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GOP Tax Plan 2017-18
11-02-2017, 12:35 PM
The story:
2017 International Tax Competitiveness Ranking: U.S. Is 6th From The Bottom:
Proposed solution, and
WSJ live tracker:
Details Released on GOP Tax Plan – And Political Landmines
Quote:[url=https://twitter.com/gatewaypundit/status/926100624407715840][/url]
Quote:Quote:
STANDARD DEDUCTION
Current law for 2017: $12,700 (married); $9,350 (head of household); $6,350 (single)
Proposed for 2018: $24,400 (married); $18,300 (head of household); $12,200 (single)
PERSONAL EXEMPTION
Current law for 2017: $4,050
Proposed: Repealed
CHILD TAX CREDIT
Current law: $1,000
Proposed: $1,600 plus $300 each for the taxpayer, a spouse and any non-child dependents
STATE AND LOCAL TAXES
Current law: Itemized deduction
Proposed: Deduction capped at $10,000 for property tax only
CHARITABLE DONATIONS
Current law: Itemized deduction
Proposed: Unchanged
MORTGAGE INTEREST DEDUCTION
Current law: Itemized deduction on loans up to $1 million
Proposed: Itemized deduction for loans up to $500,000 on new home purchases
ALTERNATIVE MINIMUM TAX
Current law: Parallel tax that disallows personal exemptions and state deductions
Proposed: Repealed
RETIREMENT ACCOUNTS
Current law: 401(k) plans allow pretax deferral of up to $18,000
Proposed: Minor changes
Quote:Quote:
It’s hard to understand why Republicans thought it was a good idea to cut deductions for medical expenses for the critically ill or tax credits for student-loan interest. They really must want to lose the next election. The GOP plan also repeals tax credits for adoption which seems illogical for the pro-Life party
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GOP Tax Plan 2017-18
11-02-2017, 04:34 PM
This "tax cut" went full retard when it shifted around the high-end tax brackets. They raised the bracket for those making over 200k to 35% from the current 33%, but then they took the current 39% max rate and raised the threshold on that to $1m for couples. In other words, if you make between 200k and 500k you may very well see a straight out tax increase on your W2 income, while those who make over $500k will see a massive cut on their W2 income.
More important from my perspective is what happens to pass-through entities like S-corps. I've been reading conflicting analyses on this. Some claim that small businesses will be castrated by eliminating whole swathes of entity types from qualifying for the new 25% corp. tax rate and only "passive" owners getting to claim the rate. Other sources say pass throughs will qualify for the corporate tax rate.
My stance on this is that I will massively benefit under the latter scenario, so of course I'm in favor of it. Aside from personal bias, why the fuck should some rentier class parasite faggot sitting in a Manhattan penthouse snorting coke off a hooker's pussy get to pay 25% for being a "passive" business owner while the plumber who busts his ass everyday digging around in shit have to pay 35% because he actually works to generate revenue for the business he owns and so is "exploiting" the pass-through "loophole". Some bullshit.
Also, Faggot Ryan took a massive shit on a huge chunk of potential Republican voters by A) slashing the tax deductions in half on the primary store of value for most Americans their house and B) getting rid of medical expense deductions for seniors. Like MOVSM said above, this piece of shit cuck Paul Ryan must be purposefully trying to sabotage the GOP in 2018 so that the nationalist movement is killed in the bud. I'm not even kidding. They're for sure thinking that if it's inevitable that traitor scum like Jeff Flake get booted in the primaries, the main objective is to ensure the MAGA candidates who replace them cannot win the in the general.
The way this bill stands right now we should be hoping it goes down in fiery flames and if at all possible takes POS Ryan with it.
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GOP Tax Plan 2017-18
11-02-2017, 04:55 PM
Yeah.... I feel comfortable saying this bill will die a swift death in probably the House. The Senate won't even think about passing this. They will need to redraft a compromise with Senate Dems, which would be very tough in a way.
They need to make some adjustments, the stuff in your quote is bad enough, but NY, NJ, Cali tax payers are going to get fucked, and I think those states are a bit too powerful Dem and Rep to let this pass in it's current state.
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GOP Tax Plan 2017-18
11-02-2017, 05:09 PM
Something that annoys me in the discussion is the fact people act like whatever tax break they are currently utilizing is some sort of right and it can never be removed. In reality you have been getting a preference for years, removing is the more "fair" option.
Overall the plan is better than the current system. It's not perfect, but you have so many bitching and whining about their preferred tax break it's very difficult to craft. If we could just take 3-5 brackets with 0 deductions of any type we would be so much better off. That would retain some progressiveness to counter dem talking points, but stop making the government try to dictate behavior.
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GOP Tax Plan 2017-18
11-02-2017, 05:13 PM
Interesting that they are trying to remove mortgage interest deduction for refinances.
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GOP Tax Plan 2017-18
11-02-2017, 05:24 PM
Yep don't like this at all. It's great for the ultra wealthy and corporations. Far less of a benefit for middle class. And the middle class will ultimately foot the bill down the road through increased taxation for the current legislature being insensitive to the ballooning government deficit. In the long run, the middle class will lose with this bill, the corporations and ultra wealthy win. They want to repeal the estate tax too. Surprise surprise, the more things change, the more they stay the same.
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GOP Tax Plan 2017-18
11-02-2017, 05:33 PM
Quote: (11-02-2017 05:09 PM)Thomas Jackson Wrote:
Something that annoys me in the discussion is the fact people act like whatever tax break they are currently utilizing is some sort of right and it can never be removed. In reality you have been getting a preference for years, removing is the more "fair" option.
Overall the plan is better than the current system. It's not perfect, but you have so many bitching and whining about their preferred tax break it's very difficult to craft. If we could just take 3-5 brackets with 0 deductions of any type we would be so much better off. That would retain some progressiveness to counter dem talking points, but stop making the government try to dictate behavior.
Too bad we don't live in a perfect world and are not discussing how to arrive at a perfect tax plan. I'd give it better than even odds that this abomination of a bill was designed not to pass, but to remind rust belt whites why they didn't use to vote for the GOP until Trump came around and why maybe they should consider not turning out for the 2018 midterms.
Cutting the mortgage deduction while at the same time getting rid of the estate tax entirely? How's that for optics close to the midterms lol. Or yeah, why not tell seniors living on fixed income that their ability to deduct their diabetes and hypertension expenses will be gutted even while corporate taxes are cut to 20%. Did Paul Ryan come up with all this on his own, or did he and Chuck Schumer have a brainstorming session together to figure out the best way of throwing the election? Many of the changes in this bill seem like they're more about being incendiary and turning off the public than they are about arithmetic in the ledger book.
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GOP Tax Plan 2017-18
11-02-2017, 06:09 PM
The mortgage limitation will fuck any blue collar type who needs to take out a home equity loan for say home repairs or medical bills. That said taxes are a necessary evil so I'm still on the fence on this one, but let's not pretend this won't hurt the middle class.