Democrats are fooling themselves about how the tax cut will play out

NY Post ^ | Dec 24, 2017 | David Harsanyi

[ViLaLuz]

Global elites love plutocracy as long as they get to stay in power and continue milking the little people.

[NonValueAdded]

I expect the commercial tax preparers will all have calculators that will take the 2017 return information and show what 2018 would be on an apples-to-apples basis. 80% of the taxpayers will receive the good news and there will be a massive tide shift. The RATs are stuck on stupid. They forgot the First Rule of Holes.

[BobL]

In February, the new withholding tables associated with the tax cuts take effect. It will be the effect of those withholding tables - i.e., A BIG RAISE, for most people (except FReepers, apparently, from what I read here) that will determine the political success or failure of the tax cuts for Trump - at least regarding the 2018 Midterms. A few things to watch for regarding the withholding tables:

1) The higher, pre-tax cut withholding will be in place in January (in other words, overwithholding, for most people, except FReepers). Therefore, starting in February, the withholding will have to go down to match the new rates, and then down a bit more to compensate for January.

2) The withholding rates for the past 15 years or so, I think, were biased to over-withhold, in order to bring in money early to the government and partially mask the deficits (basically an accounting gimmick). At least that’s my recollection. I remember this being done within the discretion of the Executive Branch, and thus it could be reversed, further magnifying the apparent size of the tax cut (except for FReepers, who will pay more).

3) Expect the Dems to run to the courts to try to prevent the above to the extent possible. I’d expect them to file their case in, say, San Francisco.

[trebb]

They screw the Middle Class with Obama Care and pay for it - now they think Trump will pay for it because he helped un-screw the Middle Class and a lot of others.......makes perfect sense if you live in Pelosi’s and Schumer’s heads......

[ptsal]

Who counts the votes?

Is the in on the ballots already drying at the print shop?

voter fraud alert

[Vaduz]

Spot on the only thing they know how to do.

[polymuser]

For media mouths, a few hundred bucks a month is squat. Their wine bill. For normal Americans, it’s their car payment, their food bill, medical co-pays — major things.

Media mouths are mostly spoiled rich brats. F them.

[Norseman]

While it’s a certainty that most people will get a FEDERAL tax cut that they don’t expect because of the completely corrupt news coverage (I was going to say incompetent coverage, but these people know exactly what they’re doing), here’s a topic that’s received little discussion: STATE taxes.

I believe that most states that have an income tax base their residents’ tax calculation on Federal Taxable Income. Assuming that to be true, state treasuries should do very well. Almost every example I’ve run, including the examples where a couple owes more federal tax, has the Federal Taxable Income higher after this bill.

But if Federal Taxable Income is generally higher, States will collect more taxes. This is especially true in the blue states because their SALT deductions are generally higher than in red states and they lose those deductions.

If red state legislators figure this out, they’ll start cutting their tax rates just like the Congress just did. Meanwhile, the blue states are likely to just sit back and rake in the money. This could get interesting.