Posted on 11/04/2017 6:33:58 PM PDT by Jim Robinson
The House 'Tax Cuts and Jobs Act' has been released. Here are the core elements of the plan.*
(Excerpt) Read more at marketwatch.com ...
Actually, it’s not quite as bad as that. And most people will see a net decrease simply because the net rates for most people will be lower. The big winner will be all who profit from a booming economy due to the corp tax rate cut. And by “all who profit,” I’m referring to all of us.
PFL
That’s impossible.
That is not impossible and it will affect a great many of us.
And I also have been 100% behind Trump from the beginning so don't accuse me of being anti-Trump. I do not think he envisioned how devious the congress could be when asked for a "tax cut for all".
You’re wrong, at least about California. California taxpayers provide more to the Feds than the state gets in return.
Sigh. That’s just bullcrap. Turbo tax doesn’t allow one to bypass that. That actually was pretty much all I owed last year (husband is unemployed and we are self-pay for him). So either I pay again, and it will be even higher (really can’t afford it). or use new software so I can basically not pay it. But I don’t trust the IRS not to come after people who are not paying the penalty despite them saying they might not LOL
The very first thing they should do is get rid of the penalty! If I could I would go up there and give them all a piece of my mind!!!
You can’t have meaning full tax reform until you address 3 problems.
unfunded liabilities. (they will only get worse and no one talks about it)
Current rate of spending.. (not one cut to anything)
almost half of the filers pay NO tax, or worse. Get a handout. No skin in the game leads to vote buying.
That said, it looks like I might save some money. but I am in a blue state so I bet most of those savings to towards the loss of that deduction. (I am OK! with this. Blue states have been using that deduction as a way to continue to raise taxes)
Only answer is a Constitutional amendment to limit the government spending. Maybe even a balanced budget amendment to go with it. We need to wrestle the purse from these idiots.
Liberals try to scare young voters. A person making $20K no children would be taxed at 5% and pay $960, or $80/mo, and a person making $16K, no children would be taxed at 3% or $480. Seems very reasonable. How do liberals think that’s unfair?
Has anyone seen how this will affect social security disability (SSDI) yet? Is it taxed under this plan? It wasn’t before.
but he is pushing it as a great plan. the best. biggest ever..
When it’s not even close.
it’s crap, and tiny.
This is not want I expected Trump to get behind. He let me down on the healthcare bills as well.
I am NOT a never trumper. I voted for him. But I expected more. I also expected more of the GOPe who is doing everything they can to be a PITA for Trump.
The only way to that amendment is article 5. Congress will never do it.
I do want to drain the swamp and MAGA.
Better than nothing to start the fight on this.
There is not much greatness in this plan.
The corporate tax cuts and elimination of AMT seems to be the best things. Not much. Damn disappointing. We could easily do better than this and pass it. Why this is such a lame plan is hard to understand and I would love the actual drafters to for once explain ALL of their logic.
Some points:
The most IMPORTANT thing about Tax Cuts is that the Federal government should get less money.
That way the money stays with We the People and our sovereign states.
And it forces the Federal Government to stick more to the powers authorized by the Constitution.
This plan will not result in a permanent reduction in tax receipts by the feds.
We Want the Feds on a DIET !
If I going to have to pay more damn taxes, and I probably will with this NON tax cut plan, then I at least want the feds to be squeezed, but that will not happen and it feels like a betrayal.
Why on this plan can two gay guys live together (of a hetero couple shack up) and make $200k each ($400k total) and be in the 25% bracket, but a man and woman living together as husband and wife can only make $260k and then they are PENALIZED and must pay 35% on all the money over that, so they have to pay $14k more than the gay guys if they want to make the same $400k! And the couple probably have kids to care for also, deductions for kids are nothing compared to their expense!
My wife and I do not make $260k but if we do in the future we should not be penalized after making more when single couples can make up to $400k without the 35% penalty kicking in.
Then the dang 39.6% rate (how simple!) goes back to no marriage penalty again! WHAT?
So all of the Marriage Penalty comes out one bracket, that of people who make 130k to 200k each if they are married.
Two straight doctors married —> 35% bracket.
Two doctors shacking up —> 25% bracket, BINGO!
Any marriage penalty sucks and they did not fix it in the new plan, in fact it is WORSE I think since one bracket, the most realistic higher bracket that usual people can strive for, is singled out to penalize married people.
Gosh they could sell a fixed version of this as a tax friendly move for gay “marriages,” right? But it is really ONLY FAIR for most of married Americans, who are heterosexuals and married, who are in the 25% bracket benefit. FIX THIS !
(9) I could go on and on but taxes will still a swamp mess and not even permanent in many cases. This overfunds overreaching centralized power and is not simpler and does not promote longterm creativity, etc etc etc.
Easily pass? It’s the congress that’s screwing it up. They won’t easily pass anything worthwhile. Too may dems and establishment rinos.
Interesting, thanks for your comments. They definitely need to fix the Marriage Penalty—that’s really shameful.
My 2 cents,,,the GOP better figure out a way where NO ONE ends up paying more taxes. How crazy can they be to raise anyone’s taxes?? Come election time, the Democrats would have a field day with that!
The adoption tax credit is gone:
It's as bad as I say and probably far worse! Every time a little bit more gets dribbled out, it's bad news for more and more people!
I'm not going to profit and and neither are a whole lot of others and they aren't even in the highest or second highest brackets!
The economy is booming right now; once this hits, that's going to stop...unless this is changed and changed radically!
Embedded into this plan is what is sometimes called "mission creep"; for want of a better term. These brackets aren't steady and it is all too easy, especially with even minimal inflation, for people to be bumped up a bracket or two, in the ensuing years.
Property taxes are capped at a $10,000 deductible. Property taxes just about NEVER fall, but they sure do rise ! LESS MONEY there in people's pockets!
The "earned income" refunds, for those who pay NO or almost NO Fed taxes are to be raised pretty heftily. LESS MONEY FOR THOSE WHO PAY, MORE FOR THOSE WHO DON'T!
I can go on, but hopefully you and others will see that this is NOT such a "rosey picture" no matter how one slices it.
And the ObamaCare tax on both the buyer and the seller of an abode is still there too. :-(
So sorry for you & yours! Unlike some here, I do NOT rejoice in the fact that many people are going to be hit and hit pretty hard, but this thing.
The old definition of middle class was anyone well above starvation, but also also someone without inherited wealth, e.g. a lawyer or a doctor, mainly because we had no idea who made what. Today, we have stats courtesy of the income tax, exactly what middle class means. The broadest definition is probably the 50% of households on either side of the household median income. Upper middle class would be the top end of that 50%, and lower middle class would be the low end of that 50%. Based on census numbers, the following are the household incomes corresponding to various percentiles listed at 10% intervals:
| Household Income Percentile | Minimum Income to Reach, 2015 |
| 10% | $13,234.00 |
| 20% | $22,680.00 |
| 30% | $32,068.00 |
| 40% | $43,309.00 |
| 50% | $56,025.00 |
| 60% | $72,000.00 |
| 70% | $90,564.00 |
| 80% | $116,890.00 |
| 90% | $161,915.00 |
This is NOT what he ran on.
This is NOT what he promised us!
And this whole thing stinks to high heaven!
Over 60 percent of adopted children are adopted by middle- and lower-income taxpayers, and almost half of children adopted from foster care live in families with household incomes at or below 200 percent of the federal poverty level, The ERLC added. "Just as important to consider is what adoption saves the government. The government saves between $65,000 and $127,000 for every child who is adopted rather than placed in long-term foster care."In his op-ed, French warned, "As things now stand, though, this Republican Congress may well end up funding Planned Parenthood while abolishing the adoption tax credit. That's intolerable. Not even President Obama went that far."
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