Tax Bill (aka Reconciliation Bill) Preview Released Friday

[heathrowinneo]

Tax receipts as a percentage of GDP has been consistently been about 17% since the 60s. Spending has grown as a percentage of GDP.

That may be but without increased revenues the US will face additional scrutiny and potential downgrades. Tariffs provide some tax revenue but not enough for the proposed budget.

Funding social security is a simpler solution but a bitter pill for politicians, raise the payroll limit beyond $162k.

Medicare/Medicaid funding cuts will put more pressure on states and another bitter pill for politicians.

The proposed budget just heaps more debt on the country and kicks the can down the road.

 

[RobDownSouth]

Congress announced today they'll be voting to gut Medcaid tonight at 1 am Eastern Time (Monday night, Tuesday morning). Tennessee's two senators said they'll both gladly gut Medicaid even though a disproportionate number of Medicaid recipients live in that state.

Both Senators beaming with pride, showing King Trump what loyal vassals they are.

Surprisingly, Republican MAGA senator Josh Hawley of Missouri, who also represents a state with a large number of infirm white folks on Medicaid, publicly denounce cutting Medicaid to pay for Elon's yacht.

....I will wager a month's salary that he votes to pass that horror of a bill nonetheless.

 

[BabyBoomer50s]

That may be but without increased revenues the US will face additional scrutiny and potential downgrades. Tariffs provide some tax revenue but not enough for the proposed budget.

Funding social security is a simpler solution but a bitter pill for politicians, raise the payroll limit beyond $162k.

Medicare/Medicaid funding cuts will put more pressure on states and another bitter pill for politicians.

The proposed budget just heaps more debt on the country and kicks the can down the road.

The US has a spending problem, not a revenue problem. Allowing the biggest increase on personal income in US history is a bad idea, and so is relying on new taxes on imported goods (tariffs). The US needs to cut spending but neither party has the political will to do that. Here’s a graphical illustration of the spending problem.

 

[heathrowinneo]

The US has a spending problem, not a revenue problem. Allowing the biggest increase on personal income in US history is a bad idea, and so is relying on new taxes on imported goods (tariffs). The US needs to cut spending but neither party has the political will to do that. Here’s a graphical illustration of the spending problem.

View attachment 2541638

As a stand alone chart, a snapshot, the chart depicts a simple picture, we spend more than we collect. The picture does not show why America has become a great society over the past 80+ years. Our great society was built on programs that are outlays. It invested in programs for people, our citizens, for a better life. If we want to continue our great society, expenditures need to be trimmed. There is plenty of pork in the budget that could help reduce some of the gap. Increasing revenues such as removing the loophole for hedge funds and private equity managers for carried interest tax breaks would be a start. Proportionate taxing the uber wealthy and closing tax loopholes would be a plus as well. Also, some of the less politically palatable issues such as increasing the social security tax limit from $176k to $500k would help fund the baby boomers and future generations. Most likely will never happen since politicians will not bite the hand that feeds them. So yes, we spend a lot but we do it for who and what we are, a great society. We do need to get our fiscal house in order to maintain our standing in the world. Passing a bloated budget that adds more than $3 trillion in debt over the next 10 years doesn't do that.

 

[heathrowinneo]

https://finance.yahoo.com/news/whit...sts-say-thats-off-by-trillions-080040908.html

interesting read and analysis.

 

[BabyBoomer50s]

Magic Johnson scores! John Thune up next.

 

[MajorRewrite]

Congress announced today they'll be voting to gut Medcaid tonight at 1 am Eastern Time (Monday night, Tuesday morning).

The bill delays making most of the cuts to Medicaid until after the 2026 election.

This way the Republicans take advantage of the 10-year savings in the budget calculations now but no political fallout until after the midterms.

They’re a pack of weasels.

 

[DeluxAuto]

Most Americans will face a massive tax hike next year if Congress fails to extend the main provisions of the Tax Cut & Jobs Act which are set to expire at the end of this year. House and Senate Republicans are facing an extremely difficult challenge forging a bill that satisfies the conflicting wishes of blue and purple district GOP members vs. Freedom Caucus types from deep red districts. Trump’s additional wants such as no tax on tips, overtime, and social security make the job even more challenging.

Nobody can predict what the final bill will look like, or even if a bill will pass at all. However, the House Joint Committee Committee on Taxation released the first public version of the bill late on Friday. We can expect lots of drama in the months ahead as Congress haggles over where to cut spending and by how much, lifting the SALT cap, and all the other difficult issues involved with getting a bill that satisfies POTUS and a majority of legislators.

https://www.jct.gov/publications/2025/jcx-18-25/

Here are some highlights summarized by the WSJ:

https://www.wsj.com/politics/policy...eb6c4?st=cUA994&reflink=article_copyURL_share

The bill “would increase the standard deduction by $1,000 for individuals and $2,000 for married couples starting in tax year 2025, above and beyond the Trump tax cuts’ expansion of that basic level where income taxes don’t apply. The standard deduction is currently $15,000 for individuals and $30,000 for married couples.”

The maximum child tax credit would increase to $2,500 from $2,000, also starting this year. Those changes would mean that many taxpayers who don’t change their withholding would see larger-than-expected refunds in spring 2026. For a middle-income married couple with two children in the 12% tax bracket, that means a $1,240 tax cut for tax year 2025.

In addition, the proposal from the House Ways and Means Committee adds an extra inflation adjustment to tax brackets for tax year 2026—a benefit that would show up in smaller paycheck withholding in January.

Here ya go, you dumb fucking muppet.

 

[BabyBoomer50s]

Here ya go, you dumb fucking muppet.

View attachment 2542366

Awe. Poor Delux. Sorry I didn’t include you on the tantrum list. Your outrage came a little later than usual but your cries have been heard and you’re on the list.

 

[DeluxAuto]

Awe. Poor Delux. Sorry I didn’t include you on the tantrum list. Your outrage came a little later than usual but your cries have been heard and you’re on the list.

I commented on Monday, you stupid fucking drunk muppet.

Trickle down has never worked, traitor. What the fuck is wrong with you?

Not only are you wrong about my posts but you didn't comprehend what was in the bill.

 

[BabyBoomer50s]

I commented on Monday, you stupid fucking drunk muppet.

Not only are you wrong about my posts but you didn't comprehend what was in the bill.

If someone makes $17,000 a year, they can deduct $13,000. Their total tax bill would be $400. So no, they are not going to “lose” $1,000. Show your work dumbshit.

 

[DeluxAuto]

If someone makes $17,000 a year, they can deduct $13,000. Their total tax bill would be $400. So no, they are not going to “lose” $1,000. Show your work dumbshit.

Like I said about your comprehension.

 

[BDA73]

I find the discussion by the left on Medicaid cuts totally dishonest. Conservatives want reform on Medicaid. People not entitled for Medicaid should be removed from Medicaid. Medicare and Medicaid fraud is costing the American public huge amounts of money in wasteful spending.

SALT Deductions are a big sticking point within the Republican Party. Blue state republicans pushing for high SALT deductions are being unreasonable, they’re acting like high spending democrats.

Blue states that can’t manage their state revenues, tax their constituents to oblivion to provide for people who are here illegally or giving benefits without any restrictions, is their problem.

One more Moody’s downgrade on our credit rating will be devastating. We cannot continue with ridiculous deficit spending. SS, Medicare and Medicaid should all be on the table.

Chip Roy is spot on, cut now while we have all 3 branches.

Speaking from a high tax state, perhaps if states like NY, CT, MA, NJ and CA get back as much in federal aid as it pumps into the federal reserves then their state tax wouldn't need to be so hide...

Red states living off the federal income tax generated by the blue states.

 

[BabyBoomer50s]

Like I said about your comprehension.

You posted a meme. That’s your source. No one is surprised. You don’t pay much if any in income taxes. You know nothing about the tax code. The good news is your tips from the car wash won’t be taxed. Lol.

 

[Lazaran]

If someone makes $17,000 a year, they can deduct $13,000. Their total tax bill would be $400. So no, they are not going to “lose” $1,000. Show your work dumbshit.

BabyBoobs clearly needs some help:

https://www.usatoday.com/story/money/2025/05/20/trump-tax-bill-could-hurt-low-earners/83724621007/



Hope that ^ helps.



BabyBoobs



We. Told. Them. So.

 

[DeluxAuto]

You posted a meme. That’s your source. No one is surprised. You don’t pay much if any in income taxes. You know nothing about the tax code. The good news is your tips from the car wash won’t be taxed. Lol.

A meme can contain facts which mine does (even though it's not a meme but you're far too hammered to explain that right now).

And I didn't use a meme when I proved that you didn't comprehend what was on the bill, drunk person.

BabyBoobs clearly needs some help:

https://www.usatoday.com/story/money/2025/05/20/trump-tax-bill-could-hurt-low-earners/83724621007/



Hope that ^ helps.



BabyBoobs



We. Told. Them. So.

He's like Derpy in that way. Says something stupid, gets proven wrong, deflects.

It's like they're mimicking their idiot in chief.

 

[BabyBoomer50s]

BabyBoobs clearly needs some help:

https://www.usatoday.com/story/money/2025/05/20/trump-tax-bill-could-hurt-low-earners/83724621007/



Hope that ^ helps.



BabyBoobs



We. Told. Them. So.

LoserAn is surprised that the highly progressive US income tax code is based on marginal tax brackets. The more you make, the higher percentage of income you pay. The richest taxpayers contribute most of the revenue collected by the US Treasury. The bottom half pays a tiny fraction. The very bottom actually gets paid credits, even if their tax liability is zero.

LoserAn is also be surprised to learn that the tax brackets and standard deduction, are not being cut. They are being extended so that the majority of us who actually PAY income taxes don’t get slammed with a tax hike. People who live off tips, work overtime to make ends meet, or rely on Social Security as a primary source of income will get to pocket a little more. (LoserAn, Delux, Rota, Major, etc) The child tax credit gets expanded, but that doesn’t to most of the childless the lefty losers on this board lol.

Let’s all shed a tear for all the able bodied adults who don’t want to work and illegal immigrants who will lose their Medicaid benefits.

 

[DeluxAuto]

LoserAn is surprised that the highly progressive US income tax code is based on marginal tax brackets. The more you make, the higher percentage of income you pay. The richest taxpayers contribute most of the revenue collected by the US Treasury. The bottom half pays a tiny fraction. The very bottom actually gets paid credits, even if their tax liability is zero.

LoserAn is also be surprised to learn that the tax brackets and standard deduction, are not being cut. They are being extended so that the majority of us who actually PAY income taxes don’t get slammed with a tax hike. People who live off tips, work overtime to make ends meet, or rely on Social Security as a primary source of income will get to pocket a little more. (LoserAn, Delux, Rota, Major, etc) The child tax credit gets expanded, but that doesn’t to most of the childless the lefty losers on this board lol.

Let’s all shed a tear for all the able bodied adults who don’t want to work and illegal immigrants who will lose their Medicaid benefits.

I already proved you don't know what the fuck you're talking about, dumbass.

Your word salad don't mean shit.

 

[BabyBoomer50s]

I already proved you don't know what the fuck you're talking about, dumbass.

Your word salad don't mean shit.

No you didn’t. You’re nothing but an angry fool.

 

[Lazaran]

Here ya go, you dumb fucking muppet.

View attachment 2542366

If someone makes $17,000 a year, they can deduct $13,000. Their total tax bill would be $400. So no, they are not going to “lose” $1,000. Show your work dumbshit.

BabyBoobs clearly needs some help:

https://www.usatoday.com/story/money/2025/05/20/trump-tax-bill-could-hurt-low-earners/83724621007/



Hope that ^ helps.



BabyBoobs



We. Told. Them. So.

BabyBoobs was EXPOSED as a LYING / GASLIGHTING POS (or an ignorant, dysfunctional alcoholic).

Poor BabyBoobs.



BabyBoobs should cry MOAR.



BabyBoobs



We. Told. Them. So.

 

[DeluxAuto]

No you didn’t. You’re nothing but an angry fool.

Fat, drunk, and stupid is no way to go through life, loser. Find a meeting.

 

[MajorRewrite]

Let’s all shed a tear for all the able bodied adults who don’t want to work and illegal immigrants who will lose their Medicaid benefits.

71% of Medicaid recipients work or attend school. Another 12% are caregivers.

You must be proud of the MAGA weasels for delaying Medicaid cuts until after the midterm election. They’re afraid to take responsibility for their own actions. It’s the MAGA way!

 

[Lazaran]

I already proved you don't know what the fuck you're talking about, dumbass.

Your word salad don't mean shit.

Stop it!!!! - BabyBoobs’ GASLIGHTING doesn’t / won’t work if the obfuscating & disorienting glowing cloud of incandescent bullshit (LIES) is dispelled by the clarifying & sobering fresh air of truth & facts.





We. Told. Them. So.

 

[DeluxAuto]

Stop it!!!! - BabyBoobs’ GASLIGHTING doesn’t / won’t work if the obfuscating & disorienting glowing cloud of incandescent bullshit (LIES) is dispelled by the clarifying & sobering fresh air of truth & facts.





We. Told. Them. So.

It's like he runs his posts through MAGA GPT and posts whatever dumbfuckery it spits out.

 

[Lazaran]

It's like he runs his posts through MAGA GPT and posts whatever dumbfuckery it spits out.

MAGA GPT???



You mean”GROK”???