Posted on 11/26/2017 3:12:53 PM PST by WilliamIII
I’ll remind you that Trump’s original Reaganesque tax plan on steroids included reducing the business tax to zero. Now that caught my immediate attention. That would have sent our national economy soaring like a rocket. Was mighty disappointed when the bean counters screwed that up. But I’ll take the cut to 20%. I believe we should take all the rate cuts we can get. If we have to cut government to make it work, well, what are we waiting for? Cut, baby, cut! Starve the Beast!
OTOH...there is absolutely NO reason for corporations to lower prices, once they get these perks; none at all.
Oh sure, their costs are lower, but then so will be their profits...perhaps. It depends on what they produce, re how much they'll sell here and we're talking about corporations who sell stuff all over the world.
Look at the large percentage of Millennials...many can't afford to move out of their parents' homes, owe lots of money, don't have the jobs they imagine that they imagine they deserve. Those Millennials aren't getting married, buying homes, or even renting and buying everything that one needs to start an adult life with. And the ones still in college appear to be worse.
How is this POS "better than nothing"? Because IF both Houses pass something dreadful, at least Trump can say that he "did something"?
Not that I'm comparing the two, but Hoover "did something" too, with the passage of Smoot-Hawley"! Do I have to go into what THAT did to our economy ?
OTOH, yes, I like most of the things he does on his own; not so much what some of his present "team" is up to. He's a delegator ( and for some things he has to be ); however, those to whom he has delegated many things, stink and work against him!
Yes...cut, cut, cut, C-U-T the damned government and get it off your back, my back, and everyone else's back too!
Why should Bezos et al get the free-bes and tax cuts?
Competition.
No, the tax cuts are real for most people. And the corp tax cut is for everyone. All boats rise in a rising tide.
I'll believe it when I see it.
Those rising boats ( if there are any ) will put people into higher tax brackets, which will cost them MORE taxes.
Why is this part so difficult for many to understand?
And the tax "cuts" for some, aren't permanent, as they were under Regaan; they can be raised the next year!
Cutting out the "DEATH TAXES"? That doesn't fully kick in for many years and THAT is neither for certain that that will stay, nor that they'll be permanent.
A for REAL tax cut for all DOES help everyone; unlike this mess.
This isn't even "trickle down"....WHICH DOES INDEED WORK!
It’s Reaganomics thinking. Tax cuts boost the economy.
govt works for the big people...we're the peasants and we do not matter to them...
I think you need to study the brackets and rates a little closer and compare them to the rates already scheduled.
The top three of the FIVE tax brackets ( for people ) ( in the Senate's plan ) taxes those with the highest percentage of paying the Fed Gov's income taxes.The very highest will still have lots of money to play with AND a few ways to "hide" money ( family foundations, for one such ); those in the other two and many in the next lower down bracket ( in some states ) will have less disposable income to spend. Ergo, the economy doesn't really get a "boost".
If the top 20% earners now pay 84% of the Fed Income taxes, with the passage of this garbage, they'll be paying even more!
Do you remember what happened when there was a new tax on yacht builders?
Please post the rate table.
In the Senate plan, the top bracket gets NO tax relief at all; not one red cent! They can't tax the tax reductions of ANY of the other brackets on their earnings.
Some here are cheering that those who live in high income state tax states are going to be hurt. That's ridiculous!
WHY?
Because they will have far less disposable incomes and that hurts the economy! Not to mention that the very wealthy will STILL have more than enough to donate to the lefties! But others, with less money, who are Trump supporters get socked hard!
And those who DO get some tax relief may be somewhat higher in number, but they aren't the ones driving the economy.
Some recent studies ( how true they are, I don't know ) have claimed that there is a large number of the populace who don't have enough money saved to see them through a sudden loss of a job, a catastrophe, or even a small problem.
I find the above appalling, shocking, and serious.The tax cut won't help those people much at all.
Jim, after all these years, you know that I don’t do that; I don’t know how and no “help” has ever helped me to learn how to CCP.
For example, the top bracket for joint filers in current law for 2018 is 39.6% on taxable income of $480,051 and over. In the proposed senate plan it would be 32.5% for $390,800-$450,000 and 35% for $450,000-$1,000,000. That’s a cut for most in those brackets. No change for a $30k sliver ($450,000 to 480,000) in the 35% bracket.
In current law taxable income over $480,051 is taxed at 39.6%. In the senate’s proposed system, that income will be taxed at 35% up to $1,000,000. And then 38.5% for the amount over a million. So it’s still a cut even for the top bracket (assuming the source is correct).
Source: https://taxfoundation.org/details-analysis-2017-senate-tax-cuts-and-jobs-act/
I know no such thing. You might want to search for our html sandbox thread.
Btw, we’re talking about the top marginal rates for these taxpayers. All of the income for these same taxpayers under these top bracket is also taxed at lesser rates, so they all get a net tax cut. Even the 35% sliver.
In the Senate's plan, the top bracket gets NO use of ANY of the lower brackets' cuts on ANY of the income at all.
And in the Senate's plan, the bracket below that one has lower a higher cut off for those who now pay 25% to a 33% bracket, IIRC.
I once had someone in real life write me a sheet with steps to follow, but I lost it.
I just don't do links; never have, never shall.
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