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GOP Tax Plan "Talking Point" Highlights Released


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2017 Nov 2, 7:52am   20,972 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

« First        Comments 87 - 126 of 166       Last »     Search these comments

87   anonymous   2017 Nov 3, 8:28am  

How do higher profits make a company reinvest in itself?
88   anonymous   2017 Nov 3, 8:31am  

joeyjojojunior says
Investment is pre-tax dollars. Higher tax rates actually lead to more investment.


Yes they are called expenses. Seems pretty simple to understand. I guess some people are dishonest or don't know what the fuck they are talking about
89   lostand confused   2017 Nov 3, 8:36am  

joeyjojojunior says
I'm all for cutting military spending. But, in my opinion, companies purposely keeping money overseas to avoid paying taxes until they can make sure someone is elected who will lower their tax rate is robbery. We need to do both--collect revenue and cut spending

Cutting the DEA and all those federal prison will not only cut deficits, but free Americans from mass criminalization.

Trump is only making us in line with the rest of the developed world. We are the only developed country in the whole world with this type of tax system. I believe in the developing world a few countries like Somalia follow our system :)

I am trying to find if they are reforming to individuals too. That stupid Obama rule is what is leading to record renunciation of US citizens of their citizenship. it is too cumbersome and scary. Obozo is a clown-who should have joined the circus.
90   anonymous   2017 Nov 3, 8:39am  

Sniper says
joeyjojojunior says
Apple is able to get whatever cash they need in the US to invest in whatever they want.


Why do you assholes use Apple as an example, they are so FAR out of the rule and a major exemption, that it's not even in the same ballpark?


Please explain why lowering taxes would make a company spend money on expenses?
91   anonymous   2017 Nov 3, 8:40am  

You do know expenses by themselves lower the tax burden of a company ... Right?
92   joeyjojojunior   2017 Nov 3, 8:46am  

anon_fd7ee says
Joey, Joey, Joey. You forgot your Finance 101.


I have probably forgotten more than you know, yes.
93   MrMagic   2017 Nov 3, 8:49am  

anon_961a0 says
Please explain why lowering taxes would make a company spend money on expenses?


Sniper says
A business can only split the "pie" in so many ways. By reducing it's tax burden, it frees up capital for use in other areas like, hiring new employees, higher wages, better benefits, newer infrastructure and equipment, offer new products, buy in bulk to save money, etc.


Please try and keep up.
94   joeyjojojunior   2017 Nov 3, 8:49am  

Sniper says
It's amazing these knuckleheads that run on the hampster wheel everyday think they know how a business runs. It's really scary, but that's why they will ALWAYS be wage slaves to the day they die at 75.

So sad.


What's amazing is you guys continue to post on here after being schooled time and again. At some point you'd think one of you would take time to learn.
95   anonymous   2017 Nov 3, 8:51am  

Sniper says
It's amazing these knuckleheads that run on the hampster wheel everyday think they know how a business runs. It's really scary, but that's why they will ALWAYS be wage slaves to the day they die at 75.

So sad.


So all you have are insults? No logical response?
96   lostand confused   2017 Nov 3, 8:51am  

joeyjojojunior says
At some point you'd think one of you would take time to learn

LOL-hahahahaha-joey and mirror-LOL!!!!!!!!!!!!!!!!!!!
97   joeyjojojunior   2017 Nov 3, 8:53am  

lostand confused says

LOL-hahahahaha-joey and mirror-LOL!!!!!!!!!!!!!!!!!!!


Excellent--I've posted exactly where Strat and CIC are wrong. Can you do the same and post where you think I'm wrong?
98   joeyjojojunior   2017 Nov 3, 8:55am  

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.


Same challenge for you CIC.. Please post exactly where you think I'm wrong and let's discuss it.

(I'm sure you'll run from this just like you ran from the other thread)
99   HEY YOU   2017 Nov 3, 9:02am  

A Republican tax increase on one individual without a positive change in income is a Republican tax increase?
Too complicated?
100   anonymous   2017 Nov 3, 9:03am  

Sniper says
anon_961a0 says
Please explain why lowering taxes would make a company spend money on expenses?


Sniper says
A business can only split the "pie" in so many ways. By reducing it's tax burden, it frees up capital for use in other areas like, hiring new employees, higher wages, better benefits, newer infrastructure and equipment, offer new products, buy in bulk to save money, etc.


Please try and keep up.
I have revenue - expenses= profit.

Hiring new employees, higher wages, better benefits, newer infrastructure and equipment, offer new products, buy in bulk to save money, these are all expenses. They can be spent before one is taxed and they lower the tax burden. Tell me if we want to have theses expenses happen is it better to have a lower or higher percentage of PROFIT given to government after expenses and revenue has occurred? Who gets that profit? Do the expense get that profit? Please explain how a lower % on PROFIT makes expenses happen? Of is all you got is insults and silence? I am way ahead of you.
101   anonymous   2017 Nov 3, 9:12am  

Please tell us piggy how do we know that the extra profit the owners get won't go to hookers and blow? Do you condone hookers and blow?
102   joeyjojojunior   2017 Nov 3, 9:16am  

Sniper says
I don't have a week to post all your fuck-ups. How many more people need to point that out to you, just in this thread alone.

Seriously, there are adults having a conversation here, go TROLL somewhere else.


Yep--what I expected. In other words, you are talking out of your ass and you can't quote even ONE single thing I've said that you think is incorrect.

Because if you do, you'll realize it's YOU who don't know what you're talking about.

Keep running piggy.
103   anonymous   2017 Nov 3, 9:29am  

Run piggy, run.
104   anonymous   2017 Nov 3, 9:35am  

Sniper says
I don't have a week to post all your fuck-ups. How many more people need to point that out to you, just in this thread alone.

Seriously, there are adults having a conversation here, go TROLL somewhere else.


I don't think piggy is self-aware enough to know that he's the biggest troll on the interwebs.
105   joeyjojojunior   2017 Nov 3, 9:36am  

anon_25c83 says

I don't think piggy is self-aware enough to know that he's the biggest troll on the interwebs.


He's definitely not. He actually had the balls to complain that some people on here were attacking the poster rather than responding to the post. It was hilarious.
106   anonymous   2017 Nov 3, 9:55am  

Sniper says
And you want us to take YOU seriously?


there is no us piggy. No one likes you. You attack everyone, even anons that have never posted before. You're sick and you need help.
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?

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