Tax Change In Coronavirus Package Overwhelmingly Benefits Millionaires, Congressional Body Finds

[ThoughtCrimes]

By Jeff Stein

April 14, 2020 at 11:57 a.m. MST

"More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually, according to a report by a nonpartisan congressional body expected to be released Tuesday.

The provision, inserted into the legislation by Senate Republicans, temporarily suspends a limitation on how much owners of businesses formed as “pass-through” entities can deduct against their nonbusiness income, such as capital gains, to reduce their tax liability. The limitation was created as part of the 2017 Republican tax law to offset other tax cuts to firms in that legislation.

Suspending the limitation will cost taxpayers about $90 billion in 2020 alone, part of a set of tax changes that will add close to $170 billion to the national deficit over the next 10 years, according to the
Joint Committee on Taxation (JCT), the nonpartisan congressional body.

The provision has fueled criticism by congressional Democrats and some tax experts who have called it a giveaway to the wealthy and real estate investors, who frequently face large losses on their investments. Conservatives have said enacting the limitation was a mistake in the 2017 law and suspending it gives badly needed liquidity during the economic downturn caused by the coronavirus pandemic by reducing their tax obligations."

~~ https://www.washingtonpost.com/busi...il&utm_source=newsletter&wpisrc=nl_tyh&wpmk=1 ~~

Real shitty of the GOP critters in the Senate to pull this shit without any disclosure or notice of those few critical lines in their 2017 bill being suspended in the new bill. Their was SUPPOSED to be an agreement last month that this type of underhanded shit was supposed to be tabled with their bipartisan agreement to work together without this shit. Can't trust a fucking liar to be truthful! No fucking honor with this GOP bunch in the Senate. I'm glad I shed the GOP back in Aug 1974 when the Crook left the WH for the last time!

 

[gipper]

You can be assured the Ds knew of this provision and approved of it. Senate vote was 96-0 remember? In house voice vote ( thanks to NancyP), only a few voted against it. Likely Rs and independents. Massey and Amash. So, don’t believe your partisan propaganda.

 

[airplanemechanic]

Kinda funny when something passes 96-0 that it's a "partisan bill" passed by only one side.

You guys on the left really crack me the fuck up.

 

[JoeMoma]

Strange how tax cuts tend to benefit those that pay the most in taxes.

 

[Mikeoxenormous]

By Jeff Stein

April 14, 2020 at 11:57 a.m. MST

"More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually, according to a report by a nonpartisan congressional body expected to be released Tuesday.

The provision, inserted into the legislation by Senate Republicans, temporarily suspends a limitation on how much owners of businesses formed as “pass-through” entities can deduct against their nonbusiness income, such as capital gains, to reduce their tax liability. The limitation was created as part of the 2017 Republican tax law to offset other tax cuts to firms in that legislation.

Suspending the limitation will cost taxpayers about $90 billion in 2020 alone, part of a set of tax changes that will add close to $170 billion to the national deficit over the next 10 years, according to the
Joint Committee on Taxation (JCT), the nonpartisan congressional body.

The provision has fueled criticism by congressional Democrats and some tax experts who have called it a giveaway to the wealthy and real estate investors, who frequently face large losses on their investments. Conservatives have said enacting the limitation was a mistake in the 2017 law and suspending it gives badly needed liquidity during the economic downturn caused by the coronavirus pandemic by reducing their tax obligations."

~~ https://www.washingtonpost.com/busi...il&utm_source=newsletter&wpisrc=nl_tyh&wpmk=1 ~~

Real shitty of the GOP critters in the Senate to pull this shit without any disclosure or notice of those few critical lines in their 2017 bill being suspended in the new bill. Their was SUPPOSED to be an agreement last month that this type of underhanded shit was supposed to be tabled with their bipartisan agreement to work together without this shit. Can't trust a fucking liar to be truthful! No fucking honor with this GOP bunch in the Senate. I'm glad I shed the GOP back in Aug 1974 when the Crook left the WH for the last time!

It was amazing that back when the "Time for the planet to heal and stop the rise of the oceans" guy, he had the largest income inequality ever. He put the most in poverty since the war on poverty started, yet today, those same morons are bitching about the President who is trying to get this economy rolling because China released the Wuhan virus to stop his economy....Liberals have no honor..

By they way, the Washington Compost is as reliable as Sears is

 

[OnePercenter]

Strange how tax cuts tend to benefit those that pay the most in taxes.

In amount of money, yes, but as a percentage of total income, the wealthy fare much better.

 

[Preacher]

By Jeff Stein

April 14, 2020 at 11:57 a.m. MST

"More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually, according to a report by a nonpartisan congressional body expected to be released Tuesday.

The provision, inserted into the legislation by Senate Republicans, temporarily suspends a limitation on how much owners of businesses formed as “pass-through” entities can deduct against their nonbusiness income, such as capital gains, to reduce their tax liability. The limitation was created as part of the 2017 Republican tax law to offset other tax cuts to firms in that legislation.

Suspending the limitation will cost taxpayers about $90 billion in 2020 alone, part of a set of tax changes that will add close to $170 billion to the national deficit over the next 10 years, according to the
Joint Committee on Taxation (JCT), the nonpartisan congressional body.

The provision has fueled criticism by congressional Democrats and some tax experts who have called it a giveaway to the wealthy and real estate investors, who frequently face large losses on their investments. Conservatives have said enacting the limitation was a mistake in the 2017 law and suspending it gives badly needed liquidity during the economic downturn caused by the coronavirus pandemic by reducing their tax obligations."

~~ https://www.washingtonpost.com/busi...il&utm_source=newsletter&wpisrc=nl_tyh&wpmk=1 ~~

Real shitty of the GOP critters in the Senate to pull this shit without any disclosure or notice of those few critical lines in their 2017 bill being suspended in the new bill. Their was SUPPOSED to be an agreement last month that this type of underhanded shit was supposed to be tabled with their bipartisan agreement to work together without this shit. Can't trust a fucking liar to be truthful! No fucking honor with this GOP bunch in the Senate. I'm glad I shed the GOP back in Aug 1974 when the Crook left the WH for the last time!

As usual, GOP is party of the rich and Dems are party of illegals and perverts. Normal sane Americans have no party

 

[Mikeoxenormous]

Strange how tax cuts tend to benefit those that pay the most in taxes.

 

[colfax_m]

Kinda funny when something passes 96-0 that it's a "partisan bill" passed by only one side.

You guys on the left really crack me the fuck up.

To be fair, McConnell wrote most of the bill and shoved it in their faces and calling Dems every name in the book for not passing it immediately.

But yeah, Dems should have identified things like this.

 

[colfax_m]

Strange how tax cuts tend to benefit those that pay the most in taxes.

If I have to pay taxes, so should other people. It’s not greed. It’s fairness.

 

[LeftofLeft]

Nothing worse than watching the liberal wealthy elite keep their own money and push policies that take money from the high income earners.

 

[Crepitus]

By Jeff Stein

April 14, 2020 at 11:57 a.m. MST

"More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually, according to a report by a nonpartisan congressional body expected to be released Tuesday.

The provision, inserted into the legislation by Senate Republicans, temporarily suspends a limitation on how much owners of businesses formed as “pass-through” entities can deduct against their nonbusiness income, such as capital gains, to reduce their tax liability. The limitation was created as part of the 2017 Republican tax law to offset other tax cuts to firms in that legislation.

Suspending the limitation will cost taxpayers about $90 billion in 2020 alone, part of a set of tax changes that will add close to $170 billion to the national deficit over the next 10 years, according to the
Joint Committee on Taxation (JCT), the nonpartisan congressional body.

The provision has fueled criticism by congressional Democrats and some tax experts who have called it a giveaway to the wealthy and real estate investors, who frequently face large losses on their investments. Conservatives have said enacting the limitation was a mistake in the 2017 law and suspending it gives badly needed liquidity during the economic downturn caused by the coronavirus pandemic by reducing their tax obligations."

~~ https://www.washingtonpost.com/busi...il&utm_source=newsletter&wpisrc=nl_tyh&wpmk=1 ~~

Real shitty of the GOP critters in the Senate to pull this shit without any disclosure or notice of those few critical lines in their 2017 bill being suspended in the new bill. Their was SUPPOSED to be an agreement last month that this type of underhanded shit was supposed to be tabled with their bipartisan agreement to work together without this shit. Can't trust a fucking liar to be truthful! No fucking honor with this GOP bunch in the Senate. I'm glad I shed the GOP back in Aug 1974 when the Crook left the WH for the last time!

Republicans, whatareyagonnado?

 

[Mikeoxenormous]

Strange how tax cuts tend to benefit those that pay the most in taxes.

If I have to pay taxes, so should other people. It’s not greed. It’s fairness.

I paid $60,000 in taxes last year, isnt that enough, how much did you pay last year?

 

[bendog]

I can see how "the provision" would help a person owning a small biz to keep his building and biz in place and ready to reopen. I can also see the logic in people like Pat Toomey saying there's only so long those employers can hold out. But it seems so me that the numbers of people hospitalized will go down. Rural areas may be the last to show a "peak" in the illness, but that's really irrelevant in terms of small biz in the overall economy

 

[wamose]

In their rush to vilify millionaires, they forgot to say how millionaires are the ones signing most of America's paychecks.

 

[colfax_m]

Strange how tax cuts tend to benefit those that pay the most in taxes.

If I have to pay taxes, so should other people. It’s not greed. It’s fairness.

I paid $60,000 in taxes last year, isnt that enough, how much did you pay last year?

Just under twice that amount.

Let's say they passed a law that said I pay 0% of my income in taxes and you pay 50% of your income in taxes. That wouldn't be greedy of me, would it?

 

[Bootney Lee Farnsworth]

Strange how tax cuts tend to benefit those that pay the most in taxes.

In amount of money, yes, but as a percentage of total income, the wealthy fare much better.

I agree. Let's go to a flat tax. FOR EVERYONE!!! No excuses.

.

 

[Nostra]

Strange how tax cuts tend to benefit those that pay the most in taxes.

In amount of money, yes, but as a percentage of total income, the wealthy fare much better.

I agree. Let's go to a flat tax. FOR EVERYONE!!! No excuses.

.

Sounds "fair" to me.....

 

[Mikeoxenormous]

Strange how tax cuts tend to benefit those that pay the most in taxes.

If I have to pay taxes, so should other people. It’s not greed. It’s fairness.

I paid $60,000 in taxes last year, isnt that enough, how much did you pay last year?

Just under twice that amount.

Let's say they passed a law that said I pay 0% of my income in taxes and you pay 50% of your income in taxes. That wouldn't be greedy of me, would it?

But they didnt, you say people should pay their fair share and most millionaires and billionaires pay more than the lower 50%. Why do you always vilify those who pick up the tab but never those that dont contribute even close to that amount.

 

[colfax_m]

Strange how tax cuts tend to benefit those that pay the most in taxes.

If I have to pay taxes, so should other people. It’s not greed. It’s fairness.

I paid $60,000 in taxes last year, isnt that enough, how much did you pay last year?

Just under twice that amount.

Let's say they passed a law that said I pay 0% of my income in taxes and you pay 50% of your income in taxes. That wouldn't be greedy of me, would it?

But they didnt, you say people should pay their fair share and most millionaires and billionaires pay more than the lower 50%. Why do you always vilify those who pick up the tab but never those that dont contribute even close to that amount.

It was an example, something to highlight the principle.

I'm just not a big fan of the government tax code cutting deals to the special people.