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Ah, well, it is done (or will be this morning). We shall hope for the best, and hope that there are not unforeseen consequences. This tax reform is an economic stimulus, which, in theory, is best done when there is a real need, not while the economy, in President Trump's opinion, is going great.
I do like to write of unintended consequences. As we know, this tax reform act jettisoned the 'individual mandate' of Obamacare. I recall when the Supreme Court in the Sebelius decision ruled that the 'penalty' for individuals not signing up was actually a 'tax'. How some CD conservatives howled!
Yet, by calling it a tax, that allowed Congress to easily repeal said mandate in the current tax bill. Indeed, from my understanding, by doing so it freed up money for the tax cuts to corporations and individuals. If it had been a penalty, they could not have done so.
Anyway, I am glad that Congress reduced the tax brackets as promised. Wait, there were seven, and there are still seven.
I do feel for President Trump, whom has repeatedly claimed that this tax reform bill will cost him a lot of money. I can't quite figure out how, so perhaps someone could explain the math to me. I thought that the top rate was lowered from 39.6 percent to 37 percent, which one would think would mean less tax paid by the President. Again, I would enjoy someone explaining how Mr. Trump is going to lose money.
As for the last part, seriously, how would anyone know when he continues to hide his tax forms? (Although Mr. Mueller has likely had them for months now)
Ah, well, it is done (or will be this morning). We shall hope for the best, and hope that there are not unforeseen consequences. This tax reform is an economic stimulus, which, in theory, is best done when there is a real need, not while the economy, in President Trump's opinion, is going great.
I do like to write of unintended consequences. As we know, this tax reform act jettisoned the 'individual mandate' of Obamacare. I recall when the Supreme Court in the Sebelius decision ruled that the 'penalty' for individuals not signing up was actually a 'tax'. How some CD conservatives howled!
Yet, by calling it a tax, that allowed Congress to easily repeal said mandate in the current tax bill. Indeed, from my understanding, by doing so it freed up money for the tax cuts to corporations and individuals. If it had been a penalty, they could not have done so.
Anyway, I am glad that Congress reduced the tax brackets as promised. Wait, there were seven, and there are still seven.
I do feel for President Trump, whom has repeatedly claimed that this tax reform bill will cost him a lot of money. I can't quite figure out how, so perhaps someone could explain the math to me. I thought that the top rate was lowered from 39.6 percent to 37 percent, which one would think would mean less tax paid by the President. Again, I would enjoy someone explaining how Mr. Trump is going to lose money.
How? The limit on the SALT (State And Local Taxes - real estate tax, state income tax, etc.) deduction means Trump and every other wealthy and/or high income individual will pay more.
Anyone who has any kind of retirement plan, 401K, PENSION, (public or private), self-funded will benefits. Even companies buying back some stock - which will happen - will benefit anyone in the forgoing. Unsupportable idiocy to contend otherwise. But, go ahead, step off the curb into on-coming traffic.
Quote:
Originally Posted by PCALMike
lol, people actually think prices they pay in the store will be lower now. When has that ever happened? Corporations are awash with money and will use this new tax cut for stock buybacks and dividends, not giving Joe Sixpack a break at the store! LOL!
So does the middle class. To the point that they are willing to accept having less disposable income and a lower standard of living than the US middle class has.
When you poll a LOT MORE dems and ind then repubs the "results" will ALWAYS be the same.
With the repubs controlling a large majority of state legislatures, the WH, the Senate and the House of Representative's , how in the world can you poll LESS repubs than others and claim to be unbiased?
Sorry, PEW has NO credibility.
"
The following table shows the unweighted sample sizes and the error attributable to sampling that would be expected at the 95% level of confidence for different groups in the survey:
There is no such thing as a tax loophole. Only tax law and tax law provisions. It is only a lie by liberals and progressives who insist on using misleading language. Dunderheads prefer to not use tax law and tax law provisions if applicable. A fool and her money is soon parted.
Quote:
Originally Posted by ChiGeekGuest
No loopholes closed, just the same old circular ideology.
Nat, you'll have to ask former President Obama why he added so many trillions, (6?, 10?, bunches for sure), to the national debt.
Congress authorizes spending, just FYI. Why do you think Rand Paul was raving at his own party for authorizing spending which will add $10 trillion to the debt?
How? The limit on the SALT (State And Local Taxes - real estate tax, state income tax, etc.) deduction means Trump and every other wealthy and/or high income individual will pay more.
If you saw Trump's disclosure he owns hundreds of LLC's that will now get additional preferential tax treatment, particularly real estate. We don't exactly know he claims since we have not seen his taxes but he will benefit greatly. SALT is just one aspect and was previously limited through the AMT for those with large deductions, that is not the case on business holdings to any degree.
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