Anyone know exactly what the tax cuts entails?

[Zebo]

I can't find much. I would like a bullit list of the basics.

 

[BDawg]

Which version, the House or Senate?

 

[Zebo]

Originally posted by: BDawg
Which version, the House or Senate?

Either. post em if you got em'

 

[charrison]

Originally posted by: Carbonyl

Originally posted by: BDawg
Which version, the House or Senate?

Either. post em if you got em'

It boils down to rate cuts now rather than waiting for 10 years for all the rate cuts to happen.
Every bracket will drop 2-3 percent. The top bracket will go from 38 to 35%.

They want to treat dividend as capital gains and drop capital gains to 15% from 20%.

They also want to help small business with tax breaks on up to 75k on new equipment investments.

These are the big things anyway.

 

[charrison]

Description of the $550billion house plan

 

[UltraQuiet]

Originally posted by: charrison

Originally posted by: Carbonyl

Originally posted by: BDawg
Which version, the House or Senate?

Either. post em if you got em'

It boils down to rate cuts now rather than waiting for 10 years for all the rate cuts to happen.
Every bracket will drop 2-3 percent. The top bracket will go from 38 to 35%.

They want to treat dividend as capital gains and drop capital gains to 15% from 20%.

They also want to help small business with tax breaks on up to 75k on new equipment investments.

These are the big things anyway.

If they want to give small business a tax break they should give them one for whatever portion of health care they pay for. It won't do as much as buying equipment does for the economy but it sure would help their employees.

 

[Ferocious]

It entails a lot of $$$....


...if you are rich.

 

[sMiLeYz]

Originally posted by: Ferocious
It entails a lot of $$$....


...if you are rich.

But I'm not

 

[charrison]

Originally posted by: sMiLeYz

Originally posted by: Ferocious
It entails a lot of $$$....


...if you are rich.

But I'm not

The good news is, if you are not rich, you are not paying much in taxes either...

 

[SViscusi]

You can start by looking here. The site also links to official sites if you look hard enough.

 

[Zebo]

See if the dems had half a brain they should come back with bushs own medicine. OK tax cuts create jobs eh? Ok how bout a 700 billion dollar cut where no one pays below earnings of 50K?

1933-1973- saw 3.3% annual booming growth, biggest in history in the US and also saw 70-90% top marginal rates

Reagan slashed the top marginal rate to 28% and only saw 2.6% growth from 1981-1988 all paid for by the increase in debt load from 1T to 4T.

Although it makes sense intuitively cutting taxes on the richest americans would make more jobs, I have never bought it.

What seems to happen is the dept grows, causeing more inflation, then the fed prints more money (which is basically a flat tax), and services for middle america, students, vetrans dwindle making the average american less competitive in the global marketplace.

Anyway of course I support lower taxes but is this good for americas future? Angola hardly has any taxes and same with Turkey do we want a county like those? Yes democratic but a massive disperity between peoples and almost zero infrastucture outside of select rich compounds.