Trumps Tax bill looks like it will happen

[Coach]

With cranky old McCain on board it inches closer to a vote of 50 senators or more.

 

[IndySteel]

With cranky old McCain on board it inches closer to a vote of 50 senators or more.

And Pence gets a vote to break a tie, if needed.

 

[Sarge]

I know Republicans are excited about this because finally they did something, but this isn't a good tax bill. Only good thing about it is removing the insurance mandate and cutting corporate tax rates. It doesn't help me much.

 

[oneforthebus]

Still can't figure out exactly how it all shakes out for us. We are a pass through business, which means we should get a cut, but they are also talking about professional service businesses (us) being ineligible for that cut, or only part of your income being eligible, or getting to deduct part of your pass through income...so who knows how that comes out for us. The loss of the SALT deduction will be a tax increase for us and will also probably hurt our property values. We live in a great school district and pay property taxes out the wazoo for that. So it looks like we get screwed either way.

Yeah, it's nice that the mandate is gone but the effect that's going to have is people dropping out and our premiums will go up even more. They went up $500/month this year. I love when I hear people say "What do you mean it's not affordable? We only pay $75.00/month!" Yeah, because we are paying your premium and ours. So unless they do something like allow companies to offer cheaper major medical coverage etc. the loss of the mandate only helps us if we want to risk losing everything if one of us gets sick. Of course as the law is currently written we'd be able to buy insurance once we got sick, but that will obviously have to change or the insurance companies will go broke.

It's a total clusterfuck.

 

[Roy92040]

On this one you don’t know who to believe? The republicans say this is the best thing since indoor **** houses. And the democrats are saying just the opposite.




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[Tibs]

If and when Trump's tax bill passes and reality starts sinking in for middle class families around the country, make sure you come back and thank the President and his supporters. You will not be able to push this onto McConnell, Ryan et al. This is Donald J. Trump's tax bill. He owned it, and he owned it big. It looks like it will hurt basically everyone but the very rich and large corporations. Which is frankly, what would be expected from a Trump/GOP tax bill. Then, they will be back to slash Social Security, Medicaire and Medicaid to help pay for it. This is a big **** you from the filthy rich of America to the working classes, the elderly and the poor. The worst part, it's based on the failed concept of trickle-down economics, which sounds great on paper but never works the way it's described. Yet hypnotized Trumpsters and Republicans are lapping it up like honey. Like with all things Trump, this will not end well.

 

[Spike]

MAGA!


Republicans have a 52-48 majority in the 100-member Senate, giving them enough votes for a win

Murkowski will vote for tax bill- Sen. Lisa Murkowski (R-Alaska), a key vote for Senate Republicans in their pursuit of tax reform, will vote for the tax legislation

Sen. John McCain will back the Senate Republican tax bill.


Dow Jones industrial average of blue-chip U.S. stocks was up more than 1.25 percent at 24,240 in mid-afternoon trading on Thursday

 

[IndySteel]

If and when Trump's tax bill passes and reality starts sinking in for middle class families around the country, make sure you come back and thank the President and his supporters. You will not be able to push this onto McConnell, Ryan et al. This is Donald J. Trump's tax bill. He owned it, and he owned it big. It looks like it will hurt basically everyone but the very rich and large corporations. Which is frankly, what would be expected from a Trump/GOP tax bill. Then, they will be back to slash Social Security, Medicaire and Medicaid to help pay for it. This is a big **** you from the filthy rich of America to the working classes, the elderly and the poor. The worst part, it's based on the failed concept of trickle-down economics, which sounds great on paper but never works the way it's described. Yet hynotized Trumpsters and Republicans are lapping it up like honey. Like with all things Trump, this will not end well.

Dumbass, the market was up 331 today based on the tax cut probability. It's going to be great for growing America's economy. Curious to know how much you think it's going to cost? Similar to the $9 trillion in debt that Obama left us with nothing to show for it? Christ you're stupid. And while America continues to recover Obama's damage, you're damn right I'm going to give Trump all the credit for getting it done despite the swamp and fake news.

 

[Spike]

With cranky old McCain on board it inches closer to a vote of 50 senators or more.

 

[Tibs]

Hilarious, now all's good with John McCain, just like that? After dragging his name through mud for over a year? Typical alt-right posturing.

We'll see about this tax plan, what happens when the rubber hits the road.

BREAKING: An official report released by Congress’s Joint Committee on Taxation has found that the Senate GOP tax bill would add $1 trillion to the national deficit even after the economic growth it is predicted to cause, contradicting Trump administration claims that the bill’s cuts will pay for themselves.

JCT says Senate tax bill will add $1T to deficits, even with growth
http://thehill.com/policy/finance/3...bill-will-add-1t-to-deficits-even-with-growth

 

[IndySteel]

Hilarious, now all's good with John McCain, just like that? ]

No, he's still a GOPe dick who just happened to make a good decision this time.

 

[oneforthebus]

If and when Trump's tax bill passes and reality starts sinking in for middle class families around the country, make sure you come back and thank the President and his supporters. You will not be able to push this onto McConnell, Ryan et al. This is Donald J. Trump's tax bill. He owned it, and he owned it big. It looks like it will hurt basically everyone but the very rich and large corporations. Which is frankly, what would be expected from a Trump/GOP tax bill. Then, they will be back to slash Social Security, Medicaire and Medicaid to help pay for it. This is a big **** you from the filthy rich of America to the working classes, the elderly and the poor. The worst part, it's based on the failed concept of trickle-down economics, which sounds great on paper but never works the way it's described. Yet hypnotized Trumpsters and Republicans are lapping it up like honey. Like with all things Trump, this will not end well.

Actually because of the doubling of the standard deduction and the rate cuts, it will be a decent sized tax cut for everyone who doesn't itemize, which is 70% of the country and tends to be the less wealthy, so I don't know why libs aren't loving it. Oh yeah, because there's an R involved.

 

[oneforthebus]

Hilarious, now all's good with John McCain, just like that? After dragging his name through mud for over a year? Typical alt-right posturing.

We'll see about this tax plan, what happens when the rubber hits the road.

BREAKING: An official report released by Congress’s Joint Committee on Taxation has found that the Senate GOP tax bill would add $1 trillion to the national deficit even after the economic growth it is predicted to cause, contradicting Trump administration claims that the bill’s cuts will pay for themselves.

JCT says Senate tax bill will add $1T to deficits, even with growth
http://thehill.com/policy/finance/3...bill-will-add-1t-to-deficits-even-with-growth

But you were fine with Obama almost doubling the national debt in 8 years. Hilarious to see Dems screaming about the deficit after gleefully spending like drunken sailors for 8 years.

 

[hamster]

But you were fine with Obama almost doubling the national debt in 8 years. Hilarious to see Dems screaming about the deficit after gleefully spending like drunken sailors for 8 years.

Yeah, but, Bush!

 

[Tibs]

Trump and the GOP are trying to squeeze in a last gasp political victory ramming this tax plan through. None of the usual checks and balances - committee hearings, expert testimony or debates - were allowed. It's a unilateral, partisan tax plan concoted behind closed doors with no transparency, analysis or debate involved in the process.

"This is Trump's tax plan primarily designed to appease the rich, big corporations and GOP donors. We don't know or care how it will affect 100% of the country."

Trump supporters: Winning!

 

[Sarge]

Trump and the GOP are trying to squeeze in a last gasp political victory ramming this tax plan through. None of the usual checks and balances - committee hearings, expert testimony or debates - were allowed. It's a unilateral, partisan tax plan concoted behind closed doors with no transparency, analysis or debate involved in the process.

"This is Trump's tax plan primarily designed to appease the rich, big corporations and GOP donors. We don't know or care how it will affect 100% of the country."

Trump supporters: Winning!

That is incorrect. The bill was put on the floor yesterday for debate. Nice try though.

 

[Sarge]

None of the usual checks and balances - committee hearings, expert testimony or debates - were allowed. It's a unilateral, partisan tax plan concoted behind closed doors with no transparency, analysis or debate involved in the process.



!

Sounds an awful lot like the process used to pass obamacare.

 

[hamster]

Sounds an awful lot like the process used to pass obamacare.

Beat me to it, Sarge.

How short their memory is.

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[jitter77]

I am lukewarm about the bill. If it removes the ACA penalty then great. From what i gather lower to mid middle class will get a bit of a break. I think upper mid class will be paying more and corporations will be getting a break.
As long as the ACA penalty is gone and a bit of a tax break then i don't really care what happens with corporations

 

[ZonaBurgh]

Sounds an awful lot like the process used to pass obamacare.

So all should be good, right Tibs. All that needs done is to pass it so we can see what's in it. Don't know why you would question that.

 

[ZonaBurgh]

i don't really care what happens with corporations

Corporations are kind of important for those of us that chose to work for a living.

 

[oneforthebus]

I am lukewarm about the bill. If it removes the ACA penalty then great. From what i gather lower to mid middle class will get a bit of a break. I think upper mid class will be paying more and corporations will be getting a break.
As long as the ACA penalty is gone and a bit of a tax break then i don't really care what happens with corporations

If you care about economic growth and corporations investing here instead of in foreign countries you should care about the corporate tax rate.

 

[ark steel]

ugh. I might have to find a real job!

 

[Troglodyte]

If and when Trump's tax bill passes and reality starts sinking in for middle class families around the country, make sure you come back and thank the President and his supporters. You will not be able to push this onto McConnell, Ryan et al. This is Donald J. Trump's tax bill. He owned it, and he owned it big. It looks like it will hurt basically everyone but the very rich and large corporations. Which is frankly, what would be expected from a Trump/GOP tax bill. Then, they will be back to slash Social Security, Medicaire and Medicaid to help pay for it. This is a big **** you from the filthy rich of America to the working classes, the elderly and the poor. The worst part, it's based on the failed concept of trickle-down economics, which sounds great on paper but never works the way it's described. Yet hypnotized Trumpsters and Republicans are lapping it up like honey. Like with all things Trump, this will not end well.

It’ll be ten years and a trillion dollars of debt from now. The problem is most people don’t care about ten years from now or the National debt. They want lower taxes and everything the government currently provides and they want it now, because there is only now.

 

[Coach]

I know Republicans are excited about this because finally they did something, but this isn't a good tax bill. Only good thing about it is removing the insurance mandate and cutting corporate tax rates. It doesn't help me much.

Then I suggest whatever you are reading is leaving out relevant facts.

The increase in the child tax credit alone should help the middle class.

Do you hope to inherit anything? Then eliminating the estate tax will also help you. Personally, I think its criminal for the government to tax your inheritance as everything passed on has already been taxed.

The reduction of the corporate tax rate will help the USA become more competitive vs. foreign corporations, and reduce the exporting of jobs. The saved money will be-be used for expansion which could be new jobs or even raises to retain essential employees. Or the business owner can spend more, stimulating the economy. The majority of hiring coming from small to medium businesses, reducing the corporate rate makes a lot of sense

Also, the elimination of the deduction for state tax has to go. Why should say New York get a federal reduction for paying too much state income tax? Its BS and the rest of the federal taxpayers have to pay for it.