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Already a thread, and as we suspected this bill is a middle finger to 90% of America and a massive cut to Trump and his billionaire friends.
Taxes explained in a way even Nancy Pelosi will be able to understand:
Everyday, 10 reporters go out for beer, and the bill for all 10 comes to $100. If these 10 reporters paid their tab every night the way we pay our taxes, it would go something like this:
The first four, the poorest, would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7. The eighth would pay $12. The ninth would pay $18. The tenth, the richest, would pay $59. So that's what they decided to do.
The 10 reporters drank in the bar everyday and seemed quite happy with the arrangement, until one day, the bar owner threw them a curveball. “Since you're all such good customers," he said, "I'm going to reduce the cost of your daily beer by $20.” Drinks for the 10 reporters would now cost just $80.
The group still wanted to pay their bill the way we pay our taxes. So the first four were unaffected; they would still drink for free. But what about the other six? How could they divide the $20 windfall so that everyone would get their fair share? These are reporters after all, so they’re concerned with fairness.
They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth reporter and the sixth reporter would each end up being paid to drink beer.
So the bar owner suggested that it would be fair to reduce each man's bill by a higher percentage the poorer he was. By doing that, he explained, they’d continue following the principle of the tax system they'd been using. So he proceeded to work out the amounts he suggested that each should pay now.
And so the fifth reporter, like the first four, now paid nothing. He got a 100 percent saving. The sixth now paid $2 instead of $3, a 33 percent saving. The seventh now paid $5 instead of $7, a 28 percent saving. The eighth now paid $9 instead of $12, a 25 percent saving. The ninth now paid $14 instead of $18, which was a 22 percent saving. And the tenth now paid $49 instead of $59, a 16 percent saving.
So each of the six was better off than before. And the first four continued to drink for free. But once outside the bar, the reporters began to compare their savings. "I only got a dollar out of the $20 saving," declared the sixth reporter.
And she pointed to the tenth reporter, "he got $10."
"Yes, that's right," exclaimed the fifth reporter. "I only saved a dollar too. It's unfair that he received ten times more benefit than me!"
"That's true!" shouted the seventh reporter. "Why should he get $10 back, when I got only $2? The wealthy gets all the breaks."
"Wait a minute," yelled the first four reporters in unison, "we didn't get anything at all. This new tax system exploits the poor!"
The nine reporters yelled at the tenth and made him feel bad.
So the next night the tenth man didn't show up for drinks, and the nine sat down and had their beers without him. But when it came time to pay the bill, they discovered something important. They no longer had enough money between them all to even cover half of the bill.
And that is how our tax system works. The people who already pay the highest taxes will naturally benefit from a tax reduction, but not the largest percent benefit. Taxing them too much -- attack them -- and they might start drinking overseas, where the atmosphere is somewhat friendlier.
Oh, good grief. Do none of you understand how marginal tax rates work? You'd pay the lower rate on income up to that bracket limit, and then pay the higher rate on anything above that.
which is exactly why moving the top bracket to 1 MILLION is a massive tax break of about 35k for someone earning over 1 million a year. and a quick in my head estimate of 11k reduction for someone earning 500k a year. and of course those are just the tax bracket reductions not any of the other stuff.
I will pay thousands more under the Trump bill. I don't live in a high tax state, don't own a million dollar home. This bill is going to stick it good to anyone who makes over 90K a year where the 25% bracket kicks in. The new standard deduction barely makes up for the loss of exemptions not to mention the rest of the deductions that we have had. No!
Let's hope it passes. You didn't have much compassion for the millions of people paying thousands more in health insurance premiums.
Taxes explained in a way even Nancy Pelosi will be able to understand:
Everyday, 10 reporters go out for beer, and the bill for all 10 comes to $100. If these 10 reporters paid their tab every night the way we pay our taxes, it would go something like this:
The first four, the poorest, would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7. The eighth would pay $12. The ninth would pay $18. The tenth, the richest, would pay $59. So that's what they decided to do.
The 10 reporters drank in the bar everyday and seemed quite happy with the arrangement, until one day, the bar owner threw them a curveball. “Since you're all such good customers," he said, "I'm going to reduce the cost of your daily beer by $20.†Drinks for the 10 reporters would now cost just $80.
The group still wanted to pay their bill the way we pay our taxes. So the first four were unaffected; they would still drink for free. But what about the other six? How could they divide the $20 windfall so that everyone would get their fair share? These are reporters after all, so they’re concerned with fairness.
They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth reporter and the sixth reporter would each end up being paid to drink beer.
So the bar owner suggested that it would be fair to reduce each man's bill by a higher percentage the poorer he was. By doing that, he explained, they’d continue following the principle of the tax system they'd been using. So he proceeded to work out the amounts he suggested that each should pay now.
And so the fifth reporter, like the first four, now paid nothing. He got a 100 percent saving. The sixth now paid $2 instead of $3, a 33 percent saving. The seventh now paid $5 instead of $7, a 28 percent saving. The eighth now paid $9 instead of $12, a 25 percent saving. The ninth now paid $14 instead of $18, which was a 22 percent saving. And the tenth now paid $49 instead of $59, a 16 percent saving.
So each of the six was better off than before. And the first four continued to drink for free. But once outside the bar, the reporters began to compare their savings. "I only got a dollar out of the $20 saving," declared the sixth reporter.
And she pointed to the tenth reporter, "he got $10."
"Yes, that's right," exclaimed the fifth reporter. "I only saved a dollar too. It's unfair that he received ten times more benefit than me!"
"That's true!" shouted the seventh reporter. "Why should he get $10 back, when I got only $2? The wealthy gets all the breaks."
"Wait a minute," yelled the first four reporters in unison, "we didn't get anything at all. This new tax system exploits the poor!"
The nine reporters yelled at the tenth and made him feel bad.
So the next night the tenth man didn't show up for drinks, and the nine sat down and had their beers without him. But when it came time to pay the bill, they discovered something important. They no longer had enough money between them all to even cover half of the bill.
And that is how our tax system works. The people who already pay the highest taxes will naturally benefit from a tax reduction, but not the largest percent benefit. Taxing them too much -- attack them -- and they might start drinking overseas, where the atmosphere is somewhat friendlier.
Good explanation but unfortunately in the real world when there aren't enough funds to pay the bills it just gets added to the running tab(deficit) and that AHA! moment is never realized.
What a stupid title. My family (middle class) will benefit from this plan. The uber rich will pay the same rate but the limits to state and local deductions will impact rich liberals who should be happy to pay more taxes. Everything about this plan feels fair and well thought out. Nice work for once GOP!
Oh, good grief. Do none of you understand how marginal tax rates work? You'd pay the lower rate on income up to that bracket limit, and then pay the higher rate on anything above that.
BINGO!
I'm sure that the so-called "opinion leaders" over there in Left Field understand this, but the majority of the ignorant masses they seek to lead around by the nose with their stereotypes and propaganda don't.
This is how Mexico has been mis-governed (but stable) for ninety years; it's how the Democrats are destroying California, and it's what they have in mind for everyone outside their elitist club.
Last edited by 2nd trick op; 11-02-2017 at 10:57 AM..
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You'd pay the lower rate on income up to that bracket limit, and then pay the higher rate on anything above that.
