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It's poison if they don't pass it. This is a big reason they were put in office and given control of the government, they may never get another chance.
Some Democrats could try to improve it but they don't seem interested in that, they're a lost cause on taxes and business
Both LI GOP Congressman I know oppose it. One will definitely lose his next election if he supports it, the other (Peter King) who is one of the most visible people in the house, may even be at risk.
It's a GOP bill, the Democrats have no reason to support it, they oppose the idea of cutting corporate tax rates and taxes on multimillionaires.
Those are the "improvements" they'd make. Repealing the estate tax doesn't exactly have widespread popular support either, only improvement would be removing the repeal.
What should be done to offset a cut on rates for earned income is to raise capital gains taxes to the same relative rates. Not having them equal is pure example of the Wall ST lobby in Washington, it makes no sense. Make them the same or actually the reverse of what they are.
How? Every Republican meeting was a closed door meeting without inviting one Democrat. So do tell how they are supposed to improve it.
Take the republican house plan and tweak the tax brackets so they are something like this....
$0-60,000 12%
$60,000-250,000 24%
$250,000-1,000,000 36%
$1,000,000+ 40%
Peg the capital gains tax rate to the income tax. No "long term capital gains" discount. This alone will generate a massive amount of money.
Cut the corporate tax rate to 25%.. make it competitive with other first world countries in Europe. Whether or not we should tax all income all over the world, or just US based income, I admittedly don't have enough knowledge on to make a call.
Keep the time where you have to live in real estate to avoid some capital gains at 2 of 5 years, the way it is now.
Keep the inheritance tax in place. Raise the number to estates of $10 M or more.
Keep 401K deductions and health savings accounts.
Eliminate the personal exemption in favor of a higher standard deduction
Now you assess after raising the capital gains tax how much revenue you will generate and decide if you need to implement measures like getting rid of the state income tax writeoff, mortgage interest writeoff, and college savings fund, etc.
My plan may well still be too complex. I don't think we should get rid of incentives for people to retire or save for their health. I can see how some people might argue differently. These two plans are not inherently complex though. They are fairly easy to calculate.
Take the republican house plan and tweak the tax brackets so they are something like this....
$0-60,000 12%
$60,000-250,000 24%
$250,000-1,000,000 36%
$1,000,000+ 40%
Peg the capital gains tax rate to the income tax. No "long term capital gains" discount. This alone will generate a massive amount of money.
Cut the corporate tax rate to 25%.. make it competitive with other first world countries in Europe. Whether or not we should tax all income all over the world, or just US based income, I admittedly don't have enough knowledge on to make a call.
Keep the time where you have to live in real estate to avoid some capital gains at 2 of 5 years, the way it is now.
Keep the inheritance tax in place. Raise the number to estates of $10 M or more.
Keep the high standard deduction.
Keep 401K deductions and health savings accounts.
Eliminate the personal exemption in favor of a higher standard deduction
Now you assess after raising the capital gains tax how much revenue you will generate and decide if you need to implement measures like getting rid of the state income tax writeoff, mortgage interest writeoff, and college savings fund, etc.
Agree with most of what you say, it's a much better plan than the GOP plan but the GOP plan is red meat to red state voters.
Take the republican house plan and tweak the tax brackets so they are something like this....
$0-60,000 12%
$60,000-250,000 24%
$250,000-1,000,000 36%
$1,000,000+ 40%
Peg the capital gains tax rate to the income tax. No "long term capital gains" discount. This alone will generate a massive amount of money.
Cut the corporate tax rate to 25%.. make it competitive with other first world countries in Europe. Whether or not we should tax all income all over the world, or just US based income, I admittedly don't have enough knowledge on to make a call.
Keep the time where you have to live in real estate to avoid some capital gains at 2 of 5 years, the way it is now.
Keep the inheritance tax in place. Raise the number to estates of $10 M or more.
Keep the high standard deduction.
Keep 401K deductions and health savings accounts.
Eliminate the personal exemption in favor of a higher standard deduction
Now you assess after raising the capital gains tax how much revenue you will generate and decide if you need to implement measures like getting rid of the state income tax writeoff, mortgage interest writeoff, and college savings fund, etc.
Honestly, just drop the foreign income tax. For corporations and individuals. A lot of that money will stay overseas, just because that's their operating capital there, but what does come back will get taxed as dividends, sales tax, etc.
I take not pity on corporate America, but small business America can always use reform to boost that.
Take the republican house plan and tweak the tax brackets so they are something like this....
$0-60,000 12%
$60,000-250,000 24%
$250,000-1,000,000 36%
$1,000,000+ 40%
Peg the capital gains tax rate to the income tax. No "long term capital gains" discount. This alone will generate a massive amount of money.
Cut the corporate tax rate to 25%.. make it competitive with other first world countries in Europe. Whether or not we should tax all income all over the world, or just US based income, I admittedly don't have enough knowledge on to make a call.
Keep the time where you have to live in real estate to avoid some capital gains at 2 of 5 years, the way it is now.
Keep the inheritance tax in place. Raise the number to estates of $10 M or more.
Keep 401K deductions and health savings accounts.
Eliminate the personal exemption in favor of a higher standard deduction
Now you assess after raising the capital gains tax how much revenue you will generate and decide if you need to implement measures like getting rid of the state income tax writeoff, mortgage interest writeoff, and college savings fund, etc.
My plan may well still be too complex. I don't think we should get rid of incentives for people to retire or save for their health. I can see how some people might argue differently. These two plans are not inherently complex though. They are fairly easy to calculate.
I like it but I need one modification or at least clarification before I could say I support it.
The tax brackets should apply in a cascading effect... that is to say:
On your first 0-60k (60k total x .12 = 7200), you get taxed on that sum at 12%
- Your effective rate at the top of this bracket is 12%
On your next 60k-250k (190k total x .24 = 45600), you get taxed on that sum at 24%
- Your effective rate at the top of this bracket is 21% or 52800
- BUT your rate at say 70k, near the bottom of the bracket would be ~14%
On your next 250k-1mil (750k total x .36 = 270000), you get taxed on that sum at 36%
- Your effective rate at the top of this bracket is 32.28%
Everything past 1mil (0 to Infinity x .4), you get taxed on that sum at 40%, honestly, with the way this is set up in a cascading fashion, I would just keep the 12% pattern that it has been moving in so far and say 48%
And reading your post again, that appears to be what you are suggesting anyway, if I am interpreting it correctly, so I am pretty sure we are in agreement.
Honestly, I would most prefer some sort of logarithmic progression formula that you just plug your total gross income from all sources into, and it spits out an answer based on a curve, and eliminate things like property and consumption taxes. I'd rather get taxed more on my input stream one time and not have to worry about further nickel and diming taxes, especially infinitely recurring taxes like property taxes. Just count income from inheritance as a part of that formula.
Last edited by zzzSnorlax; 11-16-2017 at 12:09 PM..
An analysis in the article linked below, describes how unpopular the proposed Republican tax bill is, with a large majority of people-----only 25% at the present time approve of it. If the predictions come true, there could be a massive landslide in favor of democrats, in the 2018 congressional elections.
So why do republicans keep on pushing this legislation, when it's obvious that they could lose all their power because of it? I'm wondering if they might have something else in mind about maintaining power and it's not based on fair elections.
I can't see anything in the bill that suggests Republicans are willing to compromise with Democrats.
the days of compromise are over. Obama and harry reid put a nail in that coffin. No longer politics as usual. Today it is all or nothing at all, capitalism or socialism. Nothing in between. At a fork in the road.
An analysis in the article linked below, describes how unpopular the proposed Republican tax bill is, with a large majority of people-----only 25% at the present time approve of it. If the predictions come true, there could be a massive landslide in favor of democrats, in the 2018 congressional elections.
So why do republicans keep on pushing this legislation, when it's obvious that they could lose all their power because of it? I'm wondering if they might have something else in mind about maintaining power and it's not based on fair elections.
Not necessarily. Republicans can just talk about issues like abortion, gay marriage, and transgender bathrooms and they will be re-elected in a landslide.
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....Repubs will crush the Dems again after the bill is passed and the economy skyrockets.
