No need to get worked up Boukaki. The tax plans are all DOA. The senate is too fractured to get anything done.
The House voted to 227 to 205 to approve the bill,
shortly after Mr. Trump came to Capitol Hill to address House Republicans.
Thirteen Republicans voted against the bill, and
zero Democrats voted for it.
The Republicans who voted no were from New York, New Jersey, California and North Carolina.
https://www.nytimes.com/2017/11/16/u...haul-bill.html
The no's as usual were pre-approved. Classic Washington.
Trump Voters Celebrate Massive Tax Cut for Everyone But Them
WASHINGTON —Jubilant Trump voters on Thursday celebrated the prospect of a gigantic tax cut that will benefit everyone but them.
Across the country, Trump supporters were overjoyed that, after months of gridlock and wrangling,
the man they voted for was about to make Americans other than them wildly richer.
“President Trump has taken a lot of hits from the fake-news media, but he stood his ground,” Carol Foyler, a Trump voter in Ohio, said.
“Today he honored his pledge to the American people, except for me and anybody I know.”
Harland Dorrinson, a Trump supporter from Kentucky, agreed. “When I cast my vote last November,
I said to myself, ‘I sure hope this means that people with a thousand times more money than I have get even more money,’ ” he said. “Promise kept.”
Tracy Klugian, a Trump voter from Minnesota, said that tax cuts for everyone but him are an important step toward making America great again.
“Look at the stock market—it’s been going through the roof,” Klugian, who has no money in the stock market, said.
But some Trump supporters, like Calvin Denoit, of Texas, were more muted. “Tax cuts that completely exclude me and my family are a good start,” he said.
“But, until President Trump eliminates all environmental and safety regulations for corporations that I have zero stake in, I won’t be satisfied.”
https://www.newyorker.com/humor/borowitz-report/trump-voters-celebrate-massive-tax-cut-for-everyone-but-them
'All Out Class War': GOP Bill Cuts Taxes for Private Jet Owners, Hikes Taxes on Students
Increasing taxes on those already drowning in student loan debt to give the rich a tax break denounced as "the height of Republican insanity"
"Soaking broke-ass grad students to pay for a private jet subsidy. All-out class war on the 99 percent."
One provision—crammed in the middle of the latest version of the so-called "Tax Cuts and Jobs Act"—would provide a windfall to the wealthy few who own or lease private planes by exempting them from certain taxes related to "maintenance and support," "the hiring and training of pilots and crew," and "administrative services such as scheduling, flight planning, weather forecasting, obtaining insurance, and establishing and complying with safety standards."
Graduate students, however, would not fare so well if the GOP plan becomes law.
As CNBC reports, "[s]ome programs provide graduate students with a modest stipend for food and housing. For instance, Ryan Hill, a fourth-year Ph.D. student at MIT, receives a $30,000 living stipend and a tuition waiver allowing him to forego paying $50,000 in tuition.
He currently pays taxes on his $30,000 stipend, but under the proposed House tax bill, his tuition waiver would also be taxed—meaning he would be taxed as if he was earning $80,000 a year."
In total, the House GOP tax plan would raise taxes by 400 percent on many graduate students, the Harvard Crimson estimated.
https://www.commondreams.org/news/20...taxes-students
Senate Plan Would Raise Taxes on the Poor, a Report Says
The congressional Joint Committee on Taxation said on Thursday that the latest version of the Senate tax bill would effectively raise taxes for lower-income Americans by 2021.
An analysis by the nonpartisan committee projected that, if the Senate bill becomes law, Americans earning $30,000 a year or below would pay higher taxes beginning in 2021 than they would if the bill is not enacted.
The projected increase stems from the bill’s repeal of the Affordable Care Act’s mandate that most people have health insurance, a provision that was tucked into an amended version of the legislation this week.
The projections assume that repeal of the so-called individual mandate would result in many lower-income Americans choosing not to buy insurance, and thus not claim tax subsidies that help them defray the costs of health coverage.
As a result, their total tax liability would rise.
https://www.nytimes.com/2017/11/16/u...er=rss&emc=rss
Who’d Gain From an Estate Tax Rollback: The 0.2 Percenters
“Obviously, the estate tax, I will concede, disproportionately helps rich people.”
the estate tax affects a small set of wealthy Americans, applying only when someone leaves assets worth more than $5.49 million to heirs. Together, parents can leave $11 million to their children without paying a penny in estate taxes.
Last year, for example, more than 2.6 million people died in the United States. Of the estates filed with the Internal Revenue Service, 5,219 — or 0.2 percent of the total — were large enough to qualify for the tax.
The kind of households that could potentially owe money, however, include Mr. Trump’s,
Mr. Mnuchin’s,
and those of several cabinet members and advisers, including
Education Secretary Betsy DeVos,
Commerce Secretary Wilbur Ross,
Secretary of State Rex W. Tillerson,
Transportation Secretary Elaine Chao,
Agriculture Secretary Sonny Perdue,
Housing Secretary Ben Carson and
Gary Cohn, chief of the National Economic Council.
(An analysis by the left-leaning Center for American Progress Action Fund concluded that the estate tax repeal could
save Mr. Trump’s estate more than $1 billion, and
those of his cabinet members $3.5 billion.)
https://www.nytimes.com/2017/11/16/b...er=rss&emc=rss
Pass-through businesses to see cuts under tax plan: Steven Mnuchin
“Ninety-eight percent of the number of pass-throughs have $500,000 or less of income … those people will get substantial reductions,”
https://www.rawstory.com/2017/11/pas...e+Raw+Story%29
Who Really Gets a Tax Increase if the Individual Mandate Goes Away?
On government tables, it looks as if it’s low-income people. But the real losers would be higher up the income scale.
left out of the tax tables is the fact that some higher earners, who look as if they are getting more of a tax cut, will get hit with higher insurance premiums if the mandate is repealed.
It looks as if the tax bill rises for some people who drop coverage.
Here’s why: The subsidies Obamacare offers to low- and middle-income Americans who buy their own insurance take the form of refundable tax credits, a kind of government-issued gift card that can be used only to buy health insurance.
But if fewer people who qualify for these gift cards choose to buy insurance, the government spends less in tax money for the population that qualifies. The tax scorekeepers count this reduction in tax credits as an increase in tax liability for the group. Individuals would not actually pay more in taxes.
If they don’t buy insurance and don’t get the gift card, is that really the same thing as paying more in taxes? Republicans say it is not.
“This is the result of an assumption about economic behavior that is 100 percent voluntary.”
(Nobody's forced to be unable to afford insurance!
the more expensive health insurance gets, the bigger a tax increase the change appears to be in the government estimates.
Economists think that lifting a requirement for healthy people to buy insurance will tend to make the resulting pool of customers sicker, driving up insurance premiums.
“The credits look more valuable, because the proposal sabotages the health market, and premiums go up,”
Others will have a tax cut but face much higher premiums.
Higher-income people, who don’t qualify for government gift cards, have to pay the full price of health insurance.
Single people earning more than about $48,000, or families of four earning more than around $98,000, earn too much to qualify for any insurance subsidies.
The budget office estimates that eliminating the mandate would drive up premiums an average of 10 percent every year beyond their normal rate of increase.
https://www.nytimes.com/2017/11/17/upshot/tax-reform-individual-mandate-health-care.html?partner=rss&emc=rss
Impact of the Trump Tax Scam in One Chart
http://www.pensitoreview.com/2017/11...-in-one-chart/
Orrin Hatch LYING and pissed off for being called, effectively, a LIAR, while Brown pummels him with FACTS.
This remarkable, angry exchange between senators unmasks the GOP’s tax-cut lies
Sen. Sherrod Brown (D-Ohio) engaged in extended sparring with committee chairman Orrin G. Hatch (R-Utah) over who would benefit from the Senate bill, with Brown insisting that it fundamentally represents a tax cut for the rich and not the middle class. This drew an enraged response from Hatch, even though Brown’s argument was 100 percent correct
Brown claimed that “this tax cut really is not for the middle class, it’s for the rich,” and that the GOP argument about tax cuts on corporations leading to higher wages is just a “good selling point.”
Brown pointed out: “Companies don’t just give away higher wages just because they have more money. Corporations are sitting on a lot of money now. They’re sitting on a lot of profits now. I don’t see wages going up. Just spare us the bank shots.”
All this made Hatch angry.
“I come from the poor people,” Hatch said.
“And I’ve been here working my whole stinkin’ career for people who don’t have a chance. And I really resent anybody saying that I’m just doing this for the rich.
Give me a break.
I think you guys overplay that all the time, and it gets old. And frankly, you ought to quit it.”
When Brown pushed back by suggesting that previous tax cuts for the rich haven’t produced the results Republicans are once again predicting,
Hatch silenced him.
Now, Hatch was probably angered by the questioning of his motive — the idea that
Republicans are disingenuously packaging a tax cut for the wealthy and corporations as a tax cut for the middle class.
But whatever is in Hatch’s heart,
this is exactly what the Senate bill does.
It front-loads the benefits for non-wealthy people by making its various tax preferences and
its cuts to individual income tax rates temporary and
subject to expiration
while making the corporate rate cuts permanent.
https://www.washingtonpost.com/blogs...nl_most&wpmm=1
GOP Tax Bill Is The End Of All Economic Sanity In Washington
If it's enacted, the GOP tax cut now working its way through Congress will be the start of a decades-long economic policy disaster unlike any other that has occurred in American history.
There's no economic justification whatsoever for a tax cut at this time.
U.S. GDP is growing,
unemployment is close to 4 percent (below what is commonly considered "full employment"),
corporate profits are at record levels
and stock markets are soaring.
It makes no sense to add any federal government-induced stimulus to all this private sector-caused economic activity, let alone a tax cut as big as this one.
by damning the economic torpedoes and moving full-speed ahead,
House and Senate Republicans and the Trump White House are setting up the U.S. for the modern-day analog of the inflation-producing guns-and-butter economic policy of the Vietnam era.
The GOP tax bill will increase the federal deficit by $2 trillion or more over the next decade (the official estimates of $1.5 trillion hide the real amount with a witches brew of gimmicks and outright lies)
that, unless all the rules have changed, is virtually certain to result in inflation and much higher interest rates than would otherwise occur.
https://www.forbes.com/sites/stancol.../#f5946f577ef7
Fox News praises Eric Trump for welcoming higher taxes under dad’s plan. (He gets a huge tax cut.)
The GOP tax plan is specifically designed for wealthy heirs like Eric Trump.
https://thinkprogress.org/fox-news-p...-ea132bf2125d/
Repugs KNOW their base is nothing but idiots
Republicans in Congress Think You’re an Idiot
The GOP tax bill should be toxic to everyone who is not ultra-rich.
https://www.thenation.com/article/re...oure-an-idiot/
So, CC, tell us again how the just-passed Repug tax cut bill is D O A
Inequality Out of Control: The Average 1% Household Made Over $2.5 Million in the Past Year
"Inequality, like a malignant tumor, is growing out of control, and the only response from Congress is to make it even worse."
It's Getting Uglier Every Year
The average 1% household made nearly $2.6 million in the 12 months to mid-2017. Mostly from the stock market. Here's how:
----The U.S. increased its wealth by over $8.5 trillion (see Table 2-4, mid-2016 to mid-2017).
----The 1% took $3.27 trillion of that (38.3 percent: see Table 6-5).
----Each of 1.26 million households, on average, took nearly $2.6 million. In greater detail, the poor segment of the 1% averaged about $1.44 million for the year, the .1% averaged about $7.2 million, and the .01% (12,600 households) averaged nearly $65 million in just the past year.
https://www.commondreams.org/views/2...lion-past-year
Repugs still haven't funded Child's Health Insurance (they're mostly black and brown children, so 'em). Gotta enrich the oligarchy first and immediately.
A Vote For The GOP Tax Bill Is A Vote To Cut Medicare
If the just-passed House tax bill, its Senate counterpart, or some compromise of the two is signed into law, the
enactment will put Medicare’s future in the hands of Ryan and Mulvaney.
According to the Congressional Budget Office, the GOP tax bill will instantly trigger
$400 billion in automatic cuts to Medicare in the next ten years, including
$25 billion in the first year after enactment alone.
These cuts are the result of a law known as Statutory PAYGO. That law requires an automatic cut in spending when Congress increases the deficit.
The tax bill is, in Donald Trump’s words, “a big, beautiful Christmas present” for Trump’s family and other billionaires.
To be clear:
If the tax bill passes the Senate and is signed into law by Donald Trump, nothing more needs to be done to cut Medicare.
If the House and Senate do nothing,
the cuts take effect immediately after the end of the Congressional session and
get bigger with every passing year.
A vote for this tax bill is a vote to cut Medicare.
https://www.huffingtonpost.com/entry...b010527d677ecc
Sorry, bou, can't read - guess I'm past my limit. Are you saying that someone choosing not to buy insurance (and paying no penalty) would pay more taxes by not claiming subsidies? That could only be if the subsidies were more than the cost of the policy and they were netting (making money off the subsidies).
Repugs one vote closer to screwing 10Ms of Americans out of health care
Lisa Murkowski Says She’s OK With Killing The Health Insurance Mandate
Projections suggest millions will lose coverage;
the Alaska senator says she simply wants to allow choice.
https://www.huffingtonpost.com/entry...gEmail__112217
the FALSE Repug fetish of "choice", a shield hiding lies and bad faith, is more important than providing health care and human lives.
The Republican tax bill is class war
The Republican donor class and their employees in Congress are barely even attempting to hide the fact that
this tax "reform" is about transferring as much income and wealth to the ultra-rich as possible,
on their direct orders. I
http://theweek.com/articles/738111/r...bill-class-war
Republican tax plan's 'dynastic' payoff for mega-rich GOP donors
Not only does Donald Trump stand to gain $1 billion in savings from the Republican tax cut that House passed last week, major Republican donors will also save a windfall.
Eleven top Republican donors like Sheldon Adelson, Paul Singer, the Ricketts, and the Kochs may have collectively made
$205 million worth of political contributions in 2016, but
their payoff, should the House tax plan prevail, will be a cool $67.5 billion,
Over the next 30 years, the really rich billionaire and semi-billionaire baby boomers are going to be
transferring about $30 trillion to their children.
I mean, you're going to have the biggest intergenerational transfer of wealth in history. And if they can eliminate the estate tax and if they can actually wangel things so that there is no capital gains tax, we are creating a dynastic class in America as fast as we possibly can.
Meanwhile,
graduate students will be paying taxes on more money than they actually earn annually
because the House bill will tax the tuition waver they get for working as class instructors.
https://www.dailykos.com/stories/201...tail=emaildkre
House tax bill is causing uncertainty in L.A.'s homeless housing program
The House bill, passed this month, seeks to generate new revenue by eliminating tax-free bonds that provide low-interest funds for projects such as hospitals, schools and museums.
The tax-free bonds also help lower costs for affordable housing. But more important, if the bill becomes law, it would cut affordable housing developers’ access to a tax credit program that pays for about a third of some projects.
Arcane language in the tax code requires developers who receive the tax credits to finance at least 50% of the project’s cost with tax-free bonds. If there are no tax-free bonds, the tax credits would also be out of reach.
http://www.latimes.com/local/lanow/l...dbac6-80115881
The Class War of the Wealthy oppressing the non-Wealthy.
GOP Senate adds last-second provision to guarantee Americans NEVER benefit from their tax scheme
the Republican-controlled Senate had already tilted the playing field by stipulating that any of its meager, so-called “tax cuts” for middle-class Americans would be phased out by 2026, while the proposed tax cuts for corporations would extend into perpetuity:https://www.dailykos.com/stories/2017/11/25/1718463/-GOP-Senate-Adds-Last-Second-Provision-to-Guarantee-Americans-NEVER-Benefit-From-Their-Tax-Scheme?detail=emaildkre
The Senate version of the Tax Cuts and Jobs Act made the GOP’s relative indifference to middle-class tax relief especially stark.
In order to comply with arcane budget rules, Mitch McConnell’s caucus had to write a bill that wouldn’t add to the deficit after 2027.
The upper chamber solved this puzzle by
phasing out most of their bill’s middle-class tax cuts in 2026,
while making corporate tax cuts — and provisions that raised taxes on a broad swathe of the middle class — permanent.
In a section led “Revenue-Dependent Repeals,” the Senate plan would prevent some tax hikes on businesses from going into effect in 2026 if tax revenue hit a certain “trigger” level.
In total, businesses would get nearly $120 billion more in breaks in 2026 and 2027 if the trigger goes into effect.
most in the middle class—indeed the vast, vast majority would get absolutely nothing—except hikes on their own taxes:The Republican Party is counting on Americans weary of the constant, unrelenting barrage of nonsense and gibberish from Donald Trump to tune out their vote on this thing.
To review:
Senate Republicans wrote a bill that phases out tax cuts for the middle class in 2026,
while keeping corporate America’s cuts on the books.
They insisted that they wanted to cut taxes on the middle class more,
but fiscal constraints simply wouldn’t allow them to.
Then, they went back into their bill and
added a section stipulating that,
should their bill expand the deficit less than expected — which is to say, should they have fewer fiscal constraints —
then all unexpected revenue should be immediately spent on making corporate America’s permanent tax cuts larger,
even as some middle-class families see their tax bills skyrocket.
Last edited by boutons_deux; 11-26-2017 at 10:44 AM.
Ivanka, Louise and the Little People
"There is arguably no engine of advancement as powerful as a college degree,
so what does the tax bill passed by the House do?
At a time of mammoth student debt,
it eliminates the deduction for interest on student loans."
https://www.nytimes.com/2017/11/25/opinion/sunday/ivanka-trump-louise-linton-populism.html
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