Posted on 11/30/2017 9:10:32 AM PST by Navy Patriot
It is going to be messy.
Yes, and this does not rule out more.
President Trump has started noticably cutting Federal government bureaucracy and regulations. Much of this will reduce the cost of operating the Federal government, while creating more taxpayers, and putting more cash in circulation causing more economic transactions crating even more taxpayers.
All this should create more revenue for the Federal Government, but from more taxpayers with all taxpayers paying smaller amounts of their income as Federal taxes. Cost of Government goes down, Revenue for Government goes up, we move toward a balanced budget.
Ronald Reagan did this.
I’m dancing round the room, in sheer joy, hearing that John McBrainCancer has a SECOND TUMOR.
We need this better grammers. .....You leave my grammers alone! She was OK until she found Jack Daniels. Died at 33.
No tree grows to the sky. Only idiots
and salesmen are blindsided by corrections.
A lot of money sat on the sidelines during the
Obama anti-business administration. This market
has a lot of ‘bull’ left in it. My IRA loves it.
“AZ radio just announced he has a second tumor. May have something to do with this.”
The Lord is calling McCain back.
I’d like to know what McCain’s price tag is. Trump is a master of leverage, but he didn’t invent the term.
Going off on a bit of a tangent here but does anybody pay much attention to the names of airport terminals? I’ve been to Sky Harbor many times but I can’t give you the name of any of the terminals there. I just go from gate to gate and if I have time, I try to find a sports bar in between to have a beer. Ditto for Newark, Atlanta and all the other airports I spend time in. You usually have the international terminal and then the other terminals with a bunch of airlines. So I might tell a taxi driver to take me to the JetBlue or Delta terminal at LaGuardia but I would never give them the actual name of the terminal, even if I know what that name was. For me, a terminal will always be just a terminal. It is only the name of the airline I’m flying that I give any thought to.
now 300
Goldwater at Sky Harbor
Okie Dokie
I agree. Thing is it is in such fantasy land it could easily bust any short trades. But I know it would be just as stupid to get into the market at this point.
Tax rate reductions foul up the subsidizing nature of credits, deductions and loopholes, therefore they try to derail those knowing they and their Crony Capitalist partners are protected by subsidies, credits, deductions and loopholes, while they keep the tax payer Revenue coming in to loot.
Break these eRINO's and the Senate will pass across the board tax rate reductions.
“President Trump has not forgotten the middle class.”
i beg to differ.
it’s interesting to me that i haven’t heard one congress critter oppose this bill on the grounds of its evisceration of the middle class. where are the folks that we elected to represent us? oh, that’s right, we are only given lip service at re-election time.
the elimination of most of the itemized deductions should be a deal killer to all those of our duly elected to represent us who vote them into office, and not as thank you gifts to those corporations who donate the fattest envelopes to their re-election campaigns.
so just as the cost of obamacare was being shouldered by all the healthy young people who had to sign up or pay a fine, this tax bill is being paid for by the average middle class taxpayer for the benefit of big permanent tax cuts for corporations and the wealthy. Touting this as a tax cut to all the middle class deplorables who elected Trump is the same as obama promising that you would save $2500 on your insurance premiums and could keep your doctor. This isn’t a tax cut, but a tax increase for the average American.
the standard deduction is being not quite doubled, but then they are eliminating the individual personal exemptions for yourself, your spouse and your dependents. so they give with one hand but take away with the other. in addition, they are eliminating the extra deduction for those over 65 or blind.
if you take the standard deduction, you cannot then itemize; therefore, giving up the normal deductions for medical expenses, long term care insurance expenses, state and local taxes, property taxes [under the senate bill], mortgage interest deduction limits, student loan interest deductions, moving expenses, alimony, dependent care assistance accounts, casualty and theft losses, unreimbursed job expenses and tax preparation fees.
further details about this “wonderful” tax grab:
Exclusions and exemptions.
The measure would repeal personal and dependency exemptions (which is $4,050 per individual in 2017), exclusions for employee achievement awards, employer education assistance, qualified tuition programs, dependent care assistance, qualified moving reimbursements, and adoption assistance. Contribution to Coverdell education savings accounts would be barred, but funds in existing accounts could be rolled over to 529 plans.
Deductions.
Certain deductions from gross income as well as itemized deductions would be eliminated. Deductions from gross income set to be axed include the alimony deduction (for divorce or separation agreements entered into after Dec. 31, 2017, student loan interest (although the Senate version would retain this deduction), interest on U.S. savings bonds redeemed for higher education, the moving expense deduction, the deduction for contributions to Archer medical savings accounts, out-of-pocket educator expenses, and expenses of performing artists and certain government officials.
Itemized deductions on the chopping block include the medical expense deduction, state and local income or sales taxes, the casualty and theft loss deduction (except for casualty losses in federally-declared disaster areas), and miscellaneous itemized deductions for tax return preparation and unreimbursed employee business expenses.
Tax credits.
The bill would repeal the credit for the elderly and permanently disabled, the credit for mortgage certificates, and the credit for plug-in electric vehicles. The bill would eliminate the lifetime learning credit by consolidating it into the American opportunity credit. The credit would be available for five years of higher education (instead of four years), but the amount in the fifth year would half the usual maximum (including the amount eligible for the 40 percent refundable portion of the credit).
Now look at its impact on the economic strata of taxpayers to see who benefits the most:
“...the highest-income taxpayers (0.1 percent of the population, or those with incomes over $3.7 million in 2016 dollars) would experience an average tax cut of nearly $1.1 million, over 14 percent of after-tax income. Households in the middle fifth of the income distribution would receive an average tax cut of $ 1,010, or 1.8 percent of after-tax income, while the poorest fifth of households would see their taxes go down an average of $110, or 0.8 percent of their after-tax income.”
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