Posted on 11/10/2017 7:07:57 AM PST by Mr. Mojo
Senate Republicans put out their own tax overhaul proposal Thursday that differs in significant ways from the House tax plan.
The Senate plan includes taxing pass-through businesses at a higher rate, delaying the corporate tax cut, and lowering the top rate paid by individuals.
The Senate bill would create a new deduction for pass-through business income, the type earned by many small businesses, partnerships, and sole proprietorships. This deduction would lower the top rate from the current 39.6 percent, according to Senate aides familiar with the matter. The rate would remain above 30 percent, substantially higher than the 25 percent rate included in the House bill.
The Senate bill would also delay a cut in the corporate tax rate until 2019, a year after the House bill would have the tax cut take effect. That is sure to disappoint investors and business leaders who expected the tax cut earlier. It could also be a drag on the economy as businesses hold off on certain activities while they wait for the lower tax rate.
(Excerpt) Read more at breitbart.com ...
The gop is doing this so the democrats can say Trump refused to cut taxes on his wealthy friends. Trump should veto the bill.
GOProgressives poisoning the well. I hate them more than I hate the Democrat Progressives.
I am not going to plan on any tax cut at all. This total chaos does not bode well. I can’t decide how much of this is GOPe incompetence vs. they really want to fail to stop Trump from getting any credit at all. They are well on the way to a 2018 bloodbath that would turn the House and the Senate over to the Rats and many of them would be fine with that. They could then slide back in their comfy chairs as the token opposition and resume business as usual.
Just keep it up fellas. The backlash you will receive will be worse than Hillary.
Effin idiots!
Screw the small business, give the big breaks to the big corporations, and keep the brakes on the economy until after the 2018 elections, just to punish Trump.
Typical GO-Pee.
I don’t think the bill passes, no matter what Trump does. There are too many “never-Trumpers” in the GOP, and they will vote with the united Dems to kill the bill.
Remember also, if this bill doesn’t pass soon, I believe by the end of the year, it won’t slide under the budget reconciliation deadline. That means that if it comes up next year, it will fail because it will require 60 votes to overcome a filibuster. How likely is that?
Repubs in house and senate have had 8+ years to be thinking of a good alternative tax plan. They’re scrambling to put something together. What have they been doing for 8+ years?
The same with Obamacare. They were talking for 7+ years but have nothing they could even get republicans to agree on. They are all talk and do nothing party.
And they always give hollow words on abortion. They’re useless.
I like ISIS more than GOP leadership.
How is any of that going to help?
It is so stupid to overtax small businesses. More than any other, small businesses must pass on their costs, including their tax costs.
If Lucy sells lemonade for a dime a cup and her costs are a nickel, she makes a nickel in her one person business every time she sells a cup. That is her profit she pays herself from.
If the city imposes a nickel tax per cup on drinks, what does Lucy make?
Zero.
What are Lucy’s choices?
1. Go out of business.
2. Raise prices to cover the tax.
Everything you said is correct.
House and Senate GOPe are worthless. Neither plan is worth the paper it is printed on
Tax reform/relief DOA 2017.
More likely, on top of the tax, the city would slap Lucy with a bill for a business license and a stiff fine for operating without one that means she would have to sell thousands and thousands of cups before she can even break even.
So tax cuts later, spending now? Idiots! I bet the tax credit increases go in right away so those people paying zero get a refund.. A refund for what their neighbors paid, not what they paid.
This disaster of a plan should not be passed. Only simplicity can solve the mess. That would be 5% federal fixed rate, every form of income taxed, no deductions. Then everyone would have some skin in the game.
Yep. I've been advocating that for decades. But short of the complete annihilation of the GOPe and congress having a MAGA majority, I can't see it happening.
Lol. Exactly!
It was only a few years ago they were blaming us for not giving them majorities. Now, they've stooped so low they'd rather risk their US Senate majority than to save the nation.
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