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Biggest Reform EVER passed thread

palmab03 said:
Dems would be in good shape if it weren't all their own seats that came up in 2018, that's just bad timing.
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Not really. It's the same situation that comes up any time an incumbent President has coattails, but his party can't get elected again.
 
Congratulations Pubs!

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palmab03 said:
And saying to any real american "Ignore the $20-40k you'll save over the next 10 years, cause year 11 could possibly suck" is a losing argument.
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have you seen the approval ratings of this legislation?
 
A Historic Tax Heist

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With barely a vote to spare early Saturday morning, the Senate passed a tax bill confirming that the Republican leaders’ primary goal is to enrich the country’s elite at the expense of everybody else, including future generations who will end up bearing the cost. The approval of this looting of the public purse by corporations and the wealthy makes it a near certainty that President Trump will sign this or a similar bill into law in the coming days.

The bill is expected to add more than $1.4 trillion to the federal deficit over the next decade, a debt that will be paid by the poor and middle class in future tax increases and spending cuts to Medicare, Social Security and other government programs. Its modest tax cuts for the middle class disappear after eight years. And up to 13 million people stand to lose their health insurance because the bill makes a big change to the Affordable Care Act.

Yet Republicans somehow found a way to give a giant and permanent tax cut to corporations like Apple, General Electric and Goldman Sachs, saving those businesses tens of billions of dollars.

Because the Senate was rewriting its bill till the last minute, only the dealmakers themselves knew what the chamber voted on. There will, no doubt, be many unpleasant surprises as both houses work to pass final legislation for President Trump to sign.

The votes for the bill by Susan Collins of Maine and John McCain and Jeff Flake of Arizona were particularly disheartening. Ms. Collins, who helped sink an effort to effectively repeal the A.C.A. in September, blithely voted for a tax bill that will leave a gaping hole in that law by repealing its requirement that most people have insurance or pay a penalty. She traded away her vote for an inadequate deduction for property taxes and empty promises from Mr. Trump and the majority leader, Mitch McConnell, that they would help shore up the A.C.A., which they have repeatedly tried to sabotage. Mr. McCain, who previously voted against tax cuts in the Bush era because they were heavily tilted in favor of the rich rather than the middle class, seemed unconcerned that this bill was even worse in that regard. Then there is Mr. Flake, who has spoken powerfully against Mr. Trump and who is not seeking re-election. He folded on the basis of vague assurances about protecting the Dreamers, young undocumented immigrants brought to the country as children.

Republicans offered one fantasy after another to make the case for their budget-busting tax cuts. For example, the White House has said that cutting the corporate tax to 20 percent from 35 percent will lead to a boom in investment and wages — an argument disputed by most credible economists. Almost all of those extra profits will enrich senior executives and shareholders, experts say. This week, The Times reported that despite the repeated claims of the Treasury secretary, Steven Mnuchin, his department never produced an analysis that backs up the administration’s assertion that the tax cuts would pay for themselves. It is not hard to see why. The Joint Committee on Taxation, the Urban-Brookings Tax Policy Center and other experts say that the bill would not come close to paying for itself.

For his part, Mr. Trump has repeatedly asserted with a straight face that the tax bill would hurt him. In fact, it will give him and his family a windfall. That’s because the Senate bill will provide a generous tax break for income that people earn through limited liability corporations, partnerships and other so-called pass-through businesses that do not pay taxes before passing on profits to owners. Under the Senate bill, the president will be able to claim a 23 percent deduction on profits he earns through his more than 500 pass-through businesses.

You can expect the lies to become even more brazen as Republicans seek to defend this terrible bill. But no amount of prevarication can change the fact that Congress and Mr. Trump are giving a giant gift to their donors and sticking the rest of the country with the tab.
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I would be shocked if Apple is a big US tax winner in this. They were keeping profits parked overseas and not paying any US taxes on them regardless. Now they will have to pay taxes on these accumulated earnings and will probably be hit with this minimum tax on overseas intangible investments. I suspect their US tax bill will increase.

They will have free fund access now which will allow them use that money for whatever domestic purpose they want.

The big winners are domestic manufacturers that were paying 35% on their profits.
 
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I don't know--I've no expertise in corporate finance or taxes. But googling "tax reform apple" yields a number of articles that seem to suggest Apple will benefit significantly from the tax reform bills being hashed out.

Maybe the domestic manufacturers even more?
 
Well I cNt wait for my huge raise now that the corporation I work for is getting its taxes slashed! I expect the trickle on my next review in March. Hallelujah
 
ConnorEl said:
I don't know--I've no expertise in corporate finance or taxes. But googling "tax reform apple" yields a number of articles that seem to suggest Apple will benefit significantly from the tax reform bills being hashed out.

Maybe the domestic manufacturers even more?
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It gives them a benefit of being able to freely repatriate their profits instead of keeping them parked overseas.

They will recognize a 12% benefit on domestic profits, but will be subject to a 12.5% worldwide tax on overseas profits that are in tax haven jurisdictions without brick and mortar investments. So I suspect their US tax base will increase.
 
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TownieDeac said:
It's very good and cool and normal that my family gets to wait to see if my sister gets to keep going to school based on what these very sensible and well intentioned men think.
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tuition waiver taxability isn't in the Senate bill, correct? I suspect that the final bill will look very much like the Senate bill.
 
TownieDeac said:
Right, but was in House, so we get to wait and see what these very sensible and welll intentioned men think
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They barely got this past the Senate with a bunch of wrangling for individual members and they need to pass this quickly before the Bama GOP election. I don't see that house provision making it in the final bill.
 
It’s telling what each party has spent most of it’s political capital on in the last decade or so.
 
Now that the bill was passed in the middle of the night with handwritten additions in the margins, time to shine some light on this monstrosity. Bringing in the VP in the middle of the night to break the tie on an amendment that expands 529 plans to K-12 private school education, while gutting the deductions for the taxes that pay for public schools, is pretty gross.

Increasing deductions for luxury car owners seems super important for a middle class tax cut.
 
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