"Best" way to defeat GOP'ers in congress=Pass the tax reform

[nat4900]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

 

[Fenton Lum]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

The problem with defeating the GOP is that you wind up with the Democrats. And nothing changes at all. Funny how that always works out.

 

[Smedley VonBuren]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

How do you know what is in the bill? It has not even been written yet. More FAKE NEWS

 

[Fenton Lum]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

How do you know what is in the bill? It has not even been written yet. More FAKE NEWS

Maybe Don should shut his ******* mouth about it then.

 

[Aldo Raine]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

Passing thar reform does not appear to be in the best interests of the country though. Unless you're one of the uber wealthy.

 

[Penelope]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

The problem with defeating the GOP is that you wind up with the Democrats. And nothing changes at all. Funny how that always works out.

Really , the Dems get things done even with Pub majority. the ACA and Iran Deal are just 2 of the examples, and the S&P steadily on the rise during their 8years of Obama. Now we will have to start all over once the Pubs are done with destroying the US.

 

[Fenton Lum]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

The problem with defeating the GOP is that you wind up with the Democrats. And nothing changes at all. Funny how that always works out.

Really , the Dems get things done even with Pub majority. the ACA and Iran Deal are just 2 of the examples, and the S&P steadily on the rise during their 8years of Obama. Now we will have to start all over once the Pubs are done with destroying the US.

The ACA came out of the Heritage foundation, it was a republican think tank plan, furthermore it was allowed - by Obama - to be further tweaked by the insurance and pharma industries. Obama turned 2 wars into 7 and expanded the surveillance state. No one has uttered a peep about mass incarceration in for profit corporate prisons - a growth industry by the way. And with convict leasing we have returned to profiteering from bondage' there's your jobs program in a post industrial society. **** Wall Street banksters. Obama kept the same economic "advisement" team and presided over the 2nd socialist bailout. Goldman Sachs always populates your white house "either" way and lobbyists flip back and forth so fast ya can get whiplash watching it. The Dems eagerly went along with Don and handed the corporate military/industrial complex another $80B a year to engage in empire while society at home and the people watch their economic situation continually deteriorate. Half of all wage earners in america now drag home less than $30K a year, in an economic system predicated upon mass consumption, as we redistribute that wealth toward the top and the Dems do absolutey nothing but pander to the corporate state.

Sorry, you're wrong, it is one corrupt cabal economically cannibalizing societal wealth and redistributing it into the hands of privilege.

All you partisanshitheads are wrong on this, better awaken.

 

[nat4900]

The problem with defeating the GOP is that you wind up with the Democrats. And nothing changes at all. Funny how that always works out.

True.......however crooked and incompetent democrats may be, they tend to do LESS harm then these current, bribed republicans.

 

[nat4900]

How do you know what is in the bill? It has not even been written yet. More FAKE NEWS

Get out of your basement........It may not YET be law, but the"fix is in"

The biggest thing — which senators from both parties emphasized this week — is the passage of "reconciliation instructions" that tell the Senate Finance Committee that a tax bill cannot be filibustered if it adds $1.5 trillion or less to the deficit.

Senate passes budget plan: Here's what that means for tax cuts

Senate Passes $4 Trillion Budget Bill, Paving Way for Tax Reform ...

Senate Approves Budget Plan That Smooths Path Toward Tax Cut ...

 

[usmbguest5318]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress

I don't know how relevant what follows is to this discussion, probably not much...but as a part of the one-percent, I'm absolutely going to avail myself of whatever "goodies" come my way in Trump's so-called tax reform legislation. I and my family did the same thing when Reagan cut taxes, which back then, my parents actually garnered over double in tax savings what was the median income at the time. Ethically, that is in terms of an implemented set of tax provisions, that just doesn't seem right, yet by the same token, they weren't going to not take the savings. I know the same will be so for me, and I suspect the same is so for similarly situated others.


Trump's made a lot of to-do about the lowering of marginal tax rates. What's he's said nothing about is how his tax proposal(s) will affect people's effective tax rate.

• Marginal tax rate --> the statutory rate associated with a given income or range thereof
• Effective tax rate --> the rate at which one actually pays taxes. This is the the true tax rate one experiences and it is determined by dividing one's actual tax liability, after having reduced one's gross income by one's allowed deductions, by one's gross income.

Assuming under Trump's tax plan one is eligible for the same deductions that already exist, unless one's effective tax rate equals the marginal rate, one will see no difference in one's effective tax rate; thus one is no better off than before. Accordingly, for most individuals, the merit of Trump's tax plan depends not on what marginal rates he/it stipulates, but rather on what it does to deductions.

One example of how that plays out is Trump's pass-through income proposals. Well, they'd be great for me and other business owners, but of no use to non-business owners. The fact of the matter is that most people are not business owners, so that provision is great for people who businesses. It's also worth noting that business owners are, as a segment of society, generally better off than their non-business owning peers.


From a fairness standpoint, providing, say, a $500 to $2000K tax liability reduction to a middle income person earning a typical income (~$50K - $70K), while at the same time enacting laws that provide $50K - $200K to a one-percenter ($500K+) is tantamount tossing two slices of bread to a beggar and giving the guy at a "white tablecloth" restaurant the rest of the loaf, all of which he likely won't eat.

The inequity of the matter isn't found in evaluating the proportionality of the offering;, it's found in assessing its impact. Wealthy people can and will surely find things to do with the tax reduction money, but most are very unlikely to do anything they weren't otherwise going to do were they not to have the savings. Thus, while they will end up with more money to their name, that's all it will be in terms of what it'll do to their lifestyles. I mean really. It's not as though people in that income range don't already have "fancy" trips, trinkets and geegaws. When one already buys whatever one wants when one wants it, having more money in one's pocket as a result of tax savings isn't going to alter that behavior nor is it going to increase one's consumption.

Even looking at the matter from a "supply sider's" standpoint, the reality is that even if one could assume the savings would be directed back into some sort of productive endeavor that will produce jobs for "average" wage earners, the fact of our times is that the bulk of that money will be directed not to labor but to capital, and that's not going to produce many jobs at all. Furthermore, even if most of the money saved were invested in labor intensive industries -- fast food, retail, and others -- the jobs produced aren't particularly good paying and there's nothing suggesting that we need more people to do those jobs.

"Best" way to defeat GOP'ers in congress=Pass the tax reform

Considering the nature of our economy, the global economy and where both are headed, I have to agree with you. That said, I suspect Trumpkins will continue to be bamboozled by the admittedly good-sounding marketing BS Trump will deliver regarding the merits of his tax proposals while at the same time making no effort whatsoever to develop a comprehensive understanding of the full impact of those proposals.

 

[usmbguest5318]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

How do you know what is in the bill? It has not even been written yet. More FAKE NEWS

I don't know what's in the bill that will be passed, but I know what Trump has proposed. If what he's proposed makes its way into the bill, I know what the impact of that will be.

• Analysis of Donald Trump's Tax Plan

 

[nat4900]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress

I don't know how relevant what follows is to this discussion, probably not much...but as a part of the one-percent, I'm absolutely going to avail myself of whatever "goodies" come my way in Trump's so-called tax reform legislation. I and my family did the same thing when Reagan cut taxes, which back then, my parents actually garnered over double in tax savings what was the median income at the time. Ethically, that is in terms of an implemented set of tax provisions, that just doesn't seem right, yet by the same token, they weren't going to not take the savings. I know the same will be so for me, and I suspect the same is so for similarly situated others.


Trump's made a lot of to-do about the lowering of marginal tax rates. What's he's said nothing about is how his tax proposal(s) will affect people's effective tax rate.

• Marginal tax rate --> the statutory rate associated with a given income or range thereof
• Effective tax rate --> the rate at which one actually pays taxes. This is the the true tax rate one experiences and it is determined by dividing one's actual tax liability, after having reduced one's gross income by one's allowed deductions, by one's gross income.

Assuming under Trump's tax plan one is eligible for the same deductions that already exist, unless one's effective tax rate equals the marginal rate, one will see no difference in one's effective tax rate; thus one is no better off than before. Accordingly, for most individuals, the merit of Trump's tax plan depends not on what marginal rates he/it stipulates, but rather on what it does to deductions.

One example of how that plays out is Trump's pass-through income proposals. Well, they'd be great for me and other business owners, but of no use to non-business owners. The fact of the matter is that most people are not business owners, so that provision is great for people who businesses. It's also worth noting that business owners are, as a segment of society, generally better off than their non-business owning peers.


From a fairness standpoint, providing, say, a $500 to $2000K tax liability reduction to a middle income person earning a typical income (~$50K - $70K), while at the same time enacting laws that provide $50K - $200K to a one-percenter ($500K+) is tantamount tossing two slices of bread to a beggar and giving the guy at a "white tablecloth" restaurant the rest of the loaf, all of which he likely won't eat.

The inequity of the matter isn't found in evaluating the proportionality of the offering;, it's found in assessing its impact. Wealthy people can and will surely find things to do with the tax reduction money, but most are very unlikely to do anything they weren't otherwise going to do were they not to have the savings. Thus, while they will end up with more money to their name, that's all it will be in terms of what it'll do to their lifestyles. I mean really. It's not as though people in that income range don't already have "fancy" trips, trinkets and geegaws. When one already buys whatever one wants when one wants it, having more money in one's pocket as a result of tax savings isn't going to alter that behavior nor is it going to increase one's consumption.

Even looking at the matter from a "supply sider's" standpoint, the reality is that even if one could assume the savings would be directed back into some sort of productive endeavor that will produce jobs for "average" wage earners, the fact of our times is that the bulk of that money will be directed not to labor but to capital, and that's not going to produce many jobs at all. Furthermore, even if most of the money saved were invested in labor intensive industries -- fast food, retail, and others -- the jobs produced aren't particularly good paying and there's nothing suggesting that we need more people to do those jobs.

"Best" way to defeat GOP'ers in congress=Pass the tax reform

Considering the nature of our economy, the global economy and where both are headed, I have to agree with you. That said, I suspect Trumpkins will continue to be bamboozled by the admittedly good-sounding marketing BS Trump will deliver regarding the merits of his tax proposals while at the same time making no effort whatsoever to develop a comprehensive understanding of the full impact of those proposals.

Well, I'm pleased that this will benefit you and a few others......ALL I really want is for the huckster, Trump, to READILY admit that this tax cut scheme is NOT to aid the middle class, but payback to himself and most of his donors.......

 

[nat4900]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

How do you know what is in the bill? It has not even been written yet. More FAKE NEWS

I don't know what's in the bill that will be passed, but I know what Trump has proposed. If what he's proposed makes its way into the bill, I know what the impact of that will be.

• Analysis of Donald Trump's Tax Plan

From your citation:

If I'm reading it correctly, this proposal would cut taxes at 19% for the rich and only 4.9% for the middle class.

 

[usmbguest5318]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress

I don't know how relevant what follows is to this discussion, probably not much...but as a part of the one-percent, I'm absolutely going to avail myself of whatever "goodies" come my way in Trump's so-called tax reform legislation. I and my family did the same thing when Reagan cut taxes, which back then, my parents actually garnered over double in tax savings what was the median income at the time. Ethically, that is in terms of an implemented set of tax provisions, that just doesn't seem right, yet by the same token, they weren't going to not take the savings. I know the same will be so for me, and I suspect the same is so for similarly situated others.


Trump's made a lot of to-do about the lowering of marginal tax rates. What's he's said nothing about is how his tax proposal(s) will affect people's effective tax rate.

• Marginal tax rate --> the statutory rate associated with a given income or range thereof
• Effective tax rate --> the rate at which one actually pays taxes. This is the the true tax rate one experiences and it is determined by dividing one's actual tax liability, after having reduced one's gross income by one's allowed deductions, by one's gross income.

Assuming under Trump's tax plan one is eligible for the same deductions that already exist, unless one's effective tax rate equals the marginal rate, one will see no difference in one's effective tax rate; thus one is no better off than before. Accordingly, for most individuals, the merit of Trump's tax plan depends not on what marginal rates he/it stipulates, but rather on what it does to deductions.

One example of how that plays out is Trump's pass-through income proposals. Well, they'd be great for me and other business owners, but of no use to non-business owners. The fact of the matter is that most people are not business owners, so that provision is great for people who businesses. It's also worth noting that business owners are, as a segment of society, generally better off than their non-business owning peers.


From a fairness standpoint, providing, say, a $500 to $2000K tax liability reduction to a middle income person earning a typical income (~$50K - $70K), while at the same time enacting laws that provide $50K - $200K to a one-percenter ($500K+) is tantamount tossing two slices of bread to a beggar and giving the guy at a "white tablecloth" restaurant the rest of the loaf, all of which he likely won't eat.

The inequity of the matter isn't found in evaluating the proportionality of the offering;, it's found in assessing its impact. Wealthy people can and will surely find things to do with the tax reduction money, but most are very unlikely to do anything they weren't otherwise going to do were they not to have the savings. Thus, while they will end up with more money to their name, that's all it will be in terms of what it'll do to their lifestyles. I mean really. It's not as though people in that income range don't already have "fancy" trips, trinkets and geegaws. When one already buys whatever one wants when one wants it, having more money in one's pocket as a result of tax savings isn't going to alter that behavior nor is it going to increase one's consumption.

Even looking at the matter from a "supply sider's" standpoint, the reality is that even if one could assume the savings would be directed back into some sort of productive endeavor that will produce jobs for "average" wage earners, the fact of our times is that the bulk of that money will be directed not to labor but to capital, and that's not going to produce many jobs at all. Furthermore, even if most of the money saved were invested in labor intensive industries -- fast food, retail, and others -- the jobs produced aren't particularly good paying and there's nothing suggesting that we need more people to do those jobs.

"Best" way to defeat GOP'ers in congress=Pass the tax reform

Considering the nature of our economy, the global economy and where both are headed, I have to agree with you. That said, I suspect Trumpkins will continue to be bamboozled by the admittedly good-sounding marketing BS Trump will deliver regarding the merits of his tax proposals while at the same time making no effort whatsoever to develop a comprehensive understanding of the full impact of those proposals.

Well, I'm pleased that this will benefit you and a few others......ALL I really want is for the huckster, Trump, to READILY admit that this tax cut scheme is NOT to aid the middle class, but payback to himself and most of his donors.......

ALL I really want is for the huckster, Trump, to READILY admit that this tax cut scheme is NOT to aid the middle class

I think we both know that's not going to happen.

Well, I'm pleased that this will benefit you and a few others......

Well, TY, but the fact of the matter is that I'm not among the crowd screaming that Trump's proposed cuts benefitting me and others like me must happen. If they do materialize, yes, I'll avail myself of them, but if they don't, I'll be just fine. Everyone, myself included, prefers to pay less in taxes, but whether or not the amount less one pays is going to alter anything material about their life is a wholly different matter. My point in sharing that is to say that tax cut or no tax cut, my life and that of people like me, isn't going to change.

 

[nat4900]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress

I don't know how relevant what follows is to this discussion, probably not much...but as a part of the one-percent, I'm absolutely going to avail myself of whatever "goodies" come my way in Trump's so-called tax reform legislation. I and my family did the same thing when Reagan cut taxes, which back then, my parents actually garnered over double in tax savings what was the median income at the time. Ethically, that is in terms of an implemented set of tax provisions, that just doesn't seem right, yet by the same token, they weren't going to not take the savings. I know the same will be so for me, and I suspect the same is so for similarly situated others.


Trump's made a lot of to-do about the lowering of marginal tax rates. What's he's said nothing about is how his tax proposal(s) will affect people's effective tax rate.

• Marginal tax rate --> the statutory rate associated with a given income or range thereof
• Effective tax rate --> the rate at which one actually pays taxes. This is the the true tax rate one experiences and it is determined by dividing one's actual tax liability, after having reduced one's gross income by one's allowed deductions, by one's gross income.

Assuming under Trump's tax plan one is eligible for the same deductions that already exist, unless one's effective tax rate equals the marginal rate, one will see no difference in one's effective tax rate; thus one is no better off than before. Accordingly, for most individuals, the merit of Trump's tax plan depends not on what marginal rates he/it stipulates, but rather on what it does to deductions.

One example of how that plays out is Trump's pass-through income proposals. Well, they'd be great for me and other business owners, but of no use to non-business owners. The fact of the matter is that most people are not business owners, so that provision is great for people who businesses. It's also worth noting that business owners are, as a segment of society, generally better off than their non-business owning peers.


From a fairness standpoint, providing, say, a $500 to $2000K tax liability reduction to a middle income person earning a typical income (~$50K - $70K), while at the same time enacting laws that provide $50K - $200K to a one-percenter ($500K+) is tantamount tossing two slices of bread to a beggar and giving the guy at a "white tablecloth" restaurant the rest of the loaf, all of which he likely won't eat.

The inequity of the matter isn't found in evaluating the proportionality of the offering;, it's found in assessing its impact. Wealthy people can and will surely find things to do with the tax reduction money, but most are very unlikely to do anything they weren't otherwise going to do were they not to have the savings. Thus, while they will end up with more money to their name, that's all it will be in terms of what it'll do to their lifestyles. I mean really. It's not as though people in that income range don't already have "fancy" trips, trinkets and geegaws. When one already buys whatever one wants when one wants it, having more money in one's pocket as a result of tax savings isn't going to alter that behavior nor is it going to increase one's consumption.

Even looking at the matter from a "supply sider's" standpoint, the reality is that even if one could assume the savings would be directed back into some sort of productive endeavor that will produce jobs for "average" wage earners, the fact of our times is that the bulk of that money will be directed not to labor but to capital, and that's not going to produce many jobs at all. Furthermore, even if most of the money saved were invested in labor intensive industries -- fast food, retail, and others -- the jobs produced aren't particularly good paying and there's nothing suggesting that we need more people to do those jobs.

"Best" way to defeat GOP'ers in congress=Pass the tax reform

Considering the nature of our economy, the global economy and where both are headed, I have to agree with you. That said, I suspect Trumpkins will continue to be bamboozled by the admittedly good-sounding marketing BS Trump will deliver regarding the merits of his tax proposals while at the same time making no effort whatsoever to develop a comprehensive understanding of the full impact of those proposals.

Well, I'm pleased that this will benefit you and a few others......ALL I really want is for the huckster, Trump, to READILY admit that this tax cut scheme is NOT to aid the middle class, but payback to himself and most of his donors.......

ALL I really want is for the huckster, Trump, to READILY admit that this tax cut scheme is NOT to aid the middle class

I think we both know that's not going to happen.

Well, I'm pleased that this will benefit you and a few others......

Well, TY, but the fact of the matter is that I'm not among the crowd screaming that Trump's proposed cuts benefitting me and others like me must happen. If they do materialize, yes, I'll avail myself of them, but if they don't, I'll be just fine. Everyone, myself included, prefers to pay less in taxes, but whether or not the amount less one pays is going to alter anything material about their life is a wholly different matter. My point in sharing that is to say that tax cut or no tax cut, my life and that of people like me, isn't going to change.

If your money is in the stock market, there may be some dangers IF the bill passes..

When the middle class gains little, demand for goods and services will NOT rise and companies have no incentive to expand or pay workers more.


My theory is that the republican leadership will try to get this bill signed by Trump and THEN, try to get rid of this clown....In other words, for Trump, this bill (if passed) may be his swan song....and heaven help all of us in the constitutional crisis that would develop.

 

[usmbguest5318]

Right wingers in congress actually "dodged a bullet" in failing to repeal the ACA without any semblance of decent replacement.

Now, the tax reform initiative that will reward the 1% with 80% of the tax cuts, has a decent chance of passing congress without virtually one vote for democrats.

This is sad, but a strong indication that Trump cultists will finally wake up, not only since they too will not see any huge job increases or raises in wages, but also because the deficit will, once again, skyrocket.....

Sometimes, delusion has to smack some folks squarely in their sorry faces.

How do you know what is in the bill? It has not even been written yet. More FAKE NEWS

I don't know what's in the bill that will be passed, but I know what Trump has proposed. If what he's proposed makes its way into the bill, I know what the impact of that will be.

• Analysis of Donald Trump's Tax Plan

From your citation:

If I'm reading it correctly, this proposal would cut taxes at 19% for the rich and only 4.9% for the middle class.

Essentially yes.

Here's a simple example using hypothetical figures:

Current tax provisions:

Gross income: $920,000
Less Deductions: $480,000
Net taxable income: $440,000
Tax liability on $440,000 = .396 x $440,000 = $174,240
Effective tax rate = 174240/920000 = 0.18 or 18%
​

Assuming a top marginal tax rate of 25%

Gross income: $920,000
Less Deductions: $480,000
Net taxable income: $440,000
Tax liability on $440,000 = .25 x $440,000 = $110,000
Effective tax rate = 110,000/920,000 = 0.11 or 11%
​

There are other factors involved, but that's the gist of how it works. One of those factors is the AMT, which given the aggressiveness of my tax planning/minimization strategy, I always hit. Because I know I'm going to trigger it, the best I (my financial manager/advisor) can do is structure my financial choices, in particular the activity I undertake to both make money and reduce (or more aptly put, defer) my tax liability, so that to the greatest extent possible my deductions don't get "recaptured" by the AMT rules.

I'm sure there are some well off individuals who do indeed pay at the full marginal rate on the totality of their income, but I'm equally sure they are few and far between. Far more common is that wealthy people use a strategy that amounts to a neverending series of deferrals of tax liabilities -- undertaking activity that produces money in the current period but that allows one to pay the tax on that money in a future period. Once one reaches a high enough income, one continually pursues deferrals that never come due for payment. One dies and one's accountant preparing and submitting that final tax return defers the tax until a future year -- because there's no provision that makes death an ineligibility factor for tax deferrals -- but as one is dead the income doesn't get taxed except via the estate tax, and that's only if one's tax planning didn't extend to minimize the tax impact on one's heirs, hence trust funds.

 

[whitehall]

The DOW continues to be in record territory and the angry left thinks the GOP will be adversely impacted by a tax cut. Dream on.

 

[nat4900]

The DOW continues to be in record territory and the angry left thinks the GOP will be adversely impacted by a tax cut. Dream on.

MORON, its a bubble...albeit started by Obama where the DOW increased by almost 170%....and its a bubble contingent on the hope by conglomerates that they will get a huge tax break...and if not, the bubble may burst.

If the middle class gets only CRUMBS from these proposed tax breaks, demand for goods and services will NOT rise and jobs will not be realized and certainly NO wage increases would ever be warranted.

as the proposal stands for now, we will increase our deficit by borrowing money so that conglomerates will take that money and RUN overseas.

 

[rightwinger]

Let Republicans go home and explain a $1.5 trillion additional deficit after preaching fiscal responsibility for eight years

 

[whitehall]

The conundrum the left faces is that they have no core values. Their opinion varies with left angry and often incoherent wing blogs and what's good for America isn't necessarily seen as a good thing if your opinion is based on a narrow minded angry view of a short term political victory. The problem for the left is that they are still playing by the old 60's and 70's political playbook when the only information available was filtered through the left wing media. The reason the left lost almost every important election in the last six years is that they are out of step with America's core values and the information age. Crazy anti-corporate democrats still think that corporations should be punished for making money but on the same crazy note they ignore the fact that corporations are relocating to more friendly tax venues in foreign countries. Crazy left wing economic "experts" predicted that the economy would experience a collapse if Trump was elected but the DOW has increased by two trillion dollars in nine months and is consistently in record territory. Doesn't that impact the opinion of hypocrite lefties about the fact that tax breaks for corporations might benefit the economy?