Posted on 12/10/2017 4:31:31 PM PST by Mariner
WASHINGTON—Some high-income business owners could face marginal tax rates exceeding 100% under the Senate’s tax bill, far beyond the listed tax rates in the Republican plan.
That means a business owner’s next $100 in earnings, under certain circumstances, would require paying more than $100 in additional federal and state taxes.
As lawmakers rush to write the final tax bill over the next week, they already are looking at changes to prevent this from happening. Broadly, House and Senate Republicans are trying to reconcile the bills they passed, looking for ways to pay for eliminating the most contentious proposals. The formal House-Senate conference committee will meet Wednesday, and GOP lawmakers may unveil an agreement by the end of the week.
The possible marginal tax rate of more than 100% results from the combination of tax policies designed to provide benefits to businesses and families but then deny them to the richest people. As income climbs and those breaks phase out, each dollar of income faces regular tax rates and a hidden marginal rate on top of that, in the form of vanishing tax breaks. That structure, if maintained in a final law, would create some of the disincentives to working and to earning business profits that Republicans have long complained about, while opening lucrative avenues for tax avoidance.
(Excerpt) Read more at wsj.com ...
But what else lurks under the hood? Will they publish the final conference bill 72 hours before the vote?
At over 500 pages and a complete rewrite, some independent analysis would be of benefit to everyone.
Unless, of course, you want to take Congressional Republicans word for it.
COMMON SENSE,
COMPREHENSIVE,
SPENDING CONTROL
“SPENDING CONTROL”
The ONLY way that will happen is if nobody is willing to buy US Treasuries, and then it take a while before the Fed stops buying them.
What in hell is so complicated about a flat 10 percent..no deductions,no exceptions that those socialist geniuses in the District of Corruption can’t understand? Its good enough for God. It certainly ought to be good enough for Republicans.
Something this complex was never going to be perfect.
This should be a good starting point, rather than a generational fix.
Hopefully we get more people who agree with us into Congress next year. Then the following spring we fix a lot of things for the better.
Honestly, it would surprise me more if there were no complaints, and we know the Left would complain no matter what.
The democrats control the house and have 51 votes in the senate and cram everything down America’s throat because “We won.”
The Republicans control everything and the democrats still ram everything down America’s throat. Pitiful.
+1
Well they should focus on the good news of this bill: they will no longer be able claim most individual deductions anymore, as they are being made illegal, and therefore can pay more tax that way as well.
“Hopefully we get more people who agree with us into Congress next year. “
Agreed.
But if you’re one of those poor schmucks taking it in the shorts in the 2018 tax year...I guess that means tough noogies?
“Good job buddy. We appreciate you taking one for the team!”. \
“The Republicans control everything and the democrats still ram everything down America’s throat.”
Near as I can tell the Democrats have no part in this tax plan.
And that is because it will be extremely beneficial to business, especially large corporations.
Too bad some individual payers will get hosed. But hey, if you want to make an omelette...you have to break some eggs.
Another way to do it is to raise taxes on the people(elites) who are spending the money.(But then again they are writing the the tax laws.)The people who are spending the money (mainly through there bought off politicians) are also the people who destroying our borders.
The day is coming when 100% will be the law. At first only on a percentage of the annual income of the ultra wealth but eventually as the populous becomes comfortable with punishing the upper 1% it will work its way down to the middle class just like the AMT has.
Have you noted who those Republicans are beholden to? It ain’t God...
Just plan on taxes going way up; if they don’t go up so much, have a drink, but if they go down take a big swig and celebrate.
Looks like the GOP is aiming hard to become the GOPless in 2018.
I take no solace in the fact we told ‘em so.
Well, except for that one guy....
I’m not one of them, so I can’t take any kudos for it.
They are idiots.
As long as they eliminate all SALT and mortgage interest deductions, I’m good with it. We really need to stick it to califonia.
The only thing wrong with 10 percent is that the Federal government spends roughly 23 percent of GDP. And then there’s state budgets.
Nice to see the PHONY TAX CUT (actually a tax INCREASE for millions, actually a COMMUNIST REDISTRIBUTION OF TAXES) is being exposed for the fraud it is.
If the GOP wants to lose the house in 2018, passing a tax increase on CA and NY is a good way to make it happen. Watch as every GOP congressperson from CA and NY is unelected.
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