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Old 10-02-2017, 12:22 PM
 
Location: Long Island
32,816 posts, read 19,415,692 times
Reputation: 9618

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Quote:
Originally Posted by sware2cod View Post
After the billionaires get their huge tax breaks and many middle class people get their taxes increased, the new tax plan also adds $2 trillion to the deficit.

It's giving the uber wealthy billionaires and corporations a massive tax break but there's no plan to make up the difference of that lost revenue. So the USA goes much deeper into debt each year due to the new tax plan.

https://www.nytimes.com/2017/09/28/u...s.html?mcubz=0

The tax plan outlined Wednesday by the White House and Republican leaders in the House and Senate could cost more than $2 trillion over the next decade, according to a preliminary estimate by the Committee for a Responsible Federal Budget, a nonpartisan advocacy group.

Republicans acknowledge tax plan not great for middle class, deficit.
ok it MIGHT raise the debt by 2 trillion over the next decade

and yet you support bernies medicare for all which will raise the debt by 32 trillion over ten years
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Old 10-02-2017, 12:24 PM
 
Location: Long Island
32,816 posts, read 19,415,692 times
Reputation: 9618
Quote:
Originally Posted by Elliott_CA View Post
YES -- the killer is the bottom 10% bracket is RAISED to 12% _and_ the 15% bracket is eliminated, so the next jump after 12% is all the way up to 25%.

Current system: $50k couple using std ded = 50 - 12 std - 8 personal = $30k taxable income. First $18k is taxed at 10%, the remaining $12k at 15%. Total tax is $3600.

Trump Plan: $50k couple using std ded = 50 - 24 = $26k taxable income. The first $18k is now taxed at 12% instead of 10%. The remaining $8k is now taxed at 25% instead of at 15%. Total tax is $4100.

Currently the Trump tax plan would cause a $500 tax increase for a $50k married couple with standard deductions.
false equivalency...

since the LEVELS for the brackets haven't been set...your post is drivel
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Old 10-02-2017, 12:26 PM
 
2,333 posts, read 1,481,323 times
Reputation: 922
Quote:
Originally Posted by petch751 View Post
You forgot Politico, the left wing outlet OP cited in this thread.

If the above media you cited can't determine how can Politico determine? Everyone in their corners now. That's why it's important to have a reasonable understanding of the tax code and not allow the media to educate you because everyone is in their corners.

So thank you for making my point. Everyone in their corners.
Really? You really expected me to list EVERY SINGLE PUBLICATION with an article on the tax plan? You're making it seem like i purposely avoided Politico... I didn't even read the OP and it's not like they're a major news organization that naturally comes to everyone's mind. Chill out; I'm specifically trying to AVOID the political spin, on either side. I don't care who this plan comes from and, like my point, who says what about it. The average person should be looking at the actual document and figuring out for themselves what their bottom line is.
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Old 10-02-2017, 12:29 PM
 
2,333 posts, read 1,481,323 times
Reputation: 922
Quote:
Originally Posted by workingclasshero View Post
ok it MIGHT raise the debt by 2 trillion over the next decade

and yet you support bernies medicare for all which will raise the debt by 32 trillion over ten years
Ok, come on, you're saying that it's pointless to speculate about this tax proposal because nothing has been set yet. But you're speculating on what Medicare for All will do??? Nothing has been set yet!
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Old 10-02-2017, 12:30 PM
 
Location: Long Island
32,816 posts, read 19,415,692 times
Reputation: 9618
Quote:
Originally Posted by BicoastalAnn View Post
Everyone is making assumptions on what the brackets will likely be - you NEED to make some assumptions to figure out how you'll fare. Otherwise how else are you supposed to determine if you support this or not?

And the NYT was being pretty generous if it assumes the first $26k will be taxed at the lowest rate. That would make quite a few people happy.
you would determine your support or lack there of..based on the actual bill...not a less detailed proposal
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Old 10-02-2017, 12:35 PM
 
Location: Long Island
32,816 posts, read 19,415,692 times
Reputation: 9618
Quote:
Originally Posted by petch751 View Post
It's upper middle class. Wealth is based on net worth, not income. That's where the American people were mislead into believing a lie... tax the rich! people making $200k (in one tax year) or more. You can make $300k this year and next year get sick and make nothing the next 5 years. $300k is high income but not rich. People don't understand that and that's why we hear of people hitting the lottery who end up dead broke. They don't understand basic finance like high income within one tax year does not mean you are rich.
correct

I have used the example many times of a Suffolk county cop (a workingclass profession) who makes 160k and is married to another workingclass cop or a teacher......are we supposed to say "oh My" they are rich, just because they crossed some imaginary line in the sand, based on a years income for the household


the liberals calling 200k rich is a fallacy
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Old 10-02-2017, 12:36 PM
 
Location: Proxima Centauri
5,768 posts, read 3,205,694 times
Reputation: 6094
Six months ago I said that the Jury was still out on Trump. The media was all over him and still is. Well, the verdict is in. He's a charlatan. He wanted Obamacare gone no matter who it hurt. Now analysts are saying that the rich will benefit and the middle class will not. What's more it will increase the deficit.

We are at the point where the baby boomers will need Social Security and Medicare more than they've needed it in their lives. We can't be giving away money to the rich while bridges will be collapsing and Social Security may need funding.

Don't be fooled. This needs the same attention that Obamacare got.
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Old 10-02-2017, 12:36 PM
 
2,333 posts, read 1,481,323 times
Reputation: 922
Quote:
Originally Posted by workingclasshero View Post
you would determine your support or lack there of..based on the actual bill...not a less detailed proposal
Sure, but ya know, it's a forum, and people want to discuss "what if" scenarios to prepare themselves. Personally I just wish they had waited until they had everything before releasing anything. But if Gary Cohn keeps getting on TV to talk about how this bill is going to be so great for us because of XYZ, then it's fair for us to say "OK let me try to figure out how i'll win or lose."
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Old 10-02-2017, 12:37 PM
 
41,111 posts, read 25,642,164 times
Reputation: 13868
Quote:
Originally Posted by BicoastalAnn View Post
I don't know, man... politicians spin. That's just what they do. But my point is, let's get past that and talk about the actual plan instead of who said what. It's just not useful... if you're going to point out every spin said about a politician on every issue, you won't have time to talk about anything else. Your point was taken the first time in every thread. But..... you keep going on about it.......
We are still living under the Democrat tax plan and it is hurting a lot of people. Even so, talking about the state and local tax which can be deducted from the federal tax IS talking about Trumps tax plan. Oh and remember when Democrats claimed the Bush tax cut was a cut for the rich but when they might lose them then they changed their tune.

I talk about it because just like the lies that Obama and Democrats put out to raise taxes "on the so called rich", Obama's supporters believed everything they said... why because they are tax illiterates, crap, the tax code is so convoluted that people hire tax attorneys and CPA's to guide them and help them legally keep more of their money and they continue to do this no matter what Tax the Rich politician comes into office ... so allowing politicians and the media to educate them, it was easy to fool them.
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Old 10-02-2017, 12:39 PM
 
2,333 posts, read 1,481,323 times
Reputation: 922
Quote:
Originally Posted by petch751 View Post
We are still living under the Democrat tax plan and it is hurting a lot of people. Even so, talking about the state and local tax which can be deducted from the federal tax IS talking about Trumps tax plan. Oh and remember when Democrats claimed the Bush tax cut was a cut for the rich but when they might lose them then they changed their tune.

I talk about it because just like the lies that Obama and Democrats put out to raise taxes "on the so called rich", Obama's supporters believed everything they said... why because they are tax illiterates, crap, the tax code is so convoluted that people hire tax attorneys and CPA's to guide them and help them keep more of their money... so allowing politicians and the media to educate them, it was easy to fool them.
Yes, yes, we're all living in hell right now because of Obama's taxes. Now the question is, are we going to do BETTER or WORSE under the new tax plan.
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