• Welcome to OGBoards 10.0, keep in mind that we will be making LOTS of changes to smooth out the experience here and make it as close as possible functionally to the old software, but feel free to drop suggestions or requests in the Tech Support subforum!

Biggest Reform EVER passed thread

It's not about simplicity. It's about rolling back deductions to pay for huge tax cuts for the wealthy.
https://youtu.be/PDB1ZJjJnPA

As long as they keep the estate tax bullshit in there, I'll agree with you. I think the house put it in there willing to take it out as the "compromise" to get the other shit done. If they eventually agree to take that out then I think the simplicity argument holds. I just can't see them pushing this through with the estate tax repeal in effect. Once that's gone, there's no longer a major counter argument against this legislation that resonates.
 
As long as they keep the estate tax bullshit in there, I'll agree with you. I think the house put it in there willing to take it out as the "compromise" to get the other shit done. If they eventually agree to take that out then I think the simplicity argument holds. I just can't see them pushing this through with the estate tax repeal in effect. Once that's gone, there's no longer a major counter argument against this legislation that resonates.

Well, except that it's a trillion dollar tax cut for corporations, business owners, and the investment class paid for by (a) a tax hike on other people and (b) borrowing more money for our grandchildren to repay, which is something Republicans pretend to care about when Democrats do it. The simplicity argument only holds for the households that will take the larger standard deduction instead of itemizing, which is probably about 25% of households. There is nothing here that simplifies the corporate or partnership tax code, and the rules around pass-throughs and international income add more complexity. To put it mildly, I disagree that this bill has anything to do with "simplification".
 
So what you're saying is that this is a pretty sweet time to be seriously considering adoption, huh?
 
This seems reasonable, let this guy do it.

 
Senate GOP Unveils Tax Bill With More Pain for Blue States

The House included a deduction for the first $10,000 in property taxes to appease those members, but the Senate, which has fewer Republicans from such states, has no such provision in its bill. In the end, the House may be forced to swallow whatever the Senate passes and it's unclear if dissenting lawmakers from high-tax states have enough numbers to prevent it.

The Senate plan would be more generous than the House, however, on the mortgage interest deduction, imposing a cap of $1 million on new homes to qualify compared to the $500,000 set by the House. And it would preserve the medical expenses deduction, which the House looked to scrap.

The Senate version also would delay a drop in the corporate tax rate from 35 percent to 20 percent by one year after passage, unlike the House version, which would have the cuts kick in right away.
 
Trump and Ryan Versus the Little People

Quote
————
...So when Gary Cohn, Trump’s top economic adviser, says that the bill’s goal is “to deliver middle-class tax cuts to the hard-working families in this country,” he’s claiming that up is down and black is white. This bill does little or nothing for the middle class, and even among the affluent it’s biased against those who work hard in favor of the idle rich.

Also let’s not forget that tax increases on working Americans are only part of the story. This bill would also, according to the Congressional Budget Office, add $1.7 trillion to the national debt over the next decade. You know what that means: If this bill or anything like it passes, Republicans will immediately revert to their previous pretense of being deficit hawks and start demanding spending cuts.

And since federal spending is dominated by programs — Social Security, Medicare and Medicaid — that benefit the middle and working classes, the end result of this tax bill would be to leave most working Americans, even those who wouldn’t face direct tax increases, worse off, all for the benefit of a tiny minority, especially those who haven’t even worked for their wealth.

You might wonder how Republicans imagine that they can get away with this. But anyone who has paid attention to U.S. politics knows the answer. First, they will lie, unashamedly, about what their bill actually does. Second, they will try to distract working-class voters by stoking racial animosity. That didn’t work too well in Tuesday’s elections, but they’ll keep on trying.
————
 
The Senate bill is a bit better than the House bill. Doesn't fully repeal the estate tax. Also gets rid of carried interest. The prop tax thing doesn't matter all that much as so few ppl would be itemizing anyways. But I don't get why they keep adjusting prop tax and the mortgage interest cap, the two are hand in hand.
 
Also looks like the Senate bill won't have those same metrics where it shows certain families get screwed. Looks like everyone is rather significantly better off under their rules. Except some future homeowners in blue states. But like all tax brackets are way better off.
 
 
McConnell and Ryan now saying they "misspoke" when they said no one in the middle class will get a tax increase. LOL.
 
McConnell and Ryan now saying they "misspoke" when they said no one in the middle class will get a tax increase. LOL.

So what's the reason for all this again?
 
So what is the reason for all this again?

The theory that american companies are at a competitive disadvantage for reasons including our high corporate tax rates. According to this theory this hurts everyone.

Also looks like if the Senate plan goes forward, they're throwing money at most everyone to buy their votes. I'm for sale.
 
Last edited:
Back
Top