Senate Passes Tax Reform...The Donald Wins Again!

[depotoo]

I posted the before/after tax brackets and tax cuts yesterday, go review them. A married couple making near $290k see a tax increase, everyone else pretty much gets a tax cut. The wealthy slammed with paying the AMT got screwed, the Senate had to remove the repeal of the AMT to get the bill passed.

How long will those cuts last??

They are not permanent due to Senate rules vs passing something with a simple 51% majority. No doubt the left will pray they expire and everyone will get slammed with a tax increase.

If the debt goes the way your repubs say it will they'll be no need for tax increase But our debt going down will happen when pigs fly

You people elected a guy who nearly doubled the national debt, you have zero credibility to even speak on this topic.

For you blues
Late Tuesday evening, Senate Republicans released a new version of their tax bill that makes their priorities abundantly clear. Under the newly-revised Tax Cuts and Jobs Act, individuals will lose essentially all of the benefits provided by the bill in 2026, while corporations get a massive, permanent cut. On top of that, about 13 million Americans would lose their health insurance because the bill now repeals Obamacare’s individual mandate.

The updated bill, which the Senate finance committee is expected to approve this week, cuts the corporate tax rate from 35 percent to 20 percent starting in 2019, while providing most individuals with temporary tax relief. If the individual cuts expire, a preliminary estimate from Ernie Tedeschi, a former Treasury Department economist, shows that 38 percent of taxpayers—including 50 percent of people making between $50,000 and $75,000—would pay more taxes in 2027. And that doesn’t include the fact that many Americans would be paying about 10 percent more for health care as a result of getting rid of the Obamacare mandate.

So, now you also like the tax cuts and already worried they might disappear. Seems like time to talk to your Dem congressional critters to make sure that doesn't happen, huh.. lol

 

[eddiew37]

[Q

Personally I can't wait. The winning is getting out of hand if that's the plan. Greatest Ponzi scheme of all time getting the slash, please!

The greatest Ponzi Scheme in the history of the US was Social Security followed by Obamacare.

The Moon Bats will be really pissed when we have tremendous economic growth coming up on the 2020 election, won't they?

I only wish that comes true BUT I believe it'll happen when pigs fly

 

[BluesLegend]

They are not permanent due to Senate rules vs passing something with a simple 51% majority. No doubt the left will pray they expire and everyone will get slammed with a tax increase.

If the debt goes the way your repubs say it will they'll be no need for tax increase But our debt going down will happen when pigs fly

You people elected a guy who nearly doubled the national debt, you have zero credibility to even speak on this topic.

For you blues
Late Tuesday evening, Senate Republicans released a new version of their tax bill that makes their priorities abundantly clear. Under the newly-revised Tax Cuts and Jobs Act, individuals will lose essentially all of the benefits provided by the bill in 2026, while corporations get a massive, permanent cut. On top of that, about 13 million Americans would lose their health insurance because the bill now repeals Obamacare’s individual mandate.

The updated bill, which the Senate finance committee is expected to approve this week, cuts the corporate tax rate from 35 percent to 20 percent starting in 2019, while providing most individuals with temporary tax relief. If the individual cuts expire, a preliminary estimate from Ernie Tedeschi, a former Treasury Department economist, shows that 38 percent of taxpayers—including 50 percent of people making between $50,000 and $75,000—would pay more taxes in 2027. And that doesn’t include the fact that many Americans would be paying about 10 percent more for health care as a result of getting rid of the Obamacare mandate.

How many of these lies do you want me to speak to? Lets start with the 13 million losing their health insurance lie, LIE!

Bet you believe that trump and his billionaire friends won't gain from this cut And bet you believe that Obama isn't a citizen and my money is on your belief there were 3 million illegal voters for hillary You are part of the Trump sheep

You are trying to deflect from your lie. You claimed 13 million would lose their health insurance, a lie, but go ahead try to back up your claim. No? Yeah we thought so.

 

[depotoo]

Probably until you get some idiot Democrat in the WH that wants to raise taxes.

So, you do not even know what is in the bill. Why is that not a surprise at all.

Not quite sure how my comment indicates whether I know or don't know.

Because your answer gives it away. The bill has a built in (or multiple built in) mechanism for the tax cuts going away, and none of them rely on who is sitting in the White House.

Oh, so now you like the tax cuts and already worried they might go away!
You can't make this stuff up, folks! Lol

Dude, it is too early in the morning to be drinking. I never said I was worried they were going to go away. Step away from the booze and come back when you are sober.

Well, maybe you should put the booze, bong, whatever away, as you stated "The bill has a built in (or multiple built in) mechanism for the tax cuts going away, and none of them rely on who is sitting in the White House." Now, if your not worried, then why even mention it?

 

[eddiew37]

How long will those cuts last??

They are not permanent due to Senate rules vs passing something with a simple 51% majority. No doubt the left will pray they expire and everyone will get slammed with a tax increase.

If the debt goes the way your repubs say it will they'll be no need for tax increase But our debt going down will happen when pigs fly

You people elected a guy who nearly doubled the national debt, you have zero credibility to even speak on this topic.

For you blues
Late Tuesday evening, Senate Republicans released a new version of their tax bill that makes their priorities abundantly clear. Under the newly-revised Tax Cuts and Jobs Act, individuals will lose essentially all of the benefits provided by the bill in 2026, while corporations get a massive, permanent cut. On top of that, about 13 million Americans would lose their health insurance because the bill now repeals Obamacare’s individual mandate.

The updated bill, which the Senate finance committee is expected to approve this week, cuts the corporate tax rate from 35 percent to 20 percent starting in 2019, while providing most individuals with temporary tax relief. If the individual cuts expire, a preliminary estimate from Ernie Tedeschi, a former Treasury Department economist, shows that 38 percent of taxpayers—including 50 percent of people making between $50,000 and $75,000—would pay more taxes in 2027. And that doesn’t include the fact that many Americans would be paying about 10 percent more for health care as a result of getting rid of the Obamacare mandate.

So, now you also like the tax cuts and already worried they might disappear. Seems like time to talk to your Dem congressional critters to make sure that doesn't happen, huh.. lol

Tax cuts are great but nor when middle class will do all the paying

 

[depotoo]

[Q

Personally I can't wait. The winning is getting out of hand if that's the plan. Greatest Ponzi scheme of all time getting the slash, please!

The greatest Ponzi Scheme in the history of the US was Social Security followed by Obamacare.

The Moon Bats will be really pissed when we have tremendous economic growth coming up on the 2020 election, won't they?

I only wish that comes true BUT I believe it'll happen when pigs fly

We can revisit this about that time, 'kay? See your reaction, then.

 

[eddiew37]

If the debt goes the way your repubs say it will they'll be no need for tax increase But our debt going down will happen when pigs fly

You people elected a guy who nearly doubled the national debt, you have zero credibility to even speak on this topic.

For you blues
Late Tuesday evening, Senate Republicans released a new version of their tax bill that makes their priorities abundantly clear. Under the newly-revised Tax Cuts and Jobs Act, individuals will lose essentially all of the benefits provided by the bill in 2026, while corporations get a massive, permanent cut. On top of that, about 13 million Americans would lose their health insurance because the bill now repeals Obamacare’s individual mandate.

The updated bill, which the Senate finance committee is expected to approve this week, cuts the corporate tax rate from 35 percent to 20 percent starting in 2019, while providing most individuals with temporary tax relief. If the individual cuts expire, a preliminary estimate from Ernie Tedeschi, a former Treasury Department economist, shows that 38 percent of taxpayers—including 50 percent of people making between $50,000 and $75,000—would pay more taxes in 2027. And that doesn’t include the fact that many Americans would be paying about 10 percent more for health care as a result of getting rid of the Obamacare mandate.

How many of these lies do you want me to speak to? Lets start with the 13 million losing their health insurance lie, LIE!

Bet you believe that trump and his billionaire friends won't gain from this cut And bet you believe that Obama isn't a citizen and my money is on your belief there were 3 million illegal voters for hillary You are part of the Trump sheep

You are trying to deflect from your lie. You claimed 13 million would lose their health insurance, a lie, but go ahead try to back up your claim. No? Yeah we thought so.

TIME will tell

 

[depotoo]

They are not permanent due to Senate rules vs passing something with a simple 51% majority. No doubt the left will pray they expire and everyone will get slammed with a tax increase.

If the debt goes the way your repubs say it will they'll be no need for tax increase But our debt going down will happen when pigs fly

You people elected a guy who nearly doubled the national debt, you have zero credibility to even speak on this topic.

For you blues
Late Tuesday evening, Senate Republicans released a new version of their tax bill that makes their priorities abundantly clear. Under the newly-revised Tax Cuts and Jobs Act, individuals will lose essentially all of the benefits provided by the bill in 2026, while corporations get a massive, permanent cut. On top of that, about 13 million Americans would lose their health insurance because the bill now repeals Obamacare’s individual mandate.

The updated bill, which the Senate finance committee is expected to approve this week, cuts the corporate tax rate from 35 percent to 20 percent starting in 2019, while providing most individuals with temporary tax relief. If the individual cuts expire, a preliminary estimate from Ernie Tedeschi, a former Treasury Department economist, shows that 38 percent of taxpayers—including 50 percent of people making between $50,000 and $75,000—would pay more taxes in 2027. And that doesn’t include the fact that many Americans would be paying about 10 percent more for health care as a result of getting rid of the Obamacare mandate.

So, now you also like the tax cuts and already worried they might disappear. Seems like time to talk to your Dem congressional critters to make sure that doesn't happen, huh.. lol

Tax cuts are great but nor when middle class will do all the paying

Show me how the middle will be paying more from the new tax bracket charts I posted, as well as the upped standard deduction, upped child credit, etc. Show me where they will be paying more.

 

[eddiew37]

[Q

Personally I can't wait. The winning is getting out of hand if that's the plan. Greatest Ponzi scheme of all time getting the slash, please!

The greatest Ponzi Scheme in the history of the US was Social Security followed by Obamacare.

The Moon Bats will be really pissed when we have tremendous economic growth coming up on the 2020 election, won't they?

I only wish that comes true BUT I believe it'll happen when pigs fly

We can revisit this about that time, 'kay? See your reaction, then.

Yes dep it'll be interesting to see ALL of our reactions ......Think I remember all of Bushs miserable 8 years was blamed on Obama I'm ready for the same to happen with the next Dem president

 

[eddiew37]

Republicans are making some heady claims about their hastily constructed, historically unpopular tax legislation. “If we do this, then America will win again like never, ever before,” President Trump said in a speech touting the legislation this week. “A vote to cut taxes is a vote to put America first again. We want to do that. We want to put America first again. It’s time to take care of our workers, to protect our communities, and to rebuild our great country.”

But a bipartisan group of leading economists have expressed some deep skepticism about many of the central claims the White House and congressional Republicans are making about the potential effects of the legislation. Below are the top seven myths they have put forward—and the evidence that disproves them.

1. The tax bill will pay for itself.

The Tax Cuts and Jobs Act remains a moving target, with congressional Republicans horse-trading different provisions into and out of the bill and work not yet done to reconcile differences between the House and the Senate versions. Still, the basic parameters are clear. On the household side, the bill would lower the rates charged in each tax bracket, expand the child tax credit, eliminate personal exemptions, and expand the standard deduction. On the business side, it would lower the corporate income tax rate dramatically, and create a big deduction or a special rate for “pass-through” businesses that pay individual income tax rates. It would also let businesses bring back foreign profits at a very low rate, and likely move the country to a territorial tax system, wherein companies pay taxes on profits generated in the United States, not worldwide.

All those rate reductions would mean that the Treasury would be taking in far less money from individuals and businesses. But Republican officials have insisted that the tax cuts would improve growth so much that they would pay for themselves, offsetting the revenue losses. “Not only will this tax plan pay for itself, but it will pay down debt,” Treasury Secretary Steven Mnuchin promisedrecently.

Not so, one of the country’s most respected, nonpolitical economic scorekeepers has said. The Joint Committee on Taxation (JCT) this week found that the Senate proposal would increase output by 0.8 percent over ten years. Because that extra output would get taxed like anything else, it would indeed mean additional money going to government coffers—but not nearly enough to cover the losses from the tax cuts. The JCT estimated that the bill would add $1.4 trillion dollars to federal deficits over a decade, ignoring any dynamic effects on the economy. Taking into account improved growth, it would add $1 trillion to federal deficits—more than President Obama’s stimulus bill, passed to save the economy during the Great Recession. A University of Chicago poll of some of the country’s top economists came to the same conclusion. Not a single one of the experts surveyed said that the kind of legislation under consideration would lead to a falling debt-to-GDP ratio.

2. It will supercharge growth.

Still, Republicans have insisted that the legislation would supercharge American growth. “These massive tax cuts will be rocket fuel—Little Rocket Man—rocket fuel for the American economy,” Trump said this week, referencing Kim Jong Un of North Korea. “Remember I used to say, we can hit 4 [percent growth] and we can hit 3? And they were all saying, forget it, forget it. It was 1.2. It was doing terribly. We were flat. We were even. In all fairness, the stock market was going this way. And now, we’re hitting numbers that nobody thought possible.”
There are 5 more but I don't want to bore any of you
But the JCT shows that the tax bill would add less than 0.1 percentage points to the country’s annual rate of growth, totaling just 0.8 percentage points of additional growth over ten years. The experts quoted in that Chicago poll said much the same. “Tax policy appears to have little effect at the margin on GDP growth in OECD countries,” argued David Autor, a Harvard economist.

Why doesn’t the bill do more for the economy’s growth rate? In part because the government is passing tax cuts when the economy is already doing well—raising the prospect that the Federal Reserve would move to counteract the stimulative effect of all that deficit spending and would raise interest rates to cool the economy off. And in part because giving tax cuts to rich families and corporations is simply not that stimulative of a thing to do, since they do not tend to put the money toward buying new goods and services.

3. Cutting the corporate tax rate will lead businesses to give raises to regular workers.

 

[Flash]

These idiots forget what it was when Obama entered the WH I remember 9% ++

Actually almost 10% and with 600,000 new unemployment claims PER MONTH....

The seldom mentioned gift by Obama to millions of Americans, is extending the unemployment benefits or risk a social catastrophe.

But yet Obama managed to increase poverty and decrease family income over that base number, didn't he? Real failure, wasn't he?

 

[Flash]

[Q

Personally I can't wait. The winning is getting out of hand if that's the plan. Greatest Ponzi scheme of all time getting the slash, please!

The greatest Ponzi Scheme in the history of the US was Social Security followed by Obamacare.

The Moon Bats will be really pissed when we have tremendous economic growth coming up on the 2020 election, won't they?

I only wish that comes true BUT I believe it'll happen when pigs fly

With Obama's dismal economic record it won't be hard to improve on that failure, will it?

The corporate tax reduction will do wonders for our economy. The personal tax reductions is just gravy.

On Thursday the Dow jumped up almost 400 points with the anticipation of the cuts. That is on top of the tremendous growth since Trump was elected. I read a report yesterday that there is at least another 1,000 point jump in the tax cut before the end of the year.

Tax cuts are always a good thing.

The only reservations I have is that it is not deep enough and the history of all stupid politicians of both parties to spend additional revenue tax cuts always bring in.

 

[danielpalos]

Income redistribution that helps the rich get richer faster, at the expense of the poor.

 

[eddiew37]

These idiots forget what it was when Obama entered the WH I remember 9% ++

Actually almost 10% and with 600,000 new unemployment claims PER MONTH....

The seldom mentioned gift by Obama to millions of Americans, is extending the unemployment benefits or risk a social catastrophe.

But yet Obama managed to increase poverty and decrease family income over that base number, didn't he? Real failure, wasn't he?

Too bad he didn't leave a great recession to recover from to trump How many months of 6 digit employment gains ?? How low did UNemployment go ?? What shape were our markets when he arrived and what when he left??? You bashers of Obama are as sick in the head as trump is No wonder other countries including our closest allies laugh at us

 

[nat4900]

Good grief, okay what cuts for the wealthy are permanent?

its a NEVER-ENDING job trying to educate right wing morons.

In political gamble, GOP gives permanent tax cuts to corporations, but ...

GOP tax plan: permanent cuts for corporations, temporary for everyone ...

Left criticizes permanent corporate cut, temporary family credit | TheHill

 

[eddiew37]

[Q

Personally I can't wait. The winning is getting out of hand if that's the plan. Greatest Ponzi scheme of all time getting the slash, please!

The greatest Ponzi Scheme in the history of the US was Social Security followed by Obamacare.

The Moon Bats will be really pissed when we have tremendous economic growth coming up on the 2020 election, won't they?

I only wish that comes true BUT I believe it'll happen when pigs fly

With Obama's dismal economic record it won't be hard to improve on that failure, will it?

The corporate tax reduction will do wonders for our economy. The personal tax reductions is just gravy.

On Thursday the Dow jumped up almost 400 points with the anticipation of the cuts. That is on top of the tremendous growth since Trump was elected. I read a report yesterday that there is at least another 1,000 point jump in the tax cut before the end of the year.

Tax cuts are always a good thing.

The only reservations I have is that it is not deep enough and the history of all stupid politicians of both parties to spend additional revenue tax cuts always bring in.

Corporation effective tax rates now average 20% or less Corporations already loaded with cash Are they hiring more paying higher salaries??

 

[Flash]

These idiots forget what it was when Obama entered the WH I remember 9% ++

Actually almost 10% and with 600,000 new unemployment claims PER MONTH....

The seldom mentioned gift by Obama to millions of Americans, is extending the unemployment benefits or risk a social catastrophe.

But yet Obama managed to increase poverty and decrease family income over that base number, didn't he? Real failure, wasn't he?

Too bad he didn't leave a great recession to recover from to trump How many months of 6 digit employment gains ?? How low did UNemployment go ?? What shape were our markets when he arrived and what when he left??? You bashers of Obama are as sick in the head as trump is No wonder other countries including our closest allies laugh at us

Increased poverty, decreased family income, tremendous debt, increased income disparity and dismal economic growth is the legacy of eight years of that Obama disaster.

The Obama disaster actually goes back further than that with the election of the filthy 2007 Democrat controlled Congress. You know, the Congress with Barney Queerboy, Tits Peloski, Dirty Harry and that Muslim piece of shit Senator from Illinois. That is when the economy went to hell, wasn't it?

 

[danielpalos]

Poverty is not an Individual problem, it is an Institutional problem.

 

[Natural Citizen]

Increased poverty, decreased family income, tremendous debt, increased income disparity and dismal economic growth is the legacy of eight years of that Obama disaster.

Actually, it's the legacy of every President and Congress since 1913. Well, Kennedy spoke against the root problem, but somebody blew his brains out before he could act on it.

 

[nat4900]

But yet Obama managed to increase poverty and decrease family income over that base number, didn't he? Real failure, wasn't he?

NO, moron....for some families it did, for others not.....It all depends on re-training for jobs that require a different work background.....