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They go down for the first 8 years but will get extended we'll before then
I believe it is 5 years, not 8 years.
In reply to criticism that the tax-cuts will blow up the debt, they say, 'well, the middle class tax-cuts expire, so more revenue will be coming in.'
In reply to criticism that middle class tax-cuts will expire raising taxes on the middle class, they say, 'future Congresses will extend them.'
They can't both be true. If future Congresses will extend them, then they blow up the debt more than the added $1.5 trillion (plus what is already scheduled to be added to the debt.) If Congresses doesn't extend them the middle class gets a tax increase.
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.
Quote:
Originally Posted by Ponderosa
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.
It will also screw over middle class families in high cost-of-living states by removing the deduction for state taxes. While I totally get the argument about other states not subsidizing higher tax states, if this tax plan goes through as is, with no phase in so families or states can make adjustments, we're going to see a huge economic backlash. Many of the families who help keep the economy going with their spending are going to be the hardest hit, and will have to make major adjustments. Buying less = less demand for products = companies laying off workers...
The rates go down for the first few years then they go up, leaving the middle class paying more. That's how the GOP con works and how they keep the deficit "only" to $1.5 trillion.
But it is even worse.
Federal revenues will be down and Rs will call for spending cuts claiming "we don't have the money".. who will get hurt? Middle income who can't afford private schools. Middle income planning to retire. Low income will get steam rolled.
Retirees will see their SS increases slow as new inflation calculation method artificially lower the numbers.c
Obamacare members will see prices increase . And the number of uninsured will rise by 13 million pushing more people back into ER and pushing up your local property taxes (check you likely pay a fee to the local hospital) and of course employee insurance premiums..
Oh, I see one of the Koch Brothers signed it! #Fake-news personified!
Its the third brother whose views on things do not align with his other two brothers. Apparently you are unaware that there are 3 of them with differing views.
low earners don't itemize. This is a big break for them.
Wrong. Many retirees have low income, itemize and will be paying MORE.
Quote:
Originally Posted by skeddy
corporations allegiance is to shareholders, need help?....... call social services
Thanks for saying NOTHING. Are you only good for one-line snark?
Quote:
Originally Posted by mikebnllnb
This pill might be easier to swallow if it had an impact on reducing the deficit instead of adding to it.
THIS IS HUGE. The deficit will break the back of this economy and further undermine our social safety nets as the crooks in Congress start complaining about the deficit that THEY INCREASED and begin yet another attack on SS and Medicare.
In the end, there will be another 2008.
Quote:
Originally Posted by ScoPro
People are stealing their own hard earned money?
It is NOT your money. It is BORROWED MONEY.
Get it????
This is money we don't have betting on the "come" of increased wages, jobs and revenues - NONE of which will happen. Trickle down economics has never worked. What is different about this time? NOTHING - and, even worse, robots are being developed to take existing jobs.
Expect another 2008. If you are working, plan to lose your job.
Only fools never learn from history - and are doomed to repeat it.
How many times do you have to learn the same painful lesson???
It will also screw over middle class families in high cost-of-living states by removing the deduction for state taxes. While I totally get the argument about other states not subsidizing higher tax states, if this tax plan goes through as is, with no phase in so families or states can make adjustments, we're going to see a huge economic backlash. Many of the families who help keep the economy going with their spending are going to be the hardest hit, and will have to make major adjustments. Buying less = less demand for products = companies laying off workers...
Ding, ding, ding!
If you live in or near any major city and own your home YOU ARE SCREWED.
You are really screwed if you have a large family.
Its the third brother whose views on things do not align with his other two brothers. Apparently you are unaware that there are 3 of them with differing views.
Thanks for the correction! I guess there's one gray sheep among the other black ones!
Federal revenues will be down and Rs will call for spending cuts claiming "we don't have the money".. who will get hurt? Middle income who can't afford private schools. Middle income planning to retire. Low income will get steam rolled.
Retirees will see their SS increases slow as new inflation calculation method artificially lower the numbers.c
Obamacare members will see prices increase . And the number of uninsured will rise by 13 million pushing more people back into ER and pushing up your local property taxes (check you likely pay a fee to the local hospital) and of course employee insurance premiums..
R's calling for spending cuts? lol Why sure they will until it comes time to vote.
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.
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