Winners And Losers Of The Senate Tax Bill

[Dont Taz Me Bro]

Forbes has a very in depth article on what the Senate tax bill does. For those of you who honestly want to understand it without the partisan slant from either side (which is very few of you tards) it's worth the read.

Winners And Losers Of The Senate Tax Bill

 

[Moonglow]

You didn't read it?

 

[Harpy Eagle]

Great article, thanks for posting it!

 

[Remodeling Maidiac]

A synopsis would have been nice. Not a fan of clicking links

 

[deannalw]

Read it for me?

 

[mamooth]

Basically, if you make less than $75k, you're paying more. Meaning most of the nation is paying more.

 

[imawhosure]

Basically, if you make less than $75k, you're paying more. Meaning most of the nation is paying more.

BULLSHIT! You are paying MORE in 2027, which comes about because that is when the taxbreaks end, due to Democratic obstructionism! That is when taxes go BACK to what they were, thanks to YOU!

 

[Kosh]

And this bill is all moot anyway as the house and the senate has to go to conference to work out the differences.

Anyone making comments before that happens just proves they do not understand how things work.

 

[Moonglow]

Basically, if you make less than $75k, you're paying more. Meaning most of the nation is paying more.

Those poor rich folks need a break, do you know how much beluga caviar has increased lately?

 

[Montrovant]

Basically, if you make less than $75k, you're paying more. Meaning most of the nation is paying more.

Can you explain how you get that from the article?

 

[Natural Citizen]

Sorry, Tony's piece really isn't that in-depth. Not as far as what the Senate tax bill actually does. Truth be told, it's about as deep as a mud puddle.

 

[Moonglow]

And this bill is all moot anyway as the house and the senate has to go to conference to work out the differences.

Anyone making comments before that happens just proves they do not understand how things work.

I see you don't understand how things work, you made a comment...The end result of the new tax law with make tax season start late because they want it to take effect immediately...

 

[Kosh]

And this bill is all moot anyway as the house and the senate has to go to conference to work out the differences.

Anyone making comments before that happens just proves they do not understand how things work.

I see you don't understand how things work, you made a comment...The end result of the new tax law with make tax season start late because they want it to take effect immediately...

And a far left drone comes in and proves my point for me!

 

[Moonglow]

And this bill is all moot anyway as the house and the senate has to go to conference to work out the differences.

Anyone making comments before that happens just proves they do not understand how things work.

I see you don't understand how things work, you made a comment...The end result of the new tax law with make tax season start late because they want it to take effect immediately...

And a far left drone comes in and proves my point for me!

You said anyone, duh...That includes yourself Einstein...

 

[Kosh]

And this bill is all moot anyway as the house and the senate has to go to conference to work out the differences.

Anyone making comments before that happens just proves they do not understand how things work.

I see you don't understand how things work, you made a comment...The end result of the new tax law with make tax season start late because they want it to take effect immediately...

And a far left drone comes in and proves my point for me!

You said anyone, duh...That includes yourself Einstein...

And you keep proving it! Seriously you can not make this stuff up!

Houses passed its bill and senate passes similar, but different bill.

No house and senate have to meet and work out the differences to come up with one bill.

Please come back when you understand how the government works!

 

[Moonglow]

And this bill is all moot anyway as the house and the senate has to go to conference to work out the differences.

Anyone making comments before that happens just proves they do not understand how things work.

I see you don't understand how things work, you made a comment...The end result of the new tax law with make tax season start late because they want it to take effect immediately...

And a far left drone comes in and proves my point for me!

You said anyone, duh...That includes yourself Einstein...

And you keep proving it! Seriously you can not make this stuff up!

Houses passed its bill and senate passes similar, but different bill.

No house and senate have to meet and work out the differences to come up with one bill.

Please come back when you understand how the government works!

I understand completely it's you that is missing the point, on the top of your head....If the House passes it then the president can sign it or leave it lie, or veto it...Next in civics class, class designation by income...

 

[C_Clayton_Jones]

[For many of us the Forbs site is blocked, requiring a subscription.]

This from the Chicago Tribune outlines those who will be hurt by the bill:

“People who care about the debt…

The tax bill is likely to add at least $1 trillion more, according to the Joint Committee on Taxation, the official scorekeepers in Congress. In other words, all signs indicate the debt will continue to get worse in the coming years.
[…]
The 13 million Americans who won't have health insurance.

The Senate bill isn't just a tax bill, it also includes the repeal of the individual mandate that requires all Americans to buy health insurance or else pay a penalty. This provision is not in the House bill, so it might not make it to the president's desk, but if it does, it's expected to cause a spike in health insurance premiums in the United States and 13 million Americans to drop insurance coverage in the next decade, according to the Congressional Budget Office.
[…]
The poor.

The Senate bill cuts tax rates across all income levels, but 44 percent of Americans don't pay any federal income tax, so it doesn't help them.”

Winners and losers in the Senate GOP tax bill

And indeed the measure will hurt low income Americans because they’ve benefited from the ACA.

This measure is clearly bad law, demonstrating once again the GOP is incapable of sound, responsible governance.

 

[Dont Taz Me Bro]

[For many of us the Forbs site is blocked, requiring a subscription.]

I was not aware of that. I didn't need a subscription to view it.

 

[SYTFE]

Sorry, Tony's piece really isn't that in-depth. Not as far as what the Senate tax bill actually does. Truth be told, it's about as deep as a mud puddle.

Well it was “deep” for the OP, probably because it was longer than 3 paragraphs. That’s a lot of words!

 

[longknife]

I’m gonna post the whole thing from Stars & Stripes



A comparison of the two Republican-written measures:



Personal income tax rates: Senate bill retains the current number of brackets, seven, but changes them to 10, 12, 22, 24, 32, 35 and 38.5 percent. Under current law, the top bracket for wealthiest earners is 39.6 percent. The House measure condenses seven brackets to four: 12, 25, 35 and 39.6 percent. Under the Senate bill, the reductions in personal income tax rates are temporary, ending in 2026. They're permanent in the House bill.

Standard deduction: Used by about 70 percent of U.S. taxpayers, currently $6,350 for individuals and $12,700 for married couples. Senate, House bills both double those levels to $12,000 for individuals and $24,000 for couples.

Personal exemption: Both bills eliminate the current $4,050 personal exemption.

State and local taxes: Senate, House bills end federal deductions for state and local income and sales taxes, but they allow the deduction for up to $10,000 in property taxes.

Tax credits: Senate doubles per-child tax credit to $2,000. House raises per-child tax credit from $1,000 to $1,600, extends it to families earning up to $230,000. Creates a $300 tax credit for each adult in a family, which expires in 2023. Both bills preserve the adoption tax credit.

Home mortgage interest deduction: Senate retains the current limit for the deduction to interest paid on the first $1 million of the loan. House reduces the limit to $500,000, for new home purchases.

Other deductions: Senate bill preserves deduction for medical expenses not covered by insurance but ends deductions for moving expenses and tax preparation. House eliminates medical expense deduction.

Individual insurance mandate: Senate bill repeals the requirement in Democrat Barack Obama's health care law that people pay a tax penalty if they don't purchase health insurance. House bill does not.

Alternative minimum tax: The AMT is aimed at ensuring that higher-earning people pay at least some tax. Senate bill doesn't repeal it but reduces the number of people who have to pay it. House measure repeals the tax.

Inheritance tax: Currently, when someone dies the estate owes taxes on the value of assets transferred to heirs above $5.5 million for individuals, $11 million for couples. Senate bill doubles those limits but does not repeal the tax. House initially doubles the limits and then repeals the entire tax after 2023.

Corporate taxes: Senate, House bills both cut current 35 percent rate to 20 percent, but Senate has one-year delay in dropping the rate.

Pass-through businesses: Millions of U.S. businesses "pass through" their income to individuals, who then pay personal income tax on those earnings, not corporate tax. Senate bill lets people deduct 23 percent of the earnings and then pay at their personal income tax rate on the remainder. House measure taxes many of the pass-through businesses at 25 percent, plus creates a 9 percent rate for the first $75,000 in earnings for some smaller pass-throughs.

Businesses: Senate, House bills both expand write-offs allowed for companies that buy equipment.

Multinational corporations: Senate, House bills impose a one-time tax on profits that U.S.-based corporations are holding overseas. Senate bill also ends tax advantages for firms moving overseas, and requires corporations to continue paying the business version of the alternative minimum tax. House measure seeks to eliminate tax incentives that encourage some U.S. companies to move overseas.