To Pay For Israeli Aid, GOP Wants To Make It More Expensive For You To File Your Taxes

[bigrebnc1775]

Republicans are looking at defunding a free digital tax filing system that's under development by the IRS to instead help pay for weapons for Israel.

Republicans are looking to cut funding for the free digital tax filing system currently being developed by the Internal Revenue Service to instead offset the $14 billion emergency request for military aid for Israel’s war in Gaza.

After House Speaker Mike Johnson (R-La.) declared that Republicans insisted on cutting the budget to pay for the Israel war funding bill, the House Rules Committee released legislation on Monday that includes $14 billion in cuts to the IRS. That $14 billion will come out of the $67 billion that remains in additional IRS funding included in last year’s Inflation Reduction Act.

The boost to IRS funding in the Inflation Reduction Act sought to aid the agency’s efforts to police tax evasion by the wealthy and update and upgrade the IRS’s internal and public-facing systems and software.

In addition to targeting the free digital filing program, the GOP offsets would cut funding at the IRS for enforcement, operations support, policymaking and internal investigations. The only sections of the IRS funding spared from proposed cuts are assistance for taxpayers and modernization of internal business systems.

Tax preparation companies including TurboTax, Intuit and H&R Block have long opposed the creation of a free digital tax filing system by the IRS, spending tens of millions of dollars on lobbying efforts. The government and the companies came to an agreement in 2002 for the government to not pursue a free online filing system and, in turn, the tax preparers would offer their services free to filers who make less than $73,000 per year. That agreement is set to expire in 2025, based on an amendment issued last March.

To Pay For Israeli Aid, GOP Wants To Make It More Expensive For You To File Your Taxes​

This doesn't sound right to me! What do you think?

Funny crap how you forget how Biden has already made it expensive for American working class

 

[kyzr]

Cool story. Now explain how Trump's across the board tax cuts that increased revenue drove up the debt. THAT was your claim.
Back it up.

You first. Show a link that Trump's tax cuts grew the GDP by 5%, and raised tax revenue.
Hint: the GDP was flat at 2% and the National Debt exploded.
Trump's tax cut was an epic fail.

 

[Toddsterpatriot]

I say at the end that the rates would be adjusted to obtain a $500b surplus a year to start paying down the $33.7T Debt.

Put up your ideas how to raise about $2T a year in new revenue.

Yes, based on your really bad math, you need a big adjustment in your rates.

 

[Toddsterpatriot]

For starters say ~10% of the actual cost of the derivative.

If I pay $40 for a derivative on $33,000 worth of Microsoft, what's my tax?

 

[kyzr]

The hell I didn't, I'm a fiscal conservative. Fuck these tax the rich PUNISHMENT taxes you propose. Why don't all of you mooching sponges get a 2nd job and pay YOUR share, boom budget balanced. Stop mooching off me.

Try this graph to show that the top incomes did way better than the rest of us. Stop whining.

 

[Rawley]

Johnson is not off to a good start.

Really? Seems he has Democrats shitting their pants and making up ridiculous lies.

 

[kyzr]

If I pay $40 for a derivative on $33,000 worth of Microsoft, what's my tax?

$4 to buy and $4 to sell
The income/loss is still the same.

 

[Rawley]

We spend ~$7T and revenue is ~$5T, so we borrow about $2T

We need to cut spending (I suggest another Grace Commission for starters)

Then we need to raise taxes to get to a $500b surplus to start paying down the Debt. This is my solution:

1. Add a 4% Federal Sales Tax on all sales (gains ~400b/yr)
2. Add a 0.1%? financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.) (gains 777b/yr, see link below)
3. Add a Remittance Tax on all money sent out of the US (gains ~$150b/yr, see link below)
4. Remove the cap on SS tax, and raise the ages from 62/67 to 63/68 (saves SS)
5. Raise the tax and co-pay for Medicare
6. Add a co-pay for Medicaid
7. So if all of the above taxes were implemented, the $1T Budget Deficit would become a $500b surplus to start paying down the $33T Debt. Adjust rates to suit.

Financial Transactions Tax: What You Need to Know - SmartAsset | SmartAsset

A financial transactions tax is levied on trades made of stocks, bonds, derivatives and other financial products. It is favored by progressives.

smartasset.com

The United States Loses $150 Billion Annually in Remittances

Many Americans know very little, if anything, about “remittances,” (also known as “remittance payments”) and how they affect the U.S. economy. The term “remittance” refers to money earned in the United States that is transferred to relatives, friends or business associates who are still abroad...

www.fairus.org

His question was: Revenues went up after the Trump across the board tax cuts. Explain how more revenue grows debt.

 

[Toddsterpatriot]

I say at the end that the rates would be adjusted to obtain a $500b surplus a year to start paying down the $33.7T Debt.

Put up your ideas how to raise about $2T a year in new revenue.

I'd cut spending to 2019 levels.
Presto!
Big surplus.

 

[Toddsterpatriot]

Try this graph to show that the top incomes did way better than the rest of us. Stop whining.

View attachment 851397

That doesn't show top incomes.

 

[Clipper]

Stop filing altogether....Doesn't get any cheaper than that.

A lot of people do that. The jails are full of them.

 

[kyzr]

Yes, based on your really bad math, you need a big adjustment in your rates.

Bad math? What is the amount we all owe as our share of the $33.7T Debt?

$33,700,000,000,000 / 331,000,000 people = $102,000 each

So how about a Debt Service surcharge of $1,000/yr for every US citizen?

We'd pay the Debt off in ~100 years, less time if we do the other taxes too.

 

[Toddsterpatriot]

Bad math? What is the amount we all owe as our share of the $33.7T Debt?

$33,700,000,000,000 / 331,000,000 people = $102,000 each

So how about a Debt Service surcharge of $1,000/yr for every US citizen?

We'd pay the Debt off in ~100 years, less time if we do the other taxes.

Bad math?

Atrociously bad math.

You thought we would get $777b/yr from that silly derivatives tax.
You also think a remittance tax on $150b sent out of the US would raise $150b/yr.

Errors so huge, I actually feel bad for you.

 

[kyzr]

His question was: Revenues went up after the Trump across the board tax cuts. Explain how more revenue grows debt.

You need to prove that tax revenue went up after the tax cuts. Link please. Here's one that explains.

What Are the Costs of the Trump Tax Cuts to You?

The Tax Cut and Jobs Act promised to add $1.8 trillion in revenue. Instead, it could add $2.3 trillion to the debt.

www.thebalancemoney.com

There are three main estimates of the cost of Trump's tax cuts:

1. The Trump administration said it would generate $1.8 trillion in revenue, more than making up for its $1.5 trillion cost. But that included the impact of the FY 2018 budget.
2. The Joint Committee on Taxation said the TCJA would increase the deficit by $1 trillion, but that does not include the impact of the FY 2018 budget.
3. The Tax Foundation said that the act would add $448 billion to the deficit. It also includes the impact of eliminating the Obamacare mandate.

If the individual cuts are made permanent, the cost will rise to $2.3 trillion without having been successful at significantly boosting wages or increasing jobs.

 

[kyzr]

I'd cut spending to 2019 levels.
Presto!
Big surplus.

Except you'd still need to "fix" SS & Medicare to keep them solvent.
Republicans would never allow the Defense Budget to be cut that much.
No surplus, the interest on the Debt needs even more revenue than for Defense.
McCarthy already acknowledged that we can't cut our way to a balanced budget.

2021 Federal Budget
Outlays $4.88T
Receipts $3.86T
Deficit $1.02T

Discretionary Spending
Defense $753b
Non-defense $733b
Total $1.49T

Mandatory Spending
Social Security $1,115b
Medicare 746b
Medicaid 452b
Other 660b
Interest on Debt 379b
Total $3.39T

 

[Toddsterpatriot]

If the individual cuts are made permanent, the cost will rise to $2.3 trillion

How much will it save taxpayers?

 

[kyzr]

That doesn't show top incomes.

The 99th percentile are the 1%. The top incomes

 

[Toddsterpatriot]

Except you'd still need to "fix" SS & Medicare to keep them solvent.
Republicans would never allow the Defense Budget to be cut that much.
No surplus, the interest on the Debt needs even more revenue than for Defense.
McCarthy already acknowledged that we can't cut our way to a balanced budget.

2021 Federal Budget
Outlays $4.88T
Receipts $3.86T
Deficit $1.02T

Discretionary Spending
Defense $753b
Non-defense $733b
Total $1.49T

Mandatory Spending
Social Security $1,115b
Medicare 746b
Medicaid 452b
Other 660b
Interest on Debt 379b
Total $3.39T

Except you'd still need to "fix" SS & Medicare to keep them solvent.

We don't need to fix them under Biden's excessive spending plans?

 

[Toddsterpatriot]

The 99th percentile are the 1%. The top incomes

That's not what your chart shows.

 

[kyzr]

Bad math?

Atrociously bad math.
You thought we would get $777b/yr from that silly derivatives tax.
You also think a remittance tax on $150b sent out of the US would raise $150b/yr.
Errors so huge, I actually feel bad for you.

1. That $777b/yr is not just from derivatives. Its from every financial transaction, stocks, bonds, etc.
2. You need to factor in that the open borders let in 8,000,000 new people, so that $150b being sent out of the US could easily double or triple in the coming years. A 2% or 3% tax on that is revenue we don't have now. $3b-$6b of new revenue a year.