Tax Reform/Tax Cuts

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Re: Tax Reform/Tax Cuts

#151

Post by Tiredretiredlawyer » Mon Dec 04, 2017 9:15 am

Rushed through= We opposed it, obstructed it but it still passed.


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Re: Tax Reform/Tax Cuts

#152

Post by RTH10260 » Mon Dec 04, 2017 10:50 am

Lani wrote:
Mon Dec 04, 2017 2:13 am
GOP claims the ACA was rushed through, just like the Tax Scam, so shut up. And the media lets it get away with it.
https:// mobile.twitter.com/MichaelSLinden/status/937531845549404162
Michael Linden @MichaelSLinden
Remember when the GOP complained about the ACA being "rushed through?"

Well, here is what a truly rushed legislative process looks like.
04:59 - 4 Dec 2017
BUT.... But.... but.... Obamacare was 2000+ pages and what member of Congress had time to read all that in so short of a time :?: And the trumping tax reform is only measly little 400+ pages and some handwritten footnotes to be mastered within a couple of hours before voting.... :twisted:



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Re: Tax Reform/Tax Cuts

#153

Post by AndyinPA » Mon Dec 04, 2017 11:18 am

I hope to see lots of this in the coming days.

http://www.post-gazette.com/local/city/ ... 1712040099
Two women who chained themselves to the Grant Street entrance of Downtown's Grant Building released themselves from the revolving doors at around 8:40 this morning, ending a small demonstration against U.S. Senator Pat Toomey's support for a controversial tax plan passed in the small hours of Saturday morning.

"Pat Toomey has basically betrayed his constituents by pushing forward on this tax bill that will hurt a ton of his constituents. It's really just helping his donors," said one of the two protesters, Lindsey Disler, of the Northside, as a couple dozen supporters looked on.



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Suranis
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Re: Tax Reform/Tax Cuts

#154

Post by Suranis » Mon Dec 04, 2017 2:28 pm

Oh oh. Seems rushing the bill because the Masters were pulling their doggy leash REALLLY TIGHT might have had some unforeseen consequences in the scribbled margins, that the Masters wont like.

You see, the Senate bill accidentally killed all corporate tax cuts. Because this shit show is too incompetent to even do that right.
This screwup — like most of the tax plan’s oddest features — was born of a math problem. Due to arcane Senate rules, the Trump tax cuts can only add $1.5 trillion to the deficit over the next decade. Last Thursday, the Senate tax bill already cost about that sum, and then McConnell started making expensive promises to his few holdouts. Susan Collins wanted a $10,000 property tax deduction for Americans in high-tax states; Ron Johnson wanted a 23 percent business-income deduction for the company that his family owns. This left the Senate Majority Leader searching under the tax code’s couch cushions for new sources of revenue.

At present, most corporations face a 35 percent (statutory) rate on their income. But by availing themselves of various tax credits and deductions, most companies can get their actual rates down far below that figure. To put a limit on just how far, the corporate AMT prevents companies from paying any less than 20 percent on their profits (or, more precisely, on the profits that they fail to hide overseas).

The GOP had originally intended to abolish the AMT. But on Friday, with the clock running out — and money running short — Senate Republicans put the AMT back into their bill. Unfortunately for McConnell, they forgot to lower the AMT after doing so.

This is a big problem. The Senate bill brings the normal corporate rate down to 20 percent — while leaving the alternative minimum rate at … 20 percent. The legislation would still allow corporations to claim a wide variety of tax credits and deductions — it just renders all them completely worthless. Companies can either take no deductions, and pay a 20 percent rate — or take lots of deductions … and pay a 20 percent rate.
:rotflmao:


Irony can be pretty ironic sometimes.

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NotaPerson
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Re: Tax Reform/Tax Cuts

#155

Post by NotaPerson » Wed Dec 13, 2017 5:09 pm

Sounds like things are coming together....

Republicans reach compromise tax plan, expanding tax cuts for the wealthy
House and Senate Republican leaders have reached an agreement in principle that would lower the corporate tax rate to 21 percent beginning in 2018, several people briefed on the plan said, a central component of the $1.5 trillion tax plan they hope to vote into law by next week.

The agreement would also lower the top tax rate for families and individuals from 39.6 percent to at least 37 percent, a change that would deliver a major tax cut for upper-income households.
:snippity:
The agreement still must be approved by House and Senate lawmakers next week, but congressional leaders believe they have the votes to pass it into law. The deal was described by people who spoke on the condition of anonymity as they were not authorized to discuss the private talks.
https://www.washingtonpost.com/business ... 8e88be4243

:smoking:


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Re: Tax Reform/Tax Cuts

#156

Post by Volkonski » Thu Dec 14, 2017 4:51 pm



Image“If everyone fought for their own convictions there would be no war.”
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Re: Tax Reform/Tax Cuts

#157

Post by Volkonski » Thu Dec 14, 2017 4:54 pm

.


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Re: Tax Reform/Tax Cuts

#158

Post by NotaPerson » Thu Dec 14, 2017 5:03 pm

The math on passing the Republican tax bill keeps getting more complex
The current major item of legislation, the Republican tax overhaul bill, suddenly appears to be imperiled in a truly unique number of ways. It’s by no means dead, mind you, but far more stumbling blocks are presenting themselves now than in the recent past.
:snippity:
When the Senate’s initial draft of the tax bill passed earlier this month, the vote occurred on party lines with the exception of Sen. Bob Corker (R-Tenn.). The retiring thorn in President Trump’s side voted no on the measure, making the final tally 51-49...

On Thursday, though, another defection: Sen. Marco Rubio (R-Fla.) announced his opposition to the bill as written. He wants an expansion of the child tax credit, which his peers have rejected...

The problem is that Sen. Mike Lee (R-Utah) has already started to wobble. He, too, supported expanding the child tax credit and is officially undecided on the final bill. With him hovering in the middle, the Republicans have only 49 solid votes, meaning that the plan is at risk of failing.
https://www.washingtonpost.com/news/pol ... 70545d0e62

The article also mentions that two Republican senators (McCain and Cochran) are having health problems at the moment. So it's not clear they can the bill passed before Strange gets replaced by Jones - at which point it would become even more difficult.

:popcorn:


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Re: Tax Reform/Tax Cuts

#159

Post by RTH10260 » Thu Dec 14, 2017 8:02 pm

Pastor’s Words Couldn’t Be More Perfect

During a Wednesday speech at the White House to promote the GOP tax overhaul, President Donald Trump paused to let Pastor Leon Benjamin give some brief remarks.



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Re: Tax Reform/Tax Cuts

#160

Post by Sterngard Friegen » Thu Dec 14, 2017 10:37 pm

WTF was that? The Pastor just said thank you and blathered some vacuity.



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Re: Tax Reform/Tax Cuts

#161

Post by maydijo » Thu Dec 14, 2017 10:42 pm

It's telling that Trump has only seen a picture of the church, but hasn't visited it yet. That's because if he steps foot on any sacred ground, he shrivels up and dies, like the Wicked Witch of the West.



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Re: Tax Reform/Tax Cuts

#162

Post by RTH10260 » Thu Dec 14, 2017 11:04 pm

Sterngard Friegen wrote:
Thu Dec 14, 2017 10:37 pm
WTF was that? The Pastor just said thank you and blathered some vacuity.
As a well paid pastor with family of several kids he is likely to make a good savings (assuming that IRS implements the law as in design). His church was likely already tay exempt. Now if only this pastor would have checked with his lesser b&w sheeple, he may discover that those may have a bleaker view onto their future tax bills



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Re: Tax Reform/Tax Cuts

#163

Post by Tiredretiredlawyer » Fri Dec 15, 2017 9:20 am

RTH10260 wrote:
Thu Dec 14, 2017 11:04 pm
Sterngard Friegen wrote:
Thu Dec 14, 2017 10:37 pm
WTF was that? The Pastor just said thank you and blathered some vacuity.
As a well paid pastor with family of several kids he is likely to make a good savings (assuming that IRS implements the law as in design). His church was likely already tay exempt. Now if only this pastor would have checked with his lesser b&w sheeple, he may discover that those may have a bleaker view onto their future tax bills
:thumbs:


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Re: Tax Reform/Tax Cuts

#164

Post by neeneko » Fri Dec 15, 2017 9:43 am

RTH10260 wrote:
Thu Dec 14, 2017 11:04 pm
As a well paid pastor with family of several kids he is likely to make a good savings (assuming that IRS implements the law as in design). His church was likely already tay exempt. Now if only this pastor would have checked with his lesser b&w sheeple, he may discover that those may have a bleaker view onto their future tax bills
I think he is also in the 'gospel of wealth' camp, so his sheep are also just fine with massive income disparity.



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Re: Tax Reform/Tax Cuts

#165

Post by NotaPerson » Fri Dec 15, 2017 11:10 am

[deleted, as Rubio appears to have changed his mind] :madguy:


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Re: Tax Reform/Tax Cuts

#166

Post by NotaPerson » Fri Dec 15, 2017 3:36 pm

This afternoon both Rubio and Corker have changed their minds and now support the GOP tax reform bill.

http://thehill.com/homenews/senate/3651 ... t-tax-bill

This POS is going to pass. :x


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Re: Tax Reform/Tax Cuts

#167

Post by Slim Cognito » Fri Dec 15, 2017 5:37 pm

I hate that this will pass but I will try to console myself knowing they are passing something that even republican voters hate.


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Re: Tax Reform/Tax Cuts

#168

Post by MN-Skeptic » Fri Dec 15, 2017 6:15 pm

I hope the Democrats hammer the Republicans on issues like net neutrality and the tax cuts for the rich.

The funny thing about tax cuts is that so many people have no idea what they pay in taxes. After the first few times of taxes being taken out of your paycheck, you stop paying attention. How many people, if you asked them, would know their total income tax as shown on their tax return? Shoot, so many folks just look to see if they're getting a refund or if they have to pay in. People who hated Obama thought their taxes went up during his administration. Folks who liked him thought they went down. The two biggest tax things were Bush tax cuts got extended during the Obama administration, and some taxes came in with Obamacare which mostly impact higher income folks. But people believe what they want to believe.

No matter what the tax impact is on lower and middle income people, the major talking points during this tax bill creation are "Tax cuts for corporations and for the rich." That is what people will remember. They won't notice a small drop in their withholding, at least not for long.

I know that unemployment is low and the stock market is up, but how many average voters own a significant stock portfolio? And unemployment is individual. As they say - a recession is when you don't have a job, a depression is when I don't. How many Trump voters voted for him because he was going to create jobs? But, as we know, coal jobs aren't coming back. When November 2018 rolls around, how many of those Trump voters are going to be in a better position?


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Suranis
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Re: Tax Reform/Tax Cuts

#169

Post by Suranis » Fri Dec 15, 2017 10:21 pm

To be honest. Alabama probably made the passing of this inevitable. They NEED a win after that, and it scared the shit out of them so they need to get this passed NOW while they still can.


Irony can be pretty ironic sometimes.

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Re: Tax Reform/Tax Cuts

#170

Post by Orlylicious » Fri Dec 15, 2017 11:03 pm

This links to a really good calculator to see by state and income what the impact will be, updated with the final bill...




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Re: Tax Reform/Tax Cuts

#171

Post by tek » Sat Dec 16, 2017 8:44 am

lots of hidden gems in this tax plan.. ms.tek (tax attorney, once long ago) is reading through some of the recent summaries..

She just stumbled across the fact (per CNN Money) that home equity loan interest is no longer deductible..


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Re: Tax Reform/Tax Cuts

#172

Post by Suranis » Sat Dec 16, 2017 1:31 pm

But don't worry, your representatives are on it!

twitter.com/davidsirota/status/942027788084752386
BREAKING: GOP @SenBobCorker abruptly changed his vote to “yes” on the tax bill -- just after GOP lawmakers added a provision to the bill giving his real estate shell companies a special new tax cut


David Sirota‏Verified account
@davidsirota
14m14 minutes ago
More
THIS HAPPENED LAST NIGHT: Republican lawmakers quietly slipped a provision into the final tax bill that could personally enrich @SpeakerRyan, top GOP leaders & President Donald Trump’s real estate empire
http://www.ibtimes.com/political-capita ... rted-final
Republican congressional leaders and real estate moguls could be personally enriched by a real-estate-related provision GOP lawmakers slipped into the final tax bill released Friday evening, according to experts interviewed by International Business Times. The legislative language was not part of previous versions of the bill and was added despite ongoing conflict-of-interest questions about the intertwining real estate interests and governmental responsibilities of President Donald Trump — the bill’s chief proponent.

The Trump organization and the Kushners (the family of Ivanka's husband, Jared) have overseen vast real estate empires, and top GOP lawmakers writing the tax bill collectively have tens of millions of dollars of ownership stakes in real-estate-related LLCs. The new tax provision would specifically allow owners of large real estate holdings through LLCs to deduct a percentage of their “pass through” income from their taxes, according to experts. Although Trump, who became famous for his real estate holdings, has transitioned into branding in recent years, federal records show Trump has ownership stakes in myriad LLCs.

The new provision was not in the bill passed by the House or the Senate. Instead, it was inserted into the final bill during reconciliation negotiations between Republicans from both chambers. The provision, said experts, would offer a special tax cut to LLCs with few employees and large amounts of depreciable property assets, namely buildings: rent generating apartment and office buildings.

“This helps people who have held property for awhile, like Donald Trump,” David Kamin, an New York University law professor who served as a special assistant to the president for economic policy in the Obama administration, told IBT. “If you’ve got an LLC that’s a trade or business with a bunch of real estate holdings and few employees, think you’re now golden. You get the deduction.”


Irony can be pretty ironic sometimes.

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Re: Tax Reform/Tax Cuts

#173

Post by bob » Sun Dec 17, 2017 5:31 pm

USA Today: Report: Sen. John McCain will return to Arizona, miss vote on tax bill:
Sen. John McCain will return to Arizona Sunday and will miss a final vote on the GOP tax proposal later this week, according to a report by CBS News.

His office announced Wednesday the Republican senator was receiving treatment at Walter Reed Medical Center in Washington, D.C., for side effects related to brain cancer treatment.

CBS News reported McCain, 81, will be in Arizona to spend the holidays with his family and that it's unclear when he plans to return to Washington.

His daughter, Meghan McCain tweeted Sunday afternoon that her father will be in Arizona for Christmas.


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Re: Tax Reform/Tax Cuts

#174

Post by Volkonski » Sun Dec 17, 2017 9:16 pm

bob wrote:
Sun Dec 17, 2017 5:31 pm
USA Today: Report: Sen. John McCain will return to Arizona, miss vote on tax bill:
Sen. John McCain will return to Arizona Sunday and will miss a final vote on the GOP tax proposal later this week, according to a report by CBS News.

His office announced Wednesday the Republican senator was receiving treatment at Walter Reed Medical Center in Washington, D.C., for side effects related to brain cancer treatment.

CBS News reported McCain, 81, will be in Arizona to spend the holidays with his family and that it's unclear when he plans to return to Washington.

His daughter, Meghan McCain tweeted Sunday afternoon that her father will be in Arizona for Christmas.
OK, but we need 2 more. :(


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Re: Tax Reform/Tax Cuts

#175

Post by Sugar Magnolia » Mon Dec 18, 2017 5:14 am

Volkonski wrote:
Sun Dec 17, 2017 9:16 pm
bob wrote:
Sun Dec 17, 2017 5:31 pm
USA Today: Report: Sen. John McCain will return to Arizona, miss vote on tax bill:
Sen. John McCain will return to Arizona Sunday and will miss a final vote on the GOP tax proposal later this week, according to a report by CBS News.

His office announced Wednesday the Republican senator was receiving treatment at Walter Reed Medical Center in Washington, D.C., for side effects related to brain cancer treatment.

CBS News reported McCain, 81, will be in Arizona to spend the holidays with his family and that it's unclear when he plans to return to Washington.

His daughter, Meghan McCain tweeted Sunday afternoon that her father will be in Arizona for Christmas.
OK, but we need 2 more. :(
Cochran may be next up. His health is sort of precarious right now too.



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