Tax Bill

[Comshaw]

Soooo, this tax bill is suppose to help the middle class, give us a tax break, right? So why are they eliminating tax deductions for expenses incurred by teachers, reducing the state and local tax deduction for individuals and businesses that don't produce income (such as Fire districts), eliminating tax deductions for individuals of property tax above $10,000.00, eliminating moving expenses for individuals, but not for any income producing corporations?

Yea, yea I know you're going to try to tell me that this will produce jobs. But after reading a whole lot of opinions for experts right now, in this economy, a tax break by itself isn't going to produce anything but more money for the corporations and less for the middle class.
Senate bill to unwrap with tax cuts, end to local deduction
https://www.mail.com/news/politics/8068784-senate-bill-to-unwrap-with-tax-cuts-to-local-deduc.html#.23140-stage-hero1-1

Congesswoman exposes tax scam
https://www.facebook.com/CREDO/videos/10156842057310968/


Comshaw

 

[BoyNextDoor]

Pretty much spot on.

Also capping mortgage interest deductions @ $500K and deductions for medical expenses that exceed 10 percent of household income are directed at increasing middle class and upper middle class taxes.

On the flip side, removing the Alternative Minimum Tax, switching rates for those that have the so-called "passthrough" to 25% instead of the 39.6% income rates, reducing the corporate tax rates and of course the elimination of the inheritance tax are all a huge boon to the upper and ultra classes.

This tax bill does one very interesting thing: It clearly draws the line between those of us that earn their money by going to work (even those that earn a lot like athletes), and those that earn their money by investing it.

Workers lose - investors win.

Which one should pay more, those that go to work by reading the stock market pages of the WSJ or those that get up and get out and really make America great?

 

[Rightguide]

Actually, it's too early to talk about it. There's doubt Republicans can even get it out of the Senate before 2019 and if we have to wait that long the incoming Democrats will kill it outright. Because by then the Republicans will all be politically dead.

 

[BoyNextDoor]

The policy being proposed is very telling.

What they can pass remains to be seen. It almost seems like they are inventing their own poison pills.

 

[SpeareChucker]

Brilliant analysis of a bill neither written or passed. I am just appalled that my fellow Liberals could be so knee-jerk, so rude, so angry, and so willing to make themselves appear ignorant on just about every topic I peruse.

 

[coachdb18]

Which one should pay more, those that go to work by reading the stock market pages of the WSJ or those that get up and get out and really make America great?

When did the mindset change from determining what the NEEDS are for government, and switch to this present mindset of using taxes as a way to finance WANTS and force social redistribution of the wealth?

 

[SpeareChucker]

Actually, it's too early to talk about it. There's doubt Republicans can even get it out of the Senate before 2019 and if we have to wait that long the incoming Democrats will kill it outright. Because by then the Republicans will all be politically dead.

It is pretty bad when my own comrades force me to agree with a right-wing nut while requiring me to condemn them for purely partisan party line rants based upon the talking points of the day.

 

[Hypoxia]

When did the mindset change from determining what the NEEDS are for government, and switch to this present mindset of using taxes as a way to finance WANTS and force social redistribution of the wealth?

You're going into the flunked-civics-class theology neighborhood again. Nothing in the Constitution directs the motivation of taxation and spending. Congress raises and allocates funds for whatever reasons it fucking well wants.

Congress can fund bridges to nowhere; highways with offramps to lawmakers' properties; price support programs that enrich plantation owners and boost prices consumers pay; food stamps that also enrich agribiz and happen to feed poor people as a side effect; massive weapons programs that don't work; and fact-finding jaunts at foreign resorts for pols, their staffs, lovers, dealers, et al.

Who decides which of these expenditures are 'needed'? Right up front in the Constitution it says the goal is to "promote the general Welfare" and that's a lot of leeway. Congresscritters decide. We elect our critters, so it's our decision, right there. It's called 'voting'. Ever heard of it?

 

[Boxlicker101]

Pretty much spot on.

Also capping mortgage interest deductions @ $500K and deductions for medical expenses that exceed 10 percent of household income are directed at increasing middle class and upper middle class taxes.

On the flip side, removing the Alternative Minimum Tax, switching rates for those that have the so-called "passthrough" to 25% instead of the 39.6% income rates, reducing the corporate tax rates and of course the elimination of the inheritance tax are all a huge boon to the upper and ultra classes.

This tax bill does one very interesting thing: It clearly draws the line between those of us that earn their money by going to work (even those that earn a lot like athletes), and those that earn their money by investing it.

Workers lose - investors win.

Which one should pay more, those that go to work by reading the stock market pages of the WSJ or those that get up and get out and really make America great?

What are you saying about the mortgage interest deduction? If a family pays $500,000 in mortgage interest and has a rate of 10%, which is rather high, that would mean their home has a mortgage of five million dollars. Are you actually saying that is a middle class family residence?

Currently, the medical deduction is the amount in excess of a certain percentage of income. Would this bill eliminate the floor, making all medical expenses deductible up to a max. of 10% of reportable income? If that is the case, it is a boon to lower and middle class taxpayers, because most people do not pay such large amounts of medical expenses, and they would be able to deduct all the expenses, including insurance, that they do pay.

 

[coachdb18]

You're going into the flunked-civics-class theology neighborhood again. Nothing in the Constitution directs the motivation of taxation and spending. Congress raises and allocates funds for whatever reasons it fucking well wants.

The purpose of government is to serve those needs which cannot be served by us individually. Period. There is no ethical defense for taxing beyond that to which the taxation will serve to fund those needs. Never EVER should taxes be higher than 10% for ALL TAXES, there simply is no need for more.

Taxing for any fucking thing it wants? That sounds like robbery, nothing more ethical about that than a holdup at an ATM machine.

 

[doowdniw]

Actually, it's too early to talk about it.

Come on. It's not like it involves a mass shooting.

 

[JohnnySavage]

They should eliminate all deductions and everyone should file individual tax returns.

 

[Hypoxia]

The purpose of government is to serve those needs which cannot be served by us individually. Period. There is no ethical defense for taxing beyond that to which the taxation will serve to fund those needs. Never EVER should taxes be higher than 10% for ALL TAXES, there simply is no need for more.

Taxing for any fucking thing it wants? That sounds like robbery, nothing more ethical about that than a holdup at an ATM machine.

Re-read the Constitution and point out clauses that support your position.

 

[Rightguide]

Come on. It's not like it involves a mass shooting.

It's just that at this point we don't have a clue what the final bill will look like after reconciliation.

 

[BoyNextDoor]

Brilliant analysis of a bill neither written or passed. I am just appalled that my fellow Liberals could be so knee-jerk, so rude, so angry, and so willing to make themselves appear ignorant on just about every topic I peruse.

It's just that at this point we don't have a clue what the final bill will look like after reconciliation.

It is all about how the sausage gets made. Of course what comes out of Committee, the amendments, the versions that pass each body and the final are all important. They are important for 2 reasons: 1) It shows the public policy intent of the sponsor 2) it gives the opportunity to support or oppose the good or offending language and assess the financial impact. There is a race in Al for Sessions Senate Seat. If you are there an d voting and you hear "middle class tax cuts" but read the markup and see that they are actually making you pay more i taxes wouldn't that impact your vote?

If all you want to do is opine, then wait for the final passed version and bellyache or hoot as you want but it is too late.

Senate

House Ways and Means - HR 1

 

[BoyNextDoor]

What are you saying about the mortgage interest deduction? If a family pays $500,000 in mortgage interest and has a rate of 10%, which is rather high, that would mean their home has a mortgage of five million dollars. Are you actually saying that is a middle class family residence?

Currently, the medical deduction is the amount in excess of a certain percentage of income. Would this bill eliminate the floor, making all medical expenses deductible up to a max. of 10% of reportable income? If that is the case, it is a boon to lower and middle class taxpayers, because most people do not pay such large amounts of medical expenses, and they would be able to deduct all the expenses, including insurance, that they do pay.

On mortgage: Currently you may deduct the mortgage interest paid on the first $1,000,000 of your mortgage regardless of the rate (sort of I think there is a cap). If your mortgage is more than $1M then any interest paid on the $1,000,001 dollar and above is not deductible for the calculation of your adjusted gross income (AGI). (click on the Senate markup link I provided and search for "Modification of deduction for home mortgage interest ".

The proposed change would lower that cap to the first $500,000. Other parts of the bill also remove deductions for other state taxes that are also deductible from federal AGI.

On Medical - it is a tax benefit designed to prevent (or help prevent) bankruptcy for families that have catastrophic events. It allows people who itemize their federal income taxes to deduct medical expenses that exceed 10 percent of their total income. The House version proposes just ending that deduction.

 

[BoyNextDoor]

BTW: All these proposals are just the GOP picking winners and losers and largely funneling money to the wealthiest at the expense of the earners.

If they really want to simplify the tax code: Set a flat rate for all income types (Interest, Cap gains, business earnings, earned interest, whatever) @ 13%. No deductions, no loopholes, no bullshit.

 

[BotanyBoy]

BTW: All these proposals are just the GOP picking winners and losers and largely funneling money to the wealthiest at the expense of the earners.

So no different than the DNC tax plans LOL

 

[nowisthetime]

Soooo, this tax bill is suppose to help the middle class, give us a tax break, right? So why are they eliminating tax deductions for expenses incurred by teachers, reducing the state and local tax deduction for individuals and businesses that don't produce income (such as Fire districts), eliminating tax deductions for individuals of property tax above $10,000.00, eliminating moving expenses for individuals, but not for any income producing corporations?

Yea, yea I know you're going to try to tell me that this will produce jobs. But after reading a whole lot of opinions for experts right now, in this economy, a tax break by itself isn't going to produce anything but more money for the corporations and less for the middle class.
Senate bill to unwrap with tax cuts, end to local deduction
https://www.mail.com/news/politics/8068784-senate-bill-to-unwrap-with-tax-cuts-to-local-deduc.html#.23140-stage-hero1-1

Congesswoman exposes tax scam
https://www.facebook.com/CREDO/videos/10156842057310968/


Comshaw

Lol, you know their criteria for middle class...


You know they hate public education because it doesn't make them profits. They are a bunch of power hungry greedy individuals.

They are not even trying anymore...

 

[Comshaw]

Brilliant analysis of a bill neither written or passed. I am just appalled that my fellow Liberals could be so knee-jerk, so rude, so angry, and so willing to make themselves appear ignorant on just about every topic I peruse.

It is pretty bad when my own comrades force me to agree with a right-wing nut while requiring me to condemn them for purely partisan party line rants based upon the talking points of the day.

Really? So while riding my motorcycle I should just ignore the guy weaving all over the road until he slams my ass? Then I can be concerned about it and call the cops? Let it become law BEFORE you question what is being considered for inclusion in it? So you'd rather try to repeal and replace rather then influence what is included in it before it's passed into law? Sorry guy, but that's the most moronic thing I think I've heard in a while.

Comshaw

 

[Rightguide]

Really? So while riding my motorcycle I should just ignore the guy weaving all over the road until he slams my ass?
Comshaw

You must have been the guy I saw in Frisco a few weeks ago walking around with both hands protecting his asshole.

 

[RobDownSouth]

You must have been the guy I saw in Frisco a few weeks ago walking around with both hands protecting his asshole.

Your reputation precedes you?

 

[cowslinger64]

So no different than the DNC tax plans LOL

Of course you're completely full of it, once again.

Feel free to show a Democrat led tax plan at all like this..


https://www.bloomberg.com/news/arti...dium=bd&utm_campaign=hosted&cmpId=yhoo.hosted

 

[Comshaw]

You must have been the guy I saw in Frisco a few weeks ago walking around with both hands protecting his asshole.

Is there a a particular reason that incident stuck in your mind? A Freudian slip perhaps?




Comshaw

 

[BotanyBoy]

Of course you're completely full of it, once again.

Feel free to show a Democrat led tax plan at all like this..


https://www.bloomberg.com/news/arti...dium=bd&utm_campaign=hosted&cmpId=yhoo.hosted

Joke's on you champ....there are no democrat led tax plans beyond "MOAR!!!" .

And even if they got it, guess how much would make it's way to the ones they said need it most? They would get little to none of it, the rest would just MAGICALLY vanish like with every other gubmint program.

Same shit different day.