The GOP Engaging in Sleight of Hand with Their Tax Cut Bill, Once Again

[JimBowie1958]

These bastards. I hate everyone of them with a few exceptions.

They couldnt squeeze out an honest breath of air if their lives depended on it.

Quiet Revision to the "Tax Cuts and Jobs Act" Will Reduce the Value of Tax Cuts |

Only one day after the GOP revealed its new tax plan, Rep. Kevin Brady (R-TX) quietly released a revised edition, which was posted on the Ways and Means Committee website.

The revision to the original tax plan dubbed the “Tax Cuts and Jobs Act,” reduces the value of the tax cuts by $89 billion over a 10 year period. The plan imposes a lower inflation adjustment for chained CPI (Consumer Price Index), effective immediately, rather than in 2023. This will lead to more income being taxed at higher rates over a longer period and smaller tax cuts for families and individuals.


The Ways and Means Committee begins writing the final bill on Monday, which is expected to take several days. The bill is expected to undergo additional changes before it’s completed.

The Republican tax plan has received sharp criticism from Democrat leaders Nancy Pelosi and Chuck Schumer. Pelosi called the plan “a terrible assault on opportunity for the middle class” and said her GOP colleagues are “taking American people for suckers.” Schumer said “The more people learn about this bill, the less they’re going to like it.” Brady, the House’s top tax-writer, called it “the challenge of a lifetime.”​

Cutting the individual tax rates, while taking out state and local taxes as a deduction, reducing middle class tax exemptions across the board, is merely giving with one hand while taking with the other.

Corporations are the big winner here, not the middle class. More trickle down horse crap and the GOP makes Schumer and Pelosi look like icons of integrity in contrast.

 

[WillowTree]

Tell us why the Feds should allow those who pay state taxes a deduction? Did the Feds force the states to tax you?

 

[Toro]

The focus should be on corporate taxes, which are amongst the highest in the world, compared to the middle class taxes, which are amongst the lowest in the world.

Trump will sign this tax bill, as he should. The burdens on companies have become excessive.

 

[Unkotare]

The democrats still don’t understand why they lost.

 

[PredFan]

I don't like this tax bill. Yes the reduction in the corporate tax is a good thing but it doesn't make up for the rest of it.

Trump is not a conservative, we all know and accept that but the GOP came up with this bill and frankly, it's so bad I don't know why the left isn't 100% behind it.

 

[Indeependent]

The focus should be on corporate taxes, which are amongst the highest in the world, compared to the middle class taxes, which are amongst the lowest in the world.

Trump will sign this tax bill, as he should. The burdens on companies have become excessive.

Are we talking taxes actually paid or effective?
Are we talking multi-billion dollar companies or the many hard working small corporations?
Because it's about time the tax code gave cognition to the differences.

 

[Toro]

The focus should be on corporate taxes, which are amongst the highest in the world, compared to the middle class taxes, which are amongst the lowest in the world.

Trump will sign this tax bill, as he should. The burdens on companies have become excessive.

Are we talking taxes actually paid or effective?
Are we talking multi-billion dollar companies or the many hard working small corporations?
Because it's about time the tax code gave cognition to the differences.

The benefits will accrue primarily to small and medium-sized companies, not to large corporations. They are the entities that are most likely to pay the full tax load.

The idea that that the middle class is excessively burdened by taxes, at least outside of blue states, is ridiculous. Nearly half of American households do not pay federal income taxes net of benefits, which includes a big chunk of the middle class.

But SMEs are definitely overburdened by taxes and regulation.

I hope Trump takes an axe to both.

 

[Penelope]

Tell us why the Feds should allow those who pay state taxes a deduction? Did the Feds force the states to tax you?

Why are charitable tax deductions allowed? Why are non profits allowed?

 

[WillowTree]

Tell us why the Feds should allow those who pay state taxes a deduction? Did the Feds force the states to tax you?

Why are charitable tax deductions allowed? Why are non profits allowed?

Exactly! A fair flat tax on absolutely everyone and every source of income. No exceptions. No exemptions. No excuses

 

[frigidweirdo]

The focus should be on corporate taxes, which are amongst the highest in the world, compared to the middle class taxes, which are amongst the lowest in the world.

Trump will sign this tax bill, as he should. The burdens on companies have become excessive.

On which companies? The problem is the rich are paying almost nothing, the smaller companies are then having to take up the slack. However they can't compete when paying higher taxes while the big multinationals are paying so little. This gives the multi-nationals more customers as the smaller companies go bust.

Such is the American way. Bribe the politicians to get ahead. Call it campaign financing.

 

[Penelope]

The benefits will accrue primarily to small and medium-sized companies, not to large corporations. They are the entities that are most likely to pay the full tax load.

The idea that that the middle class is excessively burdened by taxes, at least outside of blue states, is ridiculous. Nearly half of American households do not pay federal income taxes net of benefits, which includes a big chunk of the middle class.

But SMEs are definitely overburdened by taxes and regulation.

I hope Trump takes an axe to both.

I don't know what net of benefits mean, but back this up?
Nearly half of American households do not pay federal income taxes net of benefits, which includes a big chunk of the middle class.

 

[danielpalos]

The focus should be on corporate taxes, which are amongst the highest in the world, compared to the middle class taxes, which are amongst the lowest in the world.

Trump will sign this tax bill, as he should. The burdens on companies have become excessive.

end our right wing wars on crime, drugs, and terror to lower taxes, right wingers.

 

[danielpalos]

The democrats still don’t understand why they lost.

They had health care reform and a fifteen dollar an hour minimum wage on the table?

 

[Toro]

I don't know what net of benefits mean, but back this up?
Nearly half of American households do not pay federal income taxes net of benefits, which includes a big chunk of the middle class.

I'm sorry.

It's now 45%.

On Tuesday, The Tax Policy Center, a joint effort by the Urban Institute and the Brookings Institution, said the number of households that don't pay federal income taxes fell to 45.3 percent.​

77.5M households don't pay federal income taxes

 

[JimBowie1958]

The focus should be on corporate taxes, which are amongst the highest in the world, compared to the middle class taxes, which are amongst the lowest in the world.

Trump will sign this tax bill, as he should. The burdens on companies have become excessive.

Trump made as one of his biggest pledges to cut taxes on Middle Class America.

In 1950 there was two corporate tax dollars to every individual tax dollar.

Today there is only ONE corporate tax dollar for every three individual tax dollars.

It is the middle class that is languishing without a significant increase in pay since 1970, not the fucking corporations.

 

[JimBowie1958]

I don't know what net of benefits mean, but back this up?
Nearly half of American households do not pay federal income taxes net of benefits, which includes a big chunk of the middle class.

I'm sorry.

It's now 45%.

On Tuesday, The Tax Policy Center, a joint effort by the Urban Institute and the Brookings Institution, said the number of households that don't pay federal income taxes fell to 45.3 percent.​

77.5M households don't pay federal income taxes

Those are not, by a functional definition the Middle Class.

Those are poverty class people who are making up more and more of the working class.

 

[JimBowie1958]

Exactly! A fair flat tax on absolutely everyone and every source of income. No exceptions. No exemptions. No excuses

Why do you think taxing charitable donations is 'fair'?

 

[JimBowie1958]

Tell us why the Feds should allow those who pay state taxes a deduction? Did the Feds force the states to tax you?

Because that part of your income stream that is taken away by taxation is no longer a part of your income by definition.

We dont voluntarily pay state taxes like we do when paying the IRS, in case you have not heard.

 

[Indeependent]

The focus should be on corporate taxes, which are amongst the highest in the world, compared to the middle class taxes, which are amongst the lowest in the world.

Trump will sign this tax bill, as he should. The burdens on companies have become excessive.

Are we talking taxes actually paid or effective?
Are we talking multi-billion dollar companies or the many hard working small corporations?
Because it's about time the tax code gave cognition to the differences.

The benefits will accrue primarily to small and medium-sized companies, not to large corporations. They are the entities that are most likely to pay the full tax load.

The idea that that the middle class is excessively burdened by taxes, at least outside of blue states, is ridiculous. Nearly half of American households do not pay federal income taxes net of benefits, which includes a big chunk of the middle class.

But SMEs are definitely overburdened by taxes and regulation.

I hope Trump takes an axe to both.

To be brutally honest then, the new tax code does not recognize the difference.

 

[william the wie]

Tell us why the Feds should allow those who pay state taxes a deduction? Did the Feds force the states to tax you?

Because that part of your income stream that is taken away by taxation is no longer a part of your income by definition.

We dont voluntarily pay state taxes like we do when paying the IRS, in case you have not heard.

Huge disagreement. Forcing the Blue Wall into default is the only way to discredit the progressive movement effectively. Such a comeuppance has been needed for a long time.