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Anyone belonging to middle class who thinks this plan is going to somehow cut their taxes is simply delusional. Craziness hits the upper limit when you think about the debt - employment is lowest in years, consumer confidence is strong and this is when GOP proposes a tax plan that will raise debt by 1.5T just so that their richest buddies can have some tax break while increasing the taxes on middle class
Nearly half of all middle-class families would pay more in taxes in 2026 than they would under current rules if the proposed House tax bill became law, and about one-third would pay more in 2018, according to a New York Times analysis, a striking finding for a bill promoted as a middle-class tax cut.
President Trump and congressional Republicans have pitched the plan unveiled last week as a tax cut for most Americans. But millions of middle-class families — particularly those with children — would see an immediate tax increase, averaging about $2,000. Among the hardest-hit under the plan would be some of the most vulnerable taxpayers: those with huge out-of-pocket medical expenses.
Think this version of tax reform is beginning to lose traction. Seems very bad for the 200K a year successful business owner. These are the "rich guys" we should be leaving the hell alone. Instead, I hear nothing about removing the carried interest deduction for hedge fund managers.
Something was changed yesterday that would change the tax rules related to carried interest, using a three-year period to continue having this tax advantage. Read up on it if you're interested.
I'm really wondering what there is to like about this tax plan. It marginally fiddles with rates and shifts some tax burden around within the middle class and offers substantial tax relief to the wealthy. I suppose a phaseout of SALT may compel some tax reform in NY, NJ, and CA, but is that really such a laudable goal for the party that controls the executive and legislature?
The people who are going to be crushed most by this plan will be small business owners owners and middle-class families in high cost of living states. The main gains will be felt by big business and the most wealthy. And all this while adding $1.5tr to the deficit? I just don't get it.
I would love to see a broad simplification of the tax code, a reduction in marginal rates for businesses while putting special-interest loopholes on the chopping block and/or imposing a business-deduction limit (like an AMT). This plan just seems like a bunch of aimless jiggery-pokery that will benefit those who least need the benefit.
The GOP tax plan is a tax increase for many middle-class and upper middle-class.
And it ADDS to the debt by trillions of dollars and adds to the defiticit.
It's a lose-lose situation for America, unless you're a billionaire.
Something was changed yesterday that would change the tax rules related to carried interest, using a three-year period to continue having this tax advantage. Read up on it if you're interested.
I dont care if it is 100 years. It should not exist. Id go further. The tax advantage should SOLELY exist for true venture capitalism. Not the Bain/ Lampert style bust outs and not for holding already funded and existing assets/ corps.
Think this version of tax reform is beginning to lose traction. Seems very bad for the 200K a year successful business owner. These are the "rich guys" we should be leaving the hell alone. Instead, I hear nothing about removing the carried interest deduction for hedge fund managers.
It's not going to pass the Senate at least in current form. Lankford and McCain have already said they're voting no. I think Collins said no as well. They already have at least 3 no votes.
It's not going to pass the Senate at least in current form. Lankford and McCain have already said they're voting no. I think Collins said no as well. They already have at least 3 no votes.
Rand Paul previously leaned No also. Now he can't vote at all due to his broken ribs. That's one less GOP Senate vote.
The GOP Senate is going to write their own tax plan rather than modify the GOP House's plan. The Senate might introduce it today per some news articles.
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