its pathetic....
and yes I did notice that corp. taxes are PERMANENT while the pittance they allow the workers to keep is in flux....
this is a big joke...a big joke...
Full of poison pills. Just like Ryan, McConnell and Kevin Brady want it.
This thing sucks. Congress is an enemy of America.
My tax plan is simple:
Raise the standard deduction to $24,000 per individual, leave SALT deductions alone, end the estate tax, set corporate and pass-through at 25%, adjust other brackets as needed to make the math work, and make it all retroactive by one year.
> *Why are you making the gigantic tax cut for corporations permanent, while the tiny tax cut for individuals is temporary? Does anyone notice this?
Anyone paying attention noticed this.
https://taxfoundation.org/permanent-corporate-rate-cut-temporary-individual-tax-cut/
Senate lawmakers faced a dilemma in having to balance the multiple goals of crafting a tax reform plan that maximized economic growth, delivered middle-class tax cuts, and comported with an internal Senate rule, the Byrd Rule. This rule, named after the late West Virginia Senator Robert Byrd, prohibits tax and spending bills from increasing the federal deficit beyond the ten-year budget window.
The Byrd Rule is intended to prevent budget gimmicks that circumvent the budget resolutions by back-loading tax cuts so that they may meet the ten-year revenue mandates in the budget resolutions but deliver big tax cuts later. Unfortunately, the effect of the Byrd Rule is to make many permanent tax changes difficult to enact.
To comply with the Byrd Rule, the Finance Committee faced a choice: It could sunset all or some of the tax cuts at the end of ten years, in the same way that the 2001 and 2003 tax cuts were designed to expire in 2011 and 2013, or offset those future tax cuts by raising other taxes or closing additional loopholes.
None of these options are optimal.
> *If a 35 percent corporate tax rate is far too high for big business, so high that companies are moving out of America, why is a 35 percent tax rate just fine and dandy for individuals?
The corporate tax is ‘far too high’ because they are competing with other nations companies that have lower rates.
Not the case with individuals.
Trump supporters are not idiots but the questions he’s asking seems to assume they are. ??
Why should government always get bigger?
That is the purpose of Base Line Budgeting; to ensure that government never gets smaller due to inflation.
"Baseline budgeting" is one of those Washington terms that sounds very dry and boring. In reality, baseline budgeting is one of the most sinister ways that politicians claim to cut spending when they are actually increasing spending. The Congressional Budget Office defines the baseline as a benchmark for measuring the budgetary effects of proposed changes in federal revenue or spending, with the assumption that current budgetary policies or current services are continued without change. The baseline includes automatic adjustments for inflation and anticipated increases in program participation. Baseline, or current services, budgeting, therefore builds automatic, future spending increases into Congress's budgetary forecasts.
If we could kill Base Line Budgeting it would make it harder to continuously grow government.
*Why are you making this so darn complicated? Why don’t you just cut everyone’s taxes across the board?
*I’ve saved the most important for last. The claim is there’s a fantastic new special 25 percent tax rate for small businessmen like me. Great! This is what President Trump wanted from day one. This is the main reason I’d support this new tax plan. Except I’ve come to find out the new lower tax rate only applies to 30 percent of a small businessman’s income. The other 70 percent gets taxed at the highest personal rate. Really?
That’s your “big idea” to save small business? Small business creates 2/3rds of all new private sector jobs. How is giving us a special 25 percent tax rate on only 30 percent of our income putting small business on an equal footing with big business, who gets a permanent 20 percent tax rate on 100 percent of their income?
I have an idea. Don't tax businesses at all! Let business profits go untaxed until distributed out to individuals as dividends. It shouldn't matter to a small business owner whether his income is from a salary he pays himself or from the profits of his business.
That simplifies things a lot. Then the argument is over what the individual rate or rates should be. No more double taxation of profits paid out as dividends.
Well, the corporate rate cut, the new rules on expensing business investment, and the potential to bring ashore hordes of cash generated off-shore all have the potential to goose economic growth and increase wages.
Hopefully, the resulting mood of the electorate will be such that the GOP keeps the House and gets a filibuster-proof majority in the Senate. That will finally make it possible to do tax reform right! Then, in 2020, the Donald wins reelection handily, the Jack-Ass Party having been driven into oblivion!
That's the best spin I can put on at this time, given the GOP's talent for snatching defeat from the jaws of victory.
The only path to restoration working within the system is to wait it out and pray that Bannon’s America First campaign is divinely successful come November 2018.
Only with a Patriot-dominated Congress will MAGA become a reality.
Therefore, this current batch of Congressional traitors can hem and haw and delay right up to the midterms, and it’s just fine with me.
Its important that we not allow anyone to tell us how great this tax plan is and that because of it, we should re-elect our Republican members of the House and Senate in 2018.
Its a tax plan coupled with an unwillingness to cut spending and the intention to raise the debt ceiling even more.
GOPe tax plan to insure DJT does not get re-elected ...
Bookmark.
This turkey was written by lobbyists. Small guys don’t have lobbyists. Big corporations do. Republicans are owned by lobbyists. Republicans seem preprogrammed to snatch defeat out of the jaws of victory. It’s who they are.
The tax bill is intended to fix several structural problems -- not all of them, but some big ones. It brings the U.S. corporate tax rate down to a competitive level. It moves us to territorial taxation. It should encourage U.S. companies to repatriate some of the dollars they have stashed overseas, because the current tax code makes it stupid to bring them home. It eliminates the death tax. That's a lot.
The whining is because the authors have to pass it under reconciliation, which means they have to comply with budget rules. They needed offsetting revenue increases to balance at least some of the reforms.
This brings us to a simple substantive and political test. There are a lot of things wrong with the U.S. tax code, but the biggest structural problems are on the corporate side (due to leftist class warfare over the years). The biggest loopholes, not surprisingly, are on the individual side. At the top of the list are the big, popular middle class deductions: the deductibility of state and local taxes and home mortgage interest. These things are bad policy for several reasons, but they are politically sensitive.
So: if reformers can't touch regressive subsidies that incentivize bad behavior in high-tax states, we might as well give up on tax reform. An across-the-board rate reduction will be rolled back the moment the Democrats again have a majority. Structural changes are likely to be more durable. The things that this bill targets are stupidly self-destructive. While the Democrats will demagogue the changes as a matter of short term political disinformation, changing them going forward will be much more difficult.
The Republicans should follow this bill with an immediate second package focusing on tax reform and relief on the individual side. The key there would be to lower the rates while broadening the base. Again, most of the individual exemptions should go. All employer contributions to individual health insurance and retirement plans, for example, should be counted as taxable income to the employee (with taxation deferred on thrift savings contributions). Imagine: letting people know what their health insurance really costs ....
Even more radical, I'd make all government transfer payments fully taxable. I grant that most people getting food stamps, Medicaid and Obamacare subsidies, and housing benefits aren't making enough money to pay much in taxes anyhow. But welfare clients ought to go through the exercise anyhow. If taxpayers have to file annually, so should tax eaters. At least they'd know how much they are costing their neighbors. And it would be a big step towards policing fraud and making everything much more transparent and accountable.
Finally, lest I forget, eliminate the non-taxable status of state and municipal bonds. That's just another subsidy to the spenders.
The really big tax loopholes are on the individual side. The contested deductions on the corporate side are mostly much smaller and are often quite defensible both in terms of tax theory and public policy. Why should expensing or accelerated depreciation, for example, be considered a giveaway? Smart countries want their companies to aggressively invest and modernize. Our tax code is viciously stupid.
If the stupid party doesn’t truly cut taxes, repeal Obamacare, and build the wall, there will be a massacare in the 2018 midterms.
It's not a start. This is it. The start and the end.