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

NY Post ^ | Dec 24, 2017 | David Harsanyi

[Oshkalaboomboom]

According to political analysts, 2018 Democrats will use the just-passed tax reform as a way to argue that the Republican Party is the party of the plutocracy, which is another way of saying that Democrats are going to use the same argument they’ve been using for the past three decades with varying degrees of success. A number of liberals have claimed that the passage of “unpopular” tax reform is historically analogous to the passage of Obamacare, which triggered the loss of hundreds of Democrat seats and, perhaps, control of the presidency.

MORE ON: TAX REFORMS Trump tells Mar-a-Lago guests: 'You all just got a lot richer' The movement to impeach Trump is just beginning Rate hikes have negative impacts on the economy What to expect from the GOP tax bill roll out This is wishful thinking for a number of reasons.

Yes, the tax bill is unpopular. Then again, I’m not sure you’ve noticed that everything Washington, D.C., tries to do is unpopular. Nothing polls well. Not the president. Not Congress. Not Democrats. Not legislation. Not even erstwhile popular vote-winning candidates. Certainly, a bill being bombarded with hysterical end-of-the-world claims that are rarely debunked by the political media is not going to be popular. Republicans won’t pass anything if they wait around for things to be popular.

However — apologies to House Minority Leader Nancy Pelosi — they can be somewhat content knowing that voters will probably like it once they find out what’s in it..

[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.