Repug tax cut

[DarrinS]

I haven’t read up enough on this to see how it affects me personally , but, from what I’ve heard, billionaires will pay almost no taxes and poor people will starve to death.

[Th'Pusher]

Do you mean as opposed to the over $9.3 trillion that Obama ran up with his shovel-ready jobs, etc.? My favorite being Cash for Clunkers - what a (to borrow a phrase from bou - g*****n stupid waste of good, used parts - I don't know who came up with that BRIGHT idea.

So what if it's 21% - that's a darn sight better than 38.9% it is now. I, unlike some, am content with incremental change in the right direction. Maybe companies will be willing to forego 8.5% for being in the US but 26.4% more is too steep. Why does it seem like it's all or nothing on the other side?

https://files.taxfoundation.org/lega...tion-FF525.pdf

how did this similar tax cut experiment work in Kansas?

[Th'Pusher]

I haven’t read up enough on this to see how it affects me personally , but, from what I’ve heard, billionaires will pay almost no taxes and poor people will starve to death.

take some time to read up on it before commenting tbh.

[rmt]

take some time to read up on it before commenting tbh.

Sounds like he's making a joke - lighten up.

[rmt]

how did this similar tax cut experiment work in Kansas?

Well, we shall see what happens. To me, t's certainly worth more of a try than shovel-ready jobs and Cash for Clunkers.

[spurraider21]

my taxes will still go up because of the state/local tax exemption being gutted. more than makes up for any nominal tax rate decrease

[DarrinS]

I’ll go from 28% down to 24%.

[DarrinS]

my taxes will still go up because of the state/local tax exemption being gutted. more than makes up for any nominal tax rate decrease

Can’t you deduct up to 10k in state/local taxes?

[Th'Pusher]

Well, we shall see what happens. To me, t's certainly worth more of a try than shovel-ready jobs and Cash for Clunkers.

Why do you compare it to the stimulus measures put in place in 2009 when jobs were being lost at a rate of 200k per month? According to Trump, the economy is booming. Corporations are already making record profits and are flush with cash. There is no need for additional stimulus.

[boutons_deux]

McConnell blocked Dems from getting their SCOTUS judge, now McConnell is refusing to seat Doug Jones (but McConnell seated Rep Scott Brown ASAP).

I wonder if McConnell is "paying" Moore not to cede, so McConnell can say he can't seat Jones until Moore cedes, and after the tax cut vote.

[TeyshaBlue]

Why do you compare it to the stimulus measures put in place in 2009 when jobs were being lost at a rate of 200k per month? According to Trump, the economy is booming. Corporations are already making record profits and are flush with cash. There is no need for additional stimulus.

There's plenty of need for a front-loaded stimulus ala the Bush rebate of 2008 which was found to be very effective.

[Th'Pusher]

There's plenty of need for a front-loaded stimulus ala the Bush rebate of 2008 which was found to be very effective.

That's fair. That rebate was specifically targeted to low and middle income earners and was ing cheap (>$200B) compared to the monsteraucity Trump is ramming through congress next week. I'd support restructuring the corporate tax code to level the effective tax rates across industries, but the POS in congress isn't going to do that. It's an unpopular bill being pushed by the donor class and supported by Trump voters who want to see him achieve something, anything, legislatively.

[boutons_deux]

Bush/Paulson's 2008 stimulus abandoned by Repugs to spite Obama, spite which included opposition to GM/Chrysler bailout, was much more important than Bush's puny crap.

[Th'Pusher]

Bush/Paulson's 2008 stimulus abandoned by Repugs to spite Obama, spite which included opposition to GM/Chrysler bailout, was much more important than Bush's puny crap.

The point is, the puny crap Bush passed is the only type of stimulus the current economy needs. Or some good old fashioned infrastructure spending where there is an actual ROI.

[AaronY]

That's fair. That rebate was specifically targeted to low and middle income earners and was ing cheap (>$200B) compared to the monsteraucity Trump is ramming through congress next week. I'd support restructuring the corporate tax code to level the effective tax rates across industries, but the POS in congress isn't going to do that. It's an unpopular bill being pushed by the donor class and supported by Trump voters who want to see him achieve something, anything, legislatively.

You seem like you understand this ..explain the stock buybacks to me. Every liberal I see or at least some were saying this plan would just lead to stock buybacks in the current environment. Some were even saying the buybacks should be illegal and that way the business would spend the money on expanding excetera

[boutons_deux]

The point is, the puny crap Bush passed is the only type of stimulus the current economy needs. Or some good old fashioned infrastructure spending where there is an actual ROI.

the current economy needs stimulus? stock market and corporate profits are at record levels. needs stimulus?

The only ROI of infrastructure spending will go into the pockets of rentier capitalists via fees, tolls, PPPs.

If not, there won't be any infrastructure spending, which absent from Trash/Repug budgets.

In any case, what's extremely clear, eg HARD ING DATA, is that 90%+ of all growth in income and wealth since 2008 has gone to the top 5%.

America only works for the top quintile, everybody else is ed and un able, and the tax cut will make it all worse.

[Th'Pusher]

You seem like you understand this ..explain the stock buybacks to me. Every liberal I see or at least some were saying this plan would just lead to stock buybacks in the current environment. Some were even saying the buybacks should be illegal and that way the business would spend the money on expanding excetera

The conservatives would have you believe that businesses will use the additional money from the tax cuts to invest back in the company; e.g. expand, upgrade equipment which in-turn produce more jobs, tighten the labor market resulting in higher wages and genreslly grow the economy. There isn't much evidence to support this theory.

What your liberal friends are suggesting is that companies will use the additional money to buy back thier own stock making it more scare and thereby during up the price.

[boutons_deux]

"Some were even saying the buybacks should be illegal"

They WERE illegal until the oligarchy, behind Useful Idiot St Ronnie the Diseased, made buybacks legal, which are basically self-dealing.

[boutons_deux]

[TeyshaBlue]

The conservatives would have you believe that businesses will use the additional money from the tax cuts to invest back in the company; e.g. expand, upgrade equipment which in-turn produce more jobs, tighten the labor market resulting in higher wages and genreslly grow the economy. There isn't much evidence to support this theory.

What your liberal friends are suggesting is that companies will use the additional money to buy back thier own stock making it more scare and thereby during up the price.

This is exactly what is happening now. Any stimulus goes straight to stock value enhancement and is converted to exec. compensation. The theory of reinvestment could lead to the same results with the added benefit of creating jobs and enhancing the front end (consumer spending) of our economy. Unfortinately, that process takes much longer. Shortsighted (is there any other kind?) CEOs and execs want the returns now.

[spurraider21]

Can’t you deduct up to 10k in state/local taxes?

Yeah. I’ve been too lazy to read a full summary tbh

[boutons_deux]

Corker’s last-minute ‘yes’ on GOP tax bill could be related to addition benefitting his businesses

Sen. Bob Corker (R-TN) on Friday switched his “no” vote on the GOP’s tax bill to a “yes” — and new reporting shows it could be related to

additions that will benefit his businesses.

Corker “abruptly switched his position” when the latest draft of the bill was released. Analysts that spoke with the IB Times analysts said the latest language in the controversial bill

“would specifically allow owners of large real estate holdings through LLCs to deduct a percentage of their ‘pass through’ income from their taxes,” a move that would “personally” enrich real estate LLC owners.
“Corker has millions of dollars of ownership stakes in real-estate related LLCs that could also benefit,” federal records reviewed by IBT show.

The Senate’s reconciled bill has a 20 percent deduction for pass throughs, and in a last-minute change, also “added a new way around restrictions that would have kept pass throughs with large income but few employees from benefiting.”

The loophole is based around “depreciable property,” meaning it provides tax cuts not only to people who pay a lot in wages to employees, but also to those who “own a lot of property,”

“This helps people who have held property for awhile, like Donald Trump,”

“If you’ve got an LLC that’s a trade or business with a bunch of real estate holdings and few employees, [I] think you’re now golden. You get the deduction.”

https://www.rawstory.com/2017/12/cor...e+Raw+Story%29

So Corker is really just another unprincipled, multi-millionaire for sale.

https://www.opensecrets.org/personal-finances/net-worth?cid=N00027441

[boutons_deux]

The Winners and Losers in the Tax Bill

WINNERS

PRESIDENT TRUMP AND HIS FAMILY

BIG CORPORATIONS

MULTIMILLIONAIRES

PRIVATE EQUITY MANAGERS

PRIVATE SCHOOLS AND THE PEOPLE WHO CAN AFFORD THEM

THE LIQUOR BUSINESS

ARCHITECTS AND ENGINEERS

TAX ACCOUNTANTS AND LAWYERS


LOSERS

PEOPLE BUYING HEALTH INSURANCE

INDIVIDUAL TAXPAYERS IN THE FUTURE

THE ELDERLY

LOW-INCOME FAMILIES

OWNERS OF HIGH-END HOMES

PEOPLE IN HIGH PROPERTY TAX, HIGH INCOME STATES

PUERTO RICO

THE INTERNAL REVENUE SERVICE

https://www.nytimes.com/2017/12/16/b...er=rss&emc=rss

[boutons_deux]

The Myth Of Trump's Economic Populism, As Proved By The Tax Bill

Olsen expected the tax plan to include some of Trump's populist campaign promises —

that the rich would pay more,

the forgotten working class would pay less, and

special interest loopholes like the carried-interest provision for hedge-fund managers would be gone.

But the tax bill ended up instead being traditionally Republican in its focus on cutting taxes for the well-to-do

but barely touching the working class and

not helping the middle class to a significant degree.

"That's not what Trump promised," Olsen said. "And it's not what Trump's voters thought they were getting."

https://www.npr.org/2017/12/11/56952...ign=&utm_term=

I expect that cutting the corporate tax rate to 21% is accompanied by not closing a single corporate loop hole. BigCrop has been paying only an effective 11% effective now, due to loopholes.

Even at 21%, BigCorp won't "repatriate" (the is actually in the USA) $Ts because the Repugs in 2004 allowed $100Bs in repatriation at 5%, basically tax amnesty.

And just wait until Ryan cuts Medicare ($25B automatic cut in Jan 2018), Medicaid, and Social Security.

[AaronY]

So I'm gonna make $43,000. 13,407 as an employee and the rest as an independent contractor. How's this going to affect me?