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I've used a calculator and my family along with many millions more middle class families will receive a tax decrease of 1-3 thousand a year. What may or may not happen in 8 years is irrelevant to today's discussion although I oppose expirations.
BULL.
1 the phase out starts a lot earlier than 8 years away. and YES it does matter when the big discounts to the RICH never go away.
deductions for middle class and poor sunset.
deductions for the Rich are forever.
wtf kind of bill is that.
just that alone tells us what we are dealing with. and it is wholesale theft. When the fed revenues implode due to this bill, the Rs will declare it is time for the poor to tighten their belts and make a sacrifice for the nation. meanwhile gout and storing wealth while be the biggest problem the Rich have ...
I think lower corporate taxes should come with strings attached.
It'd be interesting to see how many corps would take the lower tax rate to pay their workers more money or stick with the higher rate and avoid giving people below the C-band more pay.
This was my congressman ' s take on it when I spoke to him. He said he would be for tax cuts if they were tied to hiring American workers. I can see the argument, but having worked in finance for many years I know how companies fudge their numbers.
I'm more sympathetic to smaller companies. I've worked for behemoths for a long time and am pretty jaded.
low earners don't itemize. This is a big break for them.
i suggest you read up some. Low earners get a tax hike and it gets worse as it goes forward. Plus they will lose benefits and services just as many americans will due the bill's impact on federal revenues
CNBC is a right leaning site.
remember the CBO is nonpartisan AND is required to use the numbers and assumptions made by congress. ie they can't just make it up like MSNBC or FOX could.
Quote:
Lowest-income Americans would take bigger hit Lowest-income Americans would take bigger hit
5:30 PM ET Mon, 27 Nov 2017 | 00:50
The lowest-income American households would take a hit while higher-earning taxpayers would see their burden reduced under the Senate Republican tax plan, according to the latest analysis from the nonpartisan Congressional Budget Office. https://www.cnbc.com/2017/11/27/sena...bo-report.html
Use a calculator. The loss of exemptions means the standard deduction only goes up by 16%. The loss of many deductions for middle class Americans mean they will see immediate increases in tax liability. Almost all Americans will see increases when the individual provisions expire in just 7 years.
House Tax Bill’s Child Tax Credit Increase Excludes Thousands of Children in Low-Income Working Families in Every State
Quote:
The House Republican tax bill would increase the maximum Child Tax Credit (CTC) from the current $1,000 to $1,600 per child, but only some families would benefit. Republicans have highlighted this proposal as their plan’s signature benefit for working families, but it would completely exclude 10 million children whose parents work for low pay — about 1 in 7 of all U.S. children in working families, including thousands of children in every state. Another 12 million children in working families would receive less than the full $600-per-child increase in the credit (in most cases, much less). Altogether, about 1 in 3 children in working families would either be excluded entirely or only partially benefit from the CTC increase. https://www.cbpp.org/research/federa...hildren-in-low
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.
Yes it does because for one the cut you get is temporary and while doubling one deduction it removes several others. In the long run the middle class gets stuck with the bill, the deficit goes up, and the rich get a permanent tax cut. This is going to look good to some initially but a few years from now everyone is going to feel some serious pain. Me thinks that these so-called economists are too young to remember what occurred after RR went down the same road, initially it worked but then it went south leading to loss of jobs and deficit spending that has not stopped since. That, or they just are not all that bright when it comes to looking down the road further than a year or two. This is a bad Bill for the vast majority of Americans. We shall see if they can even pass it.
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