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  1. #76
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    Obama's political posturing budgets were certainly DOA. But responsible budget outlines that aren't enacted become millstones around the necks of legislators.
    OK, tell me the last presidential budget that was voted on and passed by Congress.

  2. #77
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    Trump's Proposed Tax Overhaul Would Give Billions to Trump and Cabinet While Sparking Global "Tax War"

    a plan to give tiny little tax cuts to most Americans,

    raise taxes on perhaps one in five families and

    shower benefits on people who earn millions of dollars a year.

    If you make $40,000 to $50,000, the Ins ute on Taxation and Economic Policy estimates you'll get

    a tax savings of about $8 a week.

    If you make an income of $10 million, you're going to save about a million-and-a-half dollars a year.

    As much as two-thirds of the tax cuts will go to the 1 percent.

    And this fits with a fundamental principle the Republicans have been pursuing for a long time. They don't use these words, but it boils down to:

    The rich aren't investing and creating jobs,

    because they don't have nearly enough money, and

    so we need to get them money.

    And the way the Republicans want to get it to them is tax cuts first, and

    then, when there's no money because of the tax cuts,

    to take away help for children, the disabled, the elderly and the poor.

    http://www.truth-out.org/news/item/4...global-tax-war



  3. #78
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    GOP House and Senate tax leaders threaten to break Trump’s promise not to change 401(k) rules

    House Ways and Means Committee Chairman Kevin Brady (R) on Wednesday suggested that a tax bill he is preparing to introduce could force changes to 401(k) plans and other retirement accounts,

    people who have tax-incentivized retirement accounts contribute $200 per month or less, a level he thought was too low. https://www.washingtonpost.com/news/...nl_most&wpmm=1

    yes! Citizens should be forced to hand over many $100s/month MORE so BigFinance can steel $100Ks more in fees.

    Trash "promise" ?



  4. #79
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    Stiffing US Taxpayers on 'Grand Scale,' Fortune 500 Holding $2.6 Trillion Offshore

    "As Congress considers proposals to ins ute a near zero percent tax rate on profits booked offshore by multinational corporations, the findings in this report should give policymakers pause.

    The new study discovered that, in total, America's most profitable corporations in 2016 had $2.6 trillion stashed overseas in over 9,000 subsidiaries in various locations, including notorious tax havens like Bermuda and the Cayman Islands.

    At least 366 of the 500 companies on Fortune's list "operate one or more subsidiaries in tax haven countries." Furthermore, "30 companies with the most money officially booked offshore for tax purposes collectively operate 2,213 tax haven subsidiaries."


    several "particularly egregious examples":


    • Apple, which "holds at least $246 billion offshore, a sum greater than any other company's offshore cash pile," would owe $76.7 billion in U.S. taxes if this profit was not overseas;
    • Citigroup, which stashes $47 billion overseas, would owe $13.1 billion in U.S taxes; and
    • Nike, which holds $12.2 billion offshore, would owe $4.1 billion in U.S. taxes.


    https://www.commondreams.org/news/20...llion-offshore


    Corporate-Americans hide income, evade taxes, but IRS puts Human-Americans in prison for the same.



  5. #80
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    House narrowly passes budget, paving way for $1.5 trillion tax cut

    The budget legislation authorizes special procedures that will allow Republicans to reduce federal revenues over the coming decade by as much as $1.5 trillion without Democratic help.

    The bill passed by a vote count of 216 to 212. No Democrats voted for the budget Thursday, nor did 20 Republican

    A key holdout bloc consisted of Republican lawmakers from states with high local tax burdens, who have resisted the GOP’s plan to eliminate or at least scale back the income-tax deduction for state and local taxes. Several members of that group threatened to hold up the budget unless their concerns were addressed.

    The House Budget Committee crafted a spending blueprint that included a pathway to cutting $200 billion in federal spending over the coming decade,

    the Senate version of the budget included did not provide a path for spending cuts and authorized a tax bill that would add up to $1.5 trillion to the deficit.

    https://www.washingtonpost.com/power...=.10285d055707

    The House budget also blocks Senate Dems from filibustering, so like in 2001, the tax cut will be forced by reconciliation only.

    House Passes Budget Blueprint, Clearing Path for Tax Overhaul

    “It is a means to an end,” Mr. Yarmuth said,

    “a single-minded plan to make it easier to enact tax cuts for the wealthy and big corporations regardless of the consequences for everyone else.”

    https://www.nytimes.com/2017/10/26/us/politics/house-budget-blueprint-tax-cut.html

    the bloodless (but not death-less) coup d'etat by the oligarchy continues, unstoppably.


  6. #81
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    Did any reporter bother to ask her what the median American family would get out of this piece of plan?
    Robert Reich pretty much outlines who gets what.

    The $4k is based on rosy economic assumptions that the majority of economists think are not realistic.

    What will happen is that any corporate giveaways will not see any new employees or jobs, but corporate America will do the same thing with the new money that they have done with the record profits they have been making: Stock buy backs.

    Executive pay is tied to stock price.

    Easy way to bump up share price is stock buy backs using profits.

    In November 2016, Goldman Sachs’ chief equity strategist David Kostin estimated that, in 2017, S&P 500 companies will spend $780 billion on buybacks ( a new record).

    http://www.marke ch.com/story/sha...ear-2016-11-21

    Give them more money, and they will simply buy back a little more than they would otherwise.

    No new jobs will be created.

  7. #82
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    Patriotic Millionaires Blast "Heartless" House Budget



    WASHINGTON - This morning, in response to the House's passage of a budget resolution that would cut nearly $1.5 trillion from Medicare and Medicaid and give massive tax breaks to wealthy individuals and corporations, the Chair of the Patriotic Millionaires Morris Pearl, former Managing Director at BlackRock, Inc., released the following statement:

    "The budget just passed by the House reflects everything the American people think is wrong with Washington.

    It is heartless and un-American.

    216 Members of the House just voted to hurt millions of vulnerable Americans,

    including many of their own cons uents,

    just to give millionaires like me a massive, unnecessary tax break.

    The American people don't want a $1.5 trillion cut to Medicare and Medicaid and

    they don't want a huge tax cut for the rich,

    but wealthy donors do.

    The Representatives who just chose the banks accounts of their donors

    over the health and wellbeing of their cons uents should be ashamed."

    https://www.commondreams.org/newswir...s-house-budget

    Repugs have no shame, only have pockets to be filled by the oligarchy



  8. #83
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    Trash’s $700 Billion Gift to Wealthy Foreigners

    Why is Donald Trump planning to give away $700 billion — that’s billion, with a “b” — to foreigners, no strings attached?

    the argument goes like this: Cutting corporate taxes would bring foreign capital into the United States, which would raise investment, which would increase productivity, and this productivity would then get reflected in higher wages.

    a lot of the corporate income we tax represents monopoly profits — which won’t be competed away even if foreign money comes flooding in — to the sheer size of the U.S. economy, which can’t pull in lots of foreign capital without driving up interest rates worldwide.

    In the short run, drawing in foreign money by cutting taxes on profits would lead to a stronger dollar, which would slow the pace of foreign investment by making U.S. assets look expensive. So we’re talking about a process that would take many years if not decades.

    the stronger dollar would also mean much bigger trade deficits — a consequence of tax cuts that Republicans, strange to say, haven’t advertised, even though the same thing happened during the Reagan years.

    Realistically, then, the benefits from cutting corporate taxes would overwhelmingly flow into after-tax profits rather than wages,

    this in turn means that the main beneficiaries would be stockholders, not workers.

    So who are these stockholders, exactly? You can guess part of the answer: We’re talking mainly about the very affluent. Even if we count indirect holdings in retirement accounts and mutual funds,

    the
    richest 10 percent of U.S. residents account for about 80 percent of American-owned stocks, and

    the richest 1 percent own about 40 percent.

    So we’re talking, as always when it comes to Republican plans, about
    tax cuts heavily tilted toward the wealthy.

    around 35 percent of U.S. equities are now owned by foreigners, triple the level during the Reagan years.

    What this means is that around 35 percent of a tax cut from an administration that proudly uses the slogan “America first” — $700 billion over the next decade — wouldn’t even go to Americans.

    Instead, it would be a

    windfall to wealthy foreigners, who would probably gain a lot more from the tax cut than U.S. workers.

    the result would be a huge hole in the budget, which Republicans would try to close at the expense of the poor and middle class.

    The budget resolution the
    House and Senate passed over the last week called for cuts of $1 trillion in Medicaid and almost half a trillion in Medicare.

    https://www.nytimes.com/2017/10/26/o...ollection&_r=0

  9. #84
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    ...
    Last edited by boutons_deux; 10-28-2017 at 09:35 AM.

  10. #85
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    A new study shows how little tax the super-rich pay

    Wealth inequality may be worse than previously thought



    A new study ... tackles this problem by investigating two recent financial-data hoards:

    the “Swiss leaks”, a record of bank accounts held at HSBC in Switzerland; and

    the “Panama papers”, files that do ent the use of offshore accounts and s companies by clients of Mossack Fonseca, a law firm in Panama.

    By matching the leaked information with wealth data from Denmark, Norway and Sweden, the authors are able to construct the most detailed estimate to date of the extent of tax evasion.

    two conclusions.

    First, tax evasion is extremely concentrated.

    The average Scandinavian household paid around 3% too little in taxes in 2006;

    the richest 1% of households, with net assets of at least $2m, underpaid by around 10%.

    The truly rich, though, behave truly differently.

    The top 0.01% of households, with net assets of over $40m, short-changed the taxman by a whopping 30%.

    Second, the numbers imply that previous estimates of wealth inequality, often based on tax data, have understated the problem.

    despite the best efforts of a lucrative global tax-evasion industry, Scandinavia’s ultra-rich are paying 70% of their taxes.

    https://www.economist.com/blogs/grap...n/tw/te/bl/ed/

    My bet is the Bishop Gekko refused to release his older tax returns because they would have shown he was caught and amnestied after the HSBC wealth-hiding data was released.



  11. #86
    Prince of Whales RandomGuy's Avatar
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    Paul Ryan On Former Trump Campaign Officials Getting Indicted: I Love Tax Reform
    “I really don’t have anything to add [about the indictments], other than nothing is going to derail what we’re doing in Congress because we’re working on solving people’s problems,” Ryan said in a Monday radio interview on WTAQ’s “The Jerry Bader Show,” based in Wisconsin.

    “People deserve tax breaks,” he said. “Nothing derails us from focusing on that. That’s basically where a lot of our time and attention is focused on right now.”

    Ryan’s comments came hours after former Trump campaign chairman Paul Manafort and his longtime associate, Rick Gates, were indicted by a federal grand jury on 12 charges, including conspiracy against the United States and money laundering. Gates was an aide to the Trump campaign, eventually serving as deputy campaign manager.

    Separately, one of the Trump’s campaign foreign policy advisers, George Papadopoulos, pleaded guilty to lying to the F.B.I. about a contact with a Russian professor with ties to Kremlin officials.
    They will probably try to sneak in more tax cuts for the hyper-wealthy.

    Looks like they are fine with debt, as long as they are the ones causing it.

    Looks like we need to get some fiscal conservatives in power. Time to vote Democrat.

  12. #87
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    "we’re working on solving people’s problems,” Ryan said"

    goddamn, this Ayn Rand Catholic is worthless sack of




  13. #88
    Prince of Whales RandomGuy's Avatar
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    Republicans to unveil tax reform next week, revealing plan's winners and losers
    The tax reform proposal has been kept so secret that even some Republican members of the tax-writing House Ways and Means Committee say they do not know its details.

    “The problem is that Ways and Means has somewhat been kept out of the loop with details,” Rep. Jim Renacci, R-Ohio, told Bloomberg. (Renacci is a member of the committee.) “There are still a lot of hurdles to get it done.”
    Super secret tax reform will be shoved down our throats. One can only guess that they want it kept secret because it will benefit the richest people the most, and don't want the blowback.

    Great issue for Democrats to run on.

    GOP must pass something, and they seem to have settled on tax cuts for the rich as the only option, with no real en lement reform.

    This will explode the deficit/debt, and be easily painted as out-of-touch and elitist, working for the rich at the expense of everybody else.

    After cutting payments for Trumpdontcare 1.0, looks like the Trump party has painted itself into yet another corner.

    Schadenfreude.

  14. #89
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    the "deadline" was tomorrow, 1 Nov.

  15. #90
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    Property tax deal near, Republicans sprint for bill

    preserve a federal tax deduction for state and local property taxes, but not income tax payments, potentially removing a major obstacle to progress on their U.S. tax overhaul plan.

    http://www.reuters.com/article/us-usa-tax/property-tax-deal-near-republicans-sprint-for-bill-idUSKBN1D0008?feedType=RSS&feedName=politicsNews&u tm_source=feedburner&utm_medium=feed&utm_campaign= Feed%3A+Reuters%2FPoliticsNews+%28Reuters+Politics +News%29

    Blue NY, NJ, CT FIRE types won't like losing the state income tax deduction, but that's the whole Repug point, to the blue states.

  16. #91
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    Trump’s beloved alma mater eviscerates his tax plan

    A new study out of Wharton finds his plan doesn't live up to his promises.

    The study, released Monday by the University of Pennsylvania’s Wharton School on Monday, found that the proposed GOP-Trump tax plan would increase the deficit by $1 trillion to $3.5 trillion over the course of the first ten years.

    By 2040, the plan would cost between $2 trillion and $10.6 trillion.

    According to the GOP budget approved last week, the Republican tax plan is only allotted $1.5 trillion to add to the deficit before violating the reconciliation rules that would allow the Senate to fast-track the bill with 51 votes instead of 60.

    http://www.spurstalk.com/forums/show...=270483&page=3

    will Trash lash back at Wharton, pick a fight with them?



  17. #92
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    From mortgages to retirement, conflicts engulf Trump tax plan

    401(k).

    Republicans are eyeing new limits on how much money Americans can pump each year into their 401(k) retirement accounts on a pre-tax basis. Tighter contribution limits would produce new tax revenues for Washington and help Republicans pay for tax cuts they want to push through for high-income earners, corporations and wealthy families' inheritances.

    Fund management firms that manage 401(k) plans, Wall Street firms that execute trades for them and the 54 million Americans who have 401(k) accounts could be hurt by such a change.

    Mortgages.

    Americans can now deduct mortgage interest from their incomes if they itemize deductions. The plan does not call for changing that directly, but it does call for doubling the standard deduction, a separate tax return line that determines eligibility for itemizing. Doubling that would mean fewer Americans itemizing. So, fewer could deduct mortgage interest, leaving the deduction available only to higher-income people.
    The National Association of Home Builders has declared its opposition to the Republican plan, saying it would make the mortgage interest deduction "only for the super-rich." The group proposed creating a new tax credit for mortgage interest.

    SALT.

    Another popular tax deduction is the one for state and local tax (SALT) payments. Republicans are weighing limits on this to help raise revenues to offset the tax cuts they want.

    Democratic and Republican lawmakers from high-tax states, such as New York, California and New Jersey, oppose this change because it would hit their cons uents hardest.

    Real estate interests have fought for an exemption of state and local property taxes that is expected to make it into the bill. They say killing the deduction for property taxes would raise home ownership costs.

    Pass-throughs.

    Republicans want to cut the tax rate paid by the owners of "pass-through" businesses, such as partnerships and sole proprietorships, to 25 percent from 39.6 percent.

    Winners from this would include many pass-throughs that are small, mom-and-pop businesses, but it would also benefit big enterprises, such as hedge funds and real estate partnerships. Losers would be upper middle-class wage-earners unable to channel their incomes through pass-through structures.

    Some tax experts warn slashing the pass-through rate could unleash new tax-dodging schemes to enable Americans to do just that: run their personal incomes through pass-through structures such as partnerships, S corporations and sole proprietorships.
    Business interest. Another change being evaluated by Republicans is ending or further restricting tax deductibility of business interest. This would mean that business borrowers could no longer write off the interest they pay on their debts, another move to raise new federal revenues.

    Businesses have formed a group, called the BUILD Coalition, to oppose the Trump plan's business interest provision. On its web site, the group says "Limiting interest deductibility would hinder businesses’ ability to finance new investments, expansions and innovations, and create new jobs."

    Members of the group include Abbott Laboratories, Owens-Illinois, S&P Global and lobbying groups for many private equity firms, farmers, mortgage bankers, real estate investment trusts, casinos and equipment leasing groups.

    Deficit.


    Not long ago, most Republicans stood firmly against increasing the federal budget deficit and the national debt, but analysts say their tax plan would hugely expand both.

    Washington was expected to collect $3.3 trillion in taxes in 2017, but spend $4 trillion, leaving a deficit of $700 billion. Previous deficits have piled up a national debt of $20 trillion.

    The Trump tax-cut plan would reduce federal tax revenues by $2.4 trillion in the first 10 years and by $3.4 trillion in the 10 years after that, adding greatly to the deficit and the debt, according to the Tax Policy Center, a nonpartisan think tank.
    The plan would give a small boost to the economy, but soon be overwhelmed by the rising economic burden of federal debt, said the center in a study of the plan released last week.

    Helping the rich.

    The tax plan has struggled since it was unveiled as a rough framework in September with criticism, from Democrats and social activists, that it is a give-away to the wealthy and corporations that hurts or neglects others.

    On that issue, the Tax Policy Center study said, "In 2018, all income groups would see their average taxes fall, but some taxpayers in each group would face tax increases. Those with the very highest incomes would receive the biggest tax cuts."

    https://www.msn.com/en-us/news/personalfinance/from-mortgages-to-retirement-conflicts-engulf-trump-tax-plan/ar-AAuhAml

  18. #93
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    Republicans salivate at chance to strip middle class of health insurance and cut taxes for rich

    Because enough is never going to be enough for Republicans, they're going to take a stab at Obamacare repeal in their ‘tax cuts for rich people’ legislation.

    They can't repeal the whole thing, but they can try to pile on to the critical blows the law is suffering undert the Trump administration.

    That means taking away one of the primary motivators for younger, healthier people to sign up for insurance:
    the individual mandate.

    "This does not take insurance away from a single person," said Cotton.

    "It does not cut a dime from Medicaid or the insurance subsidies.

    It simply says the IRS will not fine you if you cannot afford insurance.

    And it would save us $300 billion over ten years and even more after that."

    The savings would come from these people not receiving subsidies from the federal government to pay their premiums.

    That would leave millions of people uninsured not because they don't want to be, but because

    having so many healthy people who decide they don't need insurance leave the markets would drive up costs for everyone else's coverage.

    So, yeah,

    Cotton is lying. It's going to take insurance away from a lot of people.


    And as usual, Republicans don't care.

    https://www.dailykos.com/stories/1711430

  19. #94
    Still Hates Small Ball Spurminator's Avatar
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  20. #95
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    Trump’s Call For Repealing Obamacare Mandate In Tax Bill Lands With A Thud

    President Donald Trump’s Twitter demand Wednesday morning that a repeal of Obamacare’s individual mandate be inserted in the Republican tax bill came out of the blue—and it’s going over like a lead balloon on Capitol Hill.

    The lead author of the tax plan, set to be unveiled on Thursday, as well as moderate Republicans whose votes are crucial for its passage and

    conservative allies of the President, say they’re opposed to adding in the mandate repeal this late in the game, and warn that doing so could put the entire bill in jeopardy.

    “I want to see that individual mandate repealed. I just haven’t seen, no one has seen, 50 votes in the Senate to do it.”

    http://talkingpointsmemo.com/dc/trum...0%28TPMNews%29



  21. #96
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    Republicans worry their tax giveaway to the rich will be viewed as a tax giveaway to the rich

    This is rich: Republicans are catching on to the fact that raising the tax rate on the lowest income earners doesn't look good when you're lowering the tax rate on the highest incoming earners.

    The Hill writes:

    Under the framework Republicans are using, the seven tax brackets now in the tax code — including the lowest 10 percent bracket and the highest 39.6 percent bracket — would be collapsed into three, taxing people at 12 percent, 25 percent and 35 percent, depending on their income levels. [...]


    But Republican senators fear it will be difficult to explain to voters

    why they’re raising the tax rate for low- and middle-income Americans

    while cutting the tax rate for the wealthiest.


    A Reuters-Ipsos poll released last week found that less than a third of Americans support Trump’s tax plan.

    Whatever Republicans release, it will be a disaster to sell. They're talking about bad optics but don't seem to be making the logical leap to bad substance.

    And they still have a math problem they're not even close to fixing.


    https://www.dailykos.com/stories/201...ay-to-the-rich

    Repugs don't worry about except their BigDonor dictates. They don't care if their base is screwed, because their base only cares about Repugs ing over, crushing LGBT, blacks, brown, immigrants, Muslims, PP.
    Last edited by boutons_deux; 11-01-2017 at 11:44 PM.

  22. #97
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    To Pay for Their Tax Plan, Republicans May Make 401(k)s Even Worse

    In whittling down 401(k) contribution limits, Republicans threaten an already-inadequate retirement savings vehicle.
    O
    One of the many dubious particulars of the Republicans’ new tax proposal is the way they’re considering paying for it: reducing Americans’ ability to save for their retirements through 401(k)s.

    The GOP’s plan is to offset the huge cost of tax cuts for the wealthy by

    limiting tax-deferred contributions into traditional 401(k)s,

    whittling down a benefit that already does too little to help most Americans prepare for retirement.

    With this passing of the buck, 401(k) plans themselves are reminiscent of trickle-down economics. Before the rise of the 401(k), pensions dominated. By March 2017, just 15 percent of private-sector workers participated in traditional pension (“defined-benefit”) plans (the rate is much higher in the public sector).

    But most Americans don’t actually benefit from 401(k)s.

    According to the Census Bureau, only one-third of Americans actually contribute to a 401(k), perhaps because they aren’t signing up for the plan or because they aren’t eligible—or because their employer doesn’t offer a 401(k) plan or any retirement savings plan at all.

    The retirement inequality gap is even greater than the income inequality gap.

    Approximately half of the tax benefits from traditional 401(k) plans go to the richest 10 percent; just 3.5 percent of those benefits go to those in the bottom half of the wealth distribution.

    http://prospect.org/article/pay-thei...1ks-even-worse



  23. #98
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    GOP tax reform could eliminate tax break for disaster victims that Congress just expanded

    getting rid of deductions that only benefit a few people leads to lower rates for the most people.

    eliminates the medical expense deduction,

    https://www.usatoday.com/story/news/politics/2017/10/02/gop-tax-reform-could-eliminate-tax-break-disaster-victims-congress-just-expanded/716994001/

    Repugs are gonna hard and deep a lot of needy people in order to enrich the oligarchy.


  24. #99
    Mr. John Wayne CosmicCowboy's Avatar
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    Damn. Thought there would be a real discussion of the tax bill in here but sadly its just more boukaki fake news.

  25. #100
    Prince of Whales RandomGuy's Avatar
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    Damn. Thought there would be a real discussion of the tax bill in here but sadly its just more boukaki fake news.
    Hard to have a discussion of a secret tax plan. GOP in congress now doing, and to a greater degree, what they ed about incessantly when Democrats did it.

    SALT deduction is safe though. No way to put that in when they will lose R votes in high cost of living states + united Democratic opposition.

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