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Biggest Reform EVER passed thread

Obama proposed a 28% corporate tax rate (25% for manufacturers) with a 14% repatriation one time tax and a minimum 19% tax on foreign earnings above what couldn't be justified with tangible asset returns and can be offset by 85% of foreign tax credits.




The Senate passed a 20% corporate tax rate (including manufacturers) with a 14.5% repatriation one time tax and a minimum 12.5% tax which can be offset by 80% of foreign tax credits.



The senate includes capital expensing, which Obama's plan wouldn't, but has a 30% interest expense limitation and a high US leveraged multinational interest expense limitation.
The senate also includes a provision that prevents a foreign owned company from loading up a US subsidiary with deductible payments to its parent to avoid paying US taxes. That sub would now have to pay at least 10% of its income plus its deductible related party payments in tax.

There are some base erosion abuse measures that have been needed.
 
Next Up: Tax Reform

TownieDeac said:
I like that there are two classes in that statement: the uber rich and everyone else

Telling
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Statistically, aren’t the rich more likely to spend money buying women than us poors?
 
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Deacfreak07 said:
They just aren’t even trying to code their shit anymore, huh?
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Yep. One thing Trump's election has clearly done is to embolden even "mainstream" conservatives like Grassley to just say what they really think, and not to codify their meaning anymore. And, what they're saying is pretty much what liberals have thought for decades right-wingers believed: Social Darwinist (the rich are just better than you, the middle class and poor get what they deserve), Evangelical Christians are moral hypocrites who are a tribe rather than a church or coherent religious belief, deep-rooted racism, sexism, etc. I'd like to think it will eventually catch up to them, but I have my doubts. They've really tapped into a vein of mean-spiritedness, anger, blind faith, and intense resentment among many whites that's much greater than many thought existed.
 
Next Up: Tax Reform

Very well said. Conservatives have mastered the ability of talking shit about poor white people but the poor white people think it's only about minorities.
 
So what is the argument that it's better for the whole economy for people to invest than spend?
 
I think you mean 2027?

Anyhow...

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Republicans have countered some of these claims by saying that it is impossible to cut income tax rates without primarily benefiting the rich: The rich make more money, so inevitably they get big reductions when you cut taxes, the theory goes. But this argument is silly. It is mathematically simple to design tax cuts whose benefits go exclusively to lower-income and middle-income families. It just requires making the code more progressive—something that Republicans do not want and have chosen not to do.
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WFFaithful said:
Rep. Tom Cole: this is a drop in the bucket when considering the debt. Just look at how much the Obama administration exploded the debt. Look at what Republican s have done since the took over the House in 2011. They've cut the deficit in hugely. Rising tide lifts all boats!

https://www.npr.org/2017/12/03/568206424/republican-congressman-on-the-gop-tax-bill
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2 rebuttals that I've always enjoyed to the "rising tide lifts all boats" claim: "A rising tide lifts all yachts", and "a rising tide doesn't lift the boats that are already under water." LOL.
 
Next Up: Tax Reform

Or "Most people don't have boats. A rising tide just makes it harder to swim."
 
ConnorEl said:
I think you mean 2027?

Anyhow...

Quote
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Republicans have countered some of these claims by saying that it is impossible to cut income tax rates without primarily benefiting the rich: The rich make more money, so inevitably they get big reductions when you cut taxes, the theory goes. But this argument is silly. It is mathematically simple to design tax cuts whose benefits go exclusively to lower-income and middle-income families. It just requires making the code more progressive—something that Republicans do not want and have chosen not to do.
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I did. But 50% of households pay no federal income tax. What makes it more progressive? going to everyone making under $100k a year paying no federal income tax?
 
palmab03 said:
I did. But 50% of households pay no federal income tax. What makes it more progressive? going to everyone making under $100k a year paying no federal income tax?
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50% of households pay no federal income tax because up to this point the wealthiest Americans haven't had the gall to push a tax cut for the rich that didn't cut taxes for everybody else too.
 
PhDeac said:
50% of households pay no federal income tax because up to this point the wealthiest Americans haven't had the gall to push a tax cut for the rich that didn't cut taxes for everybody else too.
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You're unaware that like 80% of people's taxes are going down for the next 10 years? is the #fakenews that effective?
 
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