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Corrected title: Now the GOP has accomplished massive tax reform

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fskimospy said:
Turns out this is false, the $1,000 bonus is a ratification incentive for their collective bargaining agreement with the union, not because of the tax bill.

https://www.att.com/gen/general?pid=22150

Sad and gross PR attempt.
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Could be two diff things... that article states the contract ratification details covers 20,000 employees... the first article states 200,000 employees will get the bonus.(not to mention :AT&T's CEO said it was in response to tax reform)
 
echo4747 said:
any couple with $20k property/school taxes I'm pretty sure is earning more than $90k
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Two flaws in your statement here.

1) The $10,000 limit is not just property/school taxes. The limit applies to (State Income tax or Sales tax, whichever is higher) + (Real estate taxes) + (Personal property taxes) + (Other non-federal taxes such as mandatory contributions to unemployment, worker's compensation, or disability funds in certain states).

2) The income is far more than $90k. They discuss taxable income, not total income. Thus the total income is $90 + deductions + retirement savings + other adjustments. The total income is probably close to the upper $120k range if the taxable income is $90. It isn’t hard to imagine someone with that income exceeding $10,000 in all state and local taxes. Will it apply to everyone with that income? Certainly not. But it will apply to many.
 
echo4747 said:
Could be two diff things... that article states the contract ratification details covers 20,000 employees... the first article states 200,000 employees will get the bonus.(not to mention :AT&T's CEO said it was in response to tax reform)
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Hmmm yes you’re right, could be they expanded it.
 
s0me0nesmind1 said:
I'm just glad I don't live in a high cost of living state....

And I live way below my means, so I take the standard deduction even with a house (Mortgage interest + Sales tax + Property taxes still gets us no where close to 12.5k).
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It is the state income tax that gets me. And I don't live in a high cost of living state.

My wife and I are both engineers. Take the median engineer national salary of $80k (I'll leave out our exact salaries). Double that. Subtract say $24k in deductions. Multiply by 7% income tax, and any couple like us is already bumping up into the $10k limit. That doesn't even include property taxes, or personal taxes (such as vehicle registration taxes).

What I'll end up doing is saving up charitable contributions for several years. Then make one large donation instead of several smaller yearly donations. That way, I'll take the $24k standard deduction several years and then one large itemized deduction. Assuming that there aren't any gotchas that way, I haven't read the bill yet.
 
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dullard said:
It is the state income tax that gets me. And I don't live in a high cost of living state.

My wife and I are both engineers. Take the median engineer national salary of $80k (I'll leave out our exact salaries). Double that. Subtract say $24k in deductions. Multiply by 7% income tax, and any couple like us is already bumping up into the $10k limit. That doesn't even include property taxes, or personal taxes (such as vehicle registration taxes).

What I'll end up doing is saving up charitable contributions for several years. Then make one large donation instead of several smaller yearly donations. That way, I'll take the $24k standard deduction several years and then one large itemized deduction. Assuming that there aren't any gotchas that way, I haven't read the bill yet.
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Does "married filing separate" catagory still exist? coiuld that be of benefit?
 
Ok does anybody know the real bottom line on this tax bill. I heard that 95% of Americans are going to get tax cuts. I heard also that people in the lower middle and working classes are going to get a very large cuts as a percentage of income. I heard this on conservative talk radio.

I need a dose of raw truth.
 
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bshole said:
Ok does anybody know the real bottom line on this tax bill. I heard that 95% of Americans are going to get tax cuts. I heard also that people in the lower middle and working classes are going to get a very large cuts as a percentage of income. I heard this on conservative talk radio.
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We wont know for a tear
 
ivwshane said:
I call bullshit but if he actually vetoed it he would gain 100 respect points from me.
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I don't think VETO is in question here but a 'late' signing. I personally don't see T-Rump doing anything because he's like a spoiled little kid who can't wait. He's going to throw his sig on that as fast as it hits his desk IMO.
 
Engineer said:
I don't think VETO is in question here but a 'late' signing. I personally don't see T-Rump doing anything because he's like a spoiled little kid who can't wait. He's going to throw his sig on that as fast as it hits his desk IMO.
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If it is not signed in 10 days (That is 10 days in which congress is not in session) it is automatically vetoed. This is called a 'pocked veto'. If it is not signed in 10 days in which congress is in session, it becomes law with out signature.

Edit for clarity, I was very unclear in my original post.

Edit for further clarity: Trump can not wait until 2019 to sign the bill just because he does not want it to go into effect. Since Congress will recess in a few days, if it is not signed by January 1 it is automatically vetoed. If Trump does not want this to go into effect he must Veto it and send it back to Congress with the changes he would like to see for him to sign it and they have to vote on it again.
(that is what I was trying to say in my first attempt at this post. Now to find some caffeine.)

Edit: Another interesting tidbit about this is that if he does a pocket veto of the bill Congress can't even override the veto. The bill has to go through the entire process again as a new bill. In practice it makes little difference other then the bill would have a new official designation.
 
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SMOGZINN said:
If it is not signed in 10 days (That is 10 days in which congress is not in session) it is automatically vetoed. This is called a 'pocked veto'. If it is not signed in 10 days in which congress is in session, it becomes law with out signature.

Edit for clarity, I was very unclear in my original post.
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Since Congress last day is the 22nd, then if he signs on the first, it should be good then.

Edit: Two questions - Does the 10 day period for either start today or does it have to wait until delivered to his desk?

What happens in a case like this where it could be more than 10 days but not 10 days continuous since it would be split? I assume that it would be the 1st 10 day consecutive period which would start basically on the 23rd from what I can tell?
 
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bshole said:
Ok does anybody know the real bottom line on this tax bill. I heard that 95% of Americans are going to get tax cuts. I heard also that people in the lower middle and working classes are going to get a very large cuts as a percentage of income. I heard this on conservative talk radio.

I need a dose of raw truth.
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I'm guessing they neglected to mention the roughly 9 million low income children who just got the boot from health care. Corporations will suddenly repatriate billions of dollars, and corporate lawyers will no longer taking advantage of loopholes, something along those lines?

Cuts will expire for the working class while they're permanent for corporations. Even most of the Dump voters I know resent that one. The important thing to remember is the last 20 years of republican raving about the national debt never happened.
 
Engineer said:
Since Congress last day is the 22nd, then if he signs on the first, it should be good then.
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Yes, he can sign anytime from today to the first. If he does not sign it by January 1st the bill has been 'pocket vetoed' assuming Congress does adjourn for the holidays. They could simply not.
 
Trump will sign it & claim it's the most wonderful Christmas present ever for the American people. Yuge. The bigly-est.

We'll return to the scheduled FYGM next year. Tossing out some crumbs for the little people enables that entirely.

All I'm sure of is to beware of Republicans bearing free money.
 
Jhhnn said:
Trump will sign it & claim it's the most wonderful Christmas present ever for the American people. Yuge. The bigly-est.

We'll return to the scheduled FYGM next year. Tossing out some crumbs for the little people enables that entirely.

All I'm sure of is to beware of Republicans bearing free money.
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And then the automatic cuts to Medicare and Medicaid kick in for 2018 and there's that.....
 
bshole said:
When I think "windfall", I think 100K or better. When the rich think windfall, they think 100s of millions if not billions of dollars. When you think windfall apparently you think 1K to 2K. Do I think it is moral to borrow from my children for a 1K "windfall"? Nah.... pretty damn immoral actually.

How about I trade Trumps "massive loss" from this tax bill for my 1k "windfall"? NOBODY in the middle class was clamoring for this before, during or after this election. This was, is and always will be the elite grifting the rest of society..... YET AGAIN. We may be at the greatest wealth inequality in American history. If not, this little kick in the nuts should get the job done.
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You could have just said “no I’m not giving anything more to charity” and that would have been shorter and more accurate.
 
Democrats should hold out on the PayGo bill. Let the Republicans actually pay for their reckless spending this time and prove once and for all that they are not actually fiscally conservative.
 
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