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Biggest Reform EVER passed thread

palmab03 said:
There's no real legit reason to last minute drop the top tax rate from 39.6 to 37 for those making over a million.

My main gripe over the coverage was IMO the false narrative the rich benefitted when others didn't. That wasn't necessarily true until that change at the end, although most the poor are still probably better off. The coverage and analysis before that was lazy, partisan and annoying.

I could logically support a bill that fucked over rich Californians, a group I'd likely qualify as, if not now in the near future. Now I'll take my 4 grand, but it seems more dirty.
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The rich benefit permanently. The others benefit temporarily until their social services are cut to reduce the deficit.

The coverage is spot on. Don’t be blinded by your crumbs.
 
It's going to be hilarious to see the GOP lose seats over their big "accomplishment".
 
LOL these fucking guys. I mean this is representative of the average person, right?

 
palmab03 said:
My main gripe over the coverage was IMO the false narrative the rich benefitted when others didn't. That wasn't necessarily true until that change at the end, although most the poor are still probably better off. The coverage and analysis before that was lazy, partisan and annoying.
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What planet are you living on???

I typically find the coverage and analysis (both on ogboards.com and in the MSM) to be well researched, non-partisan, and always enlightening.
 
It seems like we're continuing to head toward an economy in which it's harder and harder to build wealth by simply having a job and keeping a job. You've got to own a non-corporate business, be a pass through, own some bit coin, have a diverse portfolio. How can we get back to a place where someone can just work 40 hours a week, move up the ladder, increase their wages year to year, and save enough money to retire in their late-60s?
 
Republican Senators Will Save Millions With Special Real-Estate Tax Break

Corker, the Senate’s fourth richest member in 2015, with an estimated net worth of over $69 million, reported the highest 2016 income from real-estate partnerships — up to $7 million — among GOP senators. His income came from three properties held by LLCs that together were worth as much as $35 million. Montana Sen. Steve Daines, whose estimated net worth was $14.4 million in 2015, reported earning between $425,000 and $4.2 million last year in rental income from eight properties managed by Genesis LLC. Daines, with Wisconsin Sen. Ron Johnson, pushed for a more generous tax deduction for pass-through entities during the Senate tax bill process.

Other top earners were Johnson and Tennessee Sen. Lamar Alexander, who both earned as much as $1 million in 2016 from real estate pass-through vehicles.
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Tax Bill: Bob Corker's Top Aide Could Reap Windfall From Controversial Real Estate Provision
 
PhDeac said:
It seems like we're continuing to head toward an economy in which it's harder and harder to build wealth by simply having a job and keeping a job. You've got to own a non-corporate business, be a pass through, own some bit coin, have a diverse portfolio. How can we get back to a place where someone can just work 40 hours a week, move up the ladder, increase their wages year to year, and save enough money to retire in their late-60s?
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That’s a good question, with no easy or simple answer.

So...let’s just pretend the answer is lower taxes (especially for corporations and those already wealthy) and less regulation of most things. Yea, that’s always the right answer.
 
ChrisL68 said:
https://www.fool.com/retirement/2016/10/30/heres-the-average-american-household-income-how-do.aspx. according to this the average agi income for married filing jointly returns was $117,000 in 2016. That example shows a wage earner making 60k a year and his wife who has a couple of businesses on the side that generates 40k a year. I don't think that's really that unusual of a tax profile.
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Interesting

Have to say I think this sentiment is largely true:

Quote
——————
...It's not about your income, it's what you do with it

It's entirely possible to become rich, even if your household income is well below average. Conversely, it's entirely possible to become poor if you earn a high income. I know plenty of people in both of those categories (unfortunately, more in the latter group).

As long as you live within your means and make saving and investing a priority, you can attain financial freedom, no matter how much you make. ...
——————
 
ChrisL68 said:
https://www.fool.com/retirement/2016/10/30/heres-the-average-american-household-income-how-do.aspx. according to this the average agi income for married filing jointly returns was $117,000 in 2016. That example shows a wage earner making 60k a year and his wife who has a couple of businesses on the side that generates 40k a year. I don't think that's really that unusual of a tax profile.
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What percentage of couples making $100k per year do you think involve one of them owning a business?
 
ChrisL68 said:
https://www.fool.com/retirement/2016/10/30/heres-the-average-american-household-income-how-do.aspx. according to this the average agi income for married filing jointly returns was $117,000 in 2016. That example shows a wage earner making 60k a year and his wife who has a couple of businesses on the side that generates 40k a year. I don't think that's really that unusual of a tax profile.
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I know it doesn't seem like it based on my Facebook feed, but the country isn't full of wives who make $40K a year from Rodan and Fields.

Most married couples filling jointing both earn wages.
 
What's your definition of business? An unincorporated business could include doing carpentry work on the side or selling Avon or other products including on Facebook. That could be a wife who it is for instance running a lunch counter and doing one of those things on the side
 
Anybody receiving a 1099 is by definition running an unincorporated business
 
ChrisL68 said:
https://www.fool.com/retirement/2016/10/30/heres-the-average-american-household-income-how-do.aspx. according to this the average agi income for married filing jointly returns was $117,000 in 2016. That example shows a wage earner making 60k a year and his wife who has a couple of businesses on the side that generates 40k a year. I don't think that's really that unusual of a tax profile.
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It's a cherry picked scenario that is being used to try to sell the bill as a boon to the middle class. It's nowhere near a "typical" tax profile.
 
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