New Senate Tax Plan

[Lhalo]

On 11/9/2017 at 3:13 PM, krAbs said:

Quick off the top of my head vote counting, they need 50 of their 52 seats to vote yes on it in the senate (assuming anything can pass through the house). Secret-liberal Rand Paul sounds like he will likely be a no, and it seems likely Corker will be a no. So, the margin is...thin...

Thanks for the laugh. 

[Adam]

5 hours ago, Tank said:

just you wait, bubba. christmas break? i have the entire first week of january off so let's make this happen.

Deal!

[Vegas Halo Fan]

By all means, let's give corporations a tax break at the expense of the middle class.

Republicans seem intent on committing political suicide.

[Jason]

15 hours ago, Vegas Halo Fan said:

By all means, let's give corporations a tax break at the expense of the middle class.

Republicans seem intent on committing political suicide.

I do think lowering the corporate tax rate is a good thing. As it is, we have the 4th highest in the world. 

[Vegas Halo Fan]

3 hours ago, Jason said:

I do think lowering the corporate tax rate is a good thing. As it is, we have the 4th highest in the world. 

I would be more sympathetic if (1) they weren't eliminating tax deductions for the rest of us to pay for it, and (2) companies weren't moving operations to countries where they can pay poverty wages.

[Tank]

the new plan would take away teacher deductions for supplies. that's going to dip right into my pocket. 

[Make Angels Great Again]

1 hour ago, Vegas Halo Fan said:

I would be more sympathetic if (1) they weren't eliminating tax deductions for the rest of us to pay for it, and (2) companies weren't moving operations to countries where they can pay poverty wages.

 

The current tax rate is probably a contributor to #2, no? Along with tons of other regulations and taxes.

[mtangelsfan]

But corporations should not take precedence over the citizenry 

[red321]

Corporations are people too Mt. corporatist. 

[Make Angels Great Again]

5 hours ago, mtangelsfan said:

But corporations should not take precedence over the citizenry 

I agree with you. But corporations in the US are clearly taxed too much as well. If the corporate tax rate is the 4th highest in the world it definitely needs to come down one way or another.

I wish it could be fixed by reducing government spending, but that's apparently a pipe dream.

[mtangelsfan]

They may be but why all the way to 20%?  Why not 25% and more of a break to the middle class?

[Tank]

 

 

[Lhalo]

1 hour ago, mtangelsfan said:

They may be but why all the way to 20%?  Why not 25% and more of a break to the middle class?

Obligatory 

[Taylor]

14 hours ago, mtangelsfan said:

They may be but why all the way to 20%?  Why not 25% and more of a break to the middle class?

Because why give an extra 5% tax break to the middle class when we can trust the corporations to allow that 5% to trickle down?

[mtangelsfan]

We  get one penny on the dollar either way

[nate]

Remember when Trump was talking about closing all the tax loopholes to pay for the new tax plan?  What ever happened to that?

[nate]

This bill would likely cut Medicare by 25 billion a year.

https://finance.yahoo.com/news/cbo-house-gop-tax-plan-triggers-25-billion-medicare-cuts-195501778.html

[floplag]

And this is what the Trump corporate donors paid for, right here, in a nutshell.... True colors.  

[gotbeer]

Here's what Trump's new tax plan means if you're making $25,000, $75,000, or $175,000 a year

Of course they are talking about if you just make a standard deduction, which 70% of the country does.

Single, no children.

Quote

• $25,000 salary: estimated annual tax savings of $202.
• $75,000 salary: estimated annual tax savings of $2,078.
• $175,000 salary: estimated annual tax savings of $4,289.

Family of 4, 2 kids under 17.

Quote

• $25,000 household income: estimated annual tax increase of $72.
• $75,000 household income: estimated annual tax savings of $1,711.
• $175,000 household income: estimated annual tax savings of $2,264.

I'm good with it.  I'm not rich and have all these deductions like all you other folks.

[Jason]

[Blarg]

If this goes through then I'm going to have to seriously consider creating an LLC to run my editorial work through. I've balled on this for years because I hate the quarterly and paying everything up front out of pocket but it would allow me to setup a workstation at home and play the office costs and depreciation games while making my car at write off.

[red321]

which is probably a good thing since your medicare would be nonexistent and you'd need the extra cash

http://talkingpointsmemo.com/dc/besides-killing-aca-mandate-gop-tax-bill-triggers-25-billion-cut-to-medicare

Most of the focus has been on the bill’s tax benefits for the wealthy and corporations, but some lawmakers are sounding the alarm that passage of the bill will also trigger an estimated $25 billion cut to Medicare....

....Thanks to laws created by the Tea Party’s infamous 2010 sequester showdown over government spending, automatic cuts spring into action anytime Congress passes a bill that balloons the federal deficit, as the tax bill would. The approximately $136 billion in cuts spurred by the GOP tax bill would hit a number of government programs—including farm subsidies and the Border Patrol—but would cut most deeply into Medicare. Medicaid, Social Security, and food stamps are protected.

[mtangelsfan]

11 minutes ago, calscuf said:

Do you pay a lot in state taxes?  Do you take advantage of the mortgage interest deduction?  If yes on either, you won't be saving anything.

If he already owns a home it doesn't change.  Also, unless the home is over 500K it doesn't change.

[mtangelsfan]

Just now, calscuf said:

Who the hell doesn't have a mortgage over $500k?

Most people in this country

[well_red]

Taxing graduate student tuition waivers as income in the House plan?  Fuck me that is low.  So is taxing employee stock options at vesting rather than exercise.  The GOP war on science and innovation in all it's glory.