New Senate Tax Plan

[fan_since79]

They would still have to come up with a single bill that reconciles the House and Senate versions.

In other words, they have to find a way to kill the upper middle class that's agreeable to everyone.

 

[nate]

This is the one that owns everyone making less than $1 million a year and also adds $1.5 trillion to the deficit.

WTF is the point of having Republicans in office if they won't lower the deficit or our taxes?

I always knew poor people would be screwed but the $100k-200k tax bracket that currently pays the highest % of taxes is still going to even after this bill, FML.

[Blarg]

Yeah, we could have left the Democrats in office that really know how to run up the deficit.

[Adam]

no one gives a shit about deficits. our whole system is based on debt. lower taxes is really the only thing any of these fucks can give us that is valuable. 

[red321]

57 minutes ago, Blarg said:

Yeah, we could have left the Democrats in office that really know how to run up the deficit.

laugh

[red321]

1 hour ago, nate said:

This is the one that owns everyone making less than $1 million a year and also adds $1.5 trillion to the deficit.

WTF is the point of having Republicans in office if they won't lower the deficit or our taxes?

I always knew poor people would be screwed but the $100k-200k tax bracket that currently pays the highest % of taxes is still going to even after this bill, FML.

This is going to be brutal...and then they'll come back in the next year or two and talk about how they have to cut medicaid, medicare, ssi, etc. because their budgets and tax plan pushed even more wealth upwards.

And to top it off...corporations aren't even pretending they are going to invest this money in capitalized investment, expansion, etc...all going to shareholders

Major companies including Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. say they’ll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump’s promise that his plan will create jobs and boost wages for the middle class.

https://www.bloomberg.com/news/articles/2017-11-29/trump-s-tax-promises-undercut-by-ceo-plans-to-reward-investors (warning: auto play)

[mtangelsfan]

Yeah, I might agree to a small corporate tax rate but if they were really wanting to make an impact the middle class would be the ones who would have put much of that money back into the economy by actually purchasing stuff.

I hate the big break to corporations, I hate the small break they are giving to the middle class, I hate the exclusions of certain write offs and I mostly hate adding to the deficit.

They need to cut military spending, bottom line.

[Catwhoshatinthehat]

Some of the Republican holdouts want a deficit trigger that kicks in if (when) trickle down fails and they're facing bigger deficits then currently predicted.  The fact that some other republicans have an issue with this isn't surprising but reinforces the fact that neither side gives a shit about continuing to screw future generations.  Some articles say that a deficit trigger may not be something they can legally put in which gives the holdouts less leverage which ultimately screws us more long term.  If I pay more it is what it is but the fact that we're going broke paying ourselves is comical yet sad at the same time.

[Tank]

i often wondered if having a successful businessman as POTUS would really help us financially as a country. i'm not really wondering about that anymore.

[red321]

5 hours ago, Catwhoshatinthehat said:

Some of the Republican holdouts want a deficit trigger that kicks in if (when) trickle down fails and they're facing bigger deficits then currently predicted.  The fact that some other republicans have an issue with this isn't surprising but reinforces the fact that neither side gives a shit about continuing to screw future generations.  Some articles say that a deficit trigger may not be something they can legally put in which gives the holdouts less leverage which ultimately screws us more long term.  If I pay more it is what it is but the fact that we're going broke paying ourselves is comical yet sad at the same time.

And this will tell you who they are really putting those "tax" cuts in for.

The triggers wouldn't rescind the corporate tax windfalls, but rather the lower and middle class "tax cuts".

Also want to guess which tax cuts are permanent, and which ones sunset in the next few years in order to mask the costs of these cuts even more?

[nate]

10 minutes ago, Tank said:

i often wondered if having a successful businessman as POTUS would really help us financially as a country. i'm not really wondering about that anymore.

your first mistake is thinking he is successful

[Catwhoshatinthehat]

5 minutes ago, red321 said:

And this will tell you who they are really putting those "tax" cuts in for.

The triggers wouldn't rescind the corporate tax windfalls, but rather the lower and middle class "tax cuts".

Also want to guess which tax cuts are permanent, and which ones sunset in the next few years in order to mask the costs of these cuts even more?

Not really surprising.  They just came out with a non-partisan review today and it shows that even with the supposed additional revenue via trickle down or whatever you want to call it this still adds 1T to the deficit.  Everything I've read talks about how in 2026 or 2027 some breaks people in the lower and middle class get go away.  This is a piss poor attempt at ramming something through so they can chalk it up as a win after the ACA repeal debacle and it benefits the wealthiest the most.  It's only going to further the divide between the people at the top and everyone else while we continue to kick the can down the road and run up debt.  

[Rico]

Tax cuts while still at war, oh and deregulation of the banks.  I've seen this before...

[Make Angels Great Again]

2 hours ago, nate said:

your first mistake is thinking he is successful

If a billion dollar net worth is failure I'm doing failure wrong.

[Tank]

2 hours ago, Catwhoshatinthehat said:

Not really surprising.  They just came out with a non-partisan review today and it shows that even with the supposed additional revenue via trickle down or whatever you want to call it this still adds 1T to the deficit.  Everything I've read talks about how in 2026 or 2027 some breaks people in the lower and middle class get go away.  This is a piss poor attempt at ramming something through so they can chalk it up as a win after the ACA repeal debacle and it benefits the wealthiest the most.  It's only going to further the divide between the people at the top and everyone else while we continue to kick the can down the road and run up debt.  

yeah, i think you're exactly right. they seem to feel that getting something *anything* passed is better than doing nothing. well congrats, congress, you're going to give us a tax cut that doesn't actually cut taxes for most of us. well done.

[arch stanton]

 

[nate]

10 hours ago, Make Angels Great Again said:

If a billion dollar net worth is failure I'm doing failure wrong.

He doesn't have a billion dollar net worth

he has gone bankrupt several times

What he is, is very successful at manipulating the system to favor him while also having crippling debt.  Very similar to what he is doing with our country.

[RallyMo]

13 hours ago, Tank said:

i often wondered if having a successful charlatan as POTUS would really help us financially as a country. i'm not really wondering about that anymore.

FTFY

[Thomas]

3 hours ago, nate said:

he has gone bankrupt several times

No, his companies have gone bankrupt. Which as Mitt Romney can assure can be a very profitable venture.

[Glen]

12 minutes ago, calscuf said:

As the president is about to be indicted, every single Senate Republican is happily about to vote for his tax plan.  

You'd think that everyone would be doing everything they could to be distancing themselves from anything Trump, but apparently fucking everyone but corporations is more important.

 

Don't worry.  Blarg assured us the republicans wouldn't cooperate with him.

[Thomas]

20 minutes ago, calscuf said:

You'd think that everyone would be doing everything they could to be distancing themselves from anything Trump, but apparently fucking everyone but corporations is more important.

Which should be raising alarms right about now as they aren't worried about the SS Trump sinking yet.

[Make Angels Great Again]

Boy, people are really getting ahead of themselves here.

[red321]

Just now, Make Angels Great Again said:

Boy, people are really getting ahead of themselves here.

I'm going to agree with you here.

I think this tax plan has more to do with 2018 elections and Republican donors telling Republicans the tap is turned off unless they deliver something. They are more worried about the campaign dollars than the fact this piece of dogshit legislation polls about as popular as Ebola, threatens to toss 13 million of their healthcare, could lead to 25 billion dollar in Medicare cuts, and will raise taxes on tens of millions of people over the next few years.

 

[UndertheHalo]

So, can someone explain if I’m understanding this correctly.  Is it true that this tax bill removes mortgage deduction if your home is more then 500k ?

[nate]

My only issue with it is that it removes deductions for tuition and student loan interest.

But since I will see about a $5k tax cut, it turns out I am ok with it.