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Old 11-14-2017, 02:32 AM
 
4,173 posts, read 2,943,137 times
Reputation: 2629

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https://finance.yahoo.com/news/chair...085221743.html

"Promoted as needed relief for the middle class, the Senate Republican tax overhaul actually would increase taxes for some 13.8 million moderate-income American households, a nonpartisan analysis showed Monday."

" There also would be increases greater than $500 for a number of taxpayers, especially those with incomes between $75,000 and $200,000. By 2025, 21.4 million households would have steeper tax bills."

"Barging into the carefully calibrated work that House and Senate Republicans have done, President Donald Trump called for a steeper tax cut for wealthy Americans and pressed GOP leaders to add a contentious health care change to the already complex mix."

Eliminating the personal exemptions and SALT, plus limiting the mortgage interest deduction means that if you presently itemize in excess of $16K (much worse if you have more than two exemptions), you will probably be paying more. And don't expect the elimination of the deduction for property tax and mortgage interest above 10K to help already stagnating housing prices.

Let's say you are married and have two kids and take the standard deduction of $12,600, add your exemptions ($16,200) and you are at $28,800. Your "new" amount will be $24,000 as a standard deduction.

Apparently this "tax cut" is nothing more than a transfer of wealth to the most wealthy taxpayers and corporations.

What I cannot understand is after years of calling for reduced spending and "smaller government" and with complete control of both houses, why is the 2018 GOP Senate budget awash in red ink to the tune of $440 billion. And somehow they imagine that cutting revenues will "fix" this problem!
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Old 11-14-2017, 03:24 AM
 
Location: Texas
26,791 posts, read 11,250,397 times
Reputation: 6161
Quote:
Originally Posted by shaker281 View Post
https://finance.yahoo.com/news/chair...085221743.html

"Promoted as needed relief for the middle class, the Senate Republican tax overhaul actually would increase taxes for some 13.8 million moderate-income American households, a nonpartisan analysis showed Monday."

" There also would be increases greater than $500 for a number of taxpayers, especially those with incomes between $75,000 and $200,000. By 2025, 21.4 million households would have steeper tax bills."

"Barging into the carefully calibrated work that House and Senate Republicans have done, President Donald Trump called for a steeper tax cut for wealthy Americans and pressed GOP leaders to add a contentious health care change to the already complex mix."

Eliminating the personal exemptions and SALT, plus limiting the mortgage interest deduction means that if you presently itemize in excess of $16K (much worse if you have more than two exemptions), you will probably be paying more. And don't expect the elimination of the deduction for property tax and mortgage interest above 10K to help already stagnating housing prices.

Let's say you are married and have two kids and take the standard deduction of $12,600, add your exemptions ($16,200) and you are at $28,800. Your "new" amount will be $24,000 as a standard deduction.

Apparently this "tax cut" is nothing more than a transfer of wealth to the most wealthy taxpayers and corporations.

What I cannot understand is after years of calling for reduced spending and "smaller government" and with complete control of both houses, why is the 2018 GOP Senate budget awash in red ink to the tune of $440 billion. And somehow they imagine that cutting revenues will "fix" this problem!
it's not a revenue problem, it's a spending problem,
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Old 11-14-2017, 03:37 AM
 
4,173 posts, read 2,943,137 times
Reputation: 2629
The two are impossible to separate. Either you cut spending or raise revenue when faced with a deficit. Econ 101

Promising that tax cuts will pay for themselves amounts to a bald faced lie. Even in times of growth these cuts are admittedly going to raise the deficit. When we finally hit a period of recession it will be an even worse situation.

But, the real point is why should between 13.8 and 21.4 million households have to pay for tax cuts for the wealthy (who I hear are doing just fine) or corporate America (who are showing record profits and not raising wages)?
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Old 11-14-2017, 05:40 AM
 
24,111 posts, read 11,985,286 times
Reputation: 10269
Liberals should be for it. Liberals never saw a tax they didn’t like.
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Old 11-14-2017, 06:13 AM
 
Location: OH->FL->NJ
10,031 posts, read 8,110,074 times
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Silly question: If the stated corporate is 35% and the typical rate is 14%
Why not change the stated rate to the OECD average say 22% and eliminate enough breaks to make the typical rate the exact same 14%?
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Old 11-14-2017, 06:37 AM
 
15,391 posts, read 17,659,527 times
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Likely all of those that get tax hikes are Middle Class and Upper Middle Class.

100% of billionaires and large corporations will be getting huge tax cuts. On the backs of the Middle Class and Upper Middle Class.
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Old 11-14-2017, 06:43 AM
 
5,214 posts, read 1,572,725 times
Reputation: 3042
Quote:
Originally Posted by ottomobeale View Post
Silly question: If the stated corporate is 35% and the typical rate is 14%
Why not change the stated rate to the OECD average say 22% and eliminate enough breaks to make the typical rate the exact same 14%?
Because special interests would cry bloody murder and the GOP leadership has already proven with these two iterations of tax-burden shifting to middle class families under the guise of “reform” that they have neither a transformative plan nor the political will to try to formulate one. As a reliable GOP voter, I find it to be an embarrassment and a disgrace.
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Old 11-14-2017, 06:43 AM
 
3,002 posts, read 1,222,220 times
Reputation: 1949
Quote:
Originally Posted by shaker281 View Post
https://finance.yahoo.com/news/chair...085221743.html



Apparently this "tax cut" is nothing more than a transfer of wealth to the most wealthy taxpayers and corporations.
Making some pay less of their money is not a transfer of wealth to the wealthy. The money was already theirs. It is less of a transfer of wealth from the rich to the "non rich".

Quote:
Let's say you are married and have two kids and take the standard deduction of $12,600, add your exemptions ($16,200) and you are at $28,800. Your "new" amount will be $24,000 as a standard deduction.
This doesn't take into account the increased child tax credit.

Quote:
What I cannot understand is after years of calling for reduced spending and "smaller government" and with complete control of both houses, why is the 2018 GOP Senate budget awash in red ink to the tune of $440 billion. And somehow they imagine that cutting revenues will "fix" this problem!
They should cut spending but it appears both parties like to spend.

Last edited by Eeyore1954; 11-14-2017 at 06:53 AM..
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Old 11-14-2017, 06:43 AM
 
Location: OH->FL->NJ
10,031 posts, read 8,110,074 times
Reputation: 4257
Quote:
Originally Posted by sware2cod View Post
Likely all of those that get tax hikes are Middle Class and Upper Middle Class.

100% of billionaires and large corporations will be getting huge tax cuts. On the backs of the Middle Class and Upper Middle Class.
The last "Rich guys" who should be getting a hike are they $300K successful business owner who does well but cannot afford to bribe congress to do his bidding.

Making
America
Gilded Age
Again
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Old 11-14-2017, 07:08 AM
 
1,799 posts, read 996,725 times
Reputation: 885
Quote:
Originally Posted by shaker281 View Post
https://finance.yahoo.com/news/chair...085221743.html

"Promoted as needed relief for the middle class, the Senate Republican tax overhaul actually would increase taxes for some 13.8 million moderate-income American households, a nonpartisan analysis showed Monday."

" There also would be increases greater than $500 for a number of taxpayers, especially those with incomes between $75,000 and $200,000. By 2025, 21.4 million households would have steeper tax bills."

"Barging into the carefully calibrated work that House and Senate Republicans have done, President Donald Trump called for a steeper tax cut for wealthy Americans and pressed GOP leaders to add a contentious health care change to the already complex mix."

Eliminating the personal exemptions and SALT, plus limiting the mortgage interest deduction means that if you presently itemize in excess of $16K (much worse if you have more than two exemptions), you will probably be paying more. And don't expect the elimination of the deduction for property tax and mortgage interest above 10K to help already stagnating housing prices.

Let's say you are married and have two kids and take the standard deduction of $12,600, add your exemptions ($16,200) and you are at $28,800. Your "new" amount will be $24,000 as a standard deduction.

Apparently this "tax cut" is nothing more than a transfer of wealth to the most wealthy taxpayers and corporations.

What I cannot understand is after years of calling for reduced spending and "smaller government" and with complete control of both houses, why is the 2018 GOP Senate budget awash in red ink to the tune of $440 billion. And somehow they imagine that cutting revenues will "fix" this problem!
Of course it is. It is 1st grade math, however, wait now for the robots to start repeating "but the standard deduction is doubled"

"Smaller government" was important only when a democrat was in the White house. Nowadays, the 1 billion in military spending needs to be increased
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