No more illusions about tax reform. (unemployment, Congress, wages, stats)
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The end result is it cuts corporate tax to 20% and no changes to credits and deductions they already enjoy. It is not tied to any requirements to bring their off- shored money back to US, or create jobs or pay better wages. Nothing and the cuts are permenantly.
The rest of us will see out taxes go up, deductions disappear, and no tax credits.
It is a huge rip off of the American people. I hope it fails.
Nobody thinks we need a reform now other than the richest of the rich. What we need us to bring down the national debt.
The end result is it cuts corporate tax to 20% and no changes to credits and deductions they already enjoy. It is not tied to any requirements to bring their off- shored money back to US, or create jobs or pay better wages. Nothing and the cuts are permenantly.
You understand perfectly. That is exactly what it does. Long overdue, too. It should have been done years ago.
Did you think all those companies moved their operation offshore just because they like to travel??!
Quote:
Originally Posted by cb2008
The rest of us will see out taxes go up, deductions disappear, and no tax credits..........
OK. Now you are demonstrating that you have no understanding of the tax bill at all.
You understand perfectly. That is exactly what it does. Long overdue, too. It should have been done years ago.
Did you think all those companies moved their operation offshore just because they like to travel??!
OK. Now you are demonstrating that you have no understanding of the tax bill at all.
You have no idea how this bill will hurt the middle class and reward the already rich. So please tell me how it benefits the middle class when they go after teachers and students, who are part of the middle class.
The rest of us will see out taxes go up, deductions disappear, and no tax credits.
I haven't studied the House bill but if a final one gets passed through Congress that includes their provision of raising the standard deduction BY DOUBLE (12K for single/ 24K for couples) then plenty of deductions and credits CAN disappear. They will be moot. Get it?
The end result is it cuts corporate tax to 20% and no changes to credits and deductions they already enjoy. It is not tied to any requirements to bring their off- shored money back to US, or create jobs or pay better wages. Nothing and the cuts are permenantly.
The rest of us will see out taxes go up, deductions disappear, and no tax credits.
It is a huge rip off of the American people. I hope it fails.
Nobody thinks we need a reform now other than the richest of the rich. What we need us to bring down the national debt.
You're right, it isn't.
It's a corporate giveaway on the backs of the poor and middle class. Not immediately but when the temp cuts expire in 5 years and moving forward from there. In ten years those making between 20 and 50 thousand will be paying 25% more in taxes than they're paying now. While corporate cuts amount to a permanent 43% cut forever, effective immediately.
These are the donors who supported the Repubs and pulled the strings behind the scenes and D. Trump is the biggest corporate shyster ever to step up to a soapbox.
They say it will create a cascade of jobs. Bull ****. Corporations are swimming in money with the stock market at all time highs and they haven't hired any good paying jobs. Why should they? Unemployment is in the 4% range. Like Trump does with his properties, they will hire offshore, claiming they can't get people to do the job from here.
This is nothing but a payout for putting them in power.
I haven't studied the House bill but if a final one gets passed through Congress that includes their provision of raising the standard deduction BY DOUBLE (12K for single/ 24K for couples) then plenty of deductions and credits CAN disappear. They will be moot. Get it?
Lol. No we don't get it. Exemptions disappear, got it?
I haven't studied the House bill but if a final one gets passed through Congress that includes their provision of raising the standard deduction BY DOUBLE (12K for single/ 24K for couples) then plenty of deductions and credits CAN disappear. They will be moot. Get it?
The standard deduction is chump change for most middle class tax payers compared to the exemptions they can write off.
That's why there's a huge market for tax preparers. Most middle class people itemize exactly for the exemptions and credits rather than take the deduction and do the short form. Doubling it will not help one bit if you take away the exemptions.
But, honestly, really...in this vast country of at least a couple hundred million people filing taxes and you're going to zero in on friggin $250 bucks of voluntary expense by some teachers?
Wait, most likely they aren't writing it off anyhow because they're taking the standard deduction of $6000, not itemizing. Wait even more, if there is a $12,000 standard deduction...that would translate into a TINY percentage of teachers who would itemize their expenses and be able to include the $250 write-off, which would only translate into about $50 back in their pockets anyhow.
Very simply: MOST taxpayers do not have more than $12,000/single or $24,000/couple -- in annual, qualified write-offs, so they would just use the standard deduction. That is why Paul Ryan likes to run around with his little postcard tax return to show everyone. It would be much simplified and the piddly $100 here, $50 there expenses wouldn't have to be accounted for anymore.
Last edited by Ibginnie; 11-18-2017 at 06:53 AM..
Reason: deleted quoted post
Oy, I'm going to regret engaging here. Natalie, you finally mentioned something. But, honestly, really...in this vast country of at least a couple hundred million people filing taxes and you're going to zero in on friggin $250 bucks of voluntary expense by some teachers?
Wait, most likely they aren't writing it off anyhow because they're taking the standard deduction of $6000, not itemizing. Wait even more, if there is a $12,000 standard deduction...that would translate into a TINY percentage of teachers who would itemize their expenses and be able to include the $250 write-off, which would only translate into about $50 back in their pockets anyhow.
Very simply: MOST taxpayers do not have more than $12,000/single or $24,000/couple -- in annual, qualified write-offs, so they would just use the standard deduction. That is why Paul Ryan likes to run around with his little postcard tax return to show everyone. It would be much simplified and the piddly $100 here, $50 there expenses wouldn't have to be accounted for anymore.
Under current rules, many families and especially those in large metro areas, can and do go well past the $24000 proposed limit.
Under current rules, many families and especially those in large metro areas, can and do go well past the $24000 proposed limit.
You would need to put forth accurate stats for me to believe that it would be a substantial percentage of the population. Don't think so.
Anyhow, it's not a "limit". If people have more than the proposed standard deduction thresholds then they can simply itemize, like usual.
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