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New GOP Tax Plan - 11/2/2017 8:05:12 PM   
MasterJaguar01


Posts: 2340
Joined: 12/2/2006
Status: offline 		OMG!!!

I was skeptical... The Bush tax cut created the 15% bracket (allowed us all to slide some income into that bracket).

Obama kept the Bush tax bracket (except the top end) AND lowered the FICA deduction to 4.2% (from 6.2%) for a few years. Thanks Obama!


But THIS!!!

12% up to 45k for single. $90k for married
25% goes up to $200k for single and $260 for married

I love keeping my income in 12% and 25%....


I calculated my taxes under this... I save just over $6k / yr!!!!


I have NO idea what this does to the deficit (No CBO score yet)... Probably quadruple it


From a PURELY selfish standpoint.... Go GOP Tax plan!
Profile   Post #: 1
RE: New GOP Tax Plan - 11/3/2017 6:15:39 AM   
MasterJaguar01


Posts: 2340
Joined: 12/2/2006
Status: offline
quote:

ORIGINAL: MasterJaguar01

OMG!!!

I was skeptical... The Bush tax cut created the 15% bracket (allowed us all to slide some income into that bracket).

Obama kept the Bush tax bracket (except the top end) AND lowered the FICA deduction to 4.2% (from 6.2%) for a few years. Thanks Obama!


But THIS!!!

12% up to 45k for single. $90k for married
25% goes up to $200k for single and $260 for married

I love keeping my income in 12% and 25%....


I calculated my taxes under this... I save just over $6k / yr!!!!


I have NO idea what this does to the deficit (No CBO score yet)... Probably quadruple it


From a PURELY selfish standpoint.... Go GOP Tax plan!



Ohhhh.....

Just realized the SALT deduction removal made it in :(

ok... Property Tax deduction is worth $1250 in real cash (gone)

Living in a state with no income tax, I take the sales tax deduction (worth about $1k in real cash) (gone)

But still come out ahead. Just no more itemizing.


I am sure lots of you are in a similar tax situation.

(in reply to MasterJaguar01)
Profile   Post #: 2
RE: New GOP Tax Plan - 11/3/2017 7:01:20 AM   
bounty44


Posts: 6374
Joined: 11/1/2014
Status: offline 		its difficult to believe a lot of the "scoring" that goes on because they often don't state the assumptions inherent in forecasting, and we often don't look for them.

what little I have heard says its deficit neutral if one considers the economic growth that comes as a result from it.

(in reply to MasterJaguar01)
Profile   Post #: 3
RE: New GOP Tax Plan - 11/3/2017 7:06:35 AM   
heavyblinker


Posts: 3623
Status: offline 		Yeah, it's always important to include the imaginary economic growth that hasn't happened.

(in reply to bounty44)
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RE: New GOP Tax Plan - 11/3/2017 8:03:19 AM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		It's happening right now. Lets give the Trump administration a chance. He's only been in office a little over 9 months.

(in reply to heavyblinker)
Profile   Post #: 5
RE: New GOP Tax Plan - 11/3/2017 8:17:39 AM   
SeekingMnD


Posts: 15
Joined: 7/8/2015
Status: offline 		its not happening right now, his growth is hurricane cleanup, and you will have a impossible task to connect the cause and effect of Trump and god.

(in reply to servantforuse)
Profile   Post #: 6
RE: New GOP Tax Plan - 11/3/2017 8:19:19 AM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		We shall see, won't we.

(in reply to SeekingMnD)
Profile   Post #: 7
RE: New GOP Tax Plan - 11/3/2017 8:26:44 AM   
heavyblinker


Posts: 3623
Status: offline 		The growth we are seeing now is based both on Obama's tenure and the fact that the opportunists know what happens when you implement trickle down policies and deregulation-- a bubble.
The markets are abnormally high at the moment, and it is based on absolutely nothing but speculation.

The bubble will definitely burst before 2020 and I really hope that Trump isn't president when it does.

(in reply to servantforuse)
Profile   Post #: 8
RE: New GOP Tax Plan - 11/3/2017 8:28:53 AM   
SeekingMnD


Posts: 15
Joined: 7/8/2015
Status: offline
quote:

ORIGINAL: servantforuse

We shall see, won't we.

We are already seeing, it is current events.

(in reply to servantforuse)
Profile   Post #: 9
RE: New GOP Tax Plan - 11/3/2017 8:37:52 AM   
bounty44


Posts: 6374
Joined: 11/1/2014
Status: offline 		fascinating that you decry an attempt to link the current economic growth from a cause and effect perspective to trump being president but appear to have no problem doing so when it comes to the "hurricane cleanup."

(in reply to SeekingMnD)
Profile   Post #: 10
RE: New GOP Tax Plan - 11/3/2017 9:35:20 AM   
SeekingMnD


Posts: 15
Joined: 7/8/2015
Status: offline 		http://www.slate.com/blogs/moneybox/2017/08/28/houston_might_not_have_enough_construction_workers_to_rebuild_after_harvey.html
https://www.washingtonpost.com/news/wonk/wp/2017/10/04/companies-cant-find-workers-to-rebuild-after-harvey-and-irma/
http://fortune.com/2017/09/22/hurricane-recovery-jobs-harvey-irma-indeed/
https://careers.fema.gov/hurricane-workforce
https://www.indeed.com/q-Hurricane-Clean-Up-jobs.html
https://www.indeed.com/q-Disaster-Clean-Up-jobs.html
http://work.chron.com/list-jobs-storm-cleanup-17148.html
https://www.reuters.com/article/us-storm-harvey-debriscontracts/hurricane-ravaged-u-s-cities-hit-by-rising-cleanup-costs-idUSKCN1BX2M3
https://www.brookings.edu/blog/jobs/2017/10/06/jobs-numbers-feel-the-effects-of-hurricanes-harvey-and-irma/
https://www.bls.gov/ces/cesharveyirma.htm

Because one is in your face cause and effect, and the other is decryable as rightwing factless dementia, with no cause and effect attributable.

And just the number of people that can return to work, after the hurricanes and losing their jobs.

You should learn some facts. Your lack of knowledge is truly deplorable.

Why? Do you think the jobs added are lawyers and judges and FBI agents and PR guys and prison guards hired in anticipation of the massive influx of whitehouse commies into our prison system?

(in reply to bounty44)
Profile   Post #: 11
RE: New GOP Tax Plan - 11/3/2017 10:34:15 AM   
ThatDizzyChick


Posts: 5490
Status: offline
quote:

what little I have heard says its deficit neutral if one considers the economic growth that comes as a result from it.

Strange isn't it, the economic growth they always promise will come from cutting taxes on the rich never actually materializes in a manner that impacts anybody but the rich, eh?

_____________________________

Not your average bimbo.

(in reply to bounty44)
Profile   Post #: 12
RE: New GOP Tax Plan - 11/3/2017 10:35:45 AM   
ThatDizzyChick


Posts: 5490
Status: offline
quote:

It's happening right now.

If so, then it clearly has fuck all to do with the tax plan, because that hasn't been implemented yet so it cannot possibly have an affect.

smh

_____________________________

Not your average bimbo.

(in reply to servantforuse)
Profile   Post #: 13
RE: New GOP Tax Plan - 11/3/2017 10:43:19 AM   
heavyblinker


Posts: 3623
Status: offline
quote:

ORIGINAL: ThatDizzyChick

quote:

what little I have heard says its deficit neutral if one considers the economic growth that comes as a result from it.

Strange isn't it, the economic growth they always promise will come from cutting taxes on the rich never actually materializes in a manner that impacts anybody but the rich, eh?


No, see... the wealth will trickle down.
This is what has been happening since the 80s... everyone has been getting richer and richer and more and more jobs have been created.

We are living in a paradise now.

(in reply to ThatDizzyChick)
Profile   Post #: 14
RE: New GOP Tax Plan - 11/3/2017 10:46:32 AM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		It trickled down to me. Life is good.

(in reply to heavyblinker)
Profile   Post #: 15
RE: New GOP Tax Plan - 11/3/2017 11:15:37 AM   
WhoreMods


Posts: 10691
Joined: 5/6/2016
Status: offline
quote:

ORIGINAL: servantforuse

It trickled down to me. Life is good.

Was it Billy Tingle who defined trickle down theory as "the rich pissing on the poor"?

_____________________________

On the level and looking for a square deal.

(in reply to servantforuse)
Profile   Post #: 16
RE: New GOP Tax Plan - 11/3/2017 11:25:48 AM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline
quote:

ORIGINAL: heavyblinker

Yeah, it's always important to include the imaginary economic growth that hasn't happened.

And there’s the standard problem with GOP tax plans — the magic money tree.

Getting rid of the mortgage deduction (which hasn’t worked as planned—it subsidizes higher end houses) and compensating by raising the standard deduction (far more fair to renters) is long overdue.

Corporate taxes...I’m actually neutral on that one. I’d like to see property tax relief. Estate tax doesn’t have to vanish.

But in short — it’s just going to explode the deficit. Again.

(in reply to heavyblinker)
Profile   Post #: 17
RE: New GOP Tax Plan - 11/3/2017 1:35:23 PM   
MercTech


Posts: 3706
Joined: 7/4/2006
Status: offline 		Just remember how the government keeps its promises over taxes... the "income tax" is a temporary measure to pay off the debt from the Spanish American War... or at least that is what the people were told to sell the concept.

(in reply to Musicmystery)
Profile   Post #: 18
RE: New GOP Tax Plan - 11/3/2017 1:37:10 PM   
SeekingMnD


Posts: 15
Joined: 7/8/2015
Status: offline 		civil war. But its become permanent and necessary when the republicans did the big giveaways to corporations when they were enlightened by the free market myth and gutted the tarriffs.

(in reply to MercTech)
Profile   Post #: 19
RE: New GOP Tax Plan - 11/3/2017 1:43:28 PM   
Musicmystery


Posts: 30259
Joined: 3/14/2005
Status: offline
quote:

ORIGINAL: MercTech

Just remember how the government keeps its promises over taxes... the "income tax" is a temporary measure to pay off the debt from the Spanish American War... or at least that is what the people were told to sell the concept.

I’m pretty sure setting current policy over butt hurt feelings from 12 decades ago would be stupid.

(in reply to MercTech)
Profile   Post #: 20
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