Trump Tax Cut Proposal Underway

[PsychoSerenity]

Aww you don't have to take it as an insult; I just think you're one in a million.

[Tero]

”I’m fine with giving a tax cut to the 1% or whatever you liberals call it. It’s better than giving away Obamaphones or Obamacare. I didn’t get any of that. And quit giving healthcare to illegals.”

[Tero]

Congress set to push this through in a week or two
https://www.politico.com/story/2017/11/ ... ate-244624

[Tero]

Tax shell game failing. People found out what shell they are under
Republicans Want To Pass Tax Reform By Thanksgiving. Here's Why That's Tough
http://time.com/5012233/gop-tax-reform-congress/

In its effort to drastically simplify the federal tax code, the Tax Cuts and Jobs Act does away with a number of old deductions and loopholes — notably the state and local tax (SALT) deduction, which allows taxpayers to subtract the amount they pay in state and local taxes from the final sum that’s taxed federally. It’s a boon for taxpayers in high-tax states like New York, California, New Jersey, and Illinois: by one estimate, one-fifth of all SALT claims came from California and New York alone.

Predictably, the lawmakers who represent those taxpayers have spoken out against the bill in its current form. On Oct. 26, 20 Republicans voted against the budget framework that was needed before tax reform could continue; 11 of them were from New York and New Jersey. Rep. Peter King, a New York Republican, said on ABC on Sunday that “as of now, [he] would be a ‘no’ vote” on the tax reform bill.

When the Ways and Means Committee assembled on Monday to begin marking up the bill, Rep. John Larson, a Democrat from Connecticut, described the piece of legislation — and the fact it was going forward without a public hearing — as “a great charade.”

“People in my state are going to get a tax increase,” he said.

[Tero]

House Republican: my donors told me to pass the tax bill “or don’t ever call me again”
Taxing scholarships as income
Graduate students and higher education experts warn GOP plan to tax tuition waivers would be disastrous to both students’ finances and institutions’ teaching and research missions.
https://www.insidehighered.com/news/201 ... vers-would

[Tero]

Shell game continues: where are the deductions? Lobbyists? Bill by Xmas.

The Senate plan would set a top individual tax rate of 38.5 percent, compared to the House's 39.6 percent for annual income above $1 million, and keep deductions for people with high medical bills and for student loan interest that the House wants to discard.

It would completely eliminate a federal deduction for state and local taxes, while the House had to mollify a group of GOP lawmakers from high-tax blue states by keeping the deduction for property taxes, up to $10,000.
https://www.politico.com/story/2017/11/ ... 017-244743

[Tero]

How Congress made tax reform impossible
The tax code became a shadow budget for lawmakers to hide spending — and now dozens of programs need to be slashed.


https://www.politico.com/agenda/story/2 ... 1?lo=ap_c1

[Tero]

Business tax to be permanently cut but:
While Republicans can cut taxes by $1.5 trillion over the next decade, they cannot add even one nickel to the deficit after that. So the plan aims to abide by that rule by turning off the individual tax cuts, much like former President George W. Bush’s tax cuts had an expiration date.

Politico

[laklak]

Just read an opinion piece that said the plan will "devastate" New York City. Why, one might ask? Because the new plan eliminates the deduction for local and state taxes. New York City has one of the highest, if not the highest, tax burden in the country. Residents counted on that deduction to reduce their Federal tax, and now they won't be able to do that. Boo de-fucking hoo, that's my take on it, and it couldn't happen to a nicer city.

Then there's the mortgage interest deduction. We've always been able to deduct the interest we pay on our mortgages from our taxable income. Trump wants to cap that at $500,000. So if you've got a $2,000,000 mortgage you can't deduct the interest on it. Boo-de-fucking-hoo yet again.

This would be fucking WONDERFUL for us. Florida has no income tax so that deduction won't hurt us. Plus, our home is worth less than $500,000 (and we don't have a mortgage anyway. I can see my real estate ad now -

Tired of paying through the nose to live in a dangerous, expensive, crowded city? Tired of fucking winter snow, miserable cabbies, and muggers you're not allowed to shoot? Can't deduct that mortgage interest any longer? Come to Sunny Florida! Deduct ALL that interest on your beautiful, $499,999 pool home! Pay NO state tax! Tell winter to fuck right off! And, 'round these here parts you can Stand Your Ground all the fuck over that mugger's criminal ass!

I'm seeing a big "WINNING!" sign in my near future.

[Scot Dutchy]

Mentioning hurricanes?

[laklak]

That's part of their due diligence, IMO.

[Tero]

The individual mandate is also a state mandate. If the people do not buy health insurance, no subsidy! Win win for Trump. gets tax cut and gets to delete Obama.

Republicans have weighed repealing the individual mandate in recent weeks, which the Congressional Budget Office estimates would free up $338 billion over ten years for tax reform.

But the savings occur only because CBO predicts 13 million fewer people would have health insurance by 2027. It's not clear whether that's enough to reduce top rates to Trump's desired levels or provide additional middle class benefits.

In general, rich households already do well in analyses of the current tax plans thanks to provisions like ending the alternative minimum tax, reducing or repealing the estate tax, and cutting taxes for pass-through entities, all of which could potentially benefit Trump himself.

Under the new Senate bill, for example, the conservative Tax Foundation estimates the top 1 percent of taxpayers would see a 7.5 percent increase in after-tax income, versus less than 2 percent for the bottom 80 percent.

https://www.msn.com/en-us/news/politics ... ar-BBEV8Q4

[Tero]

Paul Ryan is going giddy with delight for a chance to screw all Americans in his state and many more
He gets an erection every night with the image of Ayn Rand in his mind

House Republicans are poised Thursday to pass a sweeping tax-reform package that, if enacted, would deliver the first major legislative victory of the Trump era.

President Trump will visit Capitol Hill ahead of the vote to rally support, but it appears there will be little need to twist arms.

Speaker Paul Ryan (R-Wis.) and fellow leaders have been in a buoyant mood all week, signaling they have the 217 votes needed to pass the Tax Cuts and Jobs Act.

And the days leading up to the vote have been relatively drama-free, as the three main House GOP factions — the far-right Freedom Caucus, conservative Republican Study Committee and moderate Tuesday Group — have either backed the bill or stayed on the sidelines.

[Tero]

Tax rate going to put money in 1% pockets
No jobs, no investments
http://www.businessinsider.com/mark-cub ... nt-2017-11

[Tero]

Tax reform: The House passed the GOP's tax reform plan today. But the future of the Senate plan's is unclear.
CNN

And Ryan himself had to make the final step from deficit hawk to full-fledged supply sider, as the bill will add nearly $1.5 trillion to the deficit over a decade. During the Obama era, Ryan voiced strong opposition to boosting budgets deficits; now under Trump, those concerns apparently have disappeared. National polls also show the American public is not in favor of the legislation.
(Politico)

They will resolve conflicts, pass something. Many people will pay more due to lost deductions. If they don’t keep most of the mean provisions, this gift to the 1% will lead to extreme borrowing and a giant national debt.