Trump Caught Stealing From The Middle Class To Pay For Corporate Tax Cuts

MANY ARE WONDERING HOW DONALD TRUMP PLANS ON BALANCING THE
BUDGET WHEN HE WOULD LIKE TAX CUTS FOR THE WEALTHY.
WELL,
UNSURPRISINGLY THE TRUMP ADMINISTRATION IS EYEING THE ONE
AND ONLY DEDUCTION THE MIDDLE CLASS GETS TO TAKE IT MANAGE OF
-- MORTGAGE DEDUCTIONS.
AWESOME.
NOTHING IS SET IN STONE, THIS IS
JUST SOMETHING THAT HAS BEEN PROPOSED, BUT APPARENTLY THERE
WAS A WHITE HOUSE ROUNDTABLE WHERE THEY WERE DISCUSSING
BALANCING THE BUDGET AND TAXES, AND UNFORTUNATELY IT SEEMS LIKE
ONE OF THE THINGS THAT WAS SUGGESTED WAS DOING AWAY -- NOT
NECESSARILY DOING AWAY -- BUT CAPPING, FURTHER CAPPING, THE
MORTGAGE DEDUCTION MIDDLE-CLASS INDIVIDUALS CAN TAKE A VANTAGE
OF.
SO --
LET ME BREAK A FEW THINGS DOWN BEFORE WE CONTINUE.
IF YOU ARE A
SINGLE TAX FILER OR A MARRIED TAX FILER, AND MOST CASES THE
CAP IS ALREADY AT $500,000.
WHEN THEY SAY THE CAP IS AT $500,000
IT MEANS THAT IT'S THE VALUE OF THE MORTGAGE YOU TOOK OUT, THE
VALUE OF THE LOAN, YOUR OUTSTANDING DEBT FOR YOUR
MORTGAGE.
SO WHEN YOU PAY YOUR MORTGAGE OBVIOUSLY YOU ALSO PAY
INTEREST ON THAT LOAN, AND THAT INTEREST IS TAX-DEDUCTIBLE.
THEY
ESSENTIALLY WANT TO LOWER THE CAP SO IT WOULD BE EVEN MORE
DIFFICULT FOR YOU TO GET MORE MONEY IN THE FORM OF A TAX
REFUND WHEN YOU USE THAT DEDUCTION ON YOUR TAXES.
CAN I ASK A QUESTION?
LET'S SAY I HAVE MY HOUSE AND THE LOAN
IS 600,000, UNDER THIS NEW RULE I WOULD BE ABLE TO DEDUCT IT?
YOU GET THE FIRST 500,000.
IN SOME CASES IF YOU HAVE TWO
MORTGAGES THEY WILL ALLOW YOU TO DEDUCT UP TO ONE MILLION.
THEY
WANT TO LOWER IT FOR THAT, AND POTENTIALLY LOWER IT FOR
INDIVIDUALS WHO HAVE ONE MORTGAGE AS WELL.
AGAIN, THIS IS
AN IDEA THEY HAVE MENTIONED, BUT THE REASON I WANT TO REPORT ON
IT IS BECAUSE THIS IS THE ONE AND ONLY DEDUCTION THAT THE
MIDDLE CLASS GETS TO TAKE IT MANAGE OF.
THEY NEVER HAVE
CONVERSATIONS ABOUT CORPORATE TAX LOOPHOLES, WHICH IS WHERE
THE REAL PROBLEM IS.
WE WILL GET TO THAT IN A SECOND.
SO TRUMP --
IT'S BECAUSE HE PROMISED HE WOULDN'T TOUCH THIS DEDUCTION.
BY THE WAY IT ALSO IMPACTS DEVELOPERS WHO WANT TO BUILD
MORE PROPERTIES, SO THESE REALTORS ARE LIKE, JUST DON'T
MESS WITH THAT BECAUSE IT IS GOING TO HURT AN ALREADY
QUESTIONABLE HOUSING MARKET.
SO --
BUT HERE IS THE THING -- INSTEAD OF FOCUSING ON THE
MORTGAGE DEDUCTION AND DOING AWAY WITH THAT ONE DEDUCTION
THAT, AGAIN, THE MIDDLE CLASS GETS TO TAKE IT MANAGE OF, WHY
DON'T WE FOCUS ON CORPORATE TAX LOOPHOLES?
REPUBLICANS WILL SAY
OVER AND OVER AGAIN, OUR CORPORATE TAXES ARE SO HIGH,
IT'S LIKE 35%, IT IS CRIPPLING BUSINESSES IN AMERICA.
FIRST OF
ALL, A LOT OF THOSE DEDUCTIONS AND LOOPHOLES DON'T APPLY TO
SMALL BUSINESSES, THEY APPLY TO MASSIVE CORPORATIONS THAT DON'T
NEED THOSE LOOPHOLES TO BEGIN WITH, AND IF YOU THINK ANA, YOU
ARE JUST A LIBERAL, YOU DON'T KNOW WHAT YOU ARE TALKING ABOUT,
CORPORATE TAXES ARE SUPER HIGH -- HERE ARE COMPANIES THAT PAID
NO FEDERAL INCOME TAX FROM 2008 TO 2015.
PEPCO HOLDINGS, PG&E
CORPORATION, INTERNATIONAL PAPER, FIRST ENERGY,
PRICELINE.COM, AMOS ENERGY, GENERAL ELECTRIC --
THEY ARE ALL ENERGY COMPANIES, LOOK AT THEM.
THEY PAID NOTHING IN FEDERAL INCOME TAXES FROM 2008 TO 2015
AND THE TRUMP ADMINISTRATION WOULD LIKE TO FURTHER CUT THEIR
TAXES.
GUESS WHAT, HOW ABOUT YOU DON'T TOUCH OUR MORTGAGE
DEDUCTIONS AND ACTUALLY FOCUS ON HAVING THE WEALTHIEST
CORPORATIONS IN THE COUNTRY PAY THEIR FAIR SHARE OF TAXES.
HOW
ABOUT THAT?
I HAVE A DIFFERENT TAKE -- THEY ARE CORRECT TO LOWER THE
THRESHOLD FOR THE MORTGAGE DEDUCTION, AND HERE'S WHY --
MOST AMERICANS CAN'T AFFORD TO HAVE MASSIVE HOMES THAT HAVE A
$500,000 OR MILLION DOLLAR MORTGAGE.
SO IF THEY LOWER THE
THRESHOLD TO 500,000, I'M OKAY WITH THAT, AND THEY WANT TO
LOWER THE STANDARD INDUCTIONS, SO THAT HELPS THE MAJORITY OF
LOWER INCOME AMERICANS.
NOW, WHAT I DON'T WANT THEM TO DO IS
TO DO THIS TO PAY FOR OTHER TAX CUTS.
THAT'S RIGHT, YES.
THEY SHOULD DO THIS AND TAKE AWAY THE DEDUCTIONS FOR WEALTHY
HOMEOWNERS, SO PEOPLE WHO ARE BUYING MULTIMILLION DOLLAR
HOMES, THEY DON'T NEED THIS DEDUCTION AND SHOULDN'T GET IT.
AGREED.
WE SHOULD ALSO LEAVE THE OTHER TAX CUTS ALONE -- I'M
SORRY, DON'T DO THE OTHER TAX CUTS.
SO WE WOULD HAVE A BIGGER
SURPLUS, AND SPEND THAT MONEY ON OTHER THINGS THAT MATTER A LOT
MORE.
THE WAY THEY ARE DOING AWAY WITH THIS DEDUCTION TO FUND
OTHER DEDUCTIONS IS WRONG, THEY SHOULD HAVE BOTH THE
DUCTION GO AWAY.
LET ME JUMP IN.
I HATE SLIPPERY SLOPE ARGUMENTS, AND I
UNDERSTAND THAT I'M ABOUT TO MAKE A SLIPPERY SLOPE ARGUMENT
-- BUT I THINK IT'S IMPORTANT TO BE PROTECTIVE OF THE TYPES OF
DEDUCTIONS THAT MIDDLE-CLASS INDIVIDUALS GET TO TAKE IT
VANTAGE OF.
I DON'T WANT THEM TO TOUCH IT.
I UNDERSTAND THAT THE
VAST MAJORITY OF AMERICANS DON'T HAVE MORTGAGES OVER $500,000, I
DON'T CARE.
I DON'T WANT THEM TO TOUCH THIS, MAINLY BECAUSE THIS
IS NOT THE ISSUE THAT IS LEADING TO THE MASSIVE DEFICIT WE HAVE
IN THE COUNTRY.
THE FACT THAT OUR CORPORATIONS, THE TOP
EARNING CORPORATIONS IN THE COUNTRY, GET AWAY WITH NOT
PAYING ANY FEDERAL INCOME TAXES, THAT'S THE PROBLEM.
THE FACT
THAT WE SUBSIDIZE A LOT OF THESE COMPANIES THAT DON'T PAY ANY
FEDERAL INCOME TAXES IS PART OF THE PROBLEM.
I THINK THAT IS
WHERE THE FOCUS NEEDS TO BE, AS OPPOSED TO INDIVIDUALS OUT THERE
WORKING HARD TRYING TO EARN ENOUGH MONEY TO BUY A HOME.
IT'S INDISPUTABLE THAT THE BIGGEST PROBLEM WE HAVE IS THE
CORPORATE TAX LOOPHOLE, WHERE ALL THOSE CORPORATIONS PAY ZERO
TAXES.
I TOTALLY AGREE ON THAT.
AND THEN ON THE ISSUE OF THIS
PARTICULAR TEXT DEDUCTION, MANY PEOPLE HAVE SAID -- AND THESE
ARE PEOPLE ON THE LEFT -- THEY SAY IT'S UNFAIR BECAUSE IT
ALLOWS RICH PEOPLE TO BUY MORE PROPERTY AND CONSOLIDATE MORE
WEALTH, BECAUSE IN AMERICA THE FASTEST WAY OF BUILDING WEALTH
IS HOME OWNERSHIP.
SO IF YOU HAVE THE ABILITY ABILIT TO TAKE
OUT $1 MILLION MORTGAGE, THAT HOME THAT IS WORTH A MILLION
TODAY MAY NOT BE WORTH 5 MILLION TOMORROW, BUT IF YOU ARE NOT AS
RICH AND TAKE OUT A SMALLER MORTGAGE YOUR HOME MIGHT BE
WORTH 200,000 TOMORROW, SO IT'S A BIGGER GAP OF WEALTH.
I'M NOT
OPPOSED TO IT NECESSARILY, BUT I'M OPPOSED TO IT IF THAT'S
A WAY TO FUND EVEN WORSE TAX POLICY FOR THE RICHEST
AMERICANS.
I KNOW TRUMP IS NO FAN OF JEFF BEZOS.
RIGHT NOW THEY ARE
SUBSIDIZING AMAZON BY GIVING TAX BREAKS FOR THEM TO COME IN --
THEY DON'T PAY SALES TAX IN A LOT OF PLACES, RIGHT?
SO THEY
ARE SUBSIDIZING THIS COMPANY TO COME IN AND UNDERCUT THEIR
BRICK-AND-MORTAR STORES, SO WHEN THEY LOSE A BRICK-AND-MORTAR
STORE THEY LOSE THAT TAX REVENUE, AND THEY ARE
SUBSIDIZING ANOTHER COMPANY TO DECIMATE THEIR TEXTBASED.
IF YOU
WANT TO CUT A LOOPHOLE, THAT'S THE ONE I WOULD CUT.
I WOULD TRY
TO MAKE SURE AMAZON HAD TO PAY ITS REAL TAXES SO IT WOULDN'T BE
ABLE TO UNFAIRLY COMPETE AGAINST BRICK-AND-MORTAR STORES AND
UNDERMINE PEOPLE'S REAL ESTATE TAX BASE.
IF YOU WANT TO LOOK AT
WHERE YOU WANT TO CUT --
HOW ABOUT WALMART?
THEY ARE THE ONES WHO STARTED THE WHOLE
TRICK OF GIVING EVERYONE 35 HOURS A WEEK SO THEY DON'T GET
BENEFITS, AND WHEN YOU APPLY FOR A JOB AT WALMART MANY TIMES THEY
HAND YOU PAPERWORK SO YOU CAN GET ON WELFARE.
WE ARE SUBSIDIZING THESE COMPANIES.
WE ARE SUBSIDIZING WALMART AS AN INSTITUTION, MEANWHILE THEY
HAVE RECORD PROFITS AND THEIR EXECUTIVES EARNED TREMENDOUS
AMOUNT OF MONEY, AND THE SIX WALMART HEIRS OWN AS MUCH AS THE
BOTTOM 40% OF AMERICA.
IT'S A CRAZY SYSTEM.
AND UNFORTUNATELY WE FOCUS ON ATTACKING THE POWERLESS, WHILE
THE POWERFUL LITERALLY GET AWAY WITH, YOU KNOW -- NOT PAYING
THEIR FAIR SHARE.
I WAS GOING TO USE DIFFERENT LANGUAGE BUT I STOPPED MYSELF.
THEY OWN OUR POLITICIANS.
THAT'S WHAT IT COMES DOWN TO.

Trump Caught Stealing From The Middle Class To Pay For Corporate Tax Cuts

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