CBO analysis of new tax bill, $100k+ earner gets big cuts, poorer earner will tax more after bill

[fskimospy]

You apparently don't understand context. He was willing to talk but doesn't see how they can reach any agreement if Dems insist that DACA be part of the negotiation. DACA and illegal immigration are complex issues and one solution will not be entertained without the other being considered as part of that discussion. Schumer and Pelosi are acting like little children...almost as bad as Trump. Fuck it if the low/middle class gets screwed....gotta have DACA! Democrats have an opportunity to help us here and they're wasting it.

How are you still trying to make this false claim after you were already told it was wrong? Trump was not inviting them to talk about the tax bill and Democrats have never made DACA a requirement for them to vote for any tax bill.

The Republicans are moving all on their own to screw the lower and middle classes and you're supporting them as they do it. Hell, they're probably screwing you too, all so heirs of millionaires can be sure that when they inherit enough money to ensure they never have to work again for their entire lives that not a cent of it will be lost to taxes.

 

[K1052]

I am loving the Rs coming out against other R demands for a fiscal trigger in the tax bill.

Them: Bill will generate incredible revenues and economic growth, far surpassing the cost of the cuts.

Others: Ok then include a claw back provision that undoes the cuts if revenue/growth targets aren't met since that will surely happen.

Them: Uh...no.

 

[thilanliyan]

Yes, a few oxen got gored along the way...but the plan benefits nearly all Americans.

https://taxfoundation.org/tax-cut-amended-senate-tax-cuts-and-jobs-act/

Does that take into account any deductions like SALT?
What about after the 1st year?

 

[fskimospy]

I am loving the Rs coming out against other R demands for a fiscal trigger in the tax bill.

Them: Bill will generate incredible revenues and economic growth, far surpassing the cost of the cuts.

Others: Ok then include a claw back provision that undoes the cuts if revenue/growth targets aren't met since that will surely happen.

Them: Uh...no.

It's almost as if they know they're lying about their bill's effects!

 

[Puffnstuff]

There's candy in my van little girl.....

Sounds like a Roy Moore pickup line.

 

[brycejones]

DSF has dug the hole so deep someone needs to get him a pick ax. Shovels won't cut it anymore.

 

[bshole]

You apparently don't understand context. He was willing to talk but doesn't see how they can reach any agreement if Dems insist that DACA be part of the negotiation. DACA and illegal immigration are complex issues and one solution will not be entertained without the other being considered as part of that discussion. Schumer and Pelosi are acting like little children...almost as bad as Trump. Fuck it if the low/middle class gets screwed....gotta have DACA! Democrats have an opportunity to help us here and they're wasting it.

So.... it is the Democrats fault that the Republicans crafted a budget busting bill explicitly for the purpose of transferring wealth from the poor and middle class folk to billionaires. Is this really what you want to go with? The only people who have any control of Republicans are voters like you. If you give a shit about your own well-being, you should be contacting your representatives.

LoL..... draining the swamp....

 

[Puffnstuff]

LoL..... draining the swamp....

More like moving them into a witness protection program. At this rate they'll have to create a new agency like the Presidential Pardon Agency to oversee his pardoning of criminals instead of solely relying upon the DOJ.

https://www.justice.gov/pardon

 

[K1052]

And a first look at what a revenue trigger might look like:

Tax increases would be triggered if revenue fell short of a specified threshold. That threshold consists of the revenue baseline that’s anticipated under current law over the next five years -- minus an amount that would have been lost under corporate expensing provisions that Congress has been allowing on a year-to-year basis. (The Senate bill would allow for full expensing of equipment purchases through 2022, at an estimated cost of $61.3 billion.)

The size of a tax increase would correlate to the size of any shortfall. It would come in the form of an increase in the corporate tax rate and a new tax on the difference between corporate book income -- that is, the income reported to shareholders -- and actual taxable income.

The Senate parliamentarian will have to decide whether the revenue trigger provision meets the Senate Byrd Rule, which wouldn’t allow for any provisions in the legislation that don’t have direct fiscal effects.

If trigger fails the Byrd rule, then an alternative plan would call for the bill to simply contain a tax increase or increases beginning in 2022. A future Congress would have to repeal the increase.

https://www.bloomberg.com/news/arti...ger-is-said-to-allow-for-350-billion-increase

 

[MtnMan]

Paywall

 

[vi edit]

Does that take into account any deductions like SALT?
What about after the 1st year?

Yeah that's the big question and truly disingenuous part of that chart. If you remove SALT, how else is a normal family going to get enough to take them well above the standard deduction? If you aren't hitting those higher deductions then your net gain with this bill is much, much lower than they show.

 

[K1052]

ooh and the plan is sooo popular also...

https://fivethirtyeight.com/features/the-gop-tax-cuts-are-even-more-unpopular-than-past-tax-hikes/

 

[Jhhnn]

If the last 40 years should have taught us anything it's that trickle down economics is bullshit. Yet that's the rationale for all GOP tax plans.

 

[fleshconsumed]

I still think there is a good chance this will pass. Unlike healthcare where there were multiple factions who pulled in different direction, with tax bill most republican lawmakers agree on cutting taxes to the rich. So yeah, I wouldn't be surprised if this passes.

 

[vi edit]

I still think there is a good chance this will pass. Unlike healthcare where there were multiple factions who pulled in different direction, with tax bill most republican lawmakers agree on cutting taxes to the rich. So yeah, I wouldn't be surprised if this passes.

I've pretty much given up on GOP politicians doing anything remotely right for the majority of constituents they represent, so yeah. Here we are.

 

[zinfamous]

Yes, a few oxen got gored along the way...but the plan benefits nearly all Americans.

https://taxfoundation.org/tax-cut-amended-senate-tax-cuts-and-jobs-act/

So, one year of mild benefit for most and a following 20+ years of a much greater, crushing tax burden for 90% of those demographics. I can only wonder why that fact isn't included in your cute infographic.

 

[K1052]

I still think there is a good chance this will pass. Unlike healthcare where there were multiple factions who pulled in different direction, with tax bill most republican lawmakers agree on cutting taxes to the rich. So yeah, I wouldn't be surprised if this passes.

There are here as well and a fair number of Senators have been promised some very specific things. If those things don't appear on the final Senate bill will they vote for passage? Some maybe, others maybe not so much. Possibly they swallow it until the conference report comes out but if it does and also doesn't have what they want in I don't think their votes should be taken for granted.

Ways to go yet.

 

[zinfamous]

They have a seat...but refuse to sit down and talk.

So, you don't care about real context, just the propaganda, right?

So fucking gaslighted.

 

[bshole]

So, you don't care about real context, just the propaganda, right?

So fucking gaslighted.

The only thing he cares about is WHO does the legislation, WHAT the legislation does is irrelevant. He is kind of like a Christian. When God butchered the whole of humanity, God was doing a good thing because he was God. Completely broken thinking....

 

[Doc Savage Fan]

You mean the meeting that wasn't about the tax bill where just before it Trump was tweeting insults at the Dem leadership stating he sees no way for a deal to be reached? That meeting? Yeah that's a productive approach.

It was a budget meeting that Schumer and Pelosi ditched apparently because they were told DACA was a nonstarter...I stand corrected. However, Dems did indeed have a seat at the table regarding the tax bill...occupying 11 of the 23 seats on the Senate Budget Committee. And contrary to past practice under Reid, amendment proposals will be allowed from the minority party. Imagine that!

 

[echo4747]

Find out what the current house/senate tax plans mean for you:
http://taxplancalculator.com/

 

[K1052]

Sam Brownback is at the capitol today telling everybody the tax cuts in Kansas (that were recently reversed over his veto by his own party) worked and generated incredible revenue/growth. This is beyond lying, these people should be checked for dementia.

This thing is going to crash and burn so so hard in a couple years if it passes.

 

[K1052]

Sweet Jesus. Apparently the revenue trigger is moving into talk of a spending trigger a la the sequester except nuclear powered.

Discretionary funding could basically evaporate automatically. For the record over 60% of discretionary spending is the military and VA benefits.

 

[zinfamous]

Sam Brownback is at the capitol today telling everybody the tax cuts in Kansas (that were recently reversed over his veto by his own party) worked and generated incredible revenue/growth. This is beyond lying, these people should be checked for dementia.

This thing is going to crash and burn so so hard in a couple years if it passes.

I think you misunderstood Brownback. The "what" he is referring to, regarding "working," is that his donors continued donating to him, for doing their bidding and wrecking his entire state. This is all the GOP craves--continued cash flow from their handlers, results be damned. Brownback is correct: this will work for them just as it did for him.

 

[repoman0]

Find out what the current house/senate tax plans mean for you:
http://taxplancalculator.com/

Lose $300 under the House plan and over $1500 under the Senate plan. 28 years old, middle class. Thanks Republicans!