Let's cut the crap, shall we? Tax Reform

[william the wie]

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Oh my, and you have the gall to lecture me about "sticking to the subject"?

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Oh my, and you have the gall to lecture me about "sticking to the subject"?

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Oh my, and you have the gall to lecture me about "sticking to the subject"?

If he's a janitor making 150K in NYC or SanFran he's well below the local poverty level and probably his BA brought him up to an 8th grade reading level.

 

[C_Clayton_Jones]

It benefits me to have a professional tax preparer on my Facebook friends list. And unlike some of the liberals screaming ARMAGEDDON!11!!!1!!!!1---ahem...he was able to cut through the verbosity of the bill to bring out the highlights. Yeah, there are highlights much to the chagrin of some. Yes, yes, there are people out there who took the time to read the final bill before passing summary judgement on it. Enjoy.

This was his post:

I've been reviewing the final income tax reform bill that just came out of the conference committee yesterday; it's expected to pass the House and the Senate when it's voted on this coming week. Here are some highlights:

- The Obamacare fine is GONE as of 2019!
- The personal exemption for individuals is eliminated (it's $4,050 under current law).
- The standard deduction for all filing statuses is nearly doubled (e.g., the standard deduction for a Married Filing Joint couple goes from the current $12,700 to $24,000).
- The Child Tax Credit doubles to $2,000 per child, from the current $1,000. 70% of the $2,000 is treated as a refundable credit.
- The student loan interest deduction has been retained (it was eliminated in an earlier version of the bill).
- Tuition waivers for grad students will *not* be taxed as income, as an earlier version of the bill would have done.
- The mortgage interest deduction for new home loans maxes out at $750k (the cap is $1 million under current law).
- Small business owners who file Schedule C (or who file as LLC's or S-Corporations) get a tax break amounting to 20% of their net income.
- The Earned Income Tax Credit was not changed; current law still applies.

There's plenty more to digest, but these are the items that will affect most people.

There is no ‘reform.’ just a tax scam.

In time working Americans will realize a tax increase:

"Institute on Taxation and Economic Policy (ITEP) simulations provide state-level estimates on how many families would pay more in taxes under the Senate majority plan in 2027."

Millions of Working- and Middle-Class Americans Would See a Tax Increase Under the Senate GOP Tax Plan - Center for American Progress

The Federal debt will increase:

“The Senate GOP tax plan will increase the deficit by more than $1.4 trillion over a decade, according to a new analysis by the Congressional Budget Office (CBO).”

CBO: Senate tax bill increases deficit by $1.4 trillion

Millions of Americans will lose access to affordable health care:

“According to CBO, 13 million fewer people would be insured in 2027 compared with current law while premiums would spike 10%.”

GOP Tax Plan Would Still Leave 13 Million Without Health Insurance, CBO Says

Those are the facts, the crap has been cut.

This is bad law, reckless and irresponsible.

But you and other blind partisans on the reprehensible right continue to lie, continue to ignore the facts, and continue to pursue a failed, wrongheaded agenda harmful to the American people.

 

[william the wie]

Yeah, $200,000 year bellhops are in big trouble not to mention no show jobs may no longer exist by the end of next year. "Oh the horrors! Oh the inhumanity! How can we refrain from tears given such a tragedy?"

 

[TemplarKormac]

There is no ‘reform.’ just a tax scam.

In time working Americans will realize a tax increase:

"Institute on Taxation and Economic Policy (ITEP) simulations provide state-level estimates on how many families would pay more in taxes under the Senate majority plan in 2027."

Millions of Working- and Middle-Class Americans Would See a Tax Increase Under the Senate GOP Tax Plan - Center for American Progress

About - Center for American Progress

 

[MACAULAY]

It is so hard for regular people like me to wade through all the bull shit that comes out of Washington.

We Rubes, Rustics, Rednecks...people of the Heartland...the ones lucky enough NOT to be born and educated in one of the rotting cities of the north run by Democrats for 40 years....we have to reduce things down to a simple generalization, in order filter out the Bolshevik Propaganda.

So, to me, it seems like the Democrats are scared shit-less that the Blue Collar Worker, who they used and abused for 40 years...will find in February of 2018 that his paycheck has gone UP! In April he finds out that he is getting a real raise because the economy is booming and there is competition for real American workers. In May, the unemployed, the ones who actually WANT TO WORK....discover that they can find jobs that weren't available during the Obama Administration.

Trumpian-Jeffersonianism is the Nightmare Scenario for the MarxistMovement/DemocraticParty as it exists at the end of 2017.

 

[BluesLegend]

Those in NY and NJ with 2nd vacation homes and beach condos lose their deduction for mortgage interest on those 2nd homes under this bill.

 

[depotoo]

I doubt the poor are paying much in state taxes to begin with, so they will probably be ok.

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.

My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.

Whatever, trump is a tool. He'll sign whatever is put in front him.

Charming. Did you have anything useful to say?

The tax guy is jumping the gun but one thing I remember is that "trumpcare" included the individual mandate under a different name.My tax guy is rip roaring trumpanzee, never misses Rush and says it will likely hurt the poorest, but we already knew that. I'm more concerned about the fuckers do to SocSec, Medicare and Medicaid.Whatever, trump is a tool. He'll sign whatever is put in front him.

Charming. Did you have anything useful to say?

If he is from CA, IL, MA, NY, NJ he just got sodomized with a sandpaper condom and no grease, I would give the doofus some slack, if I were you.

 

[ColonelAngus]

Those in NY and NJ with 2nd vacation homes and beach condos lose their deduction for mortgage interest on those 2nd homes under this bill.

The wealthy are going to pay their fair share...just like Hillary voters wanted.

They are dancing in the Streets about this tax bill that lowers taxes on the poor by removing the Obamacare mandate tax and raises taxes on the wealthy by removing SALT deductions, right?

 

[Grumblenuts]

I doubt the poor are paying much in state taxes to begin with, so they will probably be ok.

Pretty sure the rich were okay before.
And that the poor will remain poor.