Posted on 11/26/2017 3:12:53 PM PST by WilliamIII
I voted Trump to MAGA. Raising some revenue is foisted on Republicans by the reconciliation process, so they have to raise some taxes. Lower corporate taxes are much more important for the economy than any small increase in some taxes for some people.
Would I like a perfect bill? Sure, but it doesn't exist. My taxes will go up, but I am not whining about it.
Yes, I liked Trump’s original plan much better. Congress has the reverse Midas Touch.
“Lower corporate taxes are much more important for the economy than any small increase in some taxes for some people.”
What we have here is prima facie proof your taxes are not going up.
The Democrats run and govern on class envy, the Republicans govern on class envy, is there a point I stop being the bad guy? And I am not wealthy, but living in southern California puts me in that group who don’t deserve a tax cut.
Hire a good tax accountant. Can’t prosper in California without one.
My wife and I made about 150K last year. In the house version the 26K standard deduction wipes out our itemized but the first 90K of income is only taxed at 12%. The bottom line is that we about break even with both versions.
From my perspective it seems that if you make more than 150K you’ll see a gradual increase, less a gradual decrease.
There’s a lot about this plan that could be better but the bottom line is that we need a corp tax cut to be competitive with the world.
And I understand the Republicans are claiming they’re hobbled by certain congressional rules. If true, too bad we don’t have a majority of conservatives in congress to remove said shackles. What would Harry Reid do?
raising taxes is forced on the GOP by the reconciliation process - only because they have chosen not to exercise their majority and change the rules. So their wimpishness is leading to tax increases
But I am not complaining, there are other posters who agree, and probably many who silently agree with me. Complainers tend to be more vocal. That's just the way it is.
I agree, the Repubs are wimpy and raising taxes when they should not. But until there is a viable replacement, we are stuck with them.
You can thank Ryan/McConnell, et al. Or vote them out.
If Democrats were pushing this plan, Freepers would be opposing it because it raises taxes instead of cuts spending. Unfortunately, too many Freepers will go along with big-govt policies as long as they’re coming from the GOP
Agree with you 100%. This is nothing other than double taxation. Truly sucks, last thing I expected from Republicans. I’d rather they keep the current tax code than this disaster.
What kind of tax cut is it if their goal is to keep the total tax collected the same? It’s just another redistribution scheme.
Also, this will have a devastating impact on the housing industry by eliminating mortgage interest and RE tax deductions.
Watch the value of your house tank.
Doubtful.
Lower corporate taxes with all of the deductibles still in place, in perpetuity, doesn't mean a damned thing for the economy, when fewer people are able to afford their products/services. It just means that those corporations get to pay less taxes; which doesn't mean that prices will come down.
With almost ALL present day deductions disallowed, a “good tax account” won’t help.
You wanna elaborate?
One of the big selling point of buying a house are the tax benefits. If they are gone you think it’s not going to affect prices?
And you know something else, I would not be surprised if Sacramento doesn’t eliminate those deductions as well. After all they can use the Republicans in congress for cover and the marxists that run the state are always eager to raise taxes.
It looks like your personal income would have to be near $1mil/yr to pay over $48,000 (double the standard deduction) in state tax at 5.75%.
Is any of that business income/pass through?
You night want to study up on what the congress has already passed into law under Obama and will go into effect for tax year 2018 and will be wating to snare you if this plan fails to pass.
Consume less. The President’s tax plan is a disincentive to spending.
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