Tax Bill

[homersapien 11,362]

[homersapien 11,362]

[homersapien 11,362]

[japantiger 4,051]

 

More hysteria from the same people who gave us these gems....

[AU64 10,122]

Net neutrality...government looking to control something that does not need controlling..

[Brad_ATX 13,654]

1 hour ago, AU64 said:

Net neutrality...government looking to control something that does not need controlling..

That's a really, really oversimplified view of a complicated issue.  There's a good thread about net neutrality in the serious forum.  Go check it out.

[homersapien 11,362]

https://www.huffingtonpost.com/entry/the-gop-tax-bill-is-a-giveaway-to-millionaires-like-me_us_5a39286ae4b0c65287ac6098?ncid=inblnkushpmg00000009

George Zimmer, Contributor

Founder of Generation Tux and The Men’s Wearhouse

The GOP Tax Bill Is A Giveaway To Millionaires Like Me

How can anyone claim with a straight face that we’re the ones who need help?

12/19/2017 10:19 am ET

 

The tax bill currently set for a final vote in Congress will be a disaster for millions of hard-working American families. It’s true that some in the middle class are going to get a tax break over the next few years. But don’t be fooled. Those tax cuts expire, meaning that if you make less than $75,000 a year, you’re almost certainly going to be paying more in the long run. Tax cuts for people like me, who have significant income and wealth, will stay permanent. 

This might all seem confusing, but that’s by design. The bill’s authors don’t want you to know just how much you’re going to lose. But you don’t need to know all the specifics of the math to understand this bill. You just need to know this ― that your tax cuts are going to expire in a few years, while virtually every tax cut for wealthy individuals and corporations are going to be permanent.

Tax bills are about priorities, and unless you’re a millionaire like me, or a big corporation, you’re at the bottom of the list.

How in the world can anyone claim with a straight face that the people who are really struggling, that really need tax relief, are corporations sitting on billions in capitol, or the wealthy heirs of rich people.

For Californians, the GOP proposal to remove exemptions for state and local taxes will be especially devastating; clearly targeting blue states. Our state has the highest state income tax rate in the country; in 2014 we claimed nearly $70 billion in deductions ― $70 billion under the GOP proposal that, instead of going back into the wallets of American consumers, will be used to fund corporate tax cuts.

 

In the wake of devastating wildfires that have laid a path of destruction and chaos throughout California, Republican lawmakers want to remove a deduction that helps people who are uninsured or underinsured cover financial losses from wildfires, earthquakes and floods. In 2015, Californians claimed casualty loss deductions totaling $700 million, and this year will be in the billions.

This tax bill is a joke. Or more accurately, it would be a joke if it weren’t so deadly serious. Because the damage this bill is going to do to the poor and the middle class isn’t limited to their bank accounts. For some, it could even threaten their very lives.

The GOP tax bill, with its repeal of the Obamacare individual mandate, will lead to 13 million Americans losing the health insurance over the next decade. That’s 13 million Americans condemned to live their lives on a knife’s edge, where a single injury or sickness could mean financial ruin, or worse. Without the ability to pay for treatment for chronic conditions, many simply go without. They just keep getting sicker and sicker with no end in sight, except for one final, very permanent, end.

Recently, former Treasury Secretary Larry Summers crunched the numbers, and the results should terrify lawmakers. Based on completely non-political, peer-reviewed research, the most conservative estimates predict that this bill will cause at least 10,000 deaths every year thanks to widespread disruption to people’s health care coverage. And that’s on the low end, it could easily be twice that number.

Whatever happened to the global dialogue concerning income and wealth inequality? This tax bill reads as if this discussion never occurred. When the top 10 percent of Americans have over 90 percent of the wealth and income already, what possible reason could persuade us to help the already successful.

When President Trump promises a “Christmas gift” of tax cuts for all Americans, he confuses the Art of the Deal, and his money-centric life, with the true meaning of Christmas. 

[Elephant Tipper 430]

On 12/17/2017 at 4:05 PM, japantiger said:

 

More hysteria from the same people who gave us these gems....

 

And I was a Cruz supporter.  smh

[AUDub 11,147]

Through the house. Expected to pass in the Senate. Blech. There was once a time when Congress wasn't in the habit of passing wildly unpopular bills, but oh well. 

[Brad_ATX 13,654]

Surveys coming out from CEOs suggesting that corporate cuts will not result in much job investment.

http://money.cnn.com/2017/12/19/investing/tax-plan-jobs-trump-ceo-yale-survey/index.html?iid=hp-toplead-dom

[Proud Tiger 4,261]

A major Trump promise kept now that Congress did something. This is a good bill overall. None is ever perfect. But the Dems are FOS if they think this only benefits the rich. I'm not rich but I guess pretty well off and my taxes are in fact going to be HIGHER. But my children and working grandkids will be the benefactors and that makes me happy.

[Brad_ATX 13,654]

1 hour ago, Proud Tiger said:

A major Trump promise kept now that Congress did something. This is a good bill overall. None is ever perfect. But the Dems are FOS if they think this only benefits the rich. I'm not rich but I guess pretty well off and my taxes are in fact going to be HIGHER. But my children and working grandkids will be the benefactors and that makes me happy.

I don't think anyone has said it will only effect the rich.  All independent analysis, the rich and especially corporations will receive the vast majority of benefits from this tax measure in comparison to the working class citizen.  I'm certainly going to see some benefits, but I'm honestly not happy about it as it will continue to dig our country into a larger deficit.

Side note:  I also find it hilarious that Republican's like Paul Ryan are decrying the old tax code while simultaneously espousing the greatness of Reagan at every opportunity.  Reagan was the one who signed our current model into law.  Something doesn't make sense there.

[TexasTiger 12,829]

1 hour ago, Proud Tiger said:

A major Trump promise kept now that Congress did something. This is a good bill overall. None is ever perfect. But the Dems are FOS if they think this only benefits the rich. I'm not rich but I guess pretty well off and my taxes are in fact going to be HIGHER. But my children and working grandkids will be the benefactors and that makes me happy.

 Your children and grandkids are financing a huge tax cut for millionaires. They'll remember that Grandpa sold them out.

[SaltyTiger 7,789]

Chicken Little " the sky is falling" .....anything related to President Trump.

[SaltyTiger 7,789]

5 hours ago, Bigbens42 said:

Through the house. Expected to pass in the Senate. Blech. There was once a time when Congress wasn't in the habit of passing wildly unpopular bills, but oh well. 

Agree.....like barrycare

[HVAU 673]

1 hour ago, SaltyTiger said:

Chicken Little " the sky is falling" .....anything related to President Trump.

My concern is that the increase to the deficit will create the impetus for major spending cut legislation that will result in worsening conditions for the middle and lower classes.  If, as pointed out by previous posters, there is little job expansion as a result of these corporate windfalls the trickle down sophists will be doing great damage to their brand.

[SaltyTiger 7,789]

4 minutes ago, HVAU said:

My concern is that the increase to the deficit will create the impetus for major spending cut legislation that will result in worsening conditions for the middle and lower classes.  If, as pointed out by previous posters, there is little job expansion as a result of these corporate windfalls the trickle down sophists will be doing great damage to their brand.

Glad you read the entire bill and understand it bud. 

[HVAU 673]

3 minutes ago, SaltyTiger said:

Glad you read the entire bill and understand it bud. 

You can keep your lame, sarcastic one liners.  I've done a reasonable amount of reading on previous versions, some on this version and as more information is available I'll educate myself on the final version.  Apparently, that's more than you have or will do seeing as how you've added jacksquat to the conversation in this thread.

[SaltyTiger 7,789]

10 minutes ago, HVAU said:

You can keep your lame, sarcastic one liners.  I've done a reasonable amount of reading on previous versions, some on this version and as more information is available I'll educate myself on the final version.  Apparently, that's more than you have or will do seeing as how you've added jacksquat to the conversation in this thread.

You have clue what it it will do.... why pretend , I understand than it is no Panacea. 

[homersapien 11,362]

On 12/19/2017 at 3:05 PM, Brad_ATX said:

Surveys coming out from CEOs suggesting that corporate cuts will not result in much job investment.

http://money.cnn.com/2017/12/19/investing/tax-plan-jobs-trump-ceo-yale-survey/index.html?iid=hp-toplead-dom

It's just common sense.  They already have plenty of money to invest if the opportunity is there. 

The only reason they don't, is the lack of market demand. Investment decisions aren't made on the basis of having the money to invest, they are based on being able to sell out that added capacity.

 

[homersapien 11,362]

7 hours ago, Proud Tiger said:

A major Trump promise kept now that Congress did something. This is a good bill overall. None is ever perfect. But the Dems are FOS if they think this only benefits the rich. I'm not rich but I guess pretty well off and my taxes are in fact going to be HIGHER. But my children and working grandkids will be the benefactors and that makes me happy.

That's rich. 

Your children and working grandchildren are ultimately going to face the effects of increased debt along with the accrued bills of neglecting health and global warming - just for starters.. 

It's not a rosy future. 

[japantiger 4,051]

Millions dead in the street...oh my God it really is Armageddon!!!!....worse than net neutrality reversal!!!!!!  Americans keep more of their own money, corporations no longer make investment decisions to arbitrage global tax rates, oooohhhhh, the horror....

 

Heres all I know, if Homey and Tex say it, it must be wrong...like everything else to do with, well, anything attached to Trump....4% GDP growth here we come....

[savorytiger 182]

13 hours ago, SaltyTiger said:

You have clue what it it will do.... why pretend , I understand than it is no Panacea. 

It's sad that your only argument is to try to drag everyone else down to your level of ignorance.

[wdefromtx 3,159]

Let's be real here. Large corporations aren't going to invest much in job investment or give employees back a reduction in pay due to industry specific slow downs. Even though the cuts exceed the percentage reduction. All it is going to do is let them cater to their top investors and let their top management guys pad their pockets.

 

I was hoping for a good tax cut. I can't get excited about this bill because from what I have seen it won't really get me anymore money in my pocket. It is yet to be seen if I will end up owing  slightly more or less under this plan. Not only that, there is probably so many other items they are burying in the bill that won't be widely known until down the road

[Brad_ATX 13,654]

39 minutes ago, wdefromtx said:

Let's be real here. Large corporations aren't going to invest much in job investment or give employees back a reduction in pay due to industry specific slow downs. Even though the cuts exceed the percentage reduction. All it is going to do is let them cater to their top investors and let their top management guys pad their pockets.

 

I was hoping for a good tax cut. I can't get excited about this bill because from what I have seen it won't really get me anymore money in my pocket. It is yet to be seen if I will end up owing  slightly more or less under this plan. Not only that, there is probably so many other items they are burying in the bill that won't be widely known until down the road

This is the major, under-reported side of the tax bill.  There's a lot of hidden things in here, like oil drilling in Alaska wildlife preserves.