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Thread started 09/27/17 1:16pm

RodeoSchro

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Republican Tax Plan Unveiled


The richer you are, the better it is! Who saw that coming?!?

Probably all of us, LOL. So here's the deal:

-Fewer brackets, and a lower top tax rate
-Increased standard deduction (hoping to do away with itemization)
-Increased child tax credit
-Get rid of tax deductions (specifically, deductions for state taxes paid. Screw you, CA and NY!)
-Repeal the AMT (another tax break if you make more than $200K)
-Repeal the estate tax (I absolutely GUARANTEE that this is the only reason Trump ran for president)

-And, for businesses, cut all taxes

MY THOUGHTS:
Of course this is a bad plan. We have absolute historical proof that tax cuts do not spur economic growth, and that they explode our deficit. Anyone that believes in "trickle down" economics is not of sound mind. We have two, count 'em, two - examples of "trickle down" economics failing on a national scale.

But absolutely none of that will matter to our president. I've become convinced there is only one reason why he ran for this office, and only one thing he honestly cares about achieving - repeal of the estate tax.

Repeal of the estate tax would benefit his family. Who knows how rich President Trump is? I doubt he's worth $10 billion but I'm pretty sure he's worth more than $1 billion. So a 55% estate tax would cost however many kids he has a sum total of anywhere from $500,000,000 to $5,000,000,000. Do you think a dotard like Donald Trump would sit for that? No way!

I will absolutely guarantee you that no matter what is on the table for negotiations, President Trump has already told his team and GOP congressional members that repeal of the estate tax is NOT open for negotiation.



[Edited 9/27/17 13:50pm]

Second Funkiest White Man in America

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Reply #1 posted 09/27/17 2:17pm

2freaky4church
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How rich is too rich is Trump's motto. Not for his base who love getting sucker punched. Maybe they envy pain.

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Reply #2 posted 09/27/17 3:05pm

RodeoSchro

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Incredibly, there are still people who think that if we make rich people richer, everyone else will benefit, too.


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Reply #3 posted 09/27/17 4:30pm

morningsong

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RodeoSchro said:

Incredibly, there are still people who think that if we make rich people richer, everyone else will benefit, too.




Usually the ones who are already rich.


“Do I dare Disturb the universe?”
― T.S. Eliot

“Only by acceptance of the past, can you alter it”
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Reply #4 posted 09/28/17 6:00am

RodeoSchro

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morningsong said:

RodeoSchro said:

Incredibly, there are still people who think that if we make rich people richer, everyone else will benefit, too.




Usually the ones who are already rich.




Them too, but it's unbelievable how many mid-to-low income people think that, too! All those people that voted for Trump? They believe it.

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Reply #5 posted 09/28/17 6:18am

OnlyNDaUsa

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ant tax cut or increase to a credit or standard deduction or exemption is good for many in the middle class...



and to say they do not help the economy... tell that to the 90s


Like the Bush tax cuts that were criticised as being only for the rich (which was a lie) most tax cuts will reduce the dollar amount of people with high incomes more than those that make less. Given that many already pay little if any tax....it comes off as simply vilifying the wealthy.


Even of families making less than $60K had their tax rate cut to 0% and the top 10% earners had theirs cut by 0.25% the rich would still see a greater reduction in taxes paid.

Now I can say I know some that do not like this plan would see a nice tax cut and still do not like it. I think it will help me some...Next Year! (as my income is going up) And YES I support it but I would support it even if I was paying no federal income tax (which I have not for like 10 years).


[Edited 9/28/17 6:28am]

"I was raped by the Arkansas AG who then becomes Governor & President..." Juanita Broaddrick
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Reply #6 posted 09/28/17 7:02am

jjhunsecker

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RodeoSchro said:

morningsong said:



Usually the ones who are already rich.




Them too, but it's unbelievable how many mid-to-low income people think that, too! All those people that voted for Trump? They believe it.

He played those poor folks for suckers. He never cared about them. But he got them all riled up about Mexicans and Muslims, brillianly playing to their ignorance and bigotry, that he was able to convince them to vote for him

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Reply #7 posted 09/28/17 7:10am

OnlyNDaUsa

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jjhunsecker said:

RodeoSchro said:



Them too, but it's unbelievable how many mid-to-low income people think that, too! All those people that voted for Trump? They believe it.

He played those poor folks for suckers. He never cared about them. But he got them all riled up about Mexicans and Muslims, brillianly playing to their ignorance and bigotry, that he was able to convince them to vote for him

you are just wrong: we know that any across the board tax cuts will "help" the rich more... that is called MATH. But people like me also see how some of those items WILL mean we will keep more of the money we earn. being Jealous of richer people is just that.

"I was raped by the Arkansas AG who then becomes Governor & President..." Juanita Broaddrick
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Reply #8 posted 09/28/17 7:23am

jjhunsecker

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OnlyNDaUsa said:

jjhunsecker said:

He played those poor folks for suckers. He never cared about them. But he got them all riled up about Mexicans and Muslims, brillianly playing to their ignorance and bigotry, that he was able to convince them to vote for him

you are just wrong: we know that any across the board tax cuts will "help" the rich more... that is called MATH. But people like me also see how some of those items WILL mean we will keep more of the money we earn. being Jealous of richer people is just that.

As you pointed out, you personally pay no income tax. You're a parasite. Part of the 47% Romney complained about.

As for Trump, he only cares about himself and his family . He'll never do anything for the rubes who voted for him . But at least he gives them a "voice"...they know he hates them greasy Mexicans as much as they do !

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Reply #9 posted 09/28/17 8:08am

OnlyNDaUsa

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jjhunsecker said:

OnlyNDaUsa said:

you are just wrong: we know that any across the board tax cuts will "help" the rich more... that is called MATH. But people like me also see how some of those items WILL mean we will keep more of the money we earn. being Jealous of richer people is just that.

As you pointed out, you personally pay no income tax. You're a parasite. Part of the 47% Romney complained about.


LOL okay... wait no that 47% are the mindless Democrat voters or the mindless repubican voters (each is aboyut 47%) And how does properly filing my tax returns make me a parasite? Do you ever pay more than you owe?


As for Trump, he only cares about himself and his family . He'll never do anything for the rubes who voted for him . But at least he gives them a "voice"...they know he hates them greasy Mexicans as much as they do !


you assume and I can see that point... i saw that with barack and hillary and her husband too...

"I was raped by the Arkansas AG who then becomes Governor & President..." Juanita Broaddrick
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Reply #10 posted 09/28/17 8:20am

RodeoSchro

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President Trump is lying again. He said his tax plan will not help him; rather, "It's not good for me, believe me," Trump said. Oh really?

The one area he may see some increase in taxes is the deduction eliminaton for state taxes. Assuming he pays New York state income tax, that would no longer be deductible on his federal return, which would cost him some money. How much? Impossible to tell, since he's too cowardly to release his tax returns. So we don't know how much income is recognized in New York (which has a state tax), or how much is recognized in Florida (which does not).

BUT...what about the other parts of his plan? Take the estate tax. He wants to get rid of it. If this happens, this is a HUGE benefit to the Trump family and all other ultra-rich families. President Trump may try to weasel around that and say, "Hey, it's not ME that beneifts, it's my kids" but come on. You've have to be a dotard to believe Trump doesn't see a family savings of $millions or $billions (depending on how much he's actually worth) as a personal benefit. At the very minimum, he would no longer have to fund a life insurance trust, and the premiums on that surely run into the $$millions each year.

And how about that reduction in business taxes? Does the non-divested Donald Trump really want us to believe that almost halving the corporate tax rate isn't going to benefit him? For that to be true, either: (1) he really doesn't own anything; and/or (2) what he does own doesn't make any money. Anything you want to tell us, Donald?

Finally, I'll be willing to put all that aside if President Trump gets rid of the carried interest rule but doesn't reduce captial gains tax rates. Remember in the campaign when he said he was going to get rid of the carried interest rule? That was one thing I strongly supported. But the current tax plan is silent on it. Allegedly, Trump still supports getting rid of it but there isn't consensus in the White House on that. Who needs consensus? Here is a chance for President Trump to literally put his money where his mouth is.

Let's see if he does.

Second Funkiest White Man in America

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Reply #11 posted 09/28/17 12:00pm

13cjk13

OnlyNDaUsa said:

ant tax cut or increase to a credit or standard deduction or exemption is good for many in the middle class...



and to say they do not help the economy... tell that to the 90s


Like the Bush tax cuts that were criticised as being only for the rich (which was a lie) most tax cuts will reduce the dollar amount of people with high incomes more than those that make less. Given that many already pay little if any tax....it comes off as simply vilifying the wealthy.


Even of families making less than $60K had their tax rate cut to 0% and the top 10% earners had theirs cut by 0.25% the rich would still see a greater reduction in taxes paid.

Now I can say I know some that do not like this plan would see a nice tax cut and still do not like it. I think it will help me some...Next Year! (as my income is going up) And YES I support it but I would support it even if I was paying no federal income tax (which I have not for like 10 years).


[Edited 9/28/17 6:28am]

What on earth are you talking about?

Matthew 5:38-39
“You have heard that it was said, ‘An eye for an eye and a tooth for a tooth.’ But I say to you, Do not resist the one who is evil. But if anyone slaps you on the right cheek, turn to him the other also.
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Reply #12 posted 09/28/17 12:03pm

OnlyNDaUsa

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13cjk13 said:

What on earth are you talking about?

do you want to pay less in taxes?

"I was raped by the Arkansas AG who then becomes Governor & President..." Juanita Broaddrick
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Reply #13 posted 09/28/17 12:43pm

RodeoSchro

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OnlyNDaUsa said:

ant tax cut or increase to a credit or standard deduction or exemption is good for many in the middle class...



and to say they do not help the economy... tell that to the 90s


Like the Bush tax cuts that were criticised as being only for the rich (which was a lie) most tax cuts will reduce the dollar amount of people with high incomes more than those that make less. Given that many already pay little if any tax....it comes off as simply vilifying the wealthy.


Even of families making less than $60K had their tax rate cut to 0% and the top 10% earners had theirs cut by 0.25% the rich would still see a greater reduction in taxes paid.

Now I can say I know some that do not like this plan would see a nice tax cut and still do not like it. I think it will help me some...Next Year! (as my income is going up) And YES I support it but I would support it even if I was paying no federal income tax (which I have not for like 10 years).


[Edited 9/28/17 6:28am]



Can you please elaborate on the 1990-era tax cuts to which you refer and assuming they actually exist, further elaborate on what was the specific effect they had on economic growth?

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Reply #14 posted 09/29/17 7:51am

RodeoSchro

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Oh, those sneaky Republicans! You really have to keep your eyes on them!

They are attempting to change the way tax cuts are scored, in order to lessen the apparent impact of their deficit explosion. But the thing is, they are only dealing with projections. Even if they get this misdirection through and mislead people as to how much they are going to explode the deficit, they're still gonna explode the deficit. And there's no way to cover up the actual deficit explosion.

Confused? Don't feel bad, that's what the GOP wants. Here is a great article on what they're trying to do and if you do nothing else, read the last paragraph that I post. And then try not to throw something at your screen!

https://www.aol.com/artic.../23227228/


WASHINGTON — One word could be worth $500 billion to congressional Republicans as they try to play down the effect of President Donald Trump's tax cut proposal on the nation's debt.


They're eyeing a switch in the standard Congress uses to measure the cost of tax cuts — from the "current law" baseline to a "current policy" baseline. The switch would mean that the tax cuts would appear to have far less impact on the long-term debt.

Here's how it's worked in the past: Congressional budget experts measure the deficit impact of new legislation against current law. If, for example, a tax break on rum is set to expire in two years, the experts assume that the government will collect more revenue in the third, fourth and fifth years because the tax rate on rum will have gone back up after the break has expired.

But the "current policy" baseline assumes that every law now in effect would continue in perpetuity, even if the law has a sunset date. Republicans like the "current policy" baseline because it means that projections of future government revenue are lower — and, as a result, tax cuts look smaller compared to current policy than they do compared to current law.

The choice of a baseline — "current law" or "current policy" — will be decided by House and Senate negotiators at a later date, according to a House Republican leadership aide.

But Senate Majority Whip John Cornyn, R-Texas, suggested the public has little interest in congressional budget rules.

"Who cares about stuff like that?" he said. "None of your readers do."

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Reply #15 posted 09/29/17 2:48pm

poppys

^^ Arrrggghhh! Tears out hair at above article. Who cares about stuff like that? Certainly not the poorly educated...

Another wrinkle is they are making it look like the middle class will get a tax cut, BUT they are taking away deductions that will actually make their taxes go up in many cases.

Kick the old-school joints. For the true funk soldiers.
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Reply #16 posted 10/24/17 8:49am

RodeoSchro

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I have a radical idea, and I challenge all Republicans to embrace it. Here it is:

TAX CUTS FOR ONLY THE LOWER AND MIDDLE CLASS.

No tax cuts for the rich. Cut the rates on the brackets up to the 28% tax bracket. So if you are single and make up to $191,650 or if you're married and your joint income is no more than $233,350 then you enjoy the full benefits of a tax cut.

If you make more than that, then no tax cut for you on income above those levels.

Our genius president constantly calls his tax plan "The Middle Class Miracle". Well, he should put his money where his mouth is. Cap the tax cuts on income so that rich people do not get their taxes cut.

TAX CUTS FOR ONLY THE LOWER AND MIDDLE CLASS.

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Reply #17 posted 10/24/17 9:06am

RodeoSchro

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The more I think about it, the more I like my idea. And to be clear - EVERYONE gets a tax cut. It's just that the cuts stop after about $200K in income. Anyone's income over $200K gets taxed the same as it's taxed now.

Here are three advantages of my idea:

1. It will be popular with 98% of Americans. And the other 2% aren't getting their taxes raised; infact, I'd support some corporate tax cutting which would benefit almost all them anyway

2. I don't buy into the "tax cuts spur spending and growth" mantra but if they do, then my idea is still a winner. It's not like the top 2% would be buying 1,000x more TVs or cars than the 98% of income earners who get the full effect of this cut

3. The effect on the deficit would be far less devastating. Tax cuts for the rich are what blow up our budget. But my plan removes that budget-busting deficit-exploding component. This makes it easier for fiscal conservatives to pay for the tax cuts

I'm passing this on to my Congressman. You should, too!

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Reply #18 posted 10/29/17 3:15pm

RodeoSchro

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Man, this thread is on fire! falloff Gee whiz, is no one concerned about the raping you're about to take? Don't believe me? Check this out (I'll provide analysis afterward):

http://money.cnn.com/2017...index.html

Kevin Brady, chairman of the House Ways and Means Committee, has decided to only partially repeal the state and local tax deduction, bending to concerns of colleagues from high-tax states.

"At the urging of lawmakers we are restoring an itemized property tax deduction to help taxpayers with local tax burdens," Brady said in a statement this weekend.

Today, anyone who itemizes their deductions on their federal tax return may deduct their state and local property taxes, as well as their state and local income taxes or general sales taxes.

In their bid to pay for the trillions in tax cuts they want, as well as simplify the tax code, Republican leaders have proposed repealing most itemized deductions. The state and local tax deduction -- aka SALT -- is the biggest among them.

<End of copied article, but there's much more that will open your eyes. Read it!>

Let me break this down a little bit:

We had heard that the GOP wanted to repeal the ability to deduct your state income tax from your federal tax return. The GOP didn't care about public backlash because this affected mostly Democratic states - NY, CA, etc. Big GOP states like Texas and Florida have no state income tax, so what did we care about this?

But wait! What the GOP actually wanted to repeal was the deduction for ALL state and local taxes. This includes PROPERTY TAXES. And the ability to deduct property taxes is enjoyed nationwide. In fact, it's a big plus for middle class home owners ("The majority of the SALT deductions claimed by those who make less than $50,000 come from property taxes, according to a report from the Government Finance Officers Association." - from the article).

Yikes. And now with this tax revenue offset eliminated, the GOP is another $1 trillion in the hole when it comes to deficit neutrality. And under the rules the GOP is trying to use to pass this Disastrous Tax Bill, it has to be deficit neutral in order to be legal.

Mark my words - if ANY Republican tax bill passes that includes tax cuts for the top earners, you are SCREWED. I guarantee it.

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Reply #19 posted 10/30/17 7:19am

poppys

Agree, this is terrifying. Now that the cabinet is full of Wall Street players, the country will go bankrupt eventually. Tweaking the numbers is how we got the housing "bubble", read money grab.

Kick the old-school joints. For the true funk soldiers.
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Reply #20 posted 10/30/17 8:04am

2freaky4church
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They want to tax the greedy...poor! ahaha

"2freaky is a complete stud." DJ
"2freaky is very down." 2Elijah.
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Reply #21 posted 10/30/17 9:32am

SupaFunkyOrgan
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OnlyNDaUsa said:

ant tax cut or increase to a credit or standard deduction or exemption is good for many in the middle class...



and to say they do not help the economy... tell that to the 90s


Like the Bush tax cuts that were criticised as being only for the rich (which was a lie) most tax cuts will reduce the dollar amount of people with high incomes more than those that make less. Given that many already pay little if any tax....it comes off as simply vilifying the wealthy.


Even of families making less than $60K had their tax rate cut to 0% and the top 10% earners had theirs cut by 0.25% the rich would still see a greater reduction in taxes paid.

Now I can say I know some that do not like this plan would see a nice tax cut and still do not like it. I think it will help me some...Next Year! (as my income is going up) And YES I support it but I would support it even if I was paying no federal income tax (which I have not for like 10 years).


[Edited 9/28/17 6:28am]

Probably because you are working under the table. lol

2010: Healing the Wounds of the Past.... http://prince.org/msg/8/325740
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Reply #22 posted 10/30/17 9:35am

OnlyNDaUsa

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SupaFunkyOrgangrinderSexy said:

OnlyNDaUsa said:

ant tax cut or increase to a credit or standard deduction or exemption is good for many in the middle class...



and to say they do not help the economy... tell that to the 90s


Like the Bush tax cuts that were criticised as being only for the rich (which was a lie) most tax cuts will reduce the dollar amount of people with high incomes more than those that make less. Given that many already pay little if any tax....it comes off as simply vilifying the wealthy.


Even of families making less than $60K had their tax rate cut to 0% and the top 10% earners had theirs cut by 0.25% the rich would still see a greater reduction in taxes paid.

Now I can say I know some that do not like this plan would see a nice tax cut and still do not like it. I think it will help me some...Next Year! (as my income is going up) And YES I support it but I would support it even if I was paying no federal income tax (which I have not for like 10 years).


[Edited 9/28/17 6:28am]

Probably because you are working under the table. lol

lol you wish! HA! Naw! I just file my taxes... no tricks no lies, I just do what anyone can do...

"I was raped by the Arkansas AG who then becomes Governor & President..." Juanita Broaddrick
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Reply #23 posted 10/30/17 9:36am

SupaFunkyOrgan
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RodeoSchro said:

I have a radical idea, and I challenge all Republicans to embrace it. Here it is:

TAX CUTS FOR ONLY THE LOWER AND MIDDLE CLASS.

No tax cuts for the rich. Cut the rates on the brackets up to the 28% tax bracket. So if you are single and make up to $191,650 or if you're married and your joint income is no more than $233,350 then you enjoy the full benefits of a tax cut.

If you make more than that, then no tax cut for you on income above those levels.

Our genius president constantly calls his tax plan "The Middle Class Miracle". Well, he should put his money where his mouth is. Cap the tax cuts on income so that rich people do not get their taxes cut.

TAX CUTS FOR ONLY THE LOWER AND MIDDLE CLASS.

These are the only cuts that will ever matter to this country.

2010: Healing the Wounds of the Past.... http://prince.org/msg/8/325740
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Reply #24 posted 10/30/17 11:53am

2freaky4church
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Audit Only.

"2freaky is a complete stud." DJ
"2freaky is very down." 2Elijah.
"2freaky convinced me to join Antifa: OnlyNDA
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Reply #25 posted 10/30/17 12:10pm

OnlyNDaUsa

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2freaky4church1 said:

Audit Only.

bring it on...

"I was raped by the Arkansas AG who then becomes Governor & President..." Juanita Broaddrick
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Reply #26 posted 11/02/17 10:40am

OnlyNDaUsa

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Just read part of the new plan may well raise taxes paid by many in the middle class. If what I read is accurate they remove the child exception of $4050 per child but increasing the child tax credit by $600... so even at 15% that is a net tax paid increase.

"I was raped by the Arkansas AG who then becomes Governor & President..." Juanita Broaddrick
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Reply #27 posted 11/02/17 11:15am

RodeoSchro

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OnlyNDaUsa said:

Just read part of the new plan may well raise taxes paid by many in the middle class. If what I read is accurate they remove the child exception of $4050 per child but increasing the child tax credit by $600... so even at 15% that is a net tax paid increase.



You are correct. Not much of a "Middle Class Miracle", is it?

Second Funkiest White Man in America

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Reply #28 posted 11/07/17 8:38am

SupaFunkyOrgan
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RodeoSchro said:

OnlyNDaUsa said:

Just read part of the new plan may well raise taxes paid by many in the middle class. If what I read is accurate they remove the child exception of $4050 per child but increasing the child tax credit by $600... so even at 15% that is a net tax paid increase.



You are correct. Not much of a "Middle Class Miracle", is it?

I saw a GOP congressman bragging that people will get an extra $1,500 a year. That is an increase of 28 bucks a week. The rich will get millions in breaks. We are so screwed for decades probably.

2010: Healing the Wounds of the Past.... http://prince.org/msg/8/325740
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Reply #29 posted 11/07/17 11:12am

poppys

https://www.msn.com/en-us...smsnnews11

AAapfVx.img?h=40&w=138&m=6&q=60&u=t&o=t&l=f&f=png
Republican Plan Would Raise Taxes on Millions

By BEN CASSELMAN and JIM TANKERSLEY
15 hours ago

Nearly half of all middle-class families would pay more in taxes in 2026 than they would under current rules if the proposed House tax bill became law, and about one-third would pay more in 2018, according to a New York Times analysis, a striking finding for a bill promoted as a middle-class tax cut.

President Trump and congressional Republicans have pitched the plan unveiled last week as a tax cut for most Americans. But millions of middle-class families — particularly those with children — would see an immediate tax increase, averaging about $2,000. Among the hardest-hit under the plan would be some of the most vulnerable taxpayers: those with huge out-of-pocket medical expenses.

By 2026, 45 percent of middle-class families would pay more than what they would under the existing tax system.

AAuwAyr.img?h=417&w=624&m=6&q=60&o=f&l=f&x=1221&y=551

[Edited 11/7/17 11:17am]

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