Posted on 10/23/2017 6:45:46 AM PDT by SkyPilot
The Republicans on the House Ways and Means Committee — engaged in a high-pressure, high-stakes tax policy rewrite — are currently exploring not cutting the income tax rate for people who earn $1 million or more per year.
Right now, the marginal tax rate for anyone who makes $418,000 or more per year is 39.6 percent. The Republicans' opening gambit — secretly negotiated for months, and endorsed by Trump — would have cut the highest tax rate to 35 percent. But now, House Republicans' thinking has changed. Under their current thinking, people who earn between $418,000 and $999,999 will be in a lower tax bracket. But those earning $1 million or more will not.
Keep reading 273 words
Opting to keep taxing million-dollar-earners at the current 39.6 percent-rate will help stem the deficit increase from tax cuts for corporations and the middle class.
Caveat: The million dollar bracket plans haven't been finalized and could change this week, as committee Republicans finalize their tax bill during meetings on Tuesday and Wednesday.
Potential blowback: If the Committee Republicans ultimately decide not to cut the income tax rate for million-dollar-earners, much of the Republican donor class and Reaganomics community (including anti-tax activist Grover Norquist) will feel betrayed.
"I understand compromise, but why compromise with the sin of envy?" Norquist told us. "This isn't the dumbest idea I have ever heard of. But it is in the top 20."
Norquist argues this won't placate Democrats — who inevitably will charge that Trump's tax overhaul is just designed to help the rich — but will alienate conservatives.
(Excerpt) Read more at axios.com ...
And yet, you and I are called communists for saying we don’t want a massive tax hike.
And that is that this plan is. A tax hike on the middle class.
RINOs have accepted the premise of socialism.
They are a pathetic group of sunshine conservatives during elections... and socialist, crony capitalists when they govern.
Of course, corporate taxes are paid by the consumers in the final price of whatever product is being distributed or, by the owners of the corporation through the gains on their ownership value. Corporations don't really pay taxes, people who consume their products or invest in them do.
If they slash corporate taxes, prices should drop and economic throughput should increase with the resulting increase in overall economic activity and therefore tax receipts. (Notice I did not say, "tax revenues"!)
The libs want people to believe that taxing corporations allows individuals to be taxed less while maintaining, "government revenues" used to "help" the poor (buy votes). This is a lie they have successfully perpetuated.
The Million Dollar Tax Bracket would balance our Budget.
If every fast food worker were paid $481.00 per hour, they would make a million dollars a year, and then each fast food worker would pay almost $400,000.00 in taxes to the IRS.
“If you have a link that discounts it,”
Post a link that discounts that you haven’t done the math??
I sure as hell won’t be trying to dissuade a liberal such as yourself that the liberal media’s claim that 44 million people will pay more because of the State income tax deduction elimination isn’t real.
You liberals have yet to post any data that shows how that 44 million figure was generated.
Typical liberals screaming lies and demanding everyone else refute them. Why don’t you post the math that proves your 44 million lie? Go ahead, we’ll wait.
We will be hearing the chant “Tax cuts for the rich” beginning today, and ending only if this tax plan is scuttled.
This is all just political posturing by both parties. If your tax code has more then 73.000 pages. its nothing but garbage designed to screw the citizens over. If you have to complete 12 sheets of paper to file your taxes its just a game designed to shaft you.
If I have to pay more taxes, my spending will decrease.
My earnings will not. No company will give a raise just because the make more money. They MIGHT give bonus, but you don’t hand out raises willy nilly. A raise in rate will be hard to take back, so (thinking goes) it is better to wages stagnate and churn high. Payroll increases is a big issue for companies.
This is going to burn the GOP badly if it passes.
From the text I have seen, charitable contributions are still there. I am concerned that small biz gets a break, more people get paid instead of paying in via the increased deduction. Who gets left in the squeeze? Working middle class America. I found nothing but an increase in my rate. I don’t make enough for the small biz and I make too much for the deduction to matter.
Whatever taxation scheme is voted for spending controls will be ignored and so "embrace the suck".
Rand Paul is the only politician who gives voice to this idea.
It's the House Republicans. Mainly Paul Ryan and his RINO buddies.
Opting to keep taxing million-dollar-earners at the current 39.6 percent-rate will help stem the deficit increase from tax cuts for corporations and the middle class.
Caveat: The million dollar bracket plans haven't been finalized and could change this week, as committee Republicans finalize their tax bill during meetings on Tuesday and Wednesday.
Potential blowback: If the Committee Republicans ultimately decide not to cut the income tax rate for million-dollar-earners, much of the Republican donor class and Reaganomics community (including anti-tax activist Grover Norquist) will feel betrayed.
https://www.axios.com/million-dollar-bracket-in-the-works-for-gop-tax-plan-2499930587.html
Slash it all to 10% and take away everyone’s deductions.
Corporations do pay taxes. That is the whole point.
The costs are passed on in part.
But here, on this site, we have a knock down drag out saying that “Corporations are just legal people, so they should be able to donate just like people!”
So, if they are people, tax them like people. If they are not that address it.
This tax would probably collect less net revenue for the Treasury, but these RINOs don’t care.
And by the way, what happened to “tax reform”? Gutting the bloated tax code. Filing taxes on a single piece of paper.
I stopped reading when I saw this was a Axios story.
Progressive propaganda from a progressive propaganda website.
Agree.
In the Senate and House versions of the bill being drafted, corporations get to keep the state and local deduction, but individuals do not. When asked why, a member of Congress said: “Without that deduction, many would go out of business!” But it’s fine for us to pay more?
Bingo! We hear about tax cuts, Continuing resolutions, debt ceiling increases and so forth....where are the CUTS?
Every agency, every department, every bureaucracy should be hit with a 10% reduction in budgets with exception of critical constitutional requirements such as defense and perhaps veterans affairs.
We simply cannot continue to spend at this rate. Crazy stuff.
i don’t get too worked up about lies in axios based on anonymous sources.
i think i’ll just wait and see what Congress manages to pass, if anything.
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