A Senate Tax Bill Only Scrooge McDuck Could Love

Forbes ^ | 29 Nov 17 | Diana Hembree

[SkyPilot]

In the Senate tax bill, only the rich come out ahead – something that could not be more obvious than if the bill were written by Scrooge McDuck and the scheming Simpsons tycoon Mr. Burns.

The bill, which just passed the Senate Budget Committee and will be rushed to a vote as early as the end of this week, purports to deliver tax relief to the middle class and blue-collar workers. However, it’s just a ruse to squeeze them by abolishing their favorite (and much-needed) tax breaks and steadily raising their taxes over the next 10 years. According to New Yorker writer Adam Davidson, who analyzed a congressional report on the legislation, “This bill is much like a teaser rate on a new credit card: there are some goodies in the first couple of years, but those disappear fairly quickly, at least for those below the median income.”

In fact, by 2027 all families earning less than $75,000 a year will actually be paying a higher percentage of their income to taxes than they are , according to the congressional Joint Committee on Taxation – all so that the ultra-rich and corporations can get a still fatter tax cut. After all, the money for those tax breaks has to come from somewhere. .......

...... As Forbes contributor Tony Nitti points out in “The House Tax Bill: Six Popular Breaks You Didn’t Realize You’ll Be Losing,” these include tax-free employer educational and tax-free employer childcare assistance, the student loan tax deduction, deductions for all medical expenses, deductions for alimony, deductions for state and local taxes, a cap on property tax deductions – even the deduction for your tax preparer’s fee!

[SkyPilot]

“The crux of the tax plan is to take money away from Americans who work and give it to financial elites who live off investments and inherited fortunes,” he says. “These so-called reforms propose to end things like the deductibility of student loan interest and scrap a small $250 deduction for teachers who have to buy supplies for their classrooms, yet preserve the carried-interest loophole, which only benefits hedge fund partners, costs the Treasury at least $2 billion per year, and which Trump actually campaigned to get rid of.”

My daughter is a school teacher at a Christian school that doesn't have a large budget. She buys the kids supplies. Good to know the Feds are going to be screwing her out of that $250 bucks. I mean.....the corporations better get that rate cut from 35% to 20% AND keep their deductions for state, local, and property taxes that are being taken away from the rest of us. Since Congress is giving away the store to the donors, I guess they had to find all that loose change in the sofa cushions of the Federal Tax Code and destroy our measly deductions.

Double the Standard Deduction you say? No, it isn't "double." They are completely eliminating the Personal Exemption as well. Do the math.

And I just read about the $350 Billion in automatic taxes the Senate is baking into the bill. Nice. A "Backstop Trigger" they call it.

So after our deductions are capped or destroyed - FOREVER - they will raise taxes if they think the deficit is growing too large, or if the saintly corporations don't actually "re-invest" but instead use the extra ca$h to buy back more of their own stock.

The Moment Gary Cohn Realized His Entire Economic Policy Is A Disaster

But many here are jumping right in! Gonna be a "Great Bill!"

Remember this?

"We will massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country."

"Tax relief will be concentrated on the working and middle class taxpayer. They will receive the biggest benefit and it won't even be close."

[SkyPilot]

Tax Bill ping.

[Mariner]

And THIS from those notorious commies at Forbes:)

[Mariner]

Most Freepers don’t care if this is a bad bill, or if they have to pay more in the out years.

Just ask them.

The ONLY thing they care about is ending their “subsidy for blue states”.

Something that isn’t even happening.

I have challenged multiple parties to identify a single money flow from a taxpayer in ANY state to the state of CA (as an example), and none has done so.

Because there is not a single taxpayer in the US outside CA that is paying a single penny to the CA treasury.

There is no subsidy.

Fools.

[SandRat]

Quack Quack Quack Quack Quack Quack

[Pilgrim's Progress]

I’m trying to figure out who to believe here . . . Trump who promised to cut taxes or #NeverTrumper commies that never speak a good (or honest) word about the president.

Who do you think I should believe?

[V_TWIN]

This shouldn't surprise anyone: Diana Hembree FULL BIO  I’ve spent years covering consumer finance, science, health and the workplace as a journalist and editor based in the San Francisco Bay Area. I serve as the senior content director for MoneyGeek.com, a Reno-based personal finance website that helps consumers make smart financial decisions. I also worked more than 10 years as a reporter and news editor at the Center for Investigative Reporting and have worked as a senior editor at Time Inc., as a contract wire editor for HealthDay and as editor of the alternative energy journal Bioenergy Connection. I’ve written and edited stories for 60 Minutes, the Washington Post, the Times of London syndicate, California magazine, Columbia Journalism Review, Vibe and many other publications. I also served as associate producer for The Great American Bailout, a PBS Frontline documentary that won a Polk and IRE award for its expose of the aftermath of the savings and loans debacle.

[dirtboy]

So it’s hardly a surprise that she would be writing a column that could be a press release from Schumer himself.

[Mariner]

That’s like saying the DNC emails were fraudulent because the Russians gave them to Wikileaks.

[Mariner]

Did you pull my response?

I wasn’t saying YOU are weak and stupid.

Only people who let others tell them what to think.

[Pilgrim's Progress]

No . . . I did not pull (or report) your response. I did not even feel it was directed to me at all.

[SkyPilot]

Over here.....

[Navy Patriot]

Well, Schrooge McDuck is one of the good guys.

[SkyPilot]

Guess what? She’s factually correct in the article, and even what she opinionates I concur with.

When someone is lying, we are correct to call them out. The Truth is precious, and it is always under assault. “Transgenderism” is perversion and abortion is murder. And we must never stop telling the truth.

But this tax bill is a Goldman Sachs (I am looking at you Steve Mnuchin and Gary Cohn) rip-off.

[NutsOnYew]

And THIS from those notorious commies at Forbes

Yep. This article is based on the analysis from the Center for American Progress, which I believe is one of the leading liberal think tanks in DC. GIGO.

[FlipWilson]

Sigh, first off there is no tax bill. This has been teed up for McCain to vote “no” on again. He just can’t resist the chance to get an MSM puff piece and the chance to be lauded. It is like a drug to him that no narcotic or even anti-cancer drug could ever replace. Plus, he gets to stick it to Trump in the process. Viva McCain!! Eff everyone else.

Secondly, can someone name me a way, a single solitary way that taxes can ever ever ever be cut without a cry of “for the rich” being spouted? Come-on, I dare you.

Third, it’s boy who cried wolf time for the reason given above. This bill may suck but because cutting taxes has suddenly become like the third rail of social security reform, I am skeptical of the criticism.

[SkyPilot]

First, there are two bills. The House and Senate. The former is already approved and the latter cleared committee and will be voted on possibly tomorrow.

Second, I am not a class warfare warrior. Few of us here are. But both bills were written to declare class warfare. They chose to pick winners and losers. By eliminating or capping so many deductions, they are raising taxes on millions in the middle class to “pay for” The massive tax cuts are for the corporations and the donors. It is what it is. That’s the way they wrote it. That’s the way it is structured.

I wouldn’t care if everyone got a tax cut and the wealthy got more of a tax cut because they pay a lot in taxes. Why would I? But this is not the 1986 Reagan bill. Far from it. This is not, repeat, not an across-the-board Tax cut for everyone. It is a deduction cut. They wrote a revenue neutral bill, which requires winners and losers. If we had a value added tax, or flat tax, yes that would be fair. That’s not what they gave us.

[New Jersey Realist]

The Federal Government MUST cut their spending by at least 10%. Shut down useless agencies and fire useless employees. I am absolutely certain that the government can operate with 15% less employees. As far as congressional pay - suspend that for 5 years.

[ThisLittleLightofMine]

I’ve been trying to really find out what the new tax rate will be, I finally found a calculator for Trump plan, under this plan, my family will pay about 1/2 as much in federal taxes, until our remaining child in independent, at that point our taxes will go up a but, but still far less. We are a middle class family.