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GOP Tax Plan "Talking Point" Highlights Released


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2017 Nov 2, 7:52am   20,969 views  166 comments

by MrMagic   ➕follow (2)   💰tip   ignore  

The GOP released the "talking point" highlights of the republican tax plan which, as previewed earlier this morning, will keep the 20% corporate tax cut as permanent, and which allegedly will assure that a family of 4 making $59,000 will get a $1,182 tax cut.

Here are the most notable changes:

- Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35%; keeps tax rate for those making over $1 million at 39.6%
- Increases the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
- Establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600
- Preserving the Child and Dependent Care Tax Credit
- Preserves the Earned Income Tax Credit
- Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000, half the current $1,000,000
- Continues to allow people to write off the cost of state and local property taxes up to $10,000
- Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts
- Repeals the Alternative Minimum Tax
- Lowers the corporate tax rate to 20% – down from 35%
- Reduces the tax rate on business income to no more than 25%
- Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income
- Allows businesses to immediately write off the full cost of new equipment
- Retains the low-income housing tax credit

A key issue will be the treatment of the state and local tax deduction, which lawmakers are proposing to cap at $10,000.

The bill also “makes no changes to the popular retirement savings options that Americans have today — including 401(k)’s and Individual Retirement Accounts, or I.R.A.s. Americans will be able to continuing making both traditional, pretax contributions and ‘Roth’ contributions in the way that works best for them.”




http://www.zerohedge.com/news/2017-11-02/gop-tax-plan-talking-point-highlights-released
#economics

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107   joeyjojojunior   2017 Nov 3, 9:55am  

And CIC has posted several times on this and other threads, but doesn't have "time" to point out 1 little thing that I've said that he thinks is wrong.

Hilarious. Keep running piggy.
108   MrMagic   2017 Nov 3, 9:57am  

joeyjojojunior says
but doesn't have "time" to point out 1 little thing that I've said that he thinks is wrong.


Sniper says
Says the guy who has NEVER owned or ran a business, doesn't know the difference between an Asset and Liability, and "thinks" he's schooling others.
109   joeyjojojunior   2017 Nov 3, 9:59am  

Sniper says
Sniper says
Says the guy who has NEVER owned or ran a business, doesn't know the difference between an Asset and Liability, and "thinks" he's schooling others.


Nope, that's a logical fallacy called appeal to authority. And I have run and currently run a business so it's incorrect anyway.

Finally, I'm asking you to point out ANYTHING I've posted on here that you think is wrong. It should be simple, right? ANYTHING on this thread.

(run piggy run)
110   joeyjojojunior   2017 Nov 3, 10:10am  

Funny--I can find almost unlimited sources that agree with me that the benefits go almost exclusively to the rich.

http://chronicle.augusta.com/columnists/opinion/2017-10-28/despite-claims-gop-tax-plan-would-increase-debt-benefits-rich http://www.latimes.com/business/la-fi-trump-tax-wealthy-20170929-story.html https://www.salon.com/2017/10/24/republicans-know-their-tax-plan-will-benefit-the-rich/
I can post however many more you'd like.

(To help you understand--if I give away $100 to 100 people by giving $99.01 to one person and a penny to everyone else, it would be correct to say the vast majority of the benefits went to one person even though everyone got something)

So, try again.
111   joeyjojojunior   2017 Nov 3, 12:14pm  

Sniper says
My informed guess is that the vast majority of taxpayers would benefit


joeyjojojunior says
(To help you understand--if I give away $100 to 100 people by giving $99.01 to one person and a penny to everyone else, it would be correct to say the vast majority of the benefits went to one person even though everyone got something)
112   joeyjojojunior   2017 Nov 3, 12:15pm  

So, the only thing you can find is me saying that the majority of the benefits of the tax reform is going to the rich??

What about my supposed lack of running a business? Where are all the things I said that are wrong about running a business??
113   anonymous   2017 Nov 3, 12:23pm  

Sniper says
What a idiot (and TROLL).


Bet you're a lovely person in real life. Do you step on kittens or do you just slowly drown them in the bathtub?
114   anonymous   2017 Nov 3, 12:24pm  

What I can't figure out is why this guy is allowed to post freely. I don't think he would be tolerated anywhere on the Internet or anywhere else.
115   anonymous   2017 Nov 3, 12:28pm  

Sniper says

Talk about bullshit that has ZERO application to the tax plan. Tatty/Joey, when you fuck up, you really fuck up.


You are absolutely one of the stupidest pigs that has ever lived.
116   anonymous   2017 Nov 3, 12:37pm  

Unfortunately it looks like the 8 million American overseas individuals subject tot eh draconian FATCA and the onerous reporting -nothing changes. Trump is changing for coporations-who already had the exemption as long as they kept their money outside, while not touching the rule for the 8 million individuals that Obama tortured. Sigh..
117   MrMagic   2017 Nov 3, 12:37pm  

anon_c8b58 says
I can't figure out


It shows
118   anonymous   2017 Nov 3, 12:44pm  

Sniper says

You've only posted that like 25 times so far on multiple threads, can you PROVE that will be the case, so far, it's been bullshit opinions?

Of course you can't, that's the TROLL line of the day.


Can you prove that won't be the case? In your own words no cutting and pasting others ideas.

I really don't think you understand how a business works. You still haven't explain why owners will put profits back into a company? What Force makes them do this? If they are going to invest in expenses why have the money taxed in the first place? You do realize revenue and expenses are needed before you can determine profit.
119   anonymous   2017 Nov 3, 1:40pm  

Sniper says

A tax "expense" is another line item in the total expenses column.


I never said it wasn't, it's included in the next year's taxes. It is included as an expense it will write down some of the revenue the company makes and the expenses will too (you know that list of shit you keep reposting another word for them is expenses)then they will have profit or loss. In the case of profit they will pay taxes and the rest goes to the owner whom is free to to with what he wants be it hookers and blow or reinvesting it into the company it is free for them to do what they want but what the most certainly do not do is invest their money into EXPENSES. They invest their money into a company and get more ownership of the company then that company has money to do with what it wants to do.
120   joeyjojojunior   2017 Nov 3, 2:06pm  

Sniper says
You've NEVER owned and run a business, you're full of shit!


Yes, you've said that. I'm asking what would cause you to think that? Please detail what I've said that's incorrect.
121   joeyjojojunior   2017 Nov 3, 2:08pm  

Sniper says
Talk about bullshit that has ZERO application to the tax plan. Tatty/Joey, when you fuck up, you really fuck up.


No--really fucking up is saying that the trade deficit is based on the budget. That's fucked up.

What I said is perfectly appropriate, showing how the vast majority of the benefits can go to a very small subset of the population even when (almost) everyone wins. Which is analogous to the Republican tax plan.
122   joeyjojojunior   2017 Nov 3, 2:09pm  

Sniper says
Scroll up in the thread, I already did.


lol--no you didn't piggy. You posted one opinion piece. I posted 3. You think that makes yours proof and mine not?

Only in piggy world.
123   anonymous   2017 Nov 3, 2:17pm  

Run piggy, run
124   joeyjojojunior   2017 Nov 3, 2:44pm  

Sniper says

Just think how all the ultra rich people benefit from that!!!


That's not proof you dolt. You just cherry picked the few good things in the bill and left out all the others. Like the removal of exemptions. And the elimination of the deduction for student loan debt.

Sniper says

And the ultra rich REALLY benefits from that!!


No, the ultra rich benefit from the elimination of the AMT and estate tax. And notice they left in the deductibility of charitable donations--that is the among the ultra rich favorite tax avoidance schemes.
125   joeyjojojunior   2017 Nov 3, 2:45pm  

Sniper says
"Almost entirely to the rich"..

Looks like it's NOT the rich getting a break.

This is why you're the BIGGEST TROLL on Patnet!!


No, it IS the rich getting the break. I showed you how.
126   joeyjojojunior   2017 Nov 3, 3:35pm  

Sniper says

Except this chart proves you're 100% WRONG:


Nope, it doesn't.

Sniper says
Every one benefits, now go TROLL somewhere else.


lol--your own chart shows that everyone doesn't benefit. But, regardless, as I posted multiple times, it's possible for everyone to benefit AND have the vast majority of the benefits go to the ultra rich. Are you really too dim to understand that?
127   anonymous   2017 Nov 3, 3:48pm  

joeyjojojunior says
Are you really too dim to understand that?

Apparently, yes, he is.
128   anonymous   2017 Nov 3, 4:14pm  

joeyjojojunior says
Sniper says

Just think how all the ultra rich people benefit from that!!!


That's not proof you dolt. You just cherry picked the few good things in the bill and left out all the others. Like the removal of exemptions. And the elimination of the deduction for student loan debt.

Sniper says

And the ultra rich REALLY benefits from that!!


No, the ultra rich benefit from the elimination of the AMT and estate tax. And notice they left in the deductibility of charitable donations--that is the among the ultra rich favorite tax avoidance schemes.


Hdjai
129   anonymous   2017 Nov 3, 4:18pm  

Sniper says

That's not proof you dolt. You just cherry picked the few good things in the bill and left out all the others.


Cidnsu
130   anonymous   2017 Nov 3, 4:22pm  

href="/post/1311658&offset=0#comment-1455702">Sniper says

No, it IS the rich getting the break. I showed you how.


Kfjs
131   anonymous   2017 Nov 3, 4:23pm  

Sniper says

No, it IS the rich getting the break. I showed you how.


Cidhysb
132   anonymous   2017 Nov 3, 4:25pm  

Sniper says
Every one benefits, now go TROLL somewhere else.



Kgjqkbkakg
133   anonymous   2017 Nov 3, 4:27pm  

joeyjojojunior says
Yes, you've said that. I'm asking what would cause you to think that? Please detail what I've said that's incorrect.
134   anonymous   2017 Nov 3, 4:29pm  

Sniper says
I really don't think you understand how a business works.
135   anonymous   2017 Nov 3, 4:32pm  

joeyjojojunior says
Sniper says
Every one benefits, now go TROLL somewhere else.


lol--your own chart shows that everyone doesn't benefit. But, regardless, as I posted multiple times, it's possible for everyone to benefit AND have the vast majority of the benefits go to the ultra rich. Are you really too dim to understand that?
136   anonymous   2017 Nov 3, 4:33pm  

anon_885e5 says
In the case of profit they will pay taxes and the rest goes to the owner whom is free to to with what he wants be it hookers and blow or reinvesting it into the company it is free for them to do what they want but what the most certainly do not do is invest their money into EXPENSES. They invest their money into a company and get more ownership of the company then that company has money to do with what it wants to do.


Joehonsahhw
137   anonymous   2017 Nov 3, 4:36pm  

Sniper says
joeyjojojunior says
So, the only thing you can find is me saying that the majority of the benefits of the tax reform is going to the rich??


You've only posted that like 25 times so far on multiple threads, can you PROVE that will be the case, so far, it's been bullshit opinions?

Of course you can't, that's the TROLL line of the day.
138   anonymous   2017 Nov 3, 4:39pm  

joeyjojojunior says
Only in piggy world.


Kfxh jckhwj
139   anonymous   2017 Nov 3, 4:40pm  

APOCALYPSEFUCK_is_ADORABLE says
IF trump can't shoot poor people in the face, he should give up.


Idndiwnsbdq
140   anonymous   2017 Nov 3, 4:44pm  

Strategist says
The poor never had it so good. They pay no taxes, get lots of freebies, and still get to complain.
Wish I was that poor.


Lbifnfkg
141   anonymous   2017 Nov 3, 4:46pm  

anon_3733c says
I thought they eliminated state and local tax deductions


Ksdbsidnwn
142   anonymous   2017 Nov 3, 4:51pm  

joeyjojojunior says
+1. Those are the key to the deal and why the 1% is pushing this tax deal. The other stuff is just noise to make sure the Koch Bros. get theirs.
143   anonymous   2017 Nov 3, 5:16pm  

Run piggy run
144   anonymous   2017 Nov 3, 7:16pm  

Piggy why is it ok now to deficit spend? You had such a shit fit when Obama did it but now it's ok? Why should taxes be cut for anyone, we aren't running a surplus.
145   WookieMan   2017 Nov 3, 10:37pm  

anon_4e4a8 says
Ksdbsidnwn

Having a stroke or something bro? Clearly having some trouble with your comments on this thread. Hopefully you got the help you need and aren't dead.
146   anonymous   2017 Nov 3, 10:58pm  

Hey Wookie... I'm not a bot. ;)

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