Tax cuts are bad because Trump will get a cut too...
- Thread starter Bob the Citronaut
- Start date
There's not enough detail on the plan for there to be much of an opinion. Here's the high level stuff. Where the details shake out makes a huge difference on whether it will be successful.
-Cutting taxes for individuals and corporations.
-Consolidate brackets, but there's a potential for a new bracket for the wealthiest (per NYT).
-Double the standard deduction.
-Eliminate some deductions.
-Create a 25% rate for pass-through businesses (i.e. sole proprietorships) instead of paying individual rates.
-Cutting taxes for individuals and corporations.
-Consolidate brackets, but there's a potential for a new bracket for the wealthiest (per NYT).
-Double the standard deduction.
-Eliminate some deductions.
-Create a 25% rate for pass-through businesses (i.e. sole proprietorships) instead of paying individual rates.
Agreed. There isn't enough to really form an opinion yet.
It would likely save me money because my taxes are pretty easy. I don't have many deductions (no kids, property, etc).
I like the idea of eliminating the state and local tax deduction. I never really thought about it but the argument about the Fed subsidizing states with income taxes is 100% true. I pay Fed income taxes when people in CA and NY don't but they still get all the same benefits from the Fed as well as more from the state.
I like a lot about this, but they need to craft the legislation and pass the damn thing ASAP. Too much time wasted for nothing with O'Care.
This should be a slam dunk legislative win that can reap benefits starting as early as next year IF they get it done.
This should be a slam dunk legislative win that can reap benefits starting as early as next year IF they get it done.
Yeah, the big question will be whether they do away with the personal exemptions while doubling the standard deduction. That was part of his campaign tax plan. That would actually increase the taxes for a lot of people.
I believe that's still the goal. That's where I would gain and a lot would likely lose.
I haven't seen anything suggesting they're doing away with the mortgage deduction or anything family related.
This also calls for an expanded Earned Income Tax Credit for low earners.
Republicans are going to blow this one as well.
Democrats passed their crappy health care law without a single republican vote. Just rammed through a bill that most of them never even read.
Republicans could do the exact same thing with tax reform .... but won't ... because they are lame.
Democrats passed their crappy health care law without a single republican vote. Just rammed through a bill that most of them never even read.
Republicans could do the exact same thing with tax reform .... but won't ... because they are lame.
Anybody with more than 1 kid will probably lose. Also depends where they set the brackets, especially the lowest (15%)
This will knock our dept over our GDP. Just like Reagan and Bush's tax cuts: more debt, no significant increase in jobs or growth.
Once again, Republicans believe in something with no proof. Fake News.
https://www.washingtonpost.com/news...&utm_term=.fe546cdd979f&wpisrc=nl_most&wpmm=1
Once again, Republicans believe in something with no proof. Fake News.
https://www.washingtonpost.com/news...&utm_term=.fe546cdd979f&wpisrc=nl_most&wpmm=1
Kid tax credits are going up. There won't be a 15% bracket. Standard deductions are doubling. Low income people are not itemizing their deductions so don't bring it up. Neither of the groups you mention are going to lose. Do a little research please before you spew lies. There will be 12, 25, 35. The zero tax bracket is going to grow, it's at 47% now so it will likely be above 50% with the new plan.
I guess we should keep going with the lib plan that kept growth below 2%, had the largest tax revenue in history and still added more debt in eight years than the previous 230 years. Rofl.
People who are against cutting our absurd corporate tax rate are simply simpletons who would prefer further stifling growth in order to say they "did something" to oppose wealthy people, even though that has nothing to do with the corporate tax rate.
Liberals should pray to God that Trump delivers the growth they couldn't. In 10 years our entitlement spending will equal 100% of revenues. We are pace for a fiscal calamity thanks to spineless politicians.
Here's a better breakdown: http://www.businessinsider.com/trum...te-individual-brackets-deductions-cuts-2017-9
After the recap there's a breakdown which does show the elimination of the personal exemptions. But doing the math for a typical family of 4 shows savings due to a drop in tax rate. (i.e. $79k gross is about $50k taxable at 15%, now it will be $55k taxable at 12% - $900 savings)
After the recap there's a breakdown which does show the elimination of the personal exemptions. But doing the math for a typical family of 4 shows savings due to a drop in tax rate. (i.e. $79k gross is about $50k taxable at 15%, now it will be $55k taxable at 12% - $900 savings)
I call this a simple "fiscal literacy" test ...
"When cutting taxes in a progressive tax system, a person that has more income than you ...
A) Will always get no more than same or a smaller tax cut than you, and it is impossible to have otherwise
B) Could either get a smaller or bigger tax cut than you, depending on the terms
C) Will always get at least as much or more of a tax cut than you, and it is impossible to have otherwise"
Fiscal literacy is at odds with virtually every socialized movements, and their power relies on a mass of people to be fiscally ignorant.
"When cutting taxes in a progressive tax system, a person that has more income than you ...
A) Will always get no more than same or a smaller tax cut than you, and it is impossible to have otherwise
B) Could either get a smaller or bigger tax cut than you, depending on the terms
C) Will always get at least as much or more of a tax cut than you, and it is impossible to have otherwise"
Fiscal literacy is at odds with virtually every socialized movements, and their power relies on a mass of people to be fiscally ignorant.
Family of 4 now: 2x$6350+4x$4050 = $28,900 deduction
Family of 4 with new law: 2x$12,000 = $24,000 deduction
The savings would be about $432.50 for that family [$1,865+($31,350*15%) = $6,568 vs $55,000*12% = $6,600]. The 15% only applies to the amount above $18,650. I guess we'll have to wait for the real brackets
That's a good point. I didn't run the math progressively and the elimination of the lowest bracket does add taxes to the calculation. The values of the brackets as well as the changes to the Child Tax Credit will be the things to look for. Ivanka has been working the Child Tax Credit expansion and I've seen stories to change it from $1,000 to $2,000 or $2,500.
If they increase it, we'll see more black and Puertorican (sp) women with 4+ kids. BTW, Price is out, another one bites the dust
And he deserves it. If this were Obama it would have been covered up and nothing would have happened.
This plan finally gets rid of the morally abhorrent Death Tax
I don't understand how people firmly entrenched in the lower to middle classes, like Bob and 85, can support a tax policy that makes them worse off and only enriches those whom are already in a class much higher than their own? How do these people come to the conclusion that businesses need more money when stocks are at record highs and cash stores at corporations are at record highs? Why do they need more money at our expense when they already aren't letting the money "trickle down?"
Pinetta flew home to CA every weekend with private charters paid for by tax payers.
Holder charged a weekend with his daughters and boyfriends at the Belmont Stakes to tax payers.
H
Y
P
O
C
R
I
S
Y
What are you talking about? This is a tax cut. Of course everyone is going to benefit. The evil upper class pay 90% of the taxes but are only getting 50% of the benefits from this proposal. They should be getting 90% if everything is supposed to be equal and fair.
"Taxpayers in the bottom 95 percent of the income distribution would see average after-tax incomes increase between 0.5 and 1.2 percent," the TPC's report said. "Taxpayers in the top 1 percent (incomes above $730,000), would receive about 50 percent of the total tax benefit; their after-tax income would increase an average of 8.5 percent."
During that time, some Americans would see their tax bills increase, the report said. The TPC found that households earning between $150,000 to $300,000 annually would "experience a slight tax increase on average."
Obviously Trump's top priority is to punish Californians.
This. I would be ok with a 20% rate for business with no loopholes. I bet businesses would be against that
No they wouldn't. Most large corporations in this country pay a tax rate well north of 20% as of 2016. Liberals love to harp on tax rates in years when companies are reporting losses or years where they were emerging out of a recession. For example I've yet to hear any of them mention the fact that Exxon paid an effective tax rate of 39% in 2016.
Companies would kill for a lower more fair rate. Don't forget that the overwhelming majority of corporations in this country are small businesses. A 15% reduction in tax burden can be massively important to a small company g.
You won't see this, because you're a precious snowflake, but...
You are a moron. Please provide the evidence to support your "fact." We will all wait patiently.
Actually, nah. I will just make you look like a dolt again, now.
Their "effective tax rate" was actually 47% in 2016, not 39%. However, that tax rate includes all international taxes.
In the U.S., Exxon actually paid negative Federal Tax in 2016, and has received roughly $14 billion in federal tax subsidies over the last 8 years.
You honestly couldn't have picked a worse company to prove your point. You picked one that actually didnt pay any federal taxes in 2016. Well played.
Last edited:
You won't see this, because you're a precious snowflake, but...
You are a moron. Please provide the evidence to support your "fact." We will all wait patiently.
Actually, nah. I will just make you look like a dolt again, now.
Their "effective tax rate" was actually 47% in 2016, not 39%. However, that tax rate includes all international taxes.
In the U.S., Exxon actually paid negative Federal Tax in 2016, and has received roughly $14 billion in federal tax subsidies over the last 8 years.
You honestly couldn't have picked a worse company to prove your point. You picked one that actually didnt pay any federal taxes in 2016. Well played.
Them some strong words there, chemmie.
You are a moron. Please provide the evidence to support your "fact." We will all wait patiently.
Actually, nah. I will just make you look like a dolt again, now.
Their "effective tax rate" was actually 47% in 2016, not 39%. However, that tax rate includes all international taxes.
In the U.S., Exxon actually paid negative Federal Tax in 2016, and has received roughly $14 billion in federal tax subsidies over the last 8 years.
You honestly couldn't have picked a worse company to prove your point. You picked one that actually didnt pay any federal taxes in 2016. Well played.
Them some strong words there, chemmie.
Our company paid around 30% in 2015. This isn't about huge multi nationals. This is about small businesses that employ 70% of the country that can't afford an army of lawyers and accountants to fight the government.
Last edited:
Lol leave it to Joe to give chemmie a reach around.
Taxes paid are taxes paid. You can't simply ignore taxes that you don't like or think should count and then declare they didn't pay tax.
I'd prefer that our corporate tax rate was 0%. It should be. It would create wealth but instead, our politicians have created an unsustainable vortex of enticements that will drown us in 10 years or less. And now the left wing talking point is that we need evil corporations to continue paying the highest tax rate in the world.
Sorry snowflakes. You're losing this one, while the country wins.
Taxes paid are taxes paid. You can't simply ignore taxes that you don't like or think should count and then declare they didn't pay tax.
I'd prefer that our corporate tax rate was 0%. It should be. It would create wealth but instead, our politicians have created an unsustainable vortex of enticements that will drown us in 10 years or less. And now the left wing talking point is that we need evil corporations to continue paying the highest tax rate in the world.
Sorry snowflakes. You're losing this one, while the country wins.
It is all about huge multinationals, Bob. Tax breaks that actually benefited small businesses would be beneficial. Tax breaks for multi national corporations who are currently making record profits and holding record amounts of cash will not be beneficial to anyone but them.
"Taxes paid are taxes paid"? LOL.
Your second paragraph looks like it was written by a 4 year old. We are talking about US Federal taxes here, Copernicus. We aren't talking about Nigerian taxes on oil and French import taxes. We are talking about U.S. Federal tax and the current proposition to lower those taxes for corporations who already don't pay any federal tax.
Don't be butthurt because you picked a dumbass company to prove your point.
