Tax cut and Jobs act released...... Trillions for the super Rich. (regular, vs)

[Grumpy ol' Man]

Originally Posted by Fiyero

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.

reading comprehension is your friend, if you don't understand it, refrain from commenting...
Great plan, America will soar even higher than it already is now that we have a real president...

[Fifty Seven]

Originally Posted by ColoradoOnMyMind

Wrong. Get a new talking point

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!

Remember to a leftist if wealthy people are included in a tax cut then the tax cut is only for wealthy people, regardless of whoever else is included in it. It's such a simple talking point but so long as they scream it often enough and loudly enough it never fails to dominate the discussion.

[reed067]

This was to be expected though just like G.W gave tax breaks to the rich calling it trickle down economics.


Trumps calls it stick it to the poor working class tax break.

[lifeexplorer]

Originally Posted by evilcart

nope .

the rich get a massive tax cut. for a start they get a straight up cut of 35,000 if they do nothing and just pay straight income tax.

BUT they wont and dont. they will enjoy their corp tax cut more than you might believe. They will enjoy a new pass through tax rate of 25%. you could put a billion through that and pay 25%.

I do not believe this plan will get through looking anything like it does today, because too many house repubs will find themselves out of office. There are roughly 40-50 house republicans who are in districts where their constituents will see big tax hikes... i dont think i need to say more....

$35,000 is not "massive" to the rich. $35,000 to them is more like $350 to you.

[lifeexplorer]

To be frank, all this tax cut thing is nothing but shoveling crap from one side to another. It changes nothing.

Had the Republicans have the guts, they would abolish income tax and corporate tax entirely and implement a VAT or Fair Tax.

That would be something meaningful.

[StillwaterTownie]

Originally Posted by Fiyero

This bill is a catastrophe and will hurt most of the country. But Republican voters will cheer as they lose thousands more in their bank accounts, while the top 1% get millions.

The stock market doesn't hate it. It's up as of noon.

[evilcart]

Originally Posted by WaldoKitty

Let's see.

• You tell me to read CNN Article - I Did

• There is not one mention of "Trillions for the Super Rich"

Apparently you didn't read it.


But I'm not surprised. Most times you guys never read these rags when you post them here as fact. Childish? The proof is in the pudding.

I can't help if you don't understand taxation Waldo. I do . This plan if passed as stated is a massive endless give away for the uber wealthy.

for start it kills estate taxes.

Without doing a thing anyone earning over 1M gets 35k reduction in marginal rate reduction.

New Pass through tax allows lots of folk with high incomes to structure that income to avail of a 25% rate

new corp rate of 20% simple requires you setup your corp to handle projects and get this sweet new rate.

my guess is you are a pay as you earn poster who just does not get what this tax plan is about.

[Eeyore1954]

Originally Posted by Fiyero

It's also a huge attack on wealthy blue states. Eliminating state/local taxes, cap on $500,000 for mortgages, cap on property tax deductions, no student loan deductions, etc.

It's literally a middle finger to the states with a high cost of living, which will just make their cost of living astronomically worse.

Republicans are so beyond evil, they're cartoon villains at this point.

What is wrong with limiting the interest deduction at 500,000 of debt?
This is a deduction that hurts the rich not the middle class. Most middle class people do have a $500,000 mortgage. If losing the deduction means people cannot afford a $600,000 mortgage then maybe they should not have one.

What is wrong with a $10,000 cap on real estate taxes? According to the U.S. Census Bureau, the typical household spends $2,127 on home property taxes.
It is true that some states have higher averages but no state has an average above $10,000 according to this article. Once again this mostly hurts the rich although many rich could not take property tax deductions because of the AMT which is scheduled to be repealed. Unfortunately for me my property taxes are well above the cutoff and many in my county (Suffolk NY ) will lose a little.

Although even there most will not lose out.

The typical Suffolk County homeowner pays $8,151 annually in property taxes. That is in part due to high home values, as the median value in the county is $383,400. Even so, the average effective property tax rate in Suffolk County is 2.13%, well above both the state and national averages.

[Fifty Seven]

Originally Posted by Uncle Bully

Remember to a leftist if wealthy people are included in a tax cut then the tax cut is only for wealthy people, regardless of whoever else is included in it. It's such a simple talking point but so long as they scream it often enough and loudly enough it never fails to dominate the discussion.

And the real shame is not that the democrats so aggressively use this simplistic talking point, it's that the republicans seem so intimidated by it that it forces them to water down their own tax plans to the point that they are not nearly as effective as they ought to be.

[StillwaterTownie]

Originally Posted by Quick Enough

CNN and CBS!

You much prefer Fox News?