Tax Bill (aka Reconciliation Bill) Preview Released Friday

[Lazaran]

SALT remains one of the main sticking points. Republicans from high tax states want higher cap for their affluent constituents. Committed vote Sunday night at 10 pm ET.

https://www.reuters.com/markets/us/moodys-downgrades-us-aa1-rating-2025-05-16/



It was inevitable after the way G.W. Bush & DonOld trashed the U.S. government and the economy over the past twenty five years.

President Biden and President Obama did their best to avert the downgrading, but they were no match for republican incompetence and corruption.

We. Told. Them. So.

And then there is this:

https://www.advisorperspectives.com...rs-record-low-as-inflation-expectations-climb

From the article:

“Consumer sentiment fell for a fifth straight month as ongoing economic uncertainty and inflation worries continue to drag down consumer attitudes. The Michigan Consumer Sentiment Index dropped to 50.8 in May, the second lowest reading on record.”



We. Told. Them. So.


“

BabyBoobs



We. Told. Them. So.

 

[BabyBoomer50s]

Deficit is the main sticking point. Conservatives don't agree with MAGA fucks.

Yes. They want more serious Medicaid reform. Tough needle to thread. Failure means big tax hikes for most voters and the macro economy. Long road ahead. Sunday night vote is just one of many steps to the finish line.

 

[BabyBoomer50s]

BabyBoobs



We. Told. Them. So.

You were 100% behind the American Recovery Act, the Chips Act, and student loan forgiveness that contributed to Biden’s 9% inflation and now you’re suddenly a deficit hawk. You oppose tariff taxes (as do I), yet you’re cheering for a massive income tax hike. Make up your mind.

 

[ll74]

Yes. They want more serious Medicaid reform. Tough needle to thread. Failure means big tax hikes for most voters and the macro economy. Long road ahead. Sunday night vote is just one of many steps to the finish line.

That's what you get when you create tax cuts that end for middle class people whole making higher tax cuts permanent.

They just need to hike upper class taxes.
Problem solved.

 

[Politruk]

student loan forgiveness that contributed to Biden’s 9% inflation

It cannot have had anything to do with inflation because it didn't actually happen.

 

[RobDownSouth]

Yes. They want more serious Medicaid reform. Tough needle to thread. Failure means big tax hikes for most voters and the macro economy. Long road ahead. Sunday night vote is just one of many steps to the finish line.

Not really. Find out what ails aging white American heterosexual Christian Caucasians the most, and cut the "fat" (literally everything else).

Sickle Cell anemia? Take a Motrin, boy.
Post-partum depression? Deal with it, sugartits.
Tays-Sachs syndrome? Sucks to be Amish/Jewish/Cajun.
HIV PRep? Shouldn't have chosen to be a homo.

Erectile dysfunction? Not to worry, men, you're still covered at 100% with no out of pocket.

 

[BabyBoomer50s]

That's what you get when you create tax cuts that end for middle class people whole making higher tax cuts permanent.

They just need to hike upper class taxes.
Problem solved.

You’re misinformed. All individual tax rates in every bracket expire at the end of the year unless Congress acts.

 

[BabyBoomer50s]

Not really. Find out what ails aging white American heterosexual Christian Caucasians the most, and cut the "fat" (literally everything else).

Sickle Cell anemia? Take a Motrin, boy.
Post-partum depression? Deal with it, sugartits.
Tays-Sachs syndrome? Sucks to be Amish/Jewish/Cajun.
HIV PRep? Shouldn't have chosen to be a homo.

Erectile dysfunction? Not to worry, men, you're still covered at 100% with no out of pocket.

You’ve wandered into the wrong thread. This one is about the reconciliation bill. Hope you find your way home and safe travels.

 

[RobDownSouth]

You’ve wandered into the wrong thread. This one is about the reconciliation bill. Hope you find your way home and safe travels.

Tell us what you think is funding the latest round of tax cuts for Elon and his elk (sic)?

Here in the reality-based world it's being funded primarily by cut to Medicaid. I was detailing the scope of the cutting.

Next time I promise I'll use words 3 syllables or less so that you might have a clue.

 

[BabyBoomer50s]

Tell us what you think is funding the latest round of tax cuts for Elon and his elk (sic)?

Here in the reality-based world it's being funded primarily by cut to Medicaid. I was detailing the scope of the cutting.

Next time I promise I'll use words 3 syllables or less so that you might have a clue.

It’s not just about “Elon and his elk.” It’s about a piece of pending legislation that will impact every individual taxpayer, regardless filing status or brackets.

 

[dmallord]

Nonsense. The vast majority of Americans are paying less in income taxes thanks to the TCJA.

Here’s why:

• The TCJA reduced marginal tax and effective rates in every income bracket
• doubled the child care tax credit
• nearly doubled the standard deduction
• increased the AMT exemption
• eliminated the ACA mandate tax
• doubled the estate and gift tax amounts.

If the TCJA provisions for individual filers are not extended, most Americans will pay more.

Just to clarify some facts about the Tax Cuts and Jobs Act (TCJA) via CHTgpt:

The TCJA was passed by Congressional Republicans and signed into law by President Donald Trump in December 2017. It was developed largely by the House Ways and Means Committee, led by Rep. Kevin Brady (R-TX), and passed without any Democratic support using a process called budget reconciliation, which allowed it to clear the Senate with a simple majority. Trump was not an initiator of the plan, but took credit for it.

As for its impact:
Yes, most Americans did get a tax cut when it took effect in 2018. The Tax Policy Center estimated that about 65% of households saw a tax reduction, while around 6% saw an increase. The size of the cut varied, and for many middle-income families, it was modest—but still real.

Here’s what the TCJA did for individuals:

• Lowered tax rates across most income brackets
• Nearly doubled the standard deduction
• Expanded the child tax credit
• Increased the AMT exemption
• Eliminated the ACA individual mandate penalty

That said, it also:

• Capped the state and local tax (SALT) deduction at $10,000
• Eliminated personal exemptions, which some families relied on
• Made corporate tax cuts permanent, but individual tax cuts expire after 2025

So yes, many people paid less in income taxes under the TCJA, but not everyone felt it equally. And if those individual provisions aren’t renewed, taxes could go up again for a lot of filers starting in 2026. That’s where the current debate lies.

 

[Lazaran]

You were 100% behind the American Recovery Act, the Chips Act, and student loan forgiveness that contributed to Biden’s 9% inflation and now you’re suddenly a deficit hawk. You oppose tariff taxes (as do I), yet you’re cheering for a massive income tax hike. Make up your mind.

BabyBoobs can’t stop gaslighting:

There is responsible & irresponsible spending, taxation, foreign policy, and tariff / trade policy.

Also:

Much like President Obama was left to contend with Shrub Bush’s mess, President Biden had to contend with DonOld’s mess (which included DonOld’s bungling of pandemic preparedness & response, as well as DonOld’s IRRESPONSIBLE spending, taxation, foreign policy, and tariff / trade policy which ALSO CONTRIBUTED to the spike in inflation during President Biden’s administration). President Obama & President Biden were also FORCED to make policy decisions due to the EXTREMELY fucked up domestic and global conditions left by their incompetent and corrupt REPUBLICAN predecessors, while those same REPUBLICAN predecessors had been left EXTREMELY stable conditions by their DEMOCRATIC predecessors.

BabyBoobs is comparing Cherries to Watermelons while deflecting from the CURRENT negative realities of the domestic and global economic climate (crisis) brought about by DonOld’s IRRESPONSIBLE foreign policy & tariff / trade policy.

And NOW DonOld is preparing to blow up the budget, the deficit, global relations, and America’s future with more IRRESPONSIBLE spending, taxation, foreign policy, and tariff / trade policy.



We. Told. Them. So.

 

[HisArpy]

You were 100% behind the American Recovery Act, the Chips Act, and student loan forgiveness that contributed to Biden’s 9% inflation and now you’re suddenly a deficit hawk. You oppose tariff taxes (as do I), yet you’re cheering for a massive income tax hike. Make up your mind.

He's anti-whatever-Trump-wants.

 

[BabyBoomer50s]

Just to clarify some facts about the Tax Cuts and Jobs Act (TCJA) via CHTgpt:

The TCJA was passed by Congressional Republicans and signed into law by President Donald Trump in December 2017. It was developed largely by the House Ways and Means Committee, led by Rep. Kevin Brady (R-TX), and passed without any Democratic support using a process called budget reconciliation, which allowed it to clear the Senate with a simple majority. Trump was not an initiator of the plan, but took credit for it.

As for its impact:
Yes, most Americans did get a tax cut when it took effect in 2018. The Tax Policy Center estimated that about 65% of households saw a tax reduction, while around 6% saw an increase. The size of the cut varied, and for many middle-income families, it was modest—but still real.

Here’s what the TCJA did for individuals:

• Lowered tax rates across most income brackets
• Nearly doubled the standard deduction
• Expanded the child tax credit
• Increased the AMT exemption
• Eliminated the ACA individual mandate penalty

That said, it also:

• Capped the state and local tax (SALT) deduction at $10,000
• Eliminated personal exemptions, which some families relied on
• Made corporate tax cuts permanent, but individual tax cuts expire after 2025

So yes, many people paid less in income taxes under the TCJA, but not everyone felt it equally. And if those individual provisions aren’t renewed, taxes could go up again for a lot of filers starting in 2026. That’s where the current debate lies.

Good summary. If Congress fails to act, most of us will get hit with a tax hike. Vulnerable Republicans from affluent suburban districts in high tax states are fighting to raise or eliminate the SALT cap. I would prefer not changing the cap but there will ultimately be some sort of compromise on that. They’re haggling over the weekend and planning on holding a committee vote Sunday night.

 

[BabyBoomer50s]

The House Budget Committee advanced the bill late Sunday night moving it one step closer to the House floor and Speaker Johnson’s goal of moving it to the Senate by Memorial Day.

 

[icanhelp1]

The House Budget Committee advanced the bill late Sunday night moving it one step closer to the House floor and Speaker Johnson’s goal of moving it to the Senate by Memorial Day.

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.

 

[heathrowinneo]

The national debt will grow by more than $3.3 trillion over the next decade. Watch the credit rating, interest rates. Cuts are one thing that will drive additional issues including increased state and local taxes replacing federal spending. Tariffs only tax consumers, mainly middle and lower income familys. Failing to bring in revenue will continue to build on the deficit.

This action solves nothing of substance.

 

[BabyBoomer50s]

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.

The left cheered Biden’s spending binge on social spending, green energy subsidies and student loan debt forgiveness, but now are suddenly faking concern about deficits. lol.

In would like to see the bill restore Medicaid spending to pre-COVID levels by making the common sense reforms you mentioned, keep the SALT cap, and scrap Trump’s call for no tax on tips, overtime, and SS.

 

[MajorRewrite]

The left cheered Biden’s spending binge on social spending, green energy subsidies and student loan debt forgiveness, but now are suddenly faking concern about deficits. lol.

The bill will increase deficit spending by at least $3.2 trillion, and possibly by $5.2 trillion.

The MAGAs were “faking concern about deficits” throughout the Biden administration. lol.

(It’s remarkable how often I can throw BabyBoo’s words back at him).

Once offsets elsewhere in the bill are included, the bill could lead to over $3.2 trillion in new red ink, according to an analysis from the Committee for a Responsible Federal Budget.

If many of the currently temporary cuts are extended, the costs could balloon to over $5.2 trillion over the next decade, the group found.

 

[BabyBoomer50s]

The bill will increase deficit spending by at least $3.2 trillion, and possibly by $5.2 trillion.

The MAGAs were “faking concern about deficits” throughout the Biden administration. lol.

(It’s remarkable how often I can throw BabyBoo’s words back at him).

My post said I’d like provisions in the bill that restore Medicaid spending to preCovid levels, keep the SALT cap in place, and scrap Trump’s call for no tax on tips, overtime, and social security. Unfortunately there are some Republicans that act like Democrats so I don’t think my wishes will be incorporated in the bill. Since the alternative to not passing the bill is a massive tax hike, it needs to pass.

What spending cuts do you support?

 

[MajorRewrite]

My post said I’d like provisions in the bill that restore Medicaid spending to preCovid levels, keep the SALT cap in place, and scrap Trump’s call for no tax on tips, overtime, and social security. Unfortunately there are some Republicans that act like Democrats so I don’t think my wishes will be incorporated in the bill. Since the alternative to not passing the bill is a massive tax hike, it needs to pass.

What spending cuts do you support?

I support cuts to big ticket items: defense and healthcare (by emulating any other developed nation’s healthcare system we can cut healthcare spending in half, and provide coverage for everyone).

But you deflected and didn’t address the hypocrisy of Republicans who constantly complained about deficits during Biden’s administration but want to run up bigger deficits now (lol). Republicans have been big deficit spenders for 40 years.

 

[DeluxAuto]

Lower corporate taxes incentivizes American businesses to stay or return back to the US. More jobs means more revenue.

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

 

[BabyBoomer50s]

I support cuts to big ticket items: defense and healthcare (by emulating any other developed nation’s healthcare system we can cut healthcare spending in half, and provide coverage for everyone).

But you deflected and didn’t address the hypocrisy of Republicans who constantly complained about deficits during Biden’s administration but want to run up bigger deficits now (lol). Republicans have been big deficit spenders for 40 years.

I have said many times on this board that the US has a spending problem, not a revenue problem. I have said both parties are guilty. I was sharply critical of Biden’s spending binge and wrt the reconciliation bill, I am chastising those Republicans who are resisting essential Medicaid spending cuts and demanding raising the SALT cap. I have also expressed my opposition to Trump’s “no tax on tips, overtime and social security.”

US military spending as a percentage of GDP is near an all time low. It’s about 3.5%. In the 60s, it exceeded 9% of GDP. In the 80s, it was around 6% of GDP and following the collapse of the Soviet Union fell to about 3% in 2000-2001. Today the US faces very real military threats from China, Russia, North Korea, and Iran. The possibility of a multi theater war is very real. Even if you dismiss those threats, there’s not a lot of savings to gain from cutting defense. Defense only accounts for 13% of the federal budget.

 

[DeluxAuto]

I was sharply critical of Biden’s spending binge and wrt the reconciliation bill, I am chastising those Republicans who are resisting essential Medicaid spending cuts

You're a fucking idiot.

 

[MajorRewrite]

Even if you dismiss those threats, there’s not a lot of savings to gain from cutting defense. Defense only accounts for 13% of the federal budget.

Military spending is roughly equal to all other discretionary spending combined.

I notice you say nothing about healthcare spending, other than some kind of cap on Medicare. Why are MAGAs so reluctant to adopt the much cheaper healthcare systems used in other developed nations, which also get better outcomes and cover everyone?