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Tax Bill/Reform  Rate Topic 
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 Posted: Thu Dec 21st, 2017 06:41 pm
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DaNkinator



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I'm curious of everyone's thoughts/beliefs on how this plays out.

- Obamacare's individual mandate repealed
- Corporate tax rate cut from 35% to 21-22%
- Home equity loan interest deduction repealed
- Suspension of personal exemption
- Change in inflation gauge
- Temporary increase in child tax credit to $2,000 with first $1,400 being deductible
- Cap the deduction for state and local taxes at $10,000 through 2025

I'm sure there's lots more that I'm missing or forgetting.

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 Posted: Thu Dec 21st, 2017 07:20 pm
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gwlee7



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Huge middle class buttfucking isn’t on your list.



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 Posted: Thu Dec 21st, 2017 08:06 pm
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KGB

 

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Cautiously optimistic. Several companies, among them Comcast, AT&T, Wells Fargo, and Boeing have already reacted by giving out bonuses to all employees, raising wages, and announcing future investments. The corporate tax cut is the key to this, bringing our tax rate into line with the rest of the world. It could and should spur growth of American companies.

Democrats are, predictably, apoplectic that people are going to keep more their own money instead of handing it over to our betters in Washington.

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 Posted: Thu Dec 21st, 2017 08:11 pm
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BlueThunder



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gwlee7 wrote: Huge middle class buttfucking isn’t on your list.

How? The second to the highest bracket gets no reduction. Chances are the top two brackets live in houses where the property taxes exceed 10k. My buddy has a mansion in Newtown CT and his taxes are 30k a year. He's getting ram rodded. 

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 Posted: Thu Dec 21st, 2017 08:16 pm
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Principal_Raditch



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After seeing this same approach decimate Kansas fiscally I'm going to wait and see

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 Posted: Thu Dec 21st, 2017 08:18 pm
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BlueThunder



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I'm not sure about the Capital gains tax. I'm going to have to talk with my accountant. Like KGB already mentioned, we had to get the corporate tax down to compete with the rest of the world. Even if this has a positive effect on the economy, the Dems already have their talking points that corporate tax rates are permanent while the others expire in 2023. Of course, this just shows how the GOP favor those nasty rich corporations.

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 Posted: Thu Dec 21st, 2017 08:29 pm
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Principal_Raditch



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Still not sure why my personal tax rate is now higher than the corporate rate.

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 Posted: Thu Dec 21st, 2017 08:49 pm
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broke



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Become a business!

I wouldnt expect the AT and T bonuses to be a regular thing. Id expect outside of this kind of token good will gesture the money they save on taxes is gonna go straight to shareholders and CEO bonuses.

Really the whole thing is designed to build up an even bigger defecit so medicare and other social programs can be cut in the future. As long as you or a family member never gets sick, prgnant, need surgery, etc. Youre probably going to be fine.

The two highest brackets might not get as fancy a tax cut, but other things in there is gonna result in a nice tax free windfall for them... which e middle class will eventually be stuck covering. I still tip my hat to the GOP for passing some weasel legislation that their base is lapping up with their tongues!



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 Posted: Thu Dec 21st, 2017 09:29 pm
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BlueThunder



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broke wrote: Become a business!

I wouldnt expect the AT and T bonuses to be a regular thing. Id expect outside of this kind of token good will gesture the money they save on taxes is gonna go straight to shareholders and CEO bonuses.

Really the whole thing is designed to build up an even bigger defecit so medicare and other social programs can be cut in the future. As long as you or a family member never gets sick, prgnant, need surgery, etc. Youre probably going to be fine.

The two highest brackets might not get as fancy a tax cut, but other things in there is gonna result in a nice tax free windfall for them... which e middle class will eventually be stuck covering. I still tip my hat to the GOP for passing some weasel legislation that their base is lapping up with their tongues!


Two things that do not mix are open borders to the third world and a welfare system. Immigrants, depending where they arrive, are a drain on our system. Once they get legal status, they're like a kid in the candy store.https://cis.org/Report/Cost-Welfare-Use-Immigrant-and-Native-Households. These figures are from legal immigrants. Illegals are just as big of a strain. 

My dad used to rave about the UK health care when he lived there for 10 years. This probably explained why he was a borderline socialist. At that time, the UK was still somewhat homogeneous and it didn't experience the tidal wave of parasitic refugees. I'm willing to bet that the UK's health care system isn't anywhere near what it used to be now that it's been blessed with diversity.

Don't worry, when Canada become Mogadishu North, you can expect to pay a lot more for these services. The RAISE Act will be a first step in reforming our insane immigration policy. I'm sure the usual gang of Dems and Rinos will oppose it for being xenophobic.

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 Posted: Thu Dec 21st, 2017 09:47 pm
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KGB

 

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BlueThunder wrote: gwlee7 wrote: Huge middle class buttfucking isn’t on your list.

How? The second to the highest bracket gets no reduction. Chances are the top two brackets live in houses where the property taxes exceed 10k. My buddy has a mansion in Newtown CT and his taxes are 30k a year. He's getting ram rodded. 

And let's be clear.  He's getting corn holed by Connecticut, not by the new tax bill. 

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 Posted: Thu Dec 21st, 2017 10:07 pm
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DaNkinator



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OK, What about the CBO saying it would add another $1.5T to our deficit?

Last edited on Thu Dec 21st, 2017 10:09 pm by DaNkinator

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 Posted: Thu Dec 21st, 2017 10:14 pm
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Benlen



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I could see people in california and new york getting screwed .



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 Posted: Thu Dec 21st, 2017 10:29 pm
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BlueThunder



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KGB wrote: BlueThunder wrote: gwlee7 wrote: Huge middle class buttfucking isn’t on your list.

How? The second to the highest bracket gets no reduction. Chances are the top two brackets live in houses where the property taxes exceed 10k. My buddy has a mansion in Newtown CT and his taxes are 30k a year. He's getting ram rodded. 

And let's be clear.  He's getting corn holed by Connecticut, not by the new tax bill. 
Yeah, that's true, but I'm sure once someone is used to certain deductions, there's going to be an initial bitterness when it's no longer there.

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 Posted: Thu Dec 21st, 2017 10:31 pm
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BlueThunder



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Benlen wrote: I could see people in california and new york getting screwed .

SALT (State and local taxes) was added in right before it was voted on

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 Posted: Thu Dec 21st, 2017 10:52 pm
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broke



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More like China-west (Or India North with $$$ if you want an easier target).... but we're talking about US tax reform, not Canadian open borders. You're pulling a Stingmark on me. ;)

FWIW I agree regarding having much stronger vetting on refugee claimants - but more for economic purposes rather than an irrational fear of being blown up by Sami Zayn's cousin after watching a pirate stream of Al Jazeera.



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