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Like the House tax bill, the Senate measure would change how the government adjusts tax brackets and other tax provisions for inflation, replacing the Consumer Price Index with the Chained Consumer Price Index, which tends to increase at a slower rate. While most taxpayers would not notice an immediate impact, the effects would compound over time as more low- and middle-income families are pushed into higher tax brackets, and as working families receive less help through benefits like the earned-income tax credit.
Over the next decade, changing the inflation measure would mean that families would lose $134 billion by paying more in taxes and receiving fewer benefits than they would under current law, according to Congress’s Joint Committee on Taxation. The increase will be even bigger in future years: $31.5 billion in 2027 alone.
this will be a blessing for most Americans. Remember the people criticizing it want to take 25% of your income away to pay for universal healthcare. Can you afford to lose 25% of your income?
GOP tax bill is fiscally irresponsible, and disproportionately benefits the wealthy at the expense of the vulnerable
GOP is not being honest about it. This is a tax HIKE for millions of Americans, and the goal is to collect money from them and hand it out to the upper classes. It is nothing but a wealth re-distribution plan from the middle class and lower class to the upper classes. Ted Cruz did a poor job trying to defend it in the debate on Tuesday.
This is what has always been wrong about the Republican party. They are controlled by the elite, and they do what is best for the elite.
The bottom-line question is, since this/these bill/bills enrich the already rich, increases taxes on the middle-class and poor and increases the deficit -- all while having dubious economic benefits, what rational reason is there to pass it?
The answer is that Republican donors demand it or they are threatening to cut off campaign contributions.
Thus, what benefits the general public is of no concern as long as the donors get what they want.
We really need to come together in this country and start to elect grass roots candidates. It can be done, with our access to internet and social media. When Colorado passed their newest gun laws, two of their politicians were recalled, which is also a powerful tool that we should have for all states. One of the candidates who was elected to replace a recalled position was pretty much a nobody. I sent all of $5 to his campaign - more of a token gesture than anything - and actually received a handwritten thank you. He wasn't reelected during the regular elections; whether because the machine kicked in or because he wasn't effective, I don't know. But it showed that we don't HAVE to be stuck with the candidates that the major parties want us to have.
Quote:
Originally Posted by bobspez
This is a massive redistribution of wealth. I calculated my taxes under the new bill with my normal annual gross income of $85K in years 2014 and 2015. I would save about $600 under the new tax code. However last year I had some unexpected expenses and took out $35K from my IRA,raising my gross income to $120K. Comparing my 2016 tax with the new plan I would save $5K in taxes. So this does little for people under $100K in annual salary, but pays off big time with 25% less tax on the earnings over $100K.
Not necessarily. We make just over that, but not enough that we're in the AMT bracket. With the inability to deduct state taxes, having three kids who are still dependents, and not getting the AMT break - we'll be so completely screwed. At least my oldest is out on her own, and since she has millennial syndrome she doesn't pay taxes anyway.
If the democrats really cared they would have been at the table and offered their plan to lower taxes.
They didn't show up and do their job.
Raising taxes and redistribution of income has been their wheelhouse so they have no argument against it now.
If the tax bill is passed and works to move the economy forward they know they can't get elected and so they would rather see the country fail then remain out of power.
The thing is, this bill doesn't screw over the lower and middle class. The rates go down and standard deduction doubles. Some media and democrats are giving people this idea that it hurts workers but it doesn't.
Sorry to inform you but that is BS!
The American house hold that makes 100,000 or less will have their taxes go up by $2000 dollars in two years.
the 2008 recession was do to liberal policies on home-ownership (the housing bubble started in 1995) and the globalist liberal policies of off shoring jobs
this plan has a chance of reversing the offshoring......that's why liberals hate it
the 2008 crash.... liberal caused
LOL, ahhh NO!
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