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Whataboutitis strikes again. Completely off topic. This tax bill will result in the downgrading of our debt as our deficits balloon and contribute to rising interest costs which put further stress on the our financial stability.
But keep reciting the worn out and irrelevant whatabouitis chant since it is apparent you are clueless on the ramifications of this rape of the American Treasury disguised as "tax reform."
And how exatly is this different than Democrats blaming Bush for all Obama's failures and lies for eight years.....?
You neglected to mention the removal of the personal deduction. You fail to mention what will happen to the national debt. I may do better under this new law, maybe not, but I can see how payments on the increasing national debt may someday crowd out medicare and medicaid. Interest rates will rise in the coming months and servicing the debt will only increase. We are overdue for a recession and I can see the treasury yield curve starting to flatten out. What happens to revenues then?
These are my concerns and the reasons for my opposition is that it is anything but tax reform. Toyman, I don't think that I confused you with what I said, but I surely confused those who responded bitterly with their one line responses.
"You fail to mention what will happen to the national debt."
All of a sudden many on the left are concerned about the debt and deficit.
Where were they during the Obama admin and when the dems controlled Congress and DOLLED them.
When taxes are cut properly the economy GROWS and the revenues to the fed INCREASES which helps REDUCE the debt and deficit.
If nothing else, read the LAST paragraph.
"Publication: Business Wire
Date: Friday, January 4 2008
More Than 8.3 Million Jobs Created Since August 2003 In Longest Continuous Run Of Job Growth On Record
WASHINGTON -- Today, the Bureau of Labor Statistics released new jobs figures - 18,000 jobs created in December. Since August 2003, more than 8.3 million jobs have been created, with more than 1.3 million jobs created throughout 2007. Our economy has now added jobs for 52 straight months - the longest period of uninterrupted job growth on record. The unemployment rate remains low at 5 percent. The U.S. economy benefits from a solid foundation, but we cannot take economic growth for granted and economic indicators have become increasingly mixed. President Bush will continue working with Congress to address the challenges our economy faces and help facilitate long-term economic growth, job growth, and better standards of living for all Americans.
* Real GDP grew at a strong 4.9 percent annual rate in the third quarter of 2007. The economy has now experienced six years of uninterrupted growth, averaging 2.8 percent a year since 2001.
* Real after-tax per capita personal income has risen by 11.7 percent - an average of more than $3,550 per person - since President Bush took office.
* Over the course of this Administration, productivity growth has averaged 2.6 percent per year. This growth is well above average productivity growth in the 1990s, 1980s, and 1970s.
By 2003, Mr. Bush grasped this lesson. In that year, he cut the dividend and capital gains rates to 15 percent each, and the economy responded. In two years, stocks rose 20 percent. In three years, $15 trillion of new wealth was created. The U.S. economy added 8 million new jobs from mid-2003 to early 2007, and the median household increased its wealth by $20,000 in real terms.
But the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history. According to the Treasury Department, individual and corporate income tax receipts were up 40 percent in the three years following the Bush tax cuts. And (bonus) the rich paid an even higher percentage of the total tax burden than they had at any time in at least the previous 40 years. This was news to theNew York Times, whose astonished editorial board could only describe the gains as a “surprise windfall.”"
It's foolish to believe that any business will use that money to invest money into it's employees. They are going to take that money and hide it away. You work to make THEM more money beyond that you are nothing to them.
The poor are not taxed more than the rich. In fact, higher income people pay far more in taxes than lower income people. Not sure where you're getting your information, but its not a credible source.
& your take on this is American tax policies accurately reflect its values & are competently addressing its problems?
Why the incessant back & forth on these & other issues? Why the sporadic threats of government shutdowns?
The guber'mint is made up of a bunch of business and lawyers... you support a business owner president who will directly benefit greatly from this along with his family. The entire GOP-controlled government and their families will benefit from this along with every democrat who voted no. You're letting business owners, investors, and lawyers make the rules and set the prices. Grow up.
"The guber'mint is made up of a bunch of business and lawyers."
I worked for the "guber'mint" and I was NOT EITHER as well as the other tens of thousand of "guber'mint" employees.
That's a lie or your're not capable of operating the tax calculators... if you're a Floridian then you're not paying any state income tax, there's no way you pay more under the Republican plan...only people that pay more are higher income in NY, NJ, Conn, Mass, Illini, Cali that are paying a very high state and local tax.
I’m high income in NJ, and my taxes are going down according to the tax calculator. The state income tax deduction hits the middle class/lower middle class, not the upper. The AMT doesn’t allow the state and local deductions anyway, so there is no loss there for people in the AMT classes. I haven’t been able to deduct state and local taxes for the past 20+ years, so my taxes are going down under the new plan.
I’m high income in NJ, and my taxes are going down according to the tax calculator. The state income tax deduction hits the middle class/lower middle class, not the upper. The AMT doesn’t allow the state and local deductions anyway, so there is no loss there for people in the AMT classes. I haven’t been able to deduct state and local taxes for the past 20+ years, so my taxes are going down under the new plan.
Under 200k, married, no children in high cost of living area. Not rich.
You're doing everything wrong. You have a nice income with no kids. You need to be punished. The Gov doesn't care that you live in a high cost of living area. That was never a question when filing taxes.
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