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The 1% is laughing all the way to the bank, they just gave the middle class a raise of around $20 a paycheck while they collect a few hundred thousand and shield their off spring from the horrors of an estate tax for a mere $5M. The top .1% are absolutely giddy and the income disparity just got worse.
Mitch McConnell was at least upfront stating they needed to pass this for their donors or they would have their campaign funding cut. We will see how this plays out next year on the campaign trail but right now people are not buying it even with the $2000 middle class tax break. The polls indicate 54% oppose the tax bill, now how could that be with $2000 in their pocket. Voters are not as stupid as the GOP thinks they are, we will see if their memory lasts until November.
The budget they pass in January should prove very interesting, is there any funding left for real problems.
people vote with their wallet. sure, there will be some righteous indignation blasted over the airwaves. but I wouldn't want to be one of those 4 senators. are there R senators that are running for re-election in bluer states?
can you tell us more about the "millions less" that only the Trumps will pay, or which parts of the tax law only favor folks like them?
Or, you're just saying that by reducing the top rate from 39.6% to 37% (higher than Reagan), those earning $38MM or more a year will get a $1MM tax break?
Tax brackets don't mean as much to the rich as you most likely think.
corp, pass through, cap gains, CRE... are all about 20% now... that will save folks trillions (yes trillions )
Call your tax people, ask them how the plan is going to result in mass restructuring of businesses to take full advantage of these giant tax breaks...
i know i will be taking advantage of these new rates. One almost feels sorry for the folks on salaries they are getting the big shaft...
This will be great (and bad) for people like the ND Senator up for reelection. And I hope President Trump and their GOP challengers really hammer these senators for their vote.
And make no mistake about it, $25 per paycheck (and around $800 a year in savings for most people) is not chump change for those who are living paycheck to paycheck. The Republicans were made to look like fools when they argued to the contrary about such a point when Obama extended the Bush Tax Cuts for middle income Americans but not for wealthier Americans. The Dems brilliantly (yes, I can admit that they were brilliant with their messaging) put working people on TV to explain what an extra $15, $25, $50 per paycheck would mean to them. It meant more food on the table, more money for leisure activities like pizza night with the family, more gas money to run basic errands, etc. I know that when I was dead broke for several years during school (I had a job, but it was very low wage), ANY tax relief would've been a godsend. Jake Tapper from CNN brought this point up when they were discussing the bill.
These senators likely wanted to vote for the tax plan and are probably betting that the BS argument that the tax cuts for individuals aren't permanent is the reason why the voted against it will save their behinds. (My guess is that they ultimately didn't because their Dem primary base--while in very conservative states--are still rabidly left wing and they would've been punished.) If the GOP can effectively counter such a weak argument (shouldn't be too difficult), look for them to retain (and add to) their Senate majority.
again the same message, people won't and don't give a damn about 20 buck when they see their pay take home pay go DOWN.. (oh my you don't know do ya Prospect, you really don't know why take home pay will go DOWN not up for millions of americans and MORE so in red states)
again the same message, people won't and don't give a damn about 20 buck when they see their pay take home pay go DOWN.. (oh my you don't know do ya Prospect, you really don't know why take home pay will go DOWN not up for millions of americans and MORE so in red states)
Except, for the overwhelming majority of Americans, their take home pay is NOT going down. And no credible study has claimed otherwise. Instead of spewing nonsense, you could at least try conjuring up evidence to support such a ridiculous claim.
Tax brackets don't mean as much to the rich as you most likely think.
corp, pass through, cap gains, CRE... are all about 20% now... that will save folks trillions (yes trillions )
Call your tax people, ask them how the plan is going to result in mass restructuring of businesses to take full advantage of these giant tax breaks...
i know i will be taking advantage of these new rates. One almost feels sorry for the folks on salaries they are getting the big shaft...
This was exactly the problem in Kansas, the number of pass throughs and sole proprietor businesses increased. Kansas was slightly different because if exempted pass-throughs entirely and every person that could take advantage did so. If you have a salary you lose, but if you invest in commercial real estate its a windfall.
The problem is taxpayers will be paying for this benefit years down the road unless you believe in supply side fantasy.
people vote with their wallet. sure, there will be some righteous indignation blasted over the airwaves. but I wouldn't want to be one of those 4 senators. are there R senators that are running for re-election in bluer states?
can you tell us more about the "millions less" that only the Trumps will pay, or which parts of the tax law only favor folks like them?
Or, you're just saying that by reducing the top rate from 39.6% to 37% (higher than Reagan), those earning $38MM or more a year will get a $1MM tax break?
Yeah....plus doubling the inheritance tax threshold, cutting pass through income tax rates, that real estate "investment" tax reduction, that tax reduction for income earned overseas... It's almost like Trump looked at every way his clan makes moneyand asked Congress to create some kind of deduction for it.
But hey... Treat yourself to another large Dominos pizza this week. It's in your budget
CBS did a good job at helping to correct leftist lies that the middle class is "losing money" on this bill.
This sentiment from a married couple in Rhode Island explains the reaction many of my leftist friends have when they actually take an honest look at their taxes under the new bill:
Quote:
"Honestly I'm a little surprised because well what you had said – initially you thought we were going to have a higher tax bill," Amber said. "Right," Jason replied.
OP, you should include this link in your OP. It really is very telling and is actual proof against tired Dem lies.
Looks like the tax law passed produced a hat trick for the left.
They are adding envy and jealousy to hate as their message. Expecting qualities they posses in abundance will catch on and carry them to victory in 2018.
Except, for the overwhelming majority of Americans, their take home pay is NOT going down. And no credible study has claimed otherwise. Instead of spewing nonsense, you could at least try conjuring up evidence to support such a ridiculous claim.
Naw why should i when responding to you. You never bother to back up your claims instead you just belittle and insult and then make unsupported claims. You do it day in and day out...
i am telling you very clearly over the course of the first year the less you earn the more you will see your pay drop as a %. And it will drop. Deny it all you like i really don't care, the results are what matter not your comments and you guys will get crushed at the polling stations. Frankly mate your reap what you sow. Had you voted for anyone else you would be crushing the Dems right now, but you went for the shouty nasty guy and he has no ability to control mitch and ryan...
people vote with their wallet. sure, there will be some righteous indignation blasted over the airwaves. but I wouldn't want to be one of those 4 senators. are there R senators that are running for re-election in bluer states?
Trump's front-loaded tax cuts will produce a federal deficit of about $1.3 trillion in fiscal year 2019. In effect, fiscal stimulus is being cranked from 3 to 6 percent of GDP.
Gunning the economy with tax cuts will likely be a successful short-term strategy since it could help reduce Republican party losses in the 2018 midterm elections. But it’s very poor timing for the 2020 presidential election. By then, with rate hikes biting and stimulus easing, the economy will likely take a tumble at the worst possible time for re-electing the incumbent.
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