Deacfreak07
Ain't played nobody, PAWL!
Other than lowering rates, what is actually "reformed" about the tax code? Aren't there still 7 brackets? Is it really simplified at all?
Other than lowering rates, what is actually "reformed" about the tax code? Aren't there still 7 brackets? Is it really simplified at all?
Other than lowering rates, what is actually "reformed" about the tax code? Aren't there still 7 brackets? Is it really simplified at all?
Other than lowering rates, what is actually "reformed" about the tax code? Aren't there still 7 brackets? Is it really simplified at all?
Well the amount of people who go from itemizing to the standard deduction is significantly more simple.
This is the main simplification, although I wish it would have gone much further down this track. Home mortgage deduction and charitable giving are really the only two deductions I think would be necessary to cut. And if you cut the rates enough I wouldn't even mind getting rid of them.
But the standard deduction being doubled is going to be a big benefit for the vast majority of lower and middle income familes (particularly the lower middle class). There is a lot to dislike in this bill, but there are some good pieces to it. In the end it is probably more like OBamacare. In order to get it passed, it didn't go probably where it needed to be.
But the benefit of the (almost) doubling of the standard deduction is eaten up by the removal of the personal exemption. Somehow the GOP talking points forget to mention that.
But the benefit of the (almost) doubling of the standard deduction is eaten up by the removal of the personal exemption. Somehow the GOP talking points forget to mention that.
The main benefit is simply dropping the rates 3% down pretty much across the board. The Standard deduction change really amounts to about $500.
Except that double digit drop in corporate tax rates that don't expire in ten years.
“As it relates to team members, minimum pay is a topic that we continue to review as part of our efforts to attract and retain talent, and we have been on a path to increasing the minimum hourly rate, having most recently increased it in January 2017,” Gilchrist said in an email in response to an inquiry from The Times .
Asked directly to confirm that the pay raises were not a result of the tax bill, Gilchrist said, “That is correct.”
On Thursday, Gilchrist backtracked.
“We believe tax reform is good for our U.S. economy and are pleased to raise our minimum hourly pay to $15 as a result,” he said after The Times article appeared online.
He would not comment on the reason for the earlier statement or whether Wells Fargo would have raised its pay if the tax bill had not passed.
If businesses would actually use this money to give back to the employees by raising their pay, or treating them like real fucking people, then I would be much more sympathetic to giving bigger tax breaks to corporations.
I think that there is a reasonable argument for lowering corporate tax rates to keep jobs from going overseas, but would need to see some data on that showing a correlation.