Current GOP Tax Plan

[GMDino]

https://www.usatoday.com/story/news/politics/2017/12/19/republicans-approve-major-tax-code-overhaul-teeing-up-trump-signature/963505001/

Quote:The bill will also lower tax rates for individuals and families temporarily, while increasing the standard deduction and the child tax credit. But because the bill also kills or limits key tax deductions — most notably rolling back the ability of individuals to subtract their state and local taxes from their federal tax bill — the impact on individuals will vary. 


In a study released on Monday, the Tax Policy Center, a nonpartisan think tank often cited by Democrats, concluded that the top 1% of taxpayers, those making more than $732,800, would get 20.5% of all the benefits in the tax bill next year.
The study also found that for people in the middle of the national income scale — making between $48,600 and $86,100 — 91% will see a tax cut averaging $1,090, while 7% will see a tax increase averaging $910 next year.

But "everybody" gets a tax cut!

Well, temporarily.

And when the economy doesn't start growing at the fantastic, amazing, bigly rate they guess it will?  Start cutting programs that protect the least among us.

And y'all bought it hook, line and sinker.

[Aquapod770]

(12-19-2017, 07:16 PM)Belsnickel Wrote: I can actually refer you to this:


Now, since I made my comment the bill has been changed. http://insidehighered.com/news/2017/12/18/large-endowments-would-be-taxed-under-final-gop-tax-plan?utm_content=buffer8f221&utm_medium=social&utm_source=twitter&utm_campaign=IHEbuffer

Both the 117(d) issue and student loan interest would have raised my taxes. Since then, the loan interest issue has been removed and (I believe) the 117(d) issue as well.

Thanks. Being a graduate student myself taxing tuition waivers as earned income was a very stupid idea. I'm glad the final bill didn't include it. 

[Aquapod770]

(12-20-2017, 08:37 AM)GMDino Wrote: https://www.usatoday.com/story/news/politics/2017/12/19/republicans-approve-major-tax-code-overhaul-teeing-up-trump-signature/963505001/




But "everybody" gets a tax cut!

Well, temporarily.

And when the economy doesn't start growing at the fantastic, amazing, bigly rate they guess it will?  Start cutting programs that protect the least among us.

And y'all bought it hook, line and sinker.

Spending cuts are a long time coming. We can argue where those cuts need to be made, but no one comes close to the wasteful spending of the federal government.

[Belsnickel]

(12-20-2017, 10:10 AM)Aquapod770 Wrote: Thanks. Being a graduate student myself taxing tuition waivers as earned income was a very stupid idea. I'm glad the final bill didn't include it. 

There were so many provisions in the House bill that would have been terrible for higher ed.

[GMDino]

(12-20-2017, 10:12 AM)Aquapod770 Wrote: Spending cuts are a long time coming. We can argue where those cuts need to be made, but no one comes close to the wasteful spending of the federal government.

No need to argue.

The GOP just cuts from the poorest so they can feed the people who make the bombs and planes.

Easy peezy.

I've told all the guys in our shop to let me know when their raise comes from the company getting that big tax break and if it covers their increased health care costs that also come with this bill.

[GMDino]

(12-20-2017, 10:15 AM)Belsnickel Wrote: There were so many provisions in the House bill that would have been terrible for higher ed.

If they took that out how did they adjust for it to keep it below the magic number of how much they could add to the deficit?

[Belsnickel]

(12-20-2017, 10:12 AM)Aquapod770 Wrote: Spending cuts are a long time coming. We can argue where those cuts need to be made, but no one comes close to the wasteful spending of the federal government.

This is my issue, cuts need to be made, but where they really need to be made is not where the GOP wants to make them. Where they want to cut is very unpopular to do so, and so what they are doing with this bill is setting up a scenario in which they will have to make those cuts. But, we will be unable to cut deep enough to really turn things around without a revenue increase. We need to be cutting spending and increasing taxes, right now. But that's an unpopular situation for a politician.

[Belsnickel]

(12-20-2017, 10:18 AM)GMDino Wrote: If they took that out how did they adjust for it to keep it below the magic number of how much they could add to the deficit?

My understanding is that the corporate rate is now at 21% instead of 20%. There are probably some other things in there, as well. Honestly, though, we don't really know if it is below the magic number because it hasn't been scored. But, since the rules about that sort of thing can be thrown out the window by the majority party, anyway, it doesn't really matter. They have already shown they don't care about deficits when it benefits them.

[SunsetBengal]

While I really don't have a vast understanding of finance, one part of the tax plan that I do feel strongly about is the elimination of the State and local tax deduction. In my mind, allowing States with high tax rates to withhold contribution to the Federal pot, while still drawing from said pot, is just unfair to the citizens who contribute to that pot without that deduction.

[Belsnickel]

(12-20-2017, 10:42 AM)SunsetBengal Wrote: While I really don't have a vast understanding of finance, one part of the tax plan that I do feel strongly about is the elimination of the State and local tax deduction. In my mind, allowing States with high tax rates to withhold contribution to the Federal pot, while still drawing from said pot, is just unfair to the citizens who contribute to that pot without that deduction.

They ended up leaving that in the code because their big money donors to the GOP that are in those high tax states complained. That is still a deduction simply to placate donors.

[GMDino]

(12-20-2017, 10:23 AM)Belsnickel Wrote: This is my issue, cuts need to be made, but where they really need to be made is not where the GOP wants to make them. Where they want to cut is very unpopular to do so, and so what they are doing with this bill is setting up a scenario in which they will have to make those cuts. But, we will be unable to cut deep enough to really turn things around without a revenue increase. We need to be cutting spending and increasing taxes, right now. But that's an unpopular situation for a politician.

...and voters will see how they got screwed, the pendulum swings the other way and the next group has to make the tough choices.

Then the GOP comes back and says THAT group doesn't care about "the common man" and the rubes vote for them again.

Water wet. Sky blue.

[SunsetBengal]

(12-20-2017, 10:46 AM)Belsnickel Wrote: They ended up leaving that in the code because their big money donors to the GOP that are in those high tax states complained. That is still a deduction simply to placate donors.

Well, sometimes compromise is in order.  From what I just read, that 10K deduction isn't going to make a tremendous amount of difference, unless someone is teetering on one tax bracket from another.  For example, if it applied to my household (22% bracket) the difference in tax owed would be $220.

[*Nately120*]

(12-20-2017, 10:23 AM)Belsnickel Wrote: We need to be cutting spending and increasing taxes, right now. But that's an unpopular situation for a politician.

Indeedy.  It's funny how often the people who complain about how spoiled and entitled the younger generations are also want their trillion-dollar uber goerment stronghold, but also want lower taxes.  This is the world we've created...it's political suicide to even suggest we do the things that would have a chance at fixing things.  The world of politics is a fantasy one, indeed.

[Aquapod770]

(12-20-2017, 10:18 AM)GMDino Wrote: No need to argue.

The GOP just cuts from the poorest so they can feed the people who make the bombs and planes.

Easy peezy.

I've told all the guys in our shop to let me know when their raise comes from the company getting that big tax break and if it covers their increased health care costs that also come with this bill.

https://71republic.com/2017/12/19/chasing-down-the-money-the-pentagon-is-auditing-the-department-of-defense/

[Mike M (the other one)]

(12-20-2017, 10:18 AM)GMDino Wrote: No need to argue.

The GOP just cuts from the poorest so they can feed the people who make the bombs and planes.

Easy peezy.

I've told all the guys in our shop to let me know when their raise comes from the company getting that big tax break and if it covers their increased health care costs that also come with this bill.

Really?
5/3 just passed out bonuses to everyone this year because of the Tax Cut.
I wonder how many more will follow suit??? AT&T??

[GMDino]

(12-21-2017, 03:37 PM)Mike M (the other one) Wrote: Really?
5/3 just passed out bonuses to everyone this year because of the Tax Cut.
I wonder how many more will follow suit??? AT&T??

Really.

Other companies raised their minimum wage without the tax scam bill. 

Publicity stunts do not make for future actions.

Wait and watch.

I'd love to wrong about this but this has never worked.

[GMDino]

https://www.bloomberg.com/news/articles/2017-12-20/trump-is-said-to-plan-tax-signing-jan-3-due-to-technical-issue

Quote:Trump Plans Tax Signing on Jan. 3 Due to Technical Issue

President Donald Trump plans to sign the tax bill on Jan. 3 to ensure automatic spending cuts to Medicare and other programs don’t take effect, according to a House Republican aide familiar with the plans.

The White House informed House GOP members of the timetable, following the likely decision by House Republicans to leave the so-called PAYGO provision out of a year-end spending deal to avoid a government shut down before Friday, the person said who asked not to be named because the plan hasn’t been publicly announced.

Trump and GOP leaders have repeatedly said the president would sign the legislation before Christmas. White House National Economic Council Director Gary Cohn signaled Wednesday morning that the signing date could be pushed back because of the potential for triggering the cuts.

Under the PAYGO law, automatic cuts to Medicare and other spending categories would be triggered by the tax bill in January because the bill is scored as increasing the deficit by $1.5 trillion over 10 years. Waiting until January means that those cuts would be delayed until 2019, according to budget expert Ed Lorenzen of the Committee for a Responsible Federal Budget.

White House officials insisted that no firm timetable had been set. Trump could sign the tax legislation earlier if Congress passed a waiver to the PAYGO rules, but that is unlikely to happen before lawmakers leave Washington for a holiday recess.
“I think we’re just working out some of the logistics on that,” Treasury Secretary Steven Mnuchin said Wednesday on Fox News. “He’ll sign it as quickly as he can.”

Majority Leader Mitch McConnell and Speaker Paul Ryan have vowed that the cuts would not be triggered. They would need Democrats to waive them this year, however, since doing so would require 60 votes in the Senate. Nearly the entire House Democratic caucus last week threatened to block a PAYGO waiver unless Republicans made concessions like restoring the Obamacare individual mandate.

[ballsofsteel]

(12-21-2017, 03:37 PM)Mike M (the other one) Wrote: Really?
5/3 just passed out bonuses to everyone this year because of the Tax Cut.
I wonder how many more will follow suit??? AT&T??

Are they going to continue this every year or is this a one time thing? Are they doing this one time to thank Trump for taking care of them? They will save millions every year.
Why isn't the middle class tax cut permanent?

[ballsofsteel]

(12-21-2017, 04:04 PM)GMDino Wrote: https://www.bloomberg.com/news/articles/2017-12-20/trump-is-said-to-plan-tax-signing-jan-3-due-to-technical-issue

Att & Comcast isn't going to give any bonuses if Trump don't sign the tax bill by Christmas.

PS: Is Mike Pence Donald's *****? What a goofy suckup.

[JustWinBaby]

Good plan. You have to PAY taxes to get a tax cut, as it should be.