Tax cuts passed in Senate

[Divinity]

Oh boy, higher taxes for the middle class in about 2-3 years. Meanwhile the tax cuts for corporations and the super rich are PERMANENT. (At least until Democrats take over, and when they do I hope they back tax those fuckers to the stone age)

[Brian37]

Oh boy, higher taxes for the middle class in about 2-3 years.  Meanwhile the tax cuts for corporations and the super rich are PERMANENT.  (At least until Democrats take over, and when they do I hope they back tax those fuckers to the stone age)

This unfortunately IS NOT anything new. Reagan's GOP started this decline and since have held the entire nation hostage. But yea, this shit needs to stop.

[henryp]

What do you think the NYT was looking at when they came up with their numbers?

Why are you deflecting?  

I'm not addressing anything in the NYT report.  I'm asserting what's in the Senate bill, and that as a middle-class parent, I am facing a 27% federal tax increase, and furthermore, I'm implying that such is unjust.  I'm further implying that the GOP is peddling bullshit when they claim a doubling of the standard deduction is meaningful in a positive way for many families with children.

Even if you believe the report that some percentage are not getting a cut - at least some of those people are getting screwed hard without lube.

??  I was legitimately wondering why you thought the NYT was coming up with 80 cut/10raise, and if you thought they were mistaken, or if you just think you're unlucky to be in a specific group that is getting screwed.  Single parent, good wage, high state tax, homeowner seems to be the absolute worst case scenario.

Taxes in general seem pretty brutal on single folks.

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For 100k single with standard deduction it works out to 15,660. 1 child tax credit (senate) makes it 13,660.

3500/.27 = 12962 which you're saying you paid last year. That's 700, not 3500 more. (1600 under the senate plan) assuming you made 100k.

90k would mean you're getting almost a 2k tax cut under senate.

You must have some small business thing working against you too?

https://www.marketwatch.com/story/the-ne...2017-10-26

[Aegon]

So I already can barely afford to live in NY. Anyone care to take in a good lil egg?

[dyresand]

I kind of figured this would happen, we will be feeling the fall out of this terrible decision for decades to come.

I can honestly see this being repealed fairly quickly if democrats got reformed nancy pelosi and the old guard gets kicked out of the party along with republican leaning democrats. 
The damage can be reversed things like lobbying need to be banned same with corporate contributions and the such. If this goes on for decades that's it for the middle class and unfortunately the country. Can't have a successful county with majority poor and minority rich. Then again this why i love cryptocurrency at least people can opt out the USD.

[Fake Messiah]

Why are Trumpers on this forum silent about this? Considering they support him they perhaps know something we don't about this and could explain it to us?

[henryp]

Why are Trumpers on this forum silent about this? Considering they support him they perhaps know something we don't about this and could explain it to us?

Well, it seems like it's going to be a tax break for most people.  It appears that you guys don't seem to know that, based on the responses in this thread.

For example, losing the 4000 deduction for a child has been complained about.  But a $1000 increase in the child credit offsets that for anyone at 25%, and is preferable for people under 25% which in the senate is everyone under 160k as a single, 320k for married filing jointly.  

The only thing I've read is that people can't make money off from the child credit now.  Meaning the government can't end up owing you money.  So if you pay 0 taxes, you don't get 2000 free dollars because you have a kid.  The credit can only reduce your tax burden to 0.  I wonder if that's the reason behind some of the people seeing a 'tax increase' is that they are going from making a few hundred to just owing nothing?

[dyresand]

Oh boy, higher taxes for the middle class in about 2-3 years.  Meanwhile the tax cuts for corporations and the super rich are PERMANENT.  (At least until Democrats take over, and when they do I hope they back tax those fuckers to the stone age)

Well.. I hope democrats will be around or the party is forcibly taken over before 2020 so it can happen much faster than making a compromise.
The party itself needs to grow a back bone and stand up for itself.

[Wyrd of Gawd]

Well the good news is that we will soon be trading nukes with North Korea, China, and Russia so the tax bill won't be very important. The billionaires will lose all of their money in the mushroom clouds.

[dyresand]

Well the good news is that we will soon be trading nukes with North Korea, China, and Russia so the tax bill won't be very important.  The billionaires will lose all of their money in the mushroom clouds.

Toilet paper and potable water and antibiotics will be the new trading currency.