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The GOP's turd of a tax bill
#11
RE: The GOP's turd of a tax bill
I think I read somewhere that the tax bill, if passed, will increase the USian deficit by something trillion dollars.  Aren't conservatives always the ones railing about deficit spending?

Boru
‘But it does me no injury for my neighbour to say there are twenty gods or no gods. It neither picks my pocket nor breaks my leg.’ - Thomas Jefferson
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#12
RE: The GOP's turd of a tax bill
(November 3, 2017 at 3:47 am)BrianSoddingBoru4 Wrote: I think I read somewhere that the tax bill, if passed, will increase the USian deficit by something trillion dollars.  Aren't conservatives always the ones railing about deficit spending?

Boru

A Republican representative from Florida was on TV last night, trying to defend this. He talked about how Speaker Ryan had urged the caucus to vote for the cuts now and how they would look at spending reductions once the tax plan was accomplished. And so it goes.

We’ve seen this before. They’ll cut taxes for the wealthiest among us and then the spending cuts will fail to materialize. Or if spending cuts are made, they will be to federal programs that help the most vulnerable (with the usual talk about getting the government out of people’s lives and empowering the states to tackle the problems) or programs that further the public interest through research, etc. What won’t get touched will be military spending or corporate welfare.

Meanwhile we’ll be treated to yet another round of magical economic thinking whereby these cuts will lead to jobs (rather than dividends and ever more extravagant corporate bonuses) and eventually, somehow, more tax revenue through growth. They’ve been selling that since Reagan.

Yes, they don’t really like deficits but will tolerate them short term to avoid taking responsibility for tackling them. That wouldn’t be politically popular. Better to kick the can down the road.

The long game involves deficits (and debt) so bad that their dearest dream comes true: a dismantling of the core programs that constitute the social safety net.
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#13
RE: The GOP's turd of a tax bill
If I plug last year's numbers into this plan and take the standard deduction I'd pay about $200 more in taxes under the new plan than I did last year. I itemized last year, and I probably couldn't under the new plan due to changes in SALT deductions so that is probably about where I'd be at. Luckily for us, Karen and I plan on getting married next year. Under this plan that will cut our combined taxes by about $4360 over filing separately because more than $36,000 of our combined income would be taxed at 12% instead of 25%. I'm not sure what our combined taxes would look like under the current plan.
Save a life. Adopt a greyhound.
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#14
RE: The GOP's turd of a tax bill
(November 3, 2017 at 8:03 am)popeyespappy Wrote: If I plug last year's numbers into this plan and take the standard deduction I'd pay about $200 more in taxes under the new plan than I did last year. I itemized last year, and I probably couldn't under the new plan due to changes in SALT deductions so that is probably about where I'd be at. Luckily for us, Karen and I plan on getting married next year. Under this plan that will cut our combined taxes by about $4360 over filing separately because more than $36,000 of our combined income would be taxed at 12% instead of 25%. I'm not sure what our combined taxes would look like under the current plan.

Interesting... If my partner and I got married, we'd pay a few thousand more under the GOP plan over filing separately, however, I am able to file as head of household instead of single and her income is sufficiently low that she would pay no federal tax so that's certainly where the difference lies.

I wouldn't mind paying the higher taxes if there was actually something in the wings for lower income people - you know, like the health care they want to slash and burn - but that safety net is more likely to contract rather than expand.

I have a spreadsheet I cooked up to model my own tax situation, I think I'm gonna spend some time modifying it to compare 2017 rates to what they're proposing and working up some hypothetical income/tax situations and see where things break, see where the winners and losers are.
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#15
RE: The GOP's turd of a tax bill
Interesting bit of fun.  If the corporate tax rate and our income tax rate both end up @25%, we could conceivably revive our llc...write off most of our bills as the llcs bills -pre tax-, deduct for development incentives, and then reduce our wages paid and drop our income tax bracket...... effectively paying no taxes while qualifying for federal assistance again.

It's almost as if this thing was designed to promote legal tax evasion or something.  Rolleyes
I am the Infantry. I am my country’s strength in war, her deterrent in peace. I am the heart of the fight… wherever, whenever. I carry America’s faith and honor against her enemies. I am the Queen of Battle. I am what my country expects me to be, the best trained Soldier in the world. In the race for victory, I am swift, determined, and courageous, armed with a fierce will to win. Never will I fail my country’s trust. Always I fight on…through the foe, to the objective, to triumph overall. If necessary, I will fight to my death. By my steadfast courage, I have won more than 200 years of freedom. I yield not to weakness, to hunger, to cowardice, to fatigue, to superior odds, For I am mentally tough, physically strong, and morally straight. I forsake not, my country, my mission, my comrades, my sacred duty. I am relentless. I am always there, now and forever. I AM THE INFANTRY! FOLLOW ME!
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#16
RE: The GOP's turd of a tax bill
(November 3, 2017 at 3:47 am)BrianSoddingBoru4 Wrote: I think I read somewhere that the tax bill, if passed, will increase the USian deficit by something trillion dollars.  Aren't conservatives always the ones railing about deficit spending?

Boru

Only when there is a democrat in the White House.  They had no problem with deficits under Reagan, both Bushes and the WLB.
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#17
RE: The GOP's turd of a tax bill
Congress can't and won't prioritize spending.


OBVIOUSLY, after the hurricane damage in Texas, Florida, and Puerto Rico, there was impetus for Congress to send vital and badly needed financial aid to devastated areas.

OBVIOUSLY, that spending is MORE IMPORTANT than maybe 90% of the rest of the federal spending.

Was a single lame program cut?

Was a single redundant program cut?

Was a single wasteful program cut?

Was a single stupid program cut?


Of course not. And there's your problem. Yep, there are stupid, wasteful, redundant, and lame programs being funded, but you can't even fucking reduce the rate of spending growth on any of them with out screams and wails and gnashing of teeth, the likes of which would equal the commotion an actual end of the world asteroid impact would induce.

That's not how things work at my house. I'm spending quite a bit of $$$ on deductibles, copays, and exclusions on my health care this year (3 cancer scares, shoulder agony and revolting gall bladder malfunction) and therefore, realized this morning, the new ATV I have a deposit on is going to be put off for a year, regardless of the strong case I can make for NEEDING it, because I don't have the money now.

If only congress could prioritize spending. Even I can do it. It ain't fun, but dammit, I'm the responsible grown up here managing the farm operation that is currently supporting 7 people now.

Can't we have a congress with responsible grown up adult mature people in it ??

Is this concept that absolutely fucking alien and incomprehensible to everyone ??
 The granting of a pardon is an imputation of guilt, and the acceptance a confession of it. 




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#18
RE: The GOP's turd of a tax bill
I expect we will pay less due to the higher deduction and the new brackets, but I haven't done any calculations. Is there a site which will estimate the changes?
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#19
RE: The GOP's turd of a tax bill
@Vor
A countries finances share no meaningful similarity with your household (or farm) budget.  Comparisons between the two are useless except as a propagandizing vehicle that intuitively appeals.
I am the Infantry. I am my country’s strength in war, her deterrent in peace. I am the heart of the fight… wherever, whenever. I carry America’s faith and honor against her enemies. I am the Queen of Battle. I am what my country expects me to be, the best trained Soldier in the world. In the race for victory, I am swift, determined, and courageous, armed with a fierce will to win. Never will I fail my country’s trust. Always I fight on…through the foe, to the objective, to triumph overall. If necessary, I will fight to my death. By my steadfast courage, I have won more than 200 years of freedom. I yield not to weakness, to hunger, to cowardice, to fatigue, to superior odds, For I am mentally tough, physically strong, and morally straight. I forsake not, my country, my mission, my comrades, my sacred duty. I am relentless. I am always there, now and forever. I AM THE INFANTRY! FOLLOW ME!
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#20
RE: The GOP's turd of a tax bill
It seems that the populace is smarter than the WLB - which is a low bar I admit.

http://www.newsweek.com/trump-tax-plan-h...eve-700778


Quote:Six in 10 Americans agree the GOP's proposed tax cuts favor the wealthy, according to a -ABC News poll. Just one-third of Americans polled supported the GOP's tax plan at all, while 50 percent said they opposed it.

Of course, the republicunts don't care as most of them run in safely gerrymandered districts.  The key word there is "most."
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