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Old 11-27-2017, 11:43 AM
 
9,893 posts, read 3,275,730 times
Reputation: 7254

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Didn't see this posted yet. seems Rs don't want to talk about this tax plan because it is clearly going to hurt millions while enriching those at the top the most and throwing a dry old bone to those on about 100k ..

The CBO says the poor , the low income and most of the middle will not do well out of this plan.

Quote:
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The Senate Republican tax plan gives substantial tax cuts and benefits to Americans earning more than $100,000 a year, while the nationís poorest would be worse off, according to a report released Sunday by the nonpartisan Congressional Budget Office.

https://www.washingtonpost.com/news/...=.6cf07b9eaea4

.

https://www.aol.com/article/news/201...inds/23289281/




Quote:
CBO also estimates that with the removal of Obamacare's individual mandate that is included in the bill, which taxes individuals who opt out of purchasing insurance, "nongroup insurance markets would continue to be stable in almost all areas of the country" over the next 10 years.
However, "average premiums in the nongroup market would increase by about 10% in most years of the decade ... relative to the CBO's baseline projected. In other words, premiums in both 2019 and 2027 would be about 10% higher than is projected in the baseline."

CBO: Senate tax plan would increase deficit by $1.4T over 10 years - CNNPolitics
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Old 11-27-2017, 11:57 AM
 
5,911 posts, read 6,716,673 times
Reputation: 15254
I ran a very middle class tax calculation. Average homeowner couple making $110,000 joint income with a (former) write-off of real estate taxes will have about a $2,000 Tax INCREASE if this plan goes through.
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Old 11-27-2017, 12:05 PM
 
Location: Gulf Coast Texas
28,488 posts, read 15,447,826 times
Reputation: 11401
I haven't followed this specific tax plan... but have a few comments on the OP.

1- People are not enriched by tax policy allowing them to keep more of their money. They are rich already.

2- Are spending cuts mentioned? When do we address this?

3- Because of the progressive tax system, you can't solely benefit the middle class without benefiting the upper class.

4- The top 20% of wage earners pay 95% of the taxes. How do the rich NOT benefit from tax reform when they are the ones paying the taxes?

Where is a good (hopefully non-partisan) write-up of the current plan?
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Old 11-27-2017, 12:07 PM
 
Location: Crooklyn, New York
28,266 posts, read 26,242,183 times
Reputation: 11726
Quote:
Originally Posted by evilcart View Post
Didn't see this posted yet. seems Rs don't want to talk about this tax plan because it is clearly going to hurt millions while enriching those at the top the most and throwing a dry old bone to those on about 100k ..

The CBO says the poor , the low income and most of the middle will not do well out of this plan.




https://www.aol.com/article/news/201...inds/23289281/
Of course not. This is a Globalist/Establishment/Swamp-sponsored tax plan.

Quote:
Right-wing site Breitbart News attacked President Trump's tax plan on Thursday, arguing that it wouldn't help the people he says it would.

In an article Thursday morning, the news site chaired by former White House chief strategist Stephen Bannon ripped the GOP's framework for tax reform and argued that Trump pitched the plan to truck drivers "who may see little or no direct benefit" on Wednesday night.

"Thereís very little in the framework, moreover, that would directly benefit most truckers," Breitbart's John Carney wrote, saying that Trump's plan would raise taxes for a family making the median income for truck drivers by about $200 a year.
Breitbart criticizes Trump tax plan: It won

We can't save America by giving trillions to the Globalist Swamp creatures.
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Old 11-27-2017, 12:08 PM
 
Location: Portland, Oregon
10,001 posts, read 16,668,282 times
Reputation: 6406
The CBO is non-partisan.
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Old 11-27-2017, 12:08 PM
 
Location: Texas
26,720 posts, read 11,216,955 times
Reputation: 6150
Quote:
Originally Posted by Ted Bear View Post
I ran a very middle class tax calculation. Average homeowner couple making $110,000 joint income with a (former) write-off of real estate taxes will have about a $2,000 Tax INCREASE if this plan goes through.
110k is no where near middle class. The medican family income is just over half that.
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Old 11-27-2017, 12:10 PM
 
Location: Crooklyn, New York
28,266 posts, read 26,242,183 times
Reputation: 11726
Quote:
Originally Posted by DRob4JC View Post
Because of the progressive tax system, you can't solely benefit the middle class without benefiting the upper class.
Sure you can. Obama extended the Bush tax cuts for families earning less than $450,000 per year. There's no logical reason why you can't lower taxes on middle class people and raise taxes on very rich people. This was exactly what was proposed by Steve Bannon.

Quote:
Originally Posted by DRob4JC View Post
Are spending cuts mentioned? When do we address this?
This is being done through reconciliation, so yes, spending cuts have been mentioned.
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Old 11-27-2017, 12:12 PM
 
Location: LEAVING CD
22,952 posts, read 22,538,630 times
Reputation: 15493
What you're saying is like looking at two very different sets of ingredients for the same plate of food and deciding that the dish that they'd make if you stuck to either set would be horrible even though you could mix and match from either set.

I will be concerned after a reconciled plan comes out. At this point we're only seeing the working model from House and Senate and they are both very different.

Flat Tax or Fair Tax is the way to go!
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Old 11-27-2017, 12:12 PM
 
51,928 posts, read 41,798,494 times
Reputation: 32398
Quote:
Originally Posted by Nell Plotts View Post
The CBO is non-partisan.
Yes, but the sources the OP cites is putting their own spin on things which the other poster points out some of the flaws with.

Meaning that breitbart could cherry pick from the CBO report and defense of it is NOT "well the CBO is non-partisan."
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Old 11-27-2017, 12:13 PM
 
Location: LEAVING CD
22,952 posts, read 22,538,630 times
Reputation: 15493
Quote:
Originally Posted by Nell Plotts View Post
The CBO is non-partisan.
And frequently WRONG.

Flat Tax or Fair Tax!
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