...over time, we tend to see the good and decency in people rise to the top.  These are difficult times to be sure, but things tend to work out over time.  We all have our hot buttons, obviously, and it's fair to say that most years, half the people are p*ssed off at the government for one reason or another, the next it's the other half.  

 

Personally, I wish you well in your journey to purchasing a place in Portugal and applaud you for chasing your dream.  We don't agree on much, but I certainly can respect that.  

 

Andy, well, I can't speak for him and his socialist leanings.  He may be out right now with his culturally misappropriated dreadlocks agitating explicitly to separate you from a few of your dollars for this very type of transaction.  On the bright side, sounds like you're a 1%er and have plenty more to give if only the right people know how to ask.  😎

[The Frankish Reich]

On 4/3/2025 at 7:14 AM, All_Pro_Bills said:

Millionaires and billionaires are going to report "tip" income? I'm dying to see that.

I had a position with a professional association. We had lobbyists and a law firm on retainer, so we paid them monthly.

Then at the end of the year we used to give them a "holiday bonus." 

I imagine that "holiday bonus" will turn into a monthly bonus. If you want them to keep working for us, you better pay a monthly bonus/untaxable "tip" ...

[Joe Ferguson forever]

6 minutes ago, leh-nerd skin-erd said:

I don't believe that...over time, we tend to see the good and decency in people rise to the top.  These are difficult times to be sure, but things tend to work out over time.  We all have our hot buttons, obviously, and it's fair to say that most years, half the people are p*ssed off at the government for one reason or another, the next it's the other half.  

 

Personally, I wish you well in your journey to purchasing a place in Portugal and applaud you for chasing your dream.  We don't agree on much, but I certainly can respect that.  

 

Andy, well, I can't speak for him and his socialist leanings.  He may be out right now with his culturally misappropriated dreadlocks agitating explicitly to separate you from a few of your dollars for this very type of transaction.  On the bright side, sounds like you're a 1%er and have plenty more to give if only the right people know how to ask.  😎

Do you believe that we have a president whose highest priority is himself.  If so, then how can you believe the culture he's forging isn't based on universal self interest?  Actually, that's a reasonable definition of pure capitalism.

 

And no, not a 1% er.  That's a different zip code.

[leh-nerd skin-erd]

3 minutes ago, Joe Ferguson forever said:

Do you believe that we have a president whose highest priority is himself.  If so, then how can you believe the culture he's forging isn't based on universal self interest?  Actually, that's a reasonable definition of pure capitalism.

 

And no, not a 1% er.  That's a different zip code.

No, I do not believe the things you believe. On the other hand, I cannot really think of a President in my lifetime that didn't live a life tilted toward their own self-interest with a heavy dose of narcissism mixed in.  

 

I think prior to January 2025, most sensible people felt the trajectory of spending by our government was out of control, that waste/fraud/abuse was a significant problem, and that something significant needed to be done.  In fact, virtually everyone I've ever spoken with has felt the same way.  

 

So, here we are.

 

That my be a different zip code as you say, but I'm pretty sure the postman delivers some of their mail to you from time to time.  Next town over, maybe. 

 

[The Frankish Reich]

1 hour ago, leh-nerd skin-erd said:

A quick check of real estate available revealed a 3 bedroom villa (new build) near Lisbon sells for $600,000 US, though that's just one of many I am sure

Damn, I'm booking that flight to Lisbon!

14 hours ago, Homelander said:

 

Finally, the rah-rah boys are starting to see the light, probably as they watch their own portfolios tank.

 

 

[leh-nerd skin-erd]

40 minutes ago, The Frankish Reich said:

Damn, I'm booking that flight to Lisbon!

Be careful Frank, it's probably a playground for aging lawyers with thinning hair, a few extra pounds around the middle, and an enlarged prostrate, but the Lisbon girls may be after more than your charm and company.  

 

40 minutes ago, The Frankish Reich said:

Finally, the rah-rah boys are starting to see the light, probably as they watch their own portfolios tank.

 

 

Oh snap. I've been told here that all Trump supporters are destitute and will be sewing Air Lebron's for Nike to survive.  Now they got portfolios!

[The Frankish Reich]

15 minutes ago, leh-nerd skin-erd said:

Be careful Frank, it's probably a playground for aging lawyers with thinning hair, a few extra pounds around the middle, and an enlarged prostrate, but the Lisbon girls may be after more than your charm and company.  

 

Oh snap. I've been told here that all Trump supporters are destitute and will be sewing Air Lebron's for Nike to survive.  Now they got portfolios!

Oh, the ones who've made a lucrative career out of Trump-thumping have portfolios.

The others have a dream of papa's coal mine reopening.

I've been watching the White Lotus, and they call us LBHs - Losers Back Home. We should book a buddy trip, @leh-nerd skin-erd