Posted on 11/14/2017 11:59:00 PM PST by Oshkalaboomboom
It makes no difference, the 3 RINO’s will kill this just like they killed obamacare repeal.
lower or eliminate the already double or triple taxed private Cap Gains tax.
Middle class people invested in IRA’s and private post earning taxed investment dividends.
Taxed when in the paycheck stage, then invested, held one year to qualify for lowest Cap Gains tax rate.
Also, the companies that declare dividends paid taxes on
the earnings that they pay as dividends to shareholders
Yep. This will either be a lot of hard work wasted or it’s Kabuki theater. The end result will be the same if these RINO’s are still dug in.
“Carried interest” tax adjustment would bring in $2 billion a year...
Hearings on the bill are the best situation comedy on TV today (well, except for reruns of some really old shows). There are so many obvious flaws that *crew the middle class and set smaller businesses up to be overwhelmed by their globalist large-business competitors. There’s nothing in either bill that stops repatriated money from being used to line the pockets of upper-tier employees and owners and from using the money to buy out smaller competitors. That’s what the banks did with the money they got after their crisis.
So you are now opposed to repatriating the earnings of U.S. companies that are parked abroad for tax reasons? Are you also opposed to shifting to a territorial taxation basis for corporate earnings? And why do you think it is any of the Congress' business what companies do with repatriated profits? If they pay it out to owners and top tier employees, that money will be taxed at individual income tax rates that are probably higher than the effective corporate rate that the company would otherwise have been paid. If they buy out smaller competitors, so what? Companies buy each other every day.
I disagree. Individual and small businesses are what will bring back the middle class. Less regulations helps. Simpler lower takes for small business would help. The discrepancy between the income of the top 5% of the population and everyone else is appalling. Why should, for example, the Waltons, get any tax breaks that don't have to directly go into workers wages and nourishing small US companies? They got rich off the backs of employees who have wages that are so low that they're eligible for government benefits in many cases.
The masterminds coming up with these “tax reform” plans cannot or will not relinquish their power over taxpayers, so they pick winners and losers instead of simple tax rate reductions across the board. Perhaps get rid of the Death Tax and EITC in a simple 1-page bill.
Spit.
The whole point of buying (selling) small businesses is so the owner can start another. That’s the biggest factor in creating new jobs: creating new companies after selling the old ones.
The winners and losers were already chosen years ago. Removing some of the mortgage interest and local tax deductions just gets back to having no winners and losers. The real answer is to move away from high tax states, mostly run by dems. That’s the best part about the bill.
> The real answer is to move away from high tax states, mostly run by dems <
The purpose of tax policy is to fund the necessary and proper functions of government. Of course that’s not what the progressive GOPe is doing. The reason Paul Ryan constantly refers to the “average taxpayer” getting a tax break is because he cannot say ALL taxpayers will have their taxes cut. That’s picking winners and losers.
This isn’t about high tax states or low tax states. It’s about tax relief for ALL INDIVIDUAL TAXPAYERS.
I just don't get the insistence on ALL taxpayers getting a cut. I certainly won't get a cut since VA income tax is my largest deduction. But I am looking at the big picture and the greater good.
What this says about you are two things. You do not believe in supply side economics. It also says that you think that cutting all tax rates for everyone will decrease federal revenues, which is a falshood.
The simplest and fairest tax of all would be a uniform import tariff.
> However business tax and income predictability is a strong driver for the economy. <
The corporate side of these “tax reform” bills looks good. No beef from me. But individuals pay taxes, not “averages”. One of those individuals is my daughter who lives in CA, is in the 13.5% state tax rate, and because of insane home prices has a mortgage over $500k. Married with two kids seems “average” to me, but she’ gets absolutely CRUSHED by the republicans “plan”.
Supply side works, that’s why I am for a corporate rate cut above all else. The cut for other people is a demand side argument. The argument is that people will spend more. That’s nice but not as useful as the well-off and companies investing more.
Too bad about your daughter. Perhaps she should leave that tax hellhole for somewhere with sane fiscal policies.
Nope. He saved the new form of double taxation for state and local income taxes.
Horse hockey. They got rich by initially by putting their own money at risk to start a company. Then they worked their balls off to sustain and grow the business, and make a profit. They then reinvested their profits, putting their money at risk again, to grow the business. Along the way, they created hundreds of thousands of jobs that, without their efforts, would not otherwise exist. Many long-term employees became millionaires themselves.
The narrative of the rich getting rich on the backs of the poor is pure BS. But if it makes you feel better, think what you like and be a proud socialist.
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