Republican Tax Plan (a nothingburger with cheese)

[DC Tom]

I believe the Republican tax plan involves preying on the weakest and least able to defend themselves in society and then taking all the money for themselves. The exact details of it are not important.

 

I like it. I'm excited to be a part of it. Now give me your money, kitty.

[Tiberius]

Is that because NY has some of the highest taxes or that residents will refuse to pay them?

Or that Blue States pay more in taxes to the Federal Government and Red States take more, but whatever

 

 

A big immediate danger of these tax cuts are that they are unnecessary and risk overheating the economy. Boom followed by a bust.

 

Another recession, along with massive deficits would be a real disaster

[Koko78]

I believe the Republican tax plan involves preying on the weakest and least able to defend themselves in society and then taking all the money for themselves. The exact details of it are not important.

 

You mean the ones who pay no taxes anyhow?

 

You !@#$ing moron.

[row_33]

As long as nothing happens and the status quo rules, that is sufficient.

[TakeYouToTasker]

I believe the Republican tax plan involves preying on the weakest and least able to defend themselves in society and then taking all the money for themselves. The exact details of it are not important.

 

The top 1% wealthiest Americans now control 38.6% of the country's wealth.

The poorest 90% of Americans control only 22.8% of the country's wealth.

 

So 1% of the population owns almost twice as much as the bottom 90%.

 

And people wonder why this country is completely !@#$ed.

You're equating wealth with income, which is inaccurate, but I'll play. The top 1% wealthiest Americans pay roughly 50% of all taxes. Given they only control roughly 40% of all wealth, is it fair to say that they are currently overtaxed?

Edited November 3, 2017 by TakeYouToTasker

[row_33]

The perception that the US is back in business is the most important thing a President can deliver.

 

Talk about deficits and tax levels and health care is fun for time wasting.

[Tiberius]

The perception that the US is back in business is the most important thing a President can deliver.

 

Obama did great then

[Tiberius]

Too bad the bigot President doesn't have any political capital to push his VERY unpopular tax plan. Such a pity

 

https://www.washingtonpost.com/news/wonk/wp/2017/11/03/republicans-tax-overhaul-pitch-faces-skeptical-public-post-abc-poll-finds/?tid=a_inl&utm_term=.c2d54ea60761

 

Support for Trump's tax proposals is little changed from September, with both support and opposition up marginally and fewer expressing “no opinion.” Three-quarters of Republicans support Trump's tax plan, while nearly 8 in 10 Democrats oppose it. Among independents, 29 percent support the plan while 52 percent oppose it.

Opposition is higher among Americans with lower household incomes, with 58 percent of those with incomes under $50,000 opposing Trump's tax plan. Trump's proposals are underwater, but to a lesser degree, among middle- and upper-income households. Among those with incomes between $50,000 and $100,000, 38 percent support and 46 percent oppose Trump's plan, while support stands at 39 percent among those with incomes of $100,000, with 45 percent opposing it.

 

[Tiberius]

 

You mean the ones who pay no taxes anyhow?

 

You !@#$ing moron.

Those are Trump's strongest supporters

 

And why the insults?

[Tiberius]

 

October Jobs Report: Everything You Need to Know

Last Updated Nov 3, 2017 at 10:12 am ET

U.S. employers hired at a strong pace in October, and revisions showed the labor market weathered hurricane damage better than previously estimated. Nonfarm payrolls rose by 261,000, a pickup from September. The unemployment rate fell to 4.1%.

https://www.wsj.com/livecoverage/october-2017-jobs-report-analysis

 

[snafu]

I don't know how yet, but I strongly suspect that more individuals will pay more taxes under this plan than the other way around. I don't think the bracket and rate adjustments will, as a whole, offset the removal of deductions and credits. I think the motivation in this plan is to make money back to offset the corporate rate reductions without having to shrink the government. I think that they're trying to make everything as revenue neutral as possible, but it will fail. And people are going to be super pissed off.

 

These are just my ignorant opinions. Maybe I'm just suffering from SOTS (screwed over taxpayer syndrome).

[Koko78]

I don't know how yet, but I strongly suspect that more individuals will pay more taxes under this plan than the other way around. I don't think the bracket and rate adjustments will, as a whole, offset the removal of deductions and credits. I think the motivation in this plan is to make money back to offset the corporate rate reductions without having to shrink the government. I think that they're trying to make everything as revenue neutral as possible, but it will fail. And people are going to be super pissed off.

 

These are just my ignorant opinions. Maybe I'm just suffering from SOTS (screwed over taxpayer syndrome).

 

I think the idea of people paying less individually is because they are trying to double the standard deduction, which would make the removal of most deductions irrelevant to all but some upper middle class taxpayers finding themselves in a higher tax bracket.

[B-Man]

[Azalin]

On 11/4/2017 at 3:46 PM, B-Man said:

 

That pretty much sums it up completely; when else does congress ever give a crap about expenditures except for when someone proposes a tax cut?

[row_33]

A friend in a low-level nothing job was sweating it one night about his budget for buyings pens at the office, they gave him $30 a year.  He was worried about spending it because if he didn't spend they would cut him out next year.  He hopes they raise it to $40 next year.

 

[Doc Brown]

13 hours ago, Azalin said:

 

That pretty much sums it up completely; when else does congress ever give a crap about expenditures except for when someone proposes a tax cut?

Both parties seem to care very little about the debt.  My problem is with the Tea Party "deficit hawk" conservatives who lectured dems and the rest of the GOP for seven years for running up the debt who now are fine with increasing it for tax cuts.

Edited November 6, 2017 by Doc Brown

[3rdnlng]

6 minutes ago, Doc Brown said:

Both parties seem to care very little about the debt.  My problem is with the Tea Party "deficit hawk" conservatives who lectured dems and the rest of the GOP for seven years for running up the debt who now are fine with increasing it for tax cuts.

They view the tax cuts as a boon for the economy which in turn will increase tax revenues.

[Doc Brown]

1 minute ago, 3rdnlng said:

They view the tax cuts as a boon for the economy which in turn will increase tax revenues.

Yeah, I know.  People are a little skeptical though after the Bush tax cuts.

[Tiberius]

1 hour ago, 3rdnlng said:

They view the tax cuts as a boon for the economy which in turn will increase tax revenues.

Increase revenue? We had surpluses until the Bush tax cuts 

[Azalin]

3 hours ago, Doc Brown said:

Both parties seem to care very little about the debt.  My problem is with the Tea Party "deficit hawk" conservatives who lectured dems and the rest of the GOP for seven years for running up the debt who now are fine with increasing it for tax cuts.

 

I'm not sure who exactly qualifies as a TEA Party deficit hawk, since the primary focus of all the various TEA Party entities is to lower taxes (hence TEA being an acronym of Taxed Enough Already).

 

Most people who believe in tax reduction are also big believers in stopping congress from continually overspending. Tax reductions do not need to mean greater annual deficits, and there is no reason on this Earth why congress can't be expected to work within a tight budget.