GOP Tax Plan "Talking Point" Highlights Released
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GOP Tax Plan "Talking Point" Highlights Released

By Sniper following x   2017 Nov 2, 7:52am 1,568 views   199 comments   watch   quote     share  


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

« First    « Previous     Comments 160 - 199 of 199     Last »

160 anon_4e4a8   ignore (0)   2017 Nov 3, 4:25pm   ↑ like (0)   ↓ dislike (0)     quote        

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



Kgjqkbkakg
161 anon_4e4a8   ignore (0)   2017 Nov 3, 4:27pm   ↑ like (0)   ↓ dislike (0)     quote        

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.
162 anon_4e4a8   ignore (0)   2017 Nov 3, 4:29pm   ↑ like (0)   ↓ dislike (0)     quote        

Sniper says
I really don't think you understand how a business works.
163 anon_4e4a8   ignore (0)   2017 Nov 3, 4:32pm   ↑ like (0)   ↓ dislike (0)     quote        

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?
164 anon_4e4a8   ignore (0)   2017 Nov 3, 4:33pm   ↑ like (0)   ↓ dislike (0)     quote        

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
165 anon_4e4a8   ignore (0)   2017 Nov 3, 4:36pm   ↑ like (0)   ↓ dislike (0)     quote        

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.
166 anon_4e4a8   ignore (0)   2017 Nov 3, 4:39pm   ↑ like (0)   ↓ dislike (0)     quote        

joeyjojojunior says
Only in piggy world.


Kfxh jckhwj
167 anon_4e4a8   ignore (0)   2017 Nov 3, 4:40pm   ↑ like (0)   ↓ dislike (0)     quote        

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


Idndiwnsbdq
168 anon_4e4a8   ignore (0)   2017 Nov 3, 4:44pm   ↑ like (0)   ↓ dislike (0)     quote        

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
169 anon_4e4a8   ignore (0)   2017 Nov 3, 4:46pm   ↑ like (0)   ↓ dislike (0)     quote        

anon_3733c says
I thought they eliminated state and local tax deductions


Ksdbsidnwn
170 anon_4e4a8   ignore (0)   2017 Nov 3, 4:51pm   ↑ like (0)   ↓ dislike (0)     quote        

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.
171 anon_885e5   ignore (0)   2017 Nov 3, 5:16pm   ↑ like (0)   ↓ dislike (0)     quote        

Run piggy run
172 Sniper   ignore (7)   2017 Nov 3, 6:38pm   ↑ like (1)   ↓ dislike (0)     quote        

joeyjojojunior says
your own chart shows that everyone doesn't benefit.


What it shows is a lot more than just the RICH benefit, as you keep claiming.

joeyjojojunior says
it's possible for everyone to benefit AND have the vast majority of the benefits go to the ultra rich.


It's also possible that you aren't a Troll, but we know that isn't true. So, now you'll back track and try and "qualify it by saying the vast majority (as in dollars) will go to the ultra rich?? Here's a clue, they should get a bigger benefit, they pay the highest percentage of the federal taxes.

anon_4e4a8 says
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.


That's because everyone but you knows that not everything on the list will pertain to everyone. Only a dolt like you would try and play that game that since the middle class can't get a benefit from the WHOLE list, it's only going to benefit the rich. Why are you so clueless???????
173 anon_13ce6   ignore (0)   2017 Nov 3, 7:16pm   ↑ like (0)   ↓ dislike (0)     quote        

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.
174 WookieMan   ignore (0)   2017 Nov 3, 10:37pm   ↑ like (1)   ↓ dislike (0)     quote        

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.
175 anon_13ce6   ignore (0)   2017 Nov 3, 10:58pm   ↑ like (0)   ↓ dislike (0)     quote        

Hey Wookie... I'm not a bot. ;)
176 WookieMan   ignore (0)   2017 Nov 3, 11:31pm   ↑ like (0)   ↓ dislike (0)     quote        

anon_13ce6 says
Hey Wookie... I'm not a bot. ;)

Good. I didn't think this one was a bot though, so I didn't mention that. I assume you're anon 4e4a8 as well then? Were you seriously having a stroke or just messing around for 15 comments in a row? Or did you not see what I quoted? I wasn't replying to your comment 174 if that's what you're thinking.
177 anon_13ce6   ignore (0)   2017 Nov 3, 11:44pm   ↑ like (0)   ↓ dislike (0)     quote        

No I'd guess that was piggy. But maybe it wasn't him. I am anon885e5 above too. I don't think I could have done what 4e4a8 did without knowing it. And I know I didn't purposely do it.
178 anon_13ce6   ignore (0)   2017 Nov 3, 11:48pm   ↑ like (0)   ↓ dislike (0)     quote        

How about oil is he a bot? @patrick are you responsible for any of these bots? I remember you mentioned considering them a while back. Or are we all bots?
179 WookieMan   ignore (0)   2017 Nov 4, 12:02am   ↑ like (1)   ↓ dislike (0)     quote        

anon_13ce6 says
How about oil is he a bot?

Do dogs bark?
180 BayAreaObserver   ignore (1)   2017 Nov 4, 5:06am   ↑ like (0)   ↓ dislike (0)     quote        

GOP tax plan: 3 lessons for Trump in Reagan's cuts. The House Republican tax plan unveiled on Thursday reflects the party's orthodoxy that tax cuts are boons for the economy -- a credo that has been embedded in the GOP psyche since Ronald Reagan's presidency.

But although Republican leaders often invoke Reagan and credit his tax cuts with touching off the 1980s' economic surge, the record is more mixed. Checking out this history is instructive.

1. Tax cuts result in big deficits and national debt run-ups. Two forces are in longstanding contention among Republicans -- disdain for budget deficits and zeal for tax cutting. For a long while, the theory of economist Arthur Laffer managed to bridge that gap by contending that lower taxes led to more economic activity, which in turn expanded federal revenue.

Experience, though, has muted this argument. The national debt during the Reagan administration almost tripled.

2. Tax plans tend to favor the wealthy. Standard political rhetoric always garlands any tax plan as being a big help to the middle class and less-fortunate citizens. The new House plan is no exception. Indeed, its proponents make much of keeping the top individual tax rate at 39.6 percent.

To be sure, the Reagan cuts were proportional, so those on the lower end of the income curve indeed benefited. But one could argue that the better-off still came out ahead, with the top rate dropping to 50 percent from 70 percent due to the 1981 bill, and to 25 percent in the 1986 one.

Meanwhile, payroll taxes for Social Security and Medicare rose, which most affected the less well-paid as income growth of wealthier Americans increased and that for people of modest means dropped.

3. Unintended consequences can result. Mr. Trump once attacked the 1986 tax reform for causing the real estate crunch of the early 1990s, which almost took his empire under and sparked the savings and loan crisis, during which many thrift institutions had to be shuttered. His ire was directed at the law's squeeze on well-heeled tax dodgers who invested in property partnerships, many of which were designed to lose money, with the resulting paper losses written off against other income.

Although many factors caused that era's real estate debacle and S&L rout, such as loose lending standards, the end of the "passive-loss" tax dodge contributed. As Linda Postorivo, chief investment officer of Beringer Group asset managers, wrote: "Once the tax advantages disappeared, so did the funding of investments because passive investors had provided much of it. The domino effect caused an implosion in the real estate market."

Tax legislation is an enormously complex endeavor, rivaling a Rubik's Cube. But it would pay to look at what happened in the Reagan era before launching forth into this choppy sea.

More: https://www.cbsnews.com/news/gop-tax-plan-3-lessons-for-trump-in-reagans-cuts/
181 bob2356   ignore (1)   2017 Nov 4, 6:16am   ↑ like (0)   ↓ dislike (0)     quote        

BayAreaObserver says
For a long while, the theory of economist Arthur Laffer managed to bridge that gap by contending that lower taxes led to more economic activity, which in turn expanded federal revenue.


You would think after almost 40 years where this simply didn't work someone would say the emperor has no clothes. Is it self delusion of pure hypocrisy at this point?

BayAreaObserver says
The new House plan is no exception. Indeed, its proponents make much of keeping the top individual tax rate at 39.6 percent.


They don't make much of trading a 35% or 39.6% rate for a 25% pass through rate. Or how much of the 15% cut in corporate taxes is going to end up in the pockets of the very wealthy. Why am I not seeing those numbers included in the estimate of who gains and who loses? Disclaimer the 25% pass through will be good for me under the proposed new brackets.
182 Sniper   ignore (7)   2017 Nov 4, 7:29am   ↑ like (1)   ↓ dislike (1)     quote        

BayAreaObserver says
Tax plans tend to favor the wealthy.


Yah think? Maybe because they are the ones paying the majority of the taxes NOW.

I know, let's give a tax cut to the people who pay $0 in taxes now? That should really help them!

Oh wait...
183 Strategist   ignore (0)   2017 Nov 4, 8:51am   ↑ like (0)   ↓ dislike (0)     quote        

bob2356 says
BayAreaObserver says
For a long while, the theory of economist Arthur Laffer managed to bridge that gap by contending that lower taxes led to more economic activity, which in turn expanded federal revenue.


You would think after almost 40 years where this simply didn't work someone would say the emperor has no clothes. Is it self delusion of pure hypocrisy at this point?


It works alright. The question is how much and when. Wether it's needed or not.
184 anon_13ce6   ignore (0)   2017 Nov 4, 9:22am   ↑ like (0)   ↓ dislike (0)     quote        

Strategist says
It works alright. The question is how much and when. Wether it's needed or not.


Not arguing if it works or not but timing. Do you give a tax cut when the economy is doing better than it has in a long while. Stock market hitting new highs just doesn't seem the right time to cut taxes.
185 bob2356   ignore (1)   2017 Nov 4, 12:29pm   ↑ like (0)   ↓ dislike (0)     quote        

Strategist says


It works alright. The question is how much and when. Wether it's needed or not.


Yea, it's like bigfoot, no one has ever seen it.
186 just any guy   ignore (0)   2017 Nov 4, 1:33pm   ↑ like (2)   ↓ dislike (0)     quote        

Sniper says
BayAreaObserver says
Tax plans tend to favor the wealthy.


Yah think? Maybe because they are the ones paying the majority of the taxes NOW.

I know, let's give a tax cut to the people who pay $0 in taxes now? That should really help them!

Oh wait...
Spot on. Liberals won't be happy until the poor are given free money just to exist...oh wait.
187 BayAreaObserver   ignore (1)   2017 Nov 4, 1:40pm   ↑ like (1)   ↓ dislike (1)     quote        

Spot on. Conservatives won't be happy until the rich corporations are given free money, tax breaks, incentives just to exist...oh wait.
188 Patrick   ignore (0)   2017 Nov 4, 3:18pm   ↑ like (0)   ↓ dislike (0)     quote        

WookieMan says
anon_13ce6 says
How about oil is he a bot?

Do dogs bark?


Yes, oil is the same bot from Hong Kong like all the others.

No Russian problem here, only Hong Kong.

Now I'm banning comments from China, so hopefully that will fix this particular problem. I'd welcome human comments from China, but not sure I ever got any.
189 Sniper   ignore (7)   2017 Nov 4, 3:22pm   ↑ like (1)   ↓ dislike (0)     quote        

BayAreaObserver says
Spot on. Conservatives won't be happy until the rich corporations are given free money, tax breaks, incentives just to exist...oh wait.


They already are, from Obama. Can you say Tesla, Solyndra, etc.?
190 just any guy   ignore (0)   2017 Nov 4, 4:26pm   ↑ like (1)   ↓ dislike (0)     quote        

Losers will always hate the successful. It's that hate that blinds them from taking accountability for their own lives.
191 joeyjojojunior   ignore (1)   2017 Nov 4, 4:30pm   ↑ like (0)   ↓ dislike (0)     quote        

just any guy says
Losers will always hate the successful. It's that hate that blinds them from taking accountability for their own lives.


Why do conservatives always try to put emotion into the conversation?

Liberals don't hate success. They understand that high inequality leads to a poor economy for everyone so they want to put laws into place that lead to lower inequality and a better economy.
192 anon_6a185   ignore (0)   2017 Nov 4, 6:58pm   ↑ like (0)   ↓ dislike (0)     quote        

Sniper says
BayAreaObserver says
Spot on. Conservatives won't be happy until the rich corporations are given free money, tax breaks, incentives just to exist...oh wait.


They already are, from Obama. Can you say Tesla, Solyndra, etc.?


Can you say corporate agriculture, big oil, defence contractors? Who do they get their free money, tax breaks, incentives from?
193 Sniper   ignore (7)   2017 Nov 4, 7:27pm   ↑ like (0)   ↓ dislike (0)     quote        

joeyjojojunior says
just any guy says
Losers will always hate the successful. It's that hate that blinds them from taking accountability for their own lives.


Why do conservatives always try to put emotion into the conversation?


Why do Trolls hate facts and want to spin them as emotion?
194 Sniper   ignore (7)   2017 Nov 4, 7:28pm   ↑ like (1)   ↓ dislike (0)     quote        

joeyjojojunior says
Liberals don't hate success. They understand that high inequality leads to a poor economy for everyone so they want to put laws into place that lead to lower inequality and a better economy.


just any guy says
Liberals won't be happy until the poor are given free money just to exist.
195 anon_8a2a6   ignore (0)   2017 Nov 4, 7:42pm   ↑ like (0)   ↓ dislike (0)     quote        

Sniper says
joeyjojojunior says
just any guy says
Losers will always hate the successful. It's that hate that blinds them from taking accountability for their own lives.


Why do conservatives always try to put emotion into the conversation?


Why do Trolls hate facts and want to spin them as emotion?

196 joeyjojojunior   ignore (1)   2017 Nov 5, 7:39am   ↑ like (0)   ↓ dislike (0)     quote        

Sniper says
joeyjojojunior says
just any guy says
Losers will always hate the successful. It's that hate that blinds them from taking accountability for their own lives.


Why do conservatives always try to put emotion into the conversation?


Why do Trolls hate facts and want to spin them as emotion?


Sorry--can you point to the facts in the statement?
197 just any guy   ignore (0)   2017 Nov 5, 8:15am   ↑ like (1)   ↓ dislike (0)     quote        

joeyjojojunior says
just any guy says
Losers will always hate the successful. It's that hate that blinds them from taking accountability for their own lives.


Why do conservatives always try to put emotion into the conversation?

Liberals don't hate success. They understand that high inequality leads to a poor economy for everyone so they want to put laws into place that lead to lower inequality and a better economy.
I said "losers", not liberals, but I guess you subconsciously equated the two lol. That's precious.
198 joeyjojojunior   ignore (1)   2017 Nov 5, 8:22am   ↑ like (0)   ↓ dislike (0)     quote        

just any guy says
I said "losers", not liberals, but I guess you subconsciously equated the two lol. That's precious.


Yes, how could I have done that.. Oh wait, maybe because of your previous post?

just any guy says
Liberals won't be happy until the poor are given free money just to exist...oh wait.
199 just any guy   ignore (0)   2017 Nov 5, 12:09pm   ↑ like (1)   ↓ dislike (0)     quote        

joeyjojojunior says
just any guy says
I said "losers", not liberals, but I guess you subconsciously equated the two lol. That's precious.


Yes, how could I have done that.. Oh wait, maybe because of your previous post?

just any guy says
Liberals won't be happy until the poor are given free money just to exist...oh wait.
That's a different statement entirely. This was about people hating the successful. Freudian slip.

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