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Old 10-02-2017, 04:36 AM
 
Location: Chesapeake Bay
6,048 posts, read 3,872,797 times
Reputation: 3502

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Quote:
Originally Posted by Tall Traveler View Post
No it won't because a couple will get an increase in the standard deduction by $12K and most ordinary shlocks aren't paying more than $12K in property tax and state income tax except for in a few states. It will hurt high income earners in high state tax states the most.

70% of middle class will pay less and the majority of high income earners will pay more....that's the facts.
Why should I pay tax on the same money twice? If I have to, so should you.

 
Old 10-02-2017, 06:16 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by Tall Traveler View Post
No it won't because a couple will get an increase in the standard deduction by $12K and most ordinary shlocks aren't paying more than $12K in property tax and state income tax except for in a few states. It will hurt high income earners in high state tax states the most.

70% of middle class will pay less and the majority of high income earners will pay more....that's the facts.
So the administration is being less than honest when they say all Americans will pay less?

Last edited by TuborgP; 10-02-2017 at 06:54 AM..
 
Old 10-02-2017, 06:37 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by Tall Traveler View Post
No it won't because a couple will get an increase in the standard deduction by $12K and most ordinary shlocks aren't paying more than $12K in property tax and state income tax except for in a few states. It will hurt high income earners in high state tax states the most.

70% of middle class will pay less and the majority of high income earners will pay more....that's the facts.
Food for thought. There are many ordinary shlocks paying high property taxes in high property tax states. Many are older who purchased their homes 30-50 years ago and saw amazing increases in the assessed value of their homes. Many are elderly with property taxes and medical cost eating them alive and moving them toward bankruptcy if not already there. They itemize and now?
 
Old 10-02-2017, 06:44 AM
 
Location: Central IL
15,238 posts, read 8,532,850 times
Reputation: 35672
Quote:
Originally Posted by reneeh63 View Post
Since we are unlikely to get any details until just before voted on (if then!) we are left to come up with various scenarios that seem likeliest. Perhaps it would be easier to convince Trump and his administration to actually be aboveboard and upfront? Not likely if indeed the middle class will get so little out of it.
Quote:
Originally Posted by 2sleepy View Post
yes, you're right and the house just voted to eliminate the requirement for a CBO report before voting- and according to what I'm hearing on the TV Sunday shows the R's plan on using reconciliation to pass this with 50 votes
Disgusting...the deck is truly stacked....Oh, I know - it's all completely "legal" but these shenanigans are in themselves loopholes in the legislative process that also need to be closed so that the majority party doesn't have even more power than is deserved.
 
Old 10-02-2017, 06:55 AM
 
Location: Living rent free in your head
31,071 posts, read 13,598,798 times
Reputation: 22130
Quote:
Originally Posted by Tall Traveler View Post
No it won't because a couple will get an increase in the standard deduction by $12K and most ordinary shlocks aren't paying more than $12K in property tax and state income tax except for in a few states. It will hurt high income earners in high state tax states the most.

70% of middle class will pay less and the majority of high income earners will pay more....that's the facts.
sure thing
 
Old 10-02-2017, 07:50 AM
 
2,215 posts, read 743,630 times
Reputation: 1376
Quote:
Originally Posted by 2sleepy View Post
yes, you're right and the house just voted to eliminate the requirement for a CBO report before voting- and according to what I'm hearing on the TV Sunday shows the R's plan on using reconciliation to pass this with 50 votes

How ? There is no bill in Congress yet. Trump and his team just came out with a propsal which is a general, vague guideline.

Maybe you're thinking of the health insurance bill ?

The proposal is embedded in this article.


https://www.nytimes.com/interactive/...l.html?mcubz=0
 
Old 10-02-2017, 07:59 AM
 
Location: Living rent free in your head
31,071 posts, read 13,598,798 times
Reputation: 22130
Quote:
Originally Posted by skycaller23 View Post
How ? There is no bill in Congress yet. Trump and his team just came out with a propsal which is a general, vague guideline.
Maybe you're thinking of the health insurance bill ?
The proposal is embedded in this article.

https://www.nytimes.com/interactive/...l.html?mcubz=0
No dear one, I'm not thinking of the healthcare bill which was publicly debated for TEN MONTHS, I am talking about this new shiny thing, the Steve Mnuchin tax plan designed solely for oligarchs and their very important friends:

The Urban Institute's Tax Policy Center found that the Republican tax framework would shrink government revenue by about $2.4 trillion over its first 10 years. TPC said the decreased revenue from cutting corporate and individual taxes would not be offset by the elimination of deductions.

"Over the first 10 years, the individual income tax provisions excluding those related to the taxation of corporations, pass-throughs, and estates would raise $470 billion, the business provisions would reduce revenues by $2.6 trillion, and repealing the estate tax would cost another $240 billion," said the report.

Trump tax reform plan: Federal deficit, debt could explode - Business Insider
 
Old 10-02-2017, 08:03 AM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by 2sleepy View Post
No dear one, I'm not thinking of the healthcare bill which was publicly debated for TEN MONTHS, I am talking about this new shiny thing, the Steve Mnuchin tax plan designed solely for oligarchs and their very important friends:

The Urban Institute's Tax Policy Center found that the Republican tax framework would shrink government revenue by about $2.4 trillion over its first 10 years. TPC said the decreased revenue from cutting corporate and individual taxes would not be offset by the elimination of deductions.

"Over the first 10 years, the individual income tax provisions excluding those related to the taxation of corporations, pass-throughs, and estates would raise $470 billion, the business provisions would reduce revenues by $2.6 trillion, and repealing the estate tax would cost another $240 billion," said the report.

Trump tax reform plan: Federal deficit, debt could explode - Business Insider
Remember part of the original reason for repealing the ACA was to help pay for tax cuts.
 
Old 10-02-2017, 08:12 AM
 
Location: Knoxville, TN
1,249 posts, read 591,817 times
Reputation: 2749
Quote:
Originally Posted by Southern man View Post
Like I said.

You are exactly the follower that Trump is counting on.....one that will not hold him accountable for anything.
 
Old 10-02-2017, 08:16 AM
 
188 posts, read 170,685 times
Reputation: 433
Without knowing the cutoff points for the various tax brackets how can anyone predict what effect the proposed tax plan will have? How did they come up with 2.6 trillion? What assumptions did they make?

Until everything is put on paper it is just a guess. Democrats are guessing it's terrible, Republicans are guessing it's great.
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