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I wonder what DarrinS thinks about these tax cuts.
I'm still wondering if any republican has any opinion on anything.
I wonder what DarrinS thinks about these tax cuts.
I had to scroll back to see that one.
It Started as a Tax Cut. Now It Could Change American Life.
... Change For The Worse.
far broader ramifications have come into focus, revealing a catchall legislative creation that could reshape major areas of American life, from education to health care.
Some measures are barely connected to the realm of taxation, such as the lifting of a 1954 ban on political activism by churches and
the conferring of a new legal right for fetuses in the House bill —
both on the wish list of the evangelical right.
The result is a behemoth piece of legislation that could widen American economic inequality while diminishing the power of local communities to marshal relief for vulnerable people — especially in high-tax states like California and New York,
Economists and tax experts are overwhelmingly skeptical that the bills in the House and Senate can generate meaningful job growth and economic expansion.
a transfer of wealth to corporations and affluent individuals — both generous purveyors of campaign contributions.
By 2027, people making $40,000 to $50,000 would pay a combined $5.3 billion more in taxes,
while the group earning $1 million or more would get a $5.8 billion cut,
we are squandering a giant sum of money,”
“It’s not aimed at growth.
It is not aimed at the middle class.
It is at every turn carefully engineered to deliver a kiss to the donor class.”
it is a return to trickle-down economics,
the trickle-down story has yet to achieve its promised happy ending. (although the oligarchy gets a huge financial orgasm)
The meat of the package is a permanent lowering of the corporate tax rate, to 20 percent from 35 percent,
when corporations get tax relief, they find abundant uses for money that do not involve paying higher wages. They give dividends to shareholders and stock options to executives. They stash earnings in tax havens.
In 2004, Congress invited American corporations to bring home overseas earnings at a sharply reduced rate, pitching it as a means of bolstering investment. But
the corporations spent as much as 90 percent of their windfall buying back their shares,
The tax cut package, for instance, could trigger rules mandating cuts to Medicare,
“It hurts the most vulnerable, and hurts health care and education, which are essential for a healthy economy.”
https://www.nytimes.com/2017/11/29/b...er=rss&emc=rss
If passed, Medicare will be cut by $25B in January, with cuts continuing indefinitely.
Trash's base of old white people will be screwed, better stock up on the oxycodone while they can.
Here Are the Four Biggest Lies Trump Told in His Final Tax Scam Sales Pitch
"Lies, lies, lies," was how one group described Trump's Missouri tax speech
1. The GOP Plan Would Not Help Trump and His Wealthy Friends
Trump insisted that the GOP tax bill is going to cost him a "fortune."
"Believe me," the president said, "this is not good for me."
"I think my accountants are going crazy right now," Trump added. "It's alright. Hey, look. I'm president. I don't care."
2. The GOP Tax Plan Is Anti-Outsourcing
Trump claimed that the Republican tax bill would prevent corporations from sending jobs and profits overseas to boost their bottom-lines.
The opposite is the case, noted Americans for Tax Fairness (ATF) and others. The GOP plan would actually "encourage" outsourcing,
3. Tax Cuts for Wealthy Individuals and Large Corporations Will Create Jobs and Boost Wages
Trump continued parroting the longstanding GOP "myth" that tax cuts spur job growth, boost the economy, and lead to higher wages.
But a recent analysis by the Center on Budget and Policy Priorities concluded that corporate rate cuts are actually "a poor way to help the economy and most workers—and could hurt them."
As Common Dreams reported, business leaders have already conceded that they plan to use the extra cash they are set to receive from the tax plan to reward their shareholders, not their employees.
4. The Bill Is "Great" for the Working Class
Trump repeatedly insisted that the GOP tax bill will be great for workers and the middle class, and not the top one percent.
"The rich people actually don't like me," Trump claimed at the tail-end of his Missouri speech. "The people that like me best are the workers."
But millions of workers likely won't be happy with the Republican plan, given that numerous analyses have shown that the bill would hike taxes on tens of millions of working class families.
https://www.commondreams.org/news/20...am-sales-pitch
McCain is going to vote for the tax bill. LOL
so-called maverick, a total fraud, getting govt funded cancer treatment, agrees to cut chemo therapy for Americans.
McCain, undergoing cancer treatment, will vote to end cancer treatment for Medicare patients
"After careful thought and consideration, I have decided to support the Senate tax reform bill."
We know the
tax bill is going to take $25 billion from Medicare immediately, because it will trigger automatic spending cuts
and only part of Medicare won't be shielded.
The part that will be cut is the part that pays for expensive chemotherapy drugs.
The last time these cuts were triggered, cancer patients were denied treatment. And it's going to happen again.
The last time it was resolved when the government shutdown ended.
This time it's permanent.
And John McCain doesn't care.
https://www.dailykos.com/stories/1719833
If the GOP gets its way on taxes, the party could doom post-graduate education in the U.S.
both the House and Senate reform bills are likely to hurt universities.
Both bills would make it harder to itemize charitable contributions,
an action that could reduce giving to nonprofit universities and other organizations by as much as $13 billion annually.
They also both include a 1.4% tax on investment returns
at private, nonprofit ins utions that enroll at least 500 students and have endowment assets in excess of $250,000 per student — a provision that likely will affect the Claremont Colleges.
But the House bill, on the whole, is worse for American higher education.
It would tax tuition waivers for graduate students and university employees.
In the current tax code, the government can tax certain types of fellowship funding but does not tax tuition waivers. The House version of the bill would change that.
Many graduate students struggle to make ends meet. In cities with a high cost of living, their $25,000 fellowships are just enough for rent, gas and food. Removing the tuition waiver exemption from the tax code would increase their cost of living dramatically.
When a $50,000 tuition waiver is included as taxable income, students who take home only $25,000 per year would be taxed as if they made $75,000 per year.
For many students, that would mean a 400% increase in their taxes.
In effect, removing the exemption creates a grad student tax.
http://www.latimes.com/opinion/op-ed...______20171130
"By 2027,
people making $40,000 to $50,000 would pay a combined $5.3 billion more in taxes,
while the group earning $1 million or more would get a $5.8 billion cut,
according to the Joint Committee on Taxation and the Congressional Budget Office."
https://www.alternet.org/news-amp-politics/monstrous-details-republican-tax-plan-trump-doesnt-want-you-know-about
The Republican Tax Bill Is a Disaster for Public Schools
The GOP tax plan takes aim at public school funding.
there has been little talk about the potential impact on K-12 education if the Senate bill passes, is reconciled with the House bill, and sent to the Oval Office for splashy signing ceremony.
There are several provisions in both pieces of legislation that would take serious aim at K-12 education at the state and local funding levels.
Reporters and editorials have stressed that eliminating the deductions for state and local taxes (SALT) including property taxes, as in the Senate bill, will heavily impact Democratic leaning states with higher tax burdens, but the
Governmental Finance Officers Association (GFOA) reports that eliminating SALT deductions from the tax code will have a broadly negative impact on tax payers in all states. According to the GFOA findings:
- 30% of tax units use the SALT deduction.
- 60% of deductions for earners under $50,000 a year come from property taxes and the loss of the deduction would negatively impact home ownership and price stability.
- 30% of earners between $50,000 and $75,000 a year use the SALT deduction. 53% of earners between $75,000 and $100,000 a year use it.
- Income earners at all levels would see their taxes go up if the SALT deduction is eliminated.
More importantly from a public school perspective:
the loss of the SALT deduction would apply significant pressure on states and municipalities to reduce taxes in order to offset the increases in federal taxes paid by their cons uents.
Using the 8th Congressional District in Texas north of Houston as a model, the GFOA estimates that the district would see an increase in federal taxes of $306 million dollars.
Offsetting that with state and local tax decreases could impact $125 million in school funding. Simply put:
education funding is an enormous local and state expenditure, and it would have to be cut in order to provide any relief to tax payers who lost SALT.
The vast majority of K-12 school funding in this country still comes from state and local revenues which would no longer be deductible from federal tax burdens.
https://www.alternet.org/republican-...public-schools
Trump’s Treasury Department is lying about its own analysis of the tax bill
Alan Rappeport’s scoop about the Trump administration lying about its own internal analysis of the Republican tax plan deserves to go down as one of the most shocking stories of 2017.
Treasury Secretary Steve Mnuchin has been saying that his team will release a “dynamic” analysis of the Republican tax plan that will reveal its growth-boosting effects to be so incredible that they put deficit worries to rest.
On September 28, he even said that his in-house analysis indicated the bill would reduce the deficit by $1 trillion rather than increase it.
Mr. Mnuchin has promised that Treasury will release its analysis in full. Yet, just one day before the full Senate prepares to vote on a sweeping tax rewrite,
the administration has yet to produce the type of economic analysis that it is citing as a reason to pass the tax cut.
Those inside Treasury’s Office of Tax Policy, which Mr. Mnuchin has credited with running the models, say
they have been largely shut out of the process and are not working on the type of detailed analysis that he has mentioned.
An economist at the Office of Tax Analysis, who spoke on the condition of anonymity so as not to jeopardize his job, said Treasury had not released a “dynamic” analysis showing that
the tax plan would be paid for with economic growth because one did not exist.
The big tax cut for business owners and heirs to large fortunes will, in the long run, be paid for by people who are not business owners or heirs to large fortunes.
It may be paid for through the long-term middle-class tax increases that are laid out in the bill.
Or it may be paid for through large cuts to Social Security, Medicare, Medicaid and other social programs.
Or it may be paid for through higher interest rates that raise the cost of new investment to deliver a tax windfall to old capital.
https://www.vox.com/policy-and-politics/2017/11/30/16719238/treasury-tax-analysis
1) corporate tax cuts will not create jobs as claimed.
2) any revenue benefits from lower taxes will probably just be used for stock buybacks
3)The middle class will continue to shrink. White collar jobs will be especially challenged. Technology will continue to destroy society as we know it. College wont save you. The good jobs will be blue collar servicing the technology.
4)The "middle class tax cuts" are a sad joke. The only beneficiarys will be those with the very simplest returns that don't itemize. The upper middle class with more complicated financial lives will get screwed.
5) this is already stinking of bait and switch like '86 was. They will take away deductions in exchange for "lower rates". We will get used to not having those deductions and they will raise the rates again layer. , I remember being able to deduct credit card interest. Bet some of you would like THAT one back.
education system sucks from kindergarten all the way up... no loss!
Yeah look what it did to koriwhat
Thanks CC. Appreciate the info. I just like to hear what other people think.
The repug deficit is intentional and will be addressed by cutting Medicare Medicaid and Social Security etc and everything else in the safety net helping poor people.
very dumb Little Marco Rubio has admitted it, but the silence of the deficit hawks and Repugs in general proves where they are going
https://crooksandliars.com/2017/11/r...ontent=2158319
the debt and deficit are being increased by the oligarchy now to enrich the oligarchy, then the budget losses will be used as a hammer to cripple, destroy Medicare, Medicaid, VA, Pell grants, Social Security, the govt itself, and ANYTHING else that the oligarchy needs to kill to keep enriching itself.
eg "automatic cuts" mean that, if the tax cut passes. Medicare will lose $25B in January, which huge cuts to follow.
WC playing chess while the rest of us are playing checkers.
Kim Jong Un Fears That G.O.P. Tax Bill Makes His Plan to Destroy U.S. Redundant
PYONGYANG —Kim Jong Un is concerned that his long-standing plan to destroy the United States has been made totally irrelevant by the Republican tax bill moving through the Senate, a source close to the North Korean dictator said on Friday.
The source, who spoke on the condition of anonymity, said that Kim fears that his scheme to turn the United States into an uninhabitable hole has been to a large extent upstaged by a similar proposal from congressional Republicans.
“You have to understand, destroying America is something that Kim and his family have been plotting for decades,”
the source said.
“To see the Republicans swoop in at the last second and basically steal that idea—it’s got to hurt.”
According to the source, Kim has been watching C-span non-stop, praying that the Republicans’ plan to end life as Americans know it might come undone at the last moment, but he is “not getting his hopes up.”
“After having such a wonderful missile test, he should be on top of the world this week,” the source said.
“Instead, he’s afraid that all his hard work has been for nothing.
He now understands why so many Americans despise the Republicans.”
https://www.newyorker.com/humor/borowitz-report/kim-jong-un-fears-that-gop-tax-bill-makes-his-plan-to-destroy-us-redundant
Flake says he’s helping undo ented immigrants by voting for GOP tax bill. He’s really not.
The bill targets "approximately 1 million DREAMer children and their families, threatening to drive them into poverty," activists say.
The Senate is expected to vote on a tax bill — which was largely negotiated behind closed doors — Friday evening, even though
Senators still do not know what they are voting for yet (let alone the public).
While Flake believes he’s protecting immigrants in his deal, the Republican tax bill is disastrous for immigrants.
More than 200 organizations — including the National Immigration Law Center — have urged congressional members to reject the Senate and House tax reform bills, which they called “anti-child and anti-immigrants proposals.”
https://thinkprogress.org/flake-says...-e4eaca1e2833/
So the Repugs "have to pass the bill so they can read it?"
Bloomberg Just Caught CEOs Bragging About Trump’s Dirty Tax Plan Secret
refuting Republican claims that tax cuts to corporations will be reinvested in the economy and stimulate economic growth, new job creation, and higher wages.
In an article today, Bloomberg cites Cisco Systems Inc., Pfizer Inc., and Coca-Cola Co. as just three of the companies who have
promised their shareholders that they will be receiving the vast majority of tax savings
that the Republican tax plan is transferring to their pockets at the expense of millions of lower and middle-class taxpayers.
the companies’ CEO’s are on record as saying they plan to use the proceeds from the tax cuts to either buy back shares an increase their companies’s stock prices — and
subsequently the value of their own stock option-laden compensation packages — or
to increase dividend payouts to shareholders.
most corporations are rubbing their hands together in greedy glee at the prospect of an unearned windfall,
http://verifiedpolitics.com/bloomberg-just-caught-ceos-bragging-trumps-dirty-tax-plan-secret/
Boukaki, how do these "200 organizations" know its bad if they haven't read it either?Flake says he’s helping undo ented immigrants by voting for GOP tax bill. He’s really not.
The bill targets "approximately 1 million DREAMer children and their families, threatening to drive them into poverty," activists say.
The Senate is expected to vote on a tax bill — which was largely negotiated behind closed doors — Friday evening, even though
Senators still do not know what they are voting for yet (let alone the public).
While Flake believes he’s protecting immigrants in his deal, the Republican tax bill is disastrous for immigrants.
More than 200 organizations — including the National Immigration Law Center — have urged congressional members to reject the Senate and House tax reform bills, which they called “anti-child and anti-immigrants proposals.”
https://thinkprogress.org/flake-says...-e4eaca1e2833/
So the Repugs "have to pass the bill so they can read it?"
FIFYKim Jong Un Fears That G.O.P. Tax Bill Makes His Plan to Destroy U.S. Redundant
PYONGYANG —Kim Jong Un is concerned that his long-standing plan to destroy the United States has been made totally irrelevant by the Republican tax bill moving through the Senate, a source close to the North Korean dictator said on Friday.
The source, who spoke on the condition of anonymity, said that Kim fears that his scheme to turn the United States into an uninhabitable hole has been to a large extent upstaged by a similar proposal from congressional Republicans.
“You have to understand, destroying America is something that Kim and his family have been plotting for decades,”
the source said.
“To see the Republicans swoop in at the last second and basically steal that idea—it’s got to hurt.”
According to the source, Kim has been watching C-span non-stop, praying that the Republicans’ plan to end life as Americans know it might come undone at the last moment, but he is “not getting his hopes up.”
“After having such a wonderful missile test, he should be on top of the world this week,” the source said.
“Instead, he’s afraid that all his hard work has been for nothing.
He now understands why so many Americans despise the Republicans.”
https://www.newyorker.com/humor/borowitz-report/kim-jong-un-fears-that-gop-tax-bill-makes-his-plan-to-destroy-us-redundant
Collins is supporting it now, so this bull is going to happen.
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