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Under the tax bill, families making $40-50K per year will pay $5 billion more in taxes by 2027 while those making one million dollars will pay $5 billion less according to the Joint Committee and CBO. What else needs to be said?
Privately Schumer and Pelosi will be high fiving personal windfall profits from their surging investments, thanks to Trump. Schumer could use the help.
So a little less than 50% pay no taxes because they are 'poor'?
The top tier of taxpayers pick up the entire bill for all those not paying tax.
the middle class is the municipal, state and federal feeding ground for the rest.
Because we are all in one system, any impact on any segment impacts the entire system.
Taking tax as an isolated static issue ignores the dynamics of the system, jobs, the improving economy and investments held by teachers, cops, etc.
Thus those that pay taxes get a tax cut, that’s where liberals screech tax cuts for the rich.
The poor pay no tax or suck tax money but pay none ??
Everyone pays taxes - consumption/sales tax, gas tax and if you work - social security and medicaid. So what if you don't work or drive (not really that may people and nowhere close to 50%) - well you still pay sales tax. Most of the poor actually pay a much higher percentage of their income in tax than the rich.
It is popular to say "tax the rich" and for good reason - there are many breaks designed to protect them (i.e. capital gains) but what will the new bill do ? Take away two hated provisions of the current tax code - Inheritance tax and AMT (which was enacted precisely to tax those using shelters to get around paying their share).
I am not against tax cuts but is anyone else asking why we are cutting taxes when we are running huge deficits - Where are the budget cuts ? what happened to the party of Fiscal Responsibility ?
If the wealthy and corporations are already sitting on billions of excess dollars, what is a trickle up “poverty”. Obviously not working in making rich people poor
When trying to make a smart comment goes wrong
This made me LOL, well said.
Quote:
Originally Posted by bobspez
Only 20% of American households earn over $100K, so they will see a benefit, but no one else will.
Not necessarily, most of those 20% live in coastal states that will now lose the deduction for state and local taxes paid. That will make their tax bills significantly worse, regardless of the lower base rates.
Quote:
Originally Posted by Ariadne22
Exactly - in a nutshell. Expect a repeat of 2008.
In preparation for which people would be well-served now live well below their means, pay off debt, develop a substantial emergency fund in anticipation of the inevitable financial calamity.
^ Yup, although, an argument could be made that the impact to the market will be softened due to the rising multinational nature of many corporation's revenue streams. If anything, the market may take a hit, then recover quickly. Eventually, I can see a desire for a lot of corporations to move their headquarters out of the US for the sake of being closer to their larger customer base in Asia or Europe.
On another, more depressing note, China is making some smart long term plays to move the global reserve currency away from the Dollar. Once that happens, the cost to borrow will become really, really high. This, more than any war, could bring the collapse of our country.
Ron Brownstein: GOP Tax Bill is Generational Warfare
Another great article by Ron Brownstein. The current tax bill rewards wealthy baby Boomers while shifting the burden to Millennials and gen Xers.
Quote:
”The baby boom is being evicted from the penthouse of American politics. And on the way out, it has decided to trash the place.”
Quote:
”As I’ve described before, the irony is that older, white America needs more of younger, diverse America to ascend into the middle class so it can generate the tax revenue to support the baby boom’s retirement. Yet with these tax bills, the old are strapping a boulder onto the backs of the young as they attempt that climb.”
Doesn't surprise me. I can't wait for the boomers to kick the bucket. The only downside to that inevitability is Gen X, Y, Millenials, et al will have to clean up their mess.
Doesn't surprise me. I can't wait for the boomers to kick the bucket. The only downside to that inevitability is Gen X, Y, Millenials, et al will have to clean up their mess.
So what you are saying is that boomers like myself who have dedicated our lives to improving medicine, agriculture, and the environment have been wasting our time? Gosh, instead of putting myself through college and earning three degrees I should have been finding a way to rip off future generations like yours. You need to go back and read some history.
And by the way, if the world population did not keep expanding, there would not be as much mess to clean up.
Doesn't surprise me. I can't wait for the boomers to kick the bucket. The only downside to that inevitability is Gen X, Y, Millenials, et al will have to clean up their mess.
I don’t share your zeal for the inevitable mortality of the Boomers, since I’m an early Boomer (bassinet class of 1948), but I do worry about our younger generations. As measured by share of GPD, we’re currently spending at near all time lows on education and scientific research. When this monstrosity is enacted into law, and our deficits invariably climb, there will be more pressure from the right to cut “discretionary spending” which cuts programs that help the young even more.
While we need to protect the truly elder poor, we need to invest more in the nation’s future, rather than its past.
So what you are saying is that boomers like myself who have dedicated our lives to improving medicine, agriculture, and the environment have been wasting our time? Gosh, instead of putting myself through college and earning three degrees I should have been finding a way to rip off future generations like yours. You need to go back and read some history.
And by the way, if the world population did not keep expanding, there would not be as much mess to clean up.
You haven't been wasting your time, but please don't paint yourselves as a generation that gave a crap about anyone but yourselves. You put yourself through college and earned 3 degrees for your own betterment, or did you not see any increase in income for your efforts?
You have found a way to rip off my generation through consistently sending politicians who are beholden to special interest groups like the AARP, or failing to use any of the dozen or so elections you've had as adults to change a broken, money driven, political system. Instead, through complicity, you've allowed it to become more fragmented, and broken to the point that our Supreme Court insists that Corporations are people too.
Especially compared to the cretin boomers elected to the White House. You know, the idiot who sent a coal delegation to a climate change conference. We should just start calling him the Troll-In-Chief.
I could go on, trust me, very few topics get me as incensed as the stupidity of the boomers and the mess they are leaving behind. Alas, I have work to do.
I don’t share your zeal for the inevitable mortality of the Boomers, since I’m an early Boomer (bassinet class of 1948), but I do worry about our younger generations. As measured by share of GPD, we’re currently spending at near all time lows on education and scientific research. When this monstrosity is enacted into law, and our deficits invariably climb, there will be more pressure from the right to cut “discretionary spending” which cuts programs that help the young even more.
While we need to protect the truly elder poor, we need to invest more in the nation’s future, rather than its past.
Sorry man, I just see the direction things are going and it really irks me. I have two little kids myself, and I'm worried, yet the news just keeps getting worse. There are some good Boomers out there. I even know a couple of em, but for the most part I'm not impressed. To say this country has had proper stewardship while you guys were at the wheel is just a lie.
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Ron Brownstein: GOP Tax Bill is Generational Warfare
