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Thread: Biggest Reform EVER passed thread

  1. #201
    I had a son of a trump supporter that I know on Facebook talk about how great the plan will be for him as a married couple with two kids because it will shield the first $24,000 in income. Then I explained to him under current tax law that his first $29,000 of income is being shielded. The propaganda that that reporter is claiming is in Trump's tax plan is not going to match up to the reality. This supposed small business benefit won't really lower taxes for people who are making less than $250,000 the way they are describing it now
    Last edited by ChrisL68; 10-20-2017 at 08:07 PM.

  2. #202
    You must not have heard, the dem and republican parties paid lip service to middle America, and they responded by electing a champion of their causes. If he says it will be, it will be.

  3. #203
    THE quintessential dwarf palmab03's Avatar
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    Quote Originally Posted by WakeandBake View Post
    or just raise taxes on the highest margins a few points and watch more revenue come in.
    Dude it's already like 50%. The fucking chip some in, poors, mentality isnt that off base. For the most part they chip in nothing and even get a rebate once they have a few kids.

    I will grant you income inequality is a huge issue, but the tax code for the rich dudes who run small business partnerships suckkkkkkkkkssssss.
    just drivin' round in John Voight's car

  4. #204
    Quote Originally Posted by palmab03 View Post
    Dude it's already like 50%. The fucking chip some in, poors, mentality isnt that off base. For the most part they chip in nothing and even get a rebate once they have a few kids.

    I will grant you income inequality is a huge issue, but the tax code for the rich dudes who run small business partnerships suckkkkkkkkkssssss.

    “Rich”

  5. #205
    THE quintessential dwarf palmab03's Avatar
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    Next Up: Tax Reform

    Quote Originally Posted by ChrisL68 View Post
    I had a son of a trump supporter that I know on Facebook talk about how great the plan will be for him as a married couple with two kids because it will shield the first $24,000 in income. Then I explained to him under current tax law that his first $29,000 of income is being shielded. The propaganda that that reporter is claiming is in Trump's tax plan is not going to match up to the reality. This supposed small business benefit won't really lower taxes for people who are making less than $250,000 the way they are describing it now
    Yah, I see that immediately too. I'm fucked unless I buy like a million dollar home with enough interest to get over the standard deduction, now that I'm married and she doesn't make much
    just drivin' round in John Voight's car

  6. #206
    THE quintessential dwarf palmab03's Avatar
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    Next Up: Tax Reform

    Quote Originally Posted by marquee moon View Post
    ďRichĒ
    Generally I've worked in the small business realm of $10-50MM NW owners. Does that not qualify ?

    Cause they seem to hob knob it up pretty well
    just drivin' round in John Voight's car

  7. #207
    Quote Originally Posted by palmab03 View Post
    Dude it's already like 50%. The fucking chip some in, poors, mentality isnt that off base. For the most part they chip in nothing and even get a rebate once they have a few kids.

    I will grant you income inequality is a huge issue, but the tax code for the rich dudes who run small business partnerships suckkkkkkkkkssssss.
    Go read a history book

  8. #208
    Quote Originally Posted by palmab03 View Post
    Yah, I see that immediately too. I'm fucked unless I buy like a million dollar home with enough interest to get over the standard deduction, now that I'm married and she doesn't make much
    If they don't offer a 10% or 15% bracket, it won't help anybody other than the top 5%.

  9. #209
    If you are married with two children, you generally pay your 1st dollar of federal income tax at about the $50K income level.

    For a single person, that would be at about $10K

  10. #210
    PM a mod to cement your internet status forever
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    Next Up: Tax Reform

    Quote Originally Posted by palmab03 View Post
    Yah, I see that immediately too. I'm fucked unless I buy like a million dollar home with enough interest to get over the standard deduction, now that I'm married and she doesn't make much
    Stop marrying poor illegals, palma.
    Last edited by PhDeac; 10-20-2017 at 10:52 PM.

  11. #211
    Lol

  12. #212
    Scooter Banks
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    Quote Originally Posted by WFFaithful View Post
    Guess what's going to take a hit. It's your 401k.

    https://www.marketwatch.com/story/th...ear-2017-10-20

    Way to stick it to the middle class and expand the retirement crisis
    Holy shit, no way. If this is being seriously considered then they are even more lost and wicked than I thought.
    I love mankind...itís people I canít stand!!

  13. #213
    So it sounds like limiting 401k contributions are off the table (at least for today) per dear leader.

    And not surprisingly the White House has no fucking clue how to use mean and median correctly.


  14. #214
    PM a mod to cement your internet status forever
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    Oh they know how they're using it.

  15. #215
    Saw a great tweet from a journalist that said he covered Bill Gates at a small gathering with 10-15 other journalists. The average attendee was a billionaire.

  16. #216

  17. #217
    Scooter Banks
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    I love mankind...itís people I canít stand!!

  18. #218
    Scooter Banks
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    Trump’s $700 Billion Gift to Wealthy Foreigners

    Quote:
    ----------
    Why is Donald Trump planning to give away $700 billion — that’s billion, with a “b” — to foreigners, no strings attached? You probably didn’t know that he’s planning to do this. In fact, he himself almost surely has no idea that he’s planning to do this. But it would be one clearly predictable consequence of the tax “reform” he and his congressional allies are trying to pass.

    Some features of the Trump tax plan are still up in the air. For example, we don’t know exactly how upper-middle-class taxpayers will be punished — will they lose their deduction on state and local taxes, some of their tax breaks on retirement accounts, or something else? But the core of the plan is clearly an enormous cut in taxes on corporate profits, which the nonpartisan Tax Policy Center estimates at $2 trillion over the next decade.

    Now, the administration claims that all of this tax cut will be passed on to workers in the form of higher wages. In fact, it claims that the wage gains from the tax cut will be several times as large as the revenue loss.

    Few independent analysts believe this. In fact, the administration itself doesn’t believe it. Recently Steven Mnuchin, the Treasury secretary, warned that stocks will crash if Congress doesn’t pass tax cuts. But why would stocks crash if all the benefits go to wages rather than profits?

    For what it’s worth, 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. If this sounds like a convoluted and uncertain story, with many weak links in the supposed chain of events that ends up helping workers so much, that’s because it is...

    ...But one thing is true: These days there’s a lot of cross-border investment. In particular, as Steven M. Rosenthal of the Tax Policy Center notes — in a paper I found revelatory — 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. Oh, and it makes all that talk about allies not paying their “fair share” sound kind of silly, doesn’t it?

    And meanwhile, 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. The resolution doesn’t have the force of law, but it’s a pretty clear indication of what’s next if the big tax cuts pass.

    Now, it may sound extreme to say that Trump and his allies want to take away health care from millions largely so that they can give wealthy foreigners a $700 billion gift. But however it may sound, it’s also the literal truth.
    ----------
    I love mankind...itís people I canít stand!!

  19. #219
    Ho hum... just another quarter of at least 3% GDP growth.

    Not to mention the market cap is up $4T since November 2016 and personal savings is up $1T over the first two quarters of 2017.

    Thanks, Russia

  20. #220
    I disagree with you
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    Thanks, Obama, you mean

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