Biggest Reform EVER passed thread
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ConnorEl
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ConnorEl
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PhDeac
PM a mod to cement your internet status forever
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Income is taxed, not people. Income changes. You act like everybody is going to continuously have the same income for the next ten years. It's a weird argument.
ConnorEl
Well-known member
ConnorEl
Well-known member
ConnorEl
Well-known member
How America's Vision of Progressive Tax Reform Died
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...So it is not a surprise that when Trump talks about tax reform, the heart of his proposal revolves around cutting taxes for corporate America as well as upper-income Americans. What has been lost in American politics is a vision of public policy offering real mechanisms for reducing economic inequality and raising revenue on a fair basis. What has almost totally disappeared is political support for the kind of a progressive tax system that was in place during the most economically robust period in nation’s history—what we still call the American Century.
When Congress debates Trump’s plan in the coming weeks, it will be important for members concerned with rising inequality to look back to a period when tax reform meant something very different. Only by reclaiming that older vision will Congress be able to counteract the influence of corporations and the affluent that have been reshaping American politics for decades and making Franklin Roosevelt’s vision of a more equitable capitalism a vanishing memory.
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Quote
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...So it is not a surprise that when Trump talks about tax reform, the heart of his proposal revolves around cutting taxes for corporate America as well as upper-income Americans. What has been lost in American politics is a vision of public policy offering real mechanisms for reducing economic inequality and raising revenue on a fair basis. What has almost totally disappeared is political support for the kind of a progressive tax system that was in place during the most economically robust period in nation’s history—what we still call the American Century.
When Congress debates Trump’s plan in the coming weeks, it will be important for members concerned with rising inequality to look back to a period when tax reform meant something very different. Only by reclaiming that older vision will Congress be able to counteract the influence of corporations and the affluent that have been reshaping American politics for decades and making Franklin Roosevelt’s vision of a more equitable capitalism a vanishing memory.
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ChrisL68
Riley Skinner
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There are base erosion prevention measures in the current tax bill. Not sure that single sales apportionment is the best method. It is very favorable to companies with domestic investment which would only be recouped if you taxed foreign companies with any footprint in the US under the same method which wouldn't pass WTO muster IMO.
avalon
Antwan Scott
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I missed this until after reading the thread on WFU impacts of the tax bill. After Republicans were shamed into taking out the amendment that protected the DeVos-funded school from the tax on endowment interest income, they raised the threshold for the per-student endowment $ amount that the tax would apply to.
Senate Twist on New Endowment Tax Could Spare Some U.S. Schools
So DeVos' school will avoid the tax anyway. Those slippery mf-ers.
Senate Twist on New Endowment Tax Could Spare Some U.S. Schools
So DeVos' school will avoid the tax anyway. Those slippery mf-ers.
ConnorEl
Well-known member
Some Pubs awakening...mostly better educated ones. From W-SJ letters:
Quote:
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PIETER OTTEN, King
Tax scam
I’m a registered Republican living in Foxx country; low taxes and small government are my core beliefs. Every primary, however, I dutifully voted for any challenger to Rep. Virginia Foxx’s seemingly untouchable position, as the mostly low-income working taxpayers in Stokes County are not served by her.
Her lockstep vote for the tax scam that has been rammed through the legislative process, for lack of a better word, and which will hurt the many low-income workers in her district, is a prime example.
I’ve considered leaving the GOP, it’s still very much a possibility for me. However, I think my energy is better spent showing the voters in the 5th congressional district that Foxx has been allowed to hide behind the Bible, abortion and guns for far too long and that they, the voters, should start considering their financial future and quality of life when voting.
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Quote:
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PIETER OTTEN, King
Tax scam
I’m a registered Republican living in Foxx country; low taxes and small government are my core beliefs. Every primary, however, I dutifully voted for any challenger to Rep. Virginia Foxx’s seemingly untouchable position, as the mostly low-income working taxpayers in Stokes County are not served by her.
Her lockstep vote for the tax scam that has been rammed through the legislative process, for lack of a better word, and which will hurt the many low-income workers in her district, is a prime example.
I’ve considered leaving the GOP, it’s still very much a possibility for me. However, I think my energy is better spent showing the voters in the 5th congressional district that Foxx has been allowed to hide behind the Bible, abortion and guns for far too long and that they, the voters, should start considering their financial future and quality of life when voting.
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ImTheCaptain
I disagree with you
bullshit
ConnorEl
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Louis Gossett Jr
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If you are in a party that once elected then ignores the people that voted for them because they already got your vote you might want to be a little weary about promises made that will occur after your vote has been counted in the senate.
WFFaithful
Well-known member
If only there were some indication that Trump doesn't tell the truth.
Wakeforest22890
Snowpom
According to NYMag, in its rush to pass the bill without actually reading it the Senate GOP accidentally killed all corporate tax deductions.
http://nymag.com/daily/intelligence...ally-killed-all-corporate-tax-deductions.html
"The GOP had originally intended to abolish the AMT. But on Friday, with the clock running out — and money running short — Senate Republicans put the AMT back into their bill. Unfortunately for McConnell, they forgot to lower the AMT after doing so.
This is a big problem. The Senate bill brings the normal corporate rate down to 20 percent — while leaving the alternative minimum rate at … 20 percent. The legislation would still allow corporations to claim a wide variety of tax credits and deductions — it just renders all them completely worthless. Companies can either take no deductions, and pay a 20 percent rate — or take lots of deductions … and pay a 20 percent rate.
With this blunder, Senate Republicans have achieved the unthinkable: They’ve written a giant corporate tax cut that many of their corporate donors do not like."
McConnell’s mistake has two big implications. First and foremost, it means the Senate will almost certainly have to vote on a tax bill again before one goes into law. Previously, it looked as though Paul Ryan had enough votes in the House to pass the Senate bill as is. This took pressure off the party’s conference committee (the House and Senate leaders tasked with reconciling each chamber’s bills). Worst-case scenario, the House could just rubber-stamp the Senate’s work. Now, that option is deeply undesirable. It remains overwhelmingly likely that Republicans will pass a giant tax cut. But their task is now a bit more difficult.
The second implication is that McConnell is going to need new revenue. In all probability, Republicans are going to drop the alternative-minimum tax rate well below 20 percent. That will put the bill’s price tag over $1.5 trillion. Right now, some of the House’s most heinous revenue raisers — including the infamous tax on graduate student tuition — are not in the Senate bill. Chances are now somewhat higher that these odious provisions will make it into the final legislation, as Republicans will once again be desperate for pay-fors. That said, it’s also possible that the GOP will simply revise their bill’s corporate rate up to 22 percent, now that President Trump has given the party permission to do so.
Regardless, the AMT fiasco is bound to be the tip of an iceberg of unintended consequences. Senate Republicans wanted to pass their (indefensible) tax bill before anyone had time to figure out what was in it. They succeeded a bit more literally than they’d planned."
http://nymag.com/daily/intelligence...ally-killed-all-corporate-tax-deductions.html
"The GOP had originally intended to abolish the AMT. But on Friday, with the clock running out — and money running short — Senate Republicans put the AMT back into their bill. Unfortunately for McConnell, they forgot to lower the AMT after doing so.
This is a big problem. The Senate bill brings the normal corporate rate down to 20 percent — while leaving the alternative minimum rate at … 20 percent. The legislation would still allow corporations to claim a wide variety of tax credits and deductions — it just renders all them completely worthless. Companies can either take no deductions, and pay a 20 percent rate — or take lots of deductions … and pay a 20 percent rate.
With this blunder, Senate Republicans have achieved the unthinkable: They’ve written a giant corporate tax cut that many of their corporate donors do not like."
McConnell’s mistake has two big implications. First and foremost, it means the Senate will almost certainly have to vote on a tax bill again before one goes into law. Previously, it looked as though Paul Ryan had enough votes in the House to pass the Senate bill as is. This took pressure off the party’s conference committee (the House and Senate leaders tasked with reconciling each chamber’s bills). Worst-case scenario, the House could just rubber-stamp the Senate’s work. Now, that option is deeply undesirable. It remains overwhelmingly likely that Republicans will pass a giant tax cut. But their task is now a bit more difficult.
The second implication is that McConnell is going to need new revenue. In all probability, Republicans are going to drop the alternative-minimum tax rate well below 20 percent. That will put the bill’s price tag over $1.5 trillion. Right now, some of the House’s most heinous revenue raisers — including the infamous tax on graduate student tuition — are not in the Senate bill. Chances are now somewhat higher that these odious provisions will make it into the final legislation, as Republicans will once again be desperate for pay-fors. That said, it’s also possible that the GOP will simply revise their bill’s corporate rate up to 22 percent, now that President Trump has given the party permission to do so.
Regardless, the AMT fiasco is bound to be the tip of an iceberg of unintended consequences. Senate Republicans wanted to pass their (indefensible) tax bill before anyone had time to figure out what was in it. They succeeded a bit more literally than they’d planned."
dot com
Well-known member
Unbelievable.