CDZ If the Tax Bill Passes

Discussion in 'Clean Debate Zone' started by william the wie, Oct 21, 2017.

  1. Xelor
    Offline

    Xelor Gold Member

    Joined:
    Jan 1, 2017
    Messages:
    7,757
    Thanks Received:
    1,146
    Trophy Points:
    210
    Location:
    D.C.
    Ratings:
    +4,055
    I expect my taxes to go down by a lot.
     
  2. sartre play
    Offline

    sartre play Gold Member

    Joined:
    May 4, 2015
    Messages:
    1,570
    Thanks Received:
    163
    Trophy Points:
    140
    Ratings:
    +591
    Think it will pass, but its set up so the potential damage wont begin to appear until after the next election & its true scope until after the 2020 elections. the only thing that will show up right away is the additional trillion+ added to the debt. early on much noise was made over the needed reduction of the debt. only hear silence now. don't understand what that trade off is about. as usual it looks like ordinary working folks will carry most of the burden.
     
  3. Xelor
    Offline

    Xelor Gold Member

    Joined:
    Jan 1, 2017
    Messages:
    7,757
    Thanks Received:
    1,146
    Trophy Points:
    210
    Location:
    D.C.
    Ratings:
    +4,055
    Well, according to what I just heard on the news, I should expect that I'm going to see something in excess of $130K in my pocket as a result of Trump's tax proposal. (The sum cited is just my quoting what I heard the news anchor say regarding earners roughly in my range of income. I haven't done the math for my specific earnings.) That's about enough to cover the tuition for two of my kids' college next year. Now that's great, and as I've repeatedly said, yes, I'll take the money. But here's the thing: my kids are already attending those schools and I'm already paying out of pocket for them to be there. The money Trump/the GOP wants to put back into my pocket won't alter their or my lifestyles.

    The current GOP proposal, according to what I just saw on cable news, defines three tax brackets -- 12%, 25% and 25% -- where by the projected tax saving are as follows:
    • After tax incomes up to $25K --> 0.5% savings, corresponding to ~$50 to $125.
    • After tax incomes between $48.6K and $85.1K --> 1.3% savings corresponding to ~$630 to $1106
    • After tax incomes of $150K+ --> 3.3% savings corresponding to $4950+ (because of some current phase out provisions, for this group, the actual savings aren't as easily shown by merely multiplying the rate times the income, accordingly the savings for this group actually start at $8500, but I'm not going to take the time here to explain them, so I've, for now, gone with the $4950 figure.)
    That is a travesty and a miscarriage of equitableness in my mind. Why in the hell is the thing not structured so the savings percentages are reversed or otherwise designed so that the highest earner aren't the ones reaping the greatest percentage savings? For instance, why aren't the folks with incomes up to $25K the one's who'll see the 3.3% savings? I realize that $825 dollars isn't much, but I suspect that $825 to a person earning $25K means a good deal more than does ~$5K to someone earning $150K. Be that as it may, the folks earning $25K or less are surely the ones most in need of the savings, yet they aren't the ones who are receiving the greatest percentage measure of relief.


    Are those savings going to alter the lifestyles of low and middle income earners? No! But, IMO, if Trump's/the GOP's tax proposal were intended to be good for low and middle income earners, they'd be structured so that they do provide enough that some sort of noteworthy change would be possible as a result of the tax savings.
    Why would I suggest structuring the tax changes thus? Well, because I know how much it'd take for a tax liability reduction to alter the lives of people in my income bracket and higher -- and I'm nowhere near the top of high income earners -- and it's simply not realistic to think that kind of reduction is plausible, probable or even possible. Consequently, I think it better to make possible the prospect of positive life change where one can rather than to not do so anywhere because one cannot do so for everyone.
     
  4. GHook93
    Offline

    GHook93 Aristotle

    Joined:
    Apr 22, 2007
    Messages:
    19,319
    Thanks Received:
    3,335
    Trophy Points:
    270
    Location:
    Chicago
    Ratings:
    +6,101
    A boom in the economy, but an issue with the national debt and need to cut spending


    Sent from my iPhone using USMessageBoard.com
     
  5. Xelor
    Offline

    Xelor Gold Member

    Joined:
    Jan 1, 2017
    Messages:
    7,757
    Thanks Received:
    1,146
    Trophy Points:
    210
    Location:
    D.C.
    Ratings:
    +4,055
    Correction:
    The third proposed tax bracket is 35%.​

    Correction:
    "After tax income" should have been "taxable income."​
     
    • Thank You! Thank You! x 1
    Last edited: Oct 24, 2017
  6. alang1216
    Offline

    alang1216 Pragmatist

    Joined:
    Jun 21, 2014
    Messages:
    2,765
    Thanks Received:
    264
    Trophy Points:
    130
    Location:
    Virginia
    Ratings:
    +770
    Impressive income you have there, kudos on being a 1%er. Even more impressive is your civic-minded attitude. The problem with tax breaks for people like yourself is, as you noted, you don't need the money and will likely save/invest it. People on the lower end will spend almost every dime they get and the entire economy will get a spur. I believe it's been shown the tax-reduction benefits trickle up, they don't trickle down.
     
    • Agree Agree x 1
  7. Xelor
    Offline

    Xelor Gold Member

    Joined:
    Jan 1, 2017
    Messages:
    7,757
    Thanks Received:
    1,146
    Trophy Points:
    210
    Location:
    D.C.
    Ratings:
    +4,055
    Thank you. That, unlike my earnings, is a source of pride. One's income simply is what it is, but having money doesn't make one a better citizen or person.
     
  8. alang1216
    Offline

    alang1216 Pragmatist

    Joined:
    Jun 21, 2014
    Messages:
    2,765
    Thanks Received:
    264
    Trophy Points:
    130
    Location:
    Virginia
    Ratings:
    +770
    Still, making $4M/yr is something to be proud of. Unless you inherited $40M, in which case you're a blood-sucking parasite. :eusa_angel:

    Either way, enjoy it.
     
  9. Xelor
    Offline

    Xelor Gold Member

    Joined:
    Jan 1, 2017
    Messages:
    7,757
    Thanks Received:
    1,146
    Trophy Points:
    210
    Location:
    D.C.
    Ratings:
    +4,055
    Without at doubt, I do. LOL
     
  10. Leo123
    Offline

    Leo123 Senior Member

    Joined:
    Aug 26, 2017
    Messages:
    873
    Thanks Received:
    111
    Trophy Points:
    45
    Ratings:
    +588
    Unless the MSM convinces their sheep it ain't really happening.
     

Share This Page