GOP Tax Cut Doesn't Pay Cost of Living Rise; Shutdown Exposes Complete GOP Disarray!

[mascale]

Famously a family of four at $60,000 per year gets $1182.00 savings in taxes this year, less than the recent 2% inflation of last year. That was $1200.00, just last year. This year the House GOP needed Democrats to keep the Federal government open. Famously, the Senate Republicans split on the issue of keeping the Federal government open.

The "Corrupt Deal" in the White House is actually far worse for progress than Jello. It has already cost the typical US household, even a cost-of-living increase!

"Crow, James Crow: Shaken, No Stirred!"
(2% does likely compute the time that US President has spent playing golf since taking office! It is either that or get some sleep, (and cutting back on the uppers)!)

 

[mikegriffith1]

Famously a family of four at $60,000 per year gets $1182.00 savings in taxes this year, less than the recent 2% inflation of last year. That was $1200.00, just last year. This year the House GOP needed Democrats to keep the Federal government open. Famously, the Senate Republicans split on the issue of keeping the Federal government open.

Someone flunked grade-school math or is relying on a source that did. A family with a household income of $60K will get more than a 2% tax cut. A $60K family will have their tax rate cut by 3 percentage points, from 15% to 12%, which is a reduction of 20%.

 

[buckeye45_73]

Famously a family of four at $60,000 per year gets $1182.00 savings in taxes this year, less than the recent 2% inflation of last year. That was $1200.00, just last year. This year the House GOP needed Democrats to keep the Federal government open. Famously, the Senate Republicans split on the issue of keeping the Federal government open.

Someone flunked grade-school math or is relying on a source that did. A family with a household income of $60K will get more than a 2% tax cut. A $60K family will have their tax rate cut by 3 percentage points, from 15% to 12%, which is a reduction of 20%.

he was just repeating talking points....he has no clue on this issue

 

[initforme]

The bill would have better had the family making a pittance of 60 grand for triple the cut....but we can't have that can we....not one person was able to explain why the cuts weren't ALot bigger.

 

[mascale]

Half of US income tax filers currently have zero federal income tax liability. A 3% reduction in the income tax rate is zero savings in income taxes. Using Stupid Speaker Ryan's $1182 tax cut saving, for a family of four making $60,000, is less than annual inflation, in excess of 2% per year. It is closer to the expected 1.75% saving built into the first year, lessening after that.

Anyone might expect a 20% increase of income tax liabilities, if the economy heats up markedly. That is because of the new indexing rule, noted below.

Doing the current shut-down, then the Republicans are creating more smoke to paper over(?) this:
_______________________
Tax rates: The new law lowers tax rates for individuals and adjusts the bracket amounts. For 2018 through 2025, the tax rates are 10%; 12%, 22%; 24%; 32%; 35% and 37%. In addition, a chain CPI index will be used for future indexing, thereby reducing the size of annual adjustments.
__________________________
Pro-economy legislators had previously indexed the affected income amounts with CPI indexing. That is also used for Social Security COLA indexing. The Republicans took that away, at least so far in the tax code.

The Republicans took that away from most of the entire Middle Class--anyone in the 20% to 80% range of usual annual income. The cut this year does not keep pace with a 2.2% expected inflation, being a cut of about 1.75% instead. So gone is the usual inflation protection in the federal tax code: Going forward seven more years from this one.

The visuals of Sunday morning, another day which will live in Infamy: Is apparently President Trump working the phones, dialing in to hear the White House voice mail message.

"Crow, James Crow: Shaken, Not Stirred!"
(US economy soon to grow--by enriching more Chinese investing in the U. S. stock market: And then it's on to England, and then to France, and on to the Russian Oligarchs, and "Yee-Haw!")

 

[jknowgood]

Anything is better than nothing. That comes out to be a hundred bucks a month. I won't complain about that.

 

[mikegriffith1]

The bill would have better had the family making a pittance of 60 grand for triple the cut....but we can't have that can we....not one person was able to explain why the cuts weren't ALot bigger.

Huh?????????????? A family making $60K is getting their federal tax burden cut by 20%. Under the Trump tax cuts, a $60K family falls in the second tax bracket, which has had its rate cut from 15% to 12%, a reduction of 20%. And that's just the cut they're getting from the rate cut. If they have kids, they're getting an extra $1,000 per child because the Trump tax cuts have doubled the child tax credit from $1,000 to $2,000 per child.

Free your mind.

 

[initforme]

How about an extra 4 grand per kid? That's a real help.

 

[mascale]

The Speaker's example was created before Senator Rubio pressured the Leadership for the Expanded, Clinton-era per child tax credit. The Refundable part is a lot less, and not entirely tax simplification. The Alabama Senate Special Election had just happened.

The actual cuts do diminish going forward, however, another seven years.

There is speculation that $100 per month, in fact, won't even cover the gasoline expense for the voter registration drives, subsequent all the weekend anti-Trump marches.

And then there is matter of just who in fact: Is dialing in on the White House Voice Mail.

The taxable income amount is not the $60,000.00

"Crow, James Crow: Shaken, Not Stirred!"
(Many Oil-Rich Arabs soon to be buying even more U. S. banks!)

 

[mascale]

The Obama Stimulus had included a Make Work Pay Refundable credit for nearly everyone, one way or another. Actually, it is Canada that has come up with the more effective anti-poverty tax solutions.

"Crow, James Crow: Shaken, Not Stirred!"
(With a sliding dollar likely, maybe some low-income Canadian will even buy out the Koch family, and Speaker Ryan's now famous new slush fund.)

 

[OKTexas]

Famously a family of four at $60,000 per year gets $1182.00 savings in taxes this year, less than the recent 2% inflation of last year. That was $1200.00, just last year. This year the House GOP needed Democrats to keep the Federal government open. Famously, the Senate Republicans split on the issue of keeping the Federal government open.

The "Corrupt Deal" in the White House is actually far worse for progress than Jello. It has already cost the typical US household, even a cost-of-living increase!

"Crow, James Crow: Shaken, No Stirred!"
(2% does likely compute the time that US President has spent playing golf since taking office! It is either that or get some sleep, (and cutting back on the uppers)!)

And the commiecrats voted NO on any cuts, appreciate what you get.


.

 

[BluesLegend]

The Obama Stimulus had included a Make Work Pay Refundable credit for nearly everyone, one way or another. Actually, it is Canada that has come up with the more effective anti-poverty tax solutions.

"Crow, James Crow: Shaken, Not Stirred!"
(With a sliding dollar likely, maybe some low-income Canadian will even buy out the Koch family, and Speaker Ryan's now famous new slush fund.)

Canada should shut up or we'll stomp the shit out of them, probably only take a couple days to conquer their shithole country.

 

[initforme]

5 grand per child make it real.

 

[mikegriffith1]

5 grand per child make it real.

Uh, you realize that if the Democrats had gotten their way, nobody would be getting a tax cut, right? You realize that, right?

In fact, do you recall that in 2012 most Democrats, including Obama, were calling for the repeal of ALL the Bush tax cuts? Remember that? Go look at the tax tables for 2000 and see what you would be paying if the Dems had gotten their way.

 

[mascale]

In fact, in the example of the $60,000 family of four, there is zero federal income tax liability for 2017, and zero federal income tax liability for 2018. And that is with only a $2000 IRA.

There is 2.2% inflation or more.

There is swindle of Americans caused by slime like mikegriffith1 poster, clearly Speaker Ryan, and the entire clan of Trump Family Zingers.

The Republicans took the Obama Refundable Make Work Pay Refundable Income Tax Credit away in 2011, so The Bush Tax Cuts for the rich had not worked. A $1.0 tril. war expense was incurred instead, and not paid for. The Near-Depression was under way. Obama took over and started. Then the Republicans won.

Hillary had encountered National Health Insurance reform, years before.

When Obama took over, tens of millions got a lot.

Because of Trump, McConnell, Ryan, and mikegriffith1 poster: Then tens of millions get nothing, except inflation.

"Crow, James Crow: Shaken, Not Stirred!"
(Something that is nothing: Needs much smoke!)

 

[task0778]

Famously a family of four at $60,000 per year gets $1182.00 savings in taxes this year, less than the recent 2% inflation of last year. That was $1200.00, just last year. This year the House GOP needed Democrats to keep the Federal government open. Famously, the Senate Republicans split on the issue of keeping the Federal government open.

The "Corrupt Deal" in the White House is actually far worse for progress than Jello. It has already cost the typical US household, even a cost-of-living increase!

"Crow, James Crow: Shaken, No Stirred!"
(2% does likely compute the time that US President has spent playing golf since taking office! It is either that or get some sleep, (and cutting back on the uppers)!)

The cost of living was going up anyway, the tax cuts have nothing to do with that cuz they haven't even taken effect yet. At least middle and lower income families will have more money to deal with the COL than they otherwise would have, so what's your problem again?

 

[Manonthestreet]

First it was bad policy.....now dem.s say taxes should have cut more....?

 

[mikegriffith1]

In fact, in the example of the $60,000 family of four, there is zero federal income tax liability for 2017, and zero federal income tax liability for 2018. And that is with only a $2000 IRA.

There is 2.2% inflation or more.

There is swindle of Americans caused by slime like mikegriffith1 poster, clearly Speaker Ryan, and the entire clan of Trump Family Zingers.

The Republicans took the Obama Refundable Make Work Pay Refundable Income Tax Credit away in 2011, so The Bush Tax Cuts for the rich had not worked. A $1.0 tril. war expense was incurred instead, and not paid for. The Near-Depression was under way. Obama took over and started. Then the Republicans won.

Hillary had encountered National Health Insurance reform, years before.

When Obama took over, tens of millions got a lot.

Because of Trump, McConnell, Ryan, and mikegriffith1 poster: Then tens of millions get nothing, except inflation.

"Crow, James Crow: Shaken, Not Stirred!"
(Something that is nothing: Needs much smoke!)

What on earth are you talking about? This is delusional drivel. The biggest rate cuts in the Bush tax cuts went to the middle class. Ditto for the Trump tax cuts, as I have documented numerous times on this board.

If Obama and the Dems had gotten their way on repealing all of the Bush tax cuts, go check out the tax tables for the year 1999 to see what we'd be paying.

And if the Dems had gotten their way last year, nobody would be getting a tax cut right now. We'd all be paying 2017 rates, adjusted for inflation.

FYI, thanks to the Trump tax cuts, my family is getting an extra $200+ per month in take-home pay.

 

[mikegriffith1]

Wanna see what we'd be paying if Obama and the Dems had gotten their way on repealing all of the Bush tax cuts? We'd be paying year 2000 tax rates, the rates under Bill Clinton. Wanna know what those rates were?

* The first bracket rate, married or single, was 15%. Yeap, 15%. That was the first/lowest bracket. Under the Trump tax cuts, the first bracket rate is 10%.

* The second bracket rate, married or single, was 28%. Yes, I said 28%. Under the Trump tax cuts, the second bracket rate is 12%.

* And the third bracket rate, married or single, was 31%. Yes, 31%. Under the Trump tax cuts, the third bracket rate is 22%.

Don't believe me? Here you go: http://www.unclefed.com/IRS-Forms/taxtables/2000_i1040trs.pdf.

 

[task0778]

In fact, in the example of the $60,000 family of four, there is zero federal income tax liability for 2017, and zero federal income tax liability for 2018. And that is with only a $2000 IRA.

There is 2.2% inflation or more.

There is swindle of Americans caused by slime like mikegriffith1 poster, clearly Speaker Ryan, and the entire clan of Trump Family Zingers.

The Republicans took the Obama Refundable Make Work Pay Refundable Income Tax Credit away in 2011, so The Bush Tax Cuts for the rich had not worked. A $1.0 tril. war expense was incurred instead, and not paid for. The Near-Depression was under way. Obama took over and started. Then the Republicans won.

Hillary had encountered National Health Insurance reform, years before.

When Obama took over, tens of millions got a lot.

Because of Trump, McConnell, Ryan, and mikegriffith1 poster: Then tens of millions get nothing, except inflation.

"Crow, James Crow: Shaken, Not Stirred!"
(Something that is nothing: Needs much smoke!)

This is a bald-faced lie. All of it. Tens of millions of middle income people will indeed get more money in their paychecks next month and reduced taxes thanks to the Trump tax cuts. When Obama took over tens of millions got nothin'. ZIP. The cost of living continued to rise but wages did not and everyone knows this.