Posted on 11/11/2017 7:41:56 AM PST by NaturalBornConservative
Sounds like the Democrats are still running Washington.
Donald Trump is by far the best president since Reagan. However, the GOP for the most part suck. This is no tax break for the middle class, it’s just another ponzi scheme.
Sure it will be a tax hike on a lot of people but it will be simple and lots and lots of people like simple. Right?
FYI, people in assisted living and memory care facilities will be creamed by this. Imagine, fixed income, required 24 hour medical care running $60k/yr as a minimum and easily into the 80’s and up, with no offsetting medical expense deduction. That’s a tax hit of $10k or more.
This is deduction reform, not tax reform.
Simple rate cuts won’t do for the idiot GOPe. They have to pick winners and losers on brackets, caps and limits instead of simple rate cuts, elimination of the Death Tax, elimination of the Earned Income Tax Credit, and cutting the corporate rate to 20%.
The bills are turds. Both House and Senate.
>>Sounds like the Democrats are still running Washington.
There is no R or D. There are only the Transnational Progressives and they are certainly running DC, Wall St, and most board rooms. The goal is a constant decrease in the standard of living for American workers until we all demand socialism.
Can someone tell me what exactly “tax reform” is supposed to accomplish — even if the GOP actually manages to do it well?
“The goal is a constant decrease in the standard of living for American workers until we all demand socialism.”
It’s working.
This is the best and most thorough examination of the GOP tax proposal that I’ve seen, and confirms the immediate dread that I felt when they first announced this plan. Under the current plan, we get three exemptions, one each for me, my wife, and one child, which total $12,150. And we already itemize our deductions to the tune of around $19,000. So, our deductions will only rise by about $5,000, but we are losing $12,150 in exemptions.
Yes, they are raising the break points at which your income will hit the next tax rate, but I don’t see how that is going to account for the increase in taxable income. And we are certainly NOT “rich”, but squarely in the upper portion of the middle class in income. More importantly, we are in the exact demographic profile that most strongly supported President Trump and voted for him. It’s almost as if this plan is designed to punish the most ardent Trump supporters. I think Brady and his crew think they are going to pull the wool over our eyes, but people are onto them.
>>It’s working.
Yes it is. It is masked by the flow of cheap electronics, but once the new socialist order is in place, that will shut off because our Progressive Masters will need productive laborers again (at the lower Third World rate, of course) and our credit won’t be so good anymore.
“It’s almost as if this plan is designed to punish the most ardent Trump supporters.”
Ding!
They want to punish us, and they want us to vote for our own punishment.
That’s what’s considered “good legislation” inside the beltway.
They should restore the personal exemption or even better, add it onto the standard deduction. This would give everyone a deduction high enough to not need itemizing.
The medical deduction is big for some people. Without it many will self bankrupt and go on Medicaid.
I could support the present bill as a first cut but obviously more needs to be done.
Cheap electronics and Circus.
I agree, I have done a similar analysis for my individual situation (gross income around 100 K) and I receive a small decrease under the senate plan, but because I lose medical deduction under the house plan I experience a small increase. In other words the tax plan is a big nothing for me at my tax rate and the only true benefit may come from the fact that corporation taxes are reduced. (The economy may continue to get better.)
I agree with the final paragraph of the article that the correct standard deduction would be much higher if the plan were to actually do what was promised.
Now we need to ask what is wrong with Congress? Is this a confusing method for the Chamber of Commerce to tell Trump that he can win any election he wishes but he does not get to change the way business is done?
Yeah, it looks like this plan is an attempt to lock up those voters in the $60,000 to $85,000 income range. They do not typically itemize deductions anyway, so this plan helps them.
This is tax increase on the middle class. What kind of idiots are these people!
‘There is no R or D. There are only the Transnational Progressives and they are certainly running DC, Wall St, and most board rooms. The goal is a constant decrease in the standard of living for American workers until we all demand socialism.’
There’s no Republican party. The Democrat party is mired in schism, but at least it still politically and philosophically tilts strongly left. The GOP is perhaps not quite as far left, and as you said they are crony capitalists (and globalists) with a socialist goal. But between the two, the Democrats do a far better job of representing their base than the Republicans.
I.e.: The Democrats work hard at advancing their platform. The GOP spends its time giving the middle finger to its constituents.
Flat Tax! 10 percent. NO DEDUCTIONS for anything. Its good enough for God. Should be good enough for the morons in DC!
Boy that really simplifies it and helps my small business. The entire Washington sewer is an incompetent bunch of fools and criminals.
Sounds like the chamber of Commerce is running things. Been reading that they love this plan. Damn them ALL
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