The GOP's turd of a tax bill

[Jackalope]

As expected, it's a big giveaway to the rich and will screw some people who aren't exactly rich.

http://money.cnn.com/2017/11/02/news/eco...index.html

Highlights of where the screw hits individuals:

Do you itemize and live in a state with high state, local, or property taxes? The two former are going away, the latter is capped.

Have no fear though, the standard deduction is "doubling", but wait, they're scrapping the personal exemption and that "doubling" will be offset by an increase in taxable income by $4050 for yourself, your spouse, and each of your children. Have more than one child? That wipes out any effect the increase standard deduction provides - some of which *may* be offset by an increase in the Child Tax Credit, that is, unless your income is low enough that the EITC wipes out your ability to actually claim the new (non-refundable) portion of the CTC. To add insult to injury, lower income families currently in the 10% bracket will now be in a 12% bracket - and combined with the loss of the personal exemption...well, do the math.

Yep, the brackets are moving - of particular interest is the 39.6% bracket. In 2017, the 39.6% bracket starts at $418K-444K depending on filing status, in the GOP bill the bracket moves to $500K-1M. A married couple with $1M in taxable income would have $556K less income taxed at 39.6% - which translates to a tax cut of more than $25K compared to the 2017 tax year. If that's not a tax cut for the wealthy, I don't know what is.

Don't even get me started on the corporate giveaways.

I did the numbers for my own tax situation, and assuming nothing else changes, accounting for the change in tax brackets, loss of deductions and personal exemptions, my tax bill actually goes up by a considerable amount. I would have almost exactly the same amount of income taxed at my highest marginal bracket (25%), and the tax on what is below that bracket increases by over $1200 due to the loss of deductions/exemptions. I am hardly rich.

Thanks, Obama!

Write or call your congressperson, people.

[Brian37]

The GOP hasn't had anything good for decades. Crumbs everyso often, but in the end it is just a corporate vacuum sucking the money up to the top.

[Minimalist]

The congresspeople ARE the problem.... at least the republicunt ones.

As they complained some time back...

http://thehill.com/homenews/senate/35399...e-failures

"The GOP leaders should know, no movement on remaining agenda: tax reform, infrastructure, deregulation, etc. means no funding from supporters like me,” one angry donor said to a longtime Republican fundraiser in an email forwarded to Politico. “No meetings, calls, contributions until we see progress.”

You can't blame these rich motherfuckers.  Fuck democracy.  They bought these republicunt sacks of shit and now they want some payback on their investment.  This country is not salvageable until we get the money out of politics.  We are now a plutokleptocracy - rule by rich thieves.

[Brian37]

The congresspeople ARE the problem.... at least the republicunt ones.

As they complained some time back...

http://thehill.com/homenews/senate/35399...e-failures

"The GOP leaders should know, no movement on remaining agenda: tax reform, infrastructure, deregulation, etc. means no funding from supporters like me,” one angry donor said to a longtime Republican fundraiser in an email forwarded to Politico. “No meetings, calls, contributions until we see progress.”

You can't blame these rich motherfuckers.  Fuck democracy.  They bought these republicunt sacks of shit and now they want some payback on their investment.  This country is not salvageable until we get the money out of politics.  We are now a plutokleptocracy - rule by rich thieves.

No Minn, not "fuck democracy".

Fuck mob rule, fuck no regulations, fuck "let the rich do whatever they want."

Rule will always arise out of the ashes of prior power. Voting isn't the problem, it is greed and the lack of enforcing anti trust anti monopoly laws. 

China has elections too. Voting isn't the problem, but lack of regulations that have allowed the top to control the narrative for too long, I agree. But even Gadaffi and Fedel Castro manipulated the markets to get rich themselves.

I want voting. I'd only agree that money currently has far to much power in law making. But you will never get rid of the private sector. There is not one country friend or foe that does not invest in the global market.

Voting isn't the problem. It is getting the masses to stop ignoring manipulation.

[Amarok]

And now a standard right wing retorts when it comes to anything to do with taxes .

"If we don't give the rich everything they want they will extort our economy "

" I live under the delusion i'm John Galt . And don't need the government "

"But i give to charity and thus drain the system via taxes breaks . And give to organizations with an agenda "

"Taxes are theft!" 

"Guys with guns come after me  "

"privatize everything!"

"Here's my simplistic and ultimately flawed non government solution to X"

"The poor are poor because they are lazy "

"Certain cultures are inferior in success "   

"My great great grandfather ....."

Etc .....

[Minimalist]

Paul Ryan just said "the American people deserve this tax cut."  And he's right.  After putting these crooked motherfuckers in power the American people deserve to get it right up the ass.

[Wyrd of Gawd]

Israel needs more money.

[Fireball]

Paul Ryan just said "the American people deserve this tax cut."  And he's right.  After putting these crooked motherfuckers in power the American people deserve to get it right up the ass.

Hey, hey, hey!   The Electoral College should have done what it was designed to do. Though to be completely honest, I don't think that Hilary would have been that great of an improvement, beyond better SCOTUS picks, and not rolling back all the civil rights advances of the last 50 years, and...uh, nvm. 

AND, my taxes are going to more than double.

[The Grand Nudger]

The loss of deductions for state and local will screw me at 25% even though I'm dropping down a bracket in the consolidation.  I know the intent was to punish "liberal" states....but I live in rural kentucky.........as a member of the vanishing middle class....so it seems like they missed the target.

[vorlon13]

well . . .

and I'll admit I'm full of narcotic pain relievers and have some lingering effects from the anesthesia during my procedure today, so maybe I'm not absorbing the full nuance of the tax plan, but with over half of the country not paying income tax, cutting income tax rates, no matter how it's done, is going to leave the majority of people with, technically speaking, absolutely nothing to fucking look forward to if the plan is passed.

So some of the complaints I'm seeing on TV news about this have to be feigned outrage.

Right ?

or is that just the propofol talking ??