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Author Topic: Trump tax plan is going to raise taxes on people from 150k to 300k  (Read 5722 times)
Primemuscle
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« Reply #150 on: November 13, 2017, 04:19:00 PM »


Just as I suspected, I will fall into the group that gets hit the hardest.
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« Reply #151 on: November 13, 2017, 05:37:46 PM »

Just as I suspected, I will fall into the group that gets hit the hardest.

FNG absurd and ridiculous.   Just as Orwellian named as the ACA
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« Reply #152 on: November 15, 2017, 01:56:05 PM »

https://www.washingtonpost.com/business/economy/democrats-furious-over-new-gop-attempt-to-gut-obamacare/2017/11/15/fdc382f8-ca23-11e7-8321-481fd63f174d_story.html?utm_term=.6291f6578e80&wpisrc=al_news__alert-economy--alert-politics--alert-national&wpmk=1



This tax bill S U C K S !!! 
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« Reply #153 on: November 15, 2017, 02:57:34 PM »

As with the most of the crappy versions of the health care reform they were putting forth, I will be pulling for this one to fail as well. Better to keep the status quo then to have more crap and them think they did a great job when we all know they haven't.
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« Reply #154 on: November 15, 2017, 03:01:50 PM »

As with the most of the crappy versions of the health care reform they were putting forth, I will be pulling for this one to fail as well. Better to keep the status quo then to have more crap and them think they did a great job when we all know they haven't.

To me this sucks!!!  We need DRASTIC reduction in tax theft  - this GOP scam is not it
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« Reply #155 on: November 15, 2017, 03:11:57 PM »

To me this sucks!!!  We need DRASTIC reduction in tax theft  - this GOP scam is not it
Funny thing is you have people like McCain, all the democrats, etc. who actually would love for these types of bills to pass yet they keep voting against them because of Trump. They are basically what the democrats would normally push/hope for if they were in power. Don't even think these guys read the bills half of the time judging by what they say.

They seem to think that they "need" a win (they do) but when most of the base knows what a joke this is it still accomplishes the same thing as not getting anything done. They will still be complete disappointments.

They should just lower the business tax only because the lies they are spewing aren't convincing anyone on the rest of the fake tax cuts. I hope that Paul, Cruz, etc. aren't endorsing this junk.
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« Reply #156 on: November 15, 2017, 04:25:16 PM »

Funny thing is you have people like McCain, all the democrats, etc. who actually would love for these types of bills to pass yet they keep voting against them because of Trump. They are basically what the democrats would normally push/hope for if they were in power. Don't even think these guys read the bills half of the time judging by what they say.

They seem to think that they "need" a win (they do) but when most of the base knows what a joke this is it still accomplishes the same thing as not getting anything done. They will still be complete disappointments.

They should just lower the business tax only because the lies they are spewing aren't convincing anyone on the rest of the fake tax cuts. I hope that Paul, Cruz, etc. aren't endorsing this junk.

The GOP bill is garbage.   Does nothing.  Same as obamakenyafagcare.     
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« Reply #157 on: November 17, 2017, 11:30:21 AM »

I wish we could fire every member of Congress and start over. 

This
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« Reply #158 on: November 17, 2017, 11:35:30 AM »

I finally get in a good bracket.... and boom... not as much money as I thought I would take home. But the senate will change something around to help my bracket. The individual deductions being cut doesn’t seem fair, especially when companies get to keep those same deductions
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« Reply #159 on: November 27, 2017, 10:01:02 AM »

https://www.bloomberg.com/news/articles/2017-11-27/in-greenwich-and-manhattan-tax-hike-fears-fuel-talk-of-exodus


F this tax scam.  What a joke. 
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« Reply #160 on: November 27, 2017, 11:26:11 AM »


Never trust the Legislature when it proposes tax cuts. In 1913 federal income taxes, according to form 1040, were 1% for incomes over $20,000 and not exceeding $50,000. The maximum tax rate was 6% for incomes exceeding $500,000. There were more deductions then as opposed to currently.
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« Reply #161 on: November 27, 2017, 11:33:06 AM »

Never trust the Legislature when it proposes tax cuts. In 1913 federal income taxes, according to form 1040, were 1% for incomes over $20,000 and not exceeding $50,000. The maximum tax rate was 6% for incomes exceeding $500,000. There were more deductions then as opposed to currently.

People cheering this one on are so foolish - its a gigantic scam 
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Primemuscle
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« Reply #162 on: November 27, 2017, 11:48:09 AM »

People cheering this one on are so foolish - its a gigantic scam 

In my opinion the only honest tax plan is one where there are no loopholes. Everyone pays the same percentage regardless of income. I'm not an economist, but I suspect that that rate would be fairly low.

In the meantime, I'll continue playing the tax game as best I can within the scope of tax laws.
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« Reply #163 on: November 27, 2017, 12:47:35 PM »

In my opinion the only honest tax plan is one where there are no loopholes. Everyone pays the same percentage regardless of income. I'm not an economist, but I suspect that that rate would be fairly low.

In the meantime, I'll continue playing the tax game as best I can within the scope of tax laws.

imho - if ANYONE - A N Y O N E - has to pay a penny more in taxes after this law is passed, then its as big a lie as obamacare was in keeping your doctor and plan and prices dropping, etc. 

They are basically raising taxes on people like me to finance corporate tax cuts for C corps.   Its not hard to figure out based on the deductions they are getting rid of that are used by most small business and middle/upper middle class people.  . 

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« Reply #164 on: November 27, 2017, 12:55:55 PM »

I do think something is better than nothing, but it's a crying shame that DC Republicans are such limp noodles. 
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« Reply #165 on: November 27, 2017, 01:08:21 PM »

I do think something is better than nothing, but it's a crying shame that DC Republicans are such limp noodles. 

If i have to pay more due to loss of deductions - how is that better than nothing? 
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« Reply #166 on: November 27, 2017, 01:40:59 PM »

If i have to pay more due to loss of deductions - how is that better than nothing? 

I don't think making any individual pay a dime more in taxes than they already pay is ok.  I'm talking mainly about cutting corporate tax rates and eliminating death taxes.  Those are good things.  Overall, the proposals overall don't go far enough. 
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« Reply #167 on: November 27, 2017, 04:25:10 PM »

I don't think making any individual pay a dime more in taxes than they already pay is ok.  I'm talking mainly about cutting corporate tax rates and eliminating death taxes.  Those are good things.  Overall, the proposals overall don't go far enough. 

Most estates are not taxed because they aren't large enough.

A filing is required for estates with combined gross assets and prior taxable gifts exceeding $1,500,000 in 2004 - 2005; $2,000,000 in 2006 - 2008; $3,500,000 for decedents dying in 2009; and $5,000,000 or more for decedent's dying in 2010 and 2011 (note: there are special rules for decedents dying in 2010); $5,120,000 in 2012, $5,250,000 in 2013, $5,340,000 in 2014, $5,430,000 in 2015, $5,450,000 in 2016, $5,490,000 in 2017, and $5,600,000 in 2018.
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« Reply #168 on: November 27, 2017, 05:30:03 PM »

Most estates are not taxed because they aren't large enough.

A filing is required for estates with combined gross assets and prior taxable gifts exceeding $1,500,000 in 2004 - 2005; $2,000,000 in 2006 - 2008; $3,500,000 for decedents dying in 2009; and $5,000,000 or more for decedent's dying in 2010 and 2011 (note: there are special rules for decedents dying in 2010); $5,120,000 in 2012, $5,250,000 in 2013, $5,340,000 in 2014, $5,430,000 in 2015, $5,450,000 in 2016, $5,490,000 in 2017, and $5,600,000 in 2018.

Depends on where you live. 
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« Reply #169 on: November 27, 2017, 06:16:31 PM »

I'm not sure how bad this will affect me. I don't even really know what I make by the time my CPA cuts it down. I've got one side of my "review level financials" made to look as good as possible for my bonding purposes, and on the other side him trying to write everything down to zero. All I know, as long as I've been making decent coin, is that if I want to take home more money I just need to make more money.

Either way, our tax system is a bit fucked.
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« Reply #170 on: November 28, 2017, 04:13:02 AM »

Senators consider automatic tax hikes if revenue falls short

Associated Press   
STEPHEN OHLEMACHER and MARCY GORDON
Associated PressNovember 27, 2017

 0:30 0:30
   
Ad:

WASHINGTON (AP) — Senate Republicans are considering a trigger that would automatically increase taxes if their sweeping legislation fails to generate as much revenue as they expect. It's an effort to mollify deficit hawks who worry that tax cuts for businesses and individuals will add to the nation's already mounting debt.

The effort comes as a second Republican senator, Steve Daines of Montana, announced Monday that he opposes the tax bill in its current form. Previously, Sen. Ron Johnson, R-Wis., said he opposed the bill, leaving Senate Republicans no room for error as they hope to vote on the bill this week.

Both senators complained that the tax bill favors large corporations over small businesses. Republicans have only two votes to spare in the Senate, where they hold a 52-48 edge and anticipate Vice President Mike Pence breaking a tie.

At the White House, President Donald Trump maintained that the bill would help all Americans.

"I think it's going to benefit everybody," the president said. "It's going to mostly benefit people looking for jobs more than anything else, because we're giving great incentives."

Senate Republicans indicated that they still had a way to go to secure the votes.

"We're making progress, minute by minute, hour by hour, day by day. But we're not there yet," said Texas Sen. John Cornyn, the No. 2 Republican in the Senate. Pressed on timing, he said the expectation is a vote this week.

A new congressional estimate says the Senate tax bill would add $1.4 trillion to the budget deficit over the next decade. But GOP leaders dispute the estimate, saying tax cuts will spur economic growth, reducing the hit on the deficit.

Many economists disagree with such optimistic projections. The trigger would be a way for senators to test their economic assumptions, with real consequences if they are wrong.

"Do we have realistic numbers and is there a backstop in the process just in case we don't?" asked Sen. James Lankford, R-Okla.

"We should build in the 'What if?' What if this doesn't work?" Lankford said. "What changes might be needed in the tax code in the days ahead to be able to adjust in what scenario?"

Sen. Bob Corker, R-Tenn., said the Trump administration and Senate Republican leaders are open to some kind of a trigger to increase revenues if the tax plan falls short.

Neither Corker nor Lankford spelled out exactly how the trigger would work, noting that senators are still working on the proposal. Sen. Rob Portman, R-Ohio, said the trigger is possible. But, he added, the proposal could run afoul of the Senate's byzantine budget rules.

Trump and Senate Republicans scrambled Monday to make changes to the bill in an effort to win over holdout GOP senators and pass a tax package by the end of the year. Corker said he spoke to White House Chief of Staff John Kelly and economic adviser Gary Cohn throughout the weekend, and Treasury Secretary Steve Mnuchin was at his Senate office on Monday.

"Very possible," Corker said when asked if he might vote "no" in the Senate Budget Committee on Tuesday if the revenue issue isn't settled. "It's important for me to know we've got this resolved," he said.

Johnson told Wisconsin reporters on Monday, "If we develop a fix prior to committee, I'll probably support it, but if we don't I'll vote against it."

Trump and Senate leaders are trying to balance competing demands. While some senators fear the package's debt consequences, others want more generous tax breaks for businesses. In a boost for the legislation, Republican Sen. Rand Paul of Kentucky said he would back the measure.

Trump hosted Republican members of the Senate Finance Committee at the White House on Monday. GOP leaders were still trying to round up the votes in the Senate to pass the bill.

Whatever the Senate passes must be reconciled with the House version of the tax bill.

Trump suggested he is open to making unspecified changes to the way millions of "pass-through" businesses are taxed, a sticking point for some lawmakers. These are businesses in which profits are passed onto the owners, who report the income on their individual tax returns. The vast majority of U.S. businesses, big and small, are taxed this way.

Both Daines and Johnson said the current bill doesn't cut business taxes enough for these types of partnerships and corporations. Johnson gets substantial income from such companies, including a manufacturer he helped found in Wisconsin and a commercial real estate company, according to his financial disclosure statements.





This thing sucks! 
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« Reply #171 on: November 28, 2017, 04:16:53 AM »

I feel violence is the only way for our elected officials to remember who they work for  Undecided
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« Reply #172 on: November 28, 2017, 05:10:59 AM »

I feel violence is the only way for our elected officials to remember who they work for  Undecided

This is the GOP version of ObamaCare
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mazrim
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« Reply #173 on: November 28, 2017, 08:48:09 AM »

Senators consider automatic tax hikes if revenue falls short

Associated Press   
STEPHEN OHLEMACHER and MARCY GORDON
Associated PressNovember 27, 2017

 0:30 0:30
   
Ad:

WASHINGTON (AP) — Senate Republicans are considering a trigger that would automatically increase taxes if their sweeping legislation fails to generate as much revenue as they expect. It's an effort to mollify deficit hawks who worry that tax cuts for businesses and individuals will add to the nation's already mounting debt.

The effort comes as a second Republican senator, Steve Daines of Montana, announced Monday that he opposes the tax bill in its current form. Previously, Sen. Ron Johnson, R-Wis., said he opposed the bill, leaving Senate Republicans no room for error as they hope to vote on the bill this week.

Both senators complained that the tax bill favors large corporations over small businesses. Republicans have only two votes to spare in the Senate, where they hold a 52-48 edge and anticipate Vice President Mike Pence breaking a tie.

At the White House, President Donald Trump maintained that the bill would help all Americans.

"I think it's going to benefit everybody," the president said. "It's going to mostly benefit people looking for jobs more than anything else, because we're giving great incentives."

Senate Republicans indicated that they still had a way to go to secure the votes.

"We're making progress, minute by minute, hour by hour, day by day. But we're not there yet," said Texas Sen. John Cornyn, the No. 2 Republican in the Senate. Pressed on timing, he said the expectation is a vote this week.

A new congressional estimate says the Senate tax bill would add $1.4 trillion to the budget deficit over the next decade. But GOP leaders dispute the estimate, saying tax cuts will spur economic growth, reducing the hit on the deficit.

Many economists disagree with such optimistic projections. The trigger would be a way for senators to test their economic assumptions, with real consequences if they are wrong.

"Do we have realistic numbers and is there a backstop in the process just in case we don't?" asked Sen. James Lankford, R-Okla.

"We should build in the 'What if?' What if this doesn't work?" Lankford said. "What changes might be needed in the tax code in the days ahead to be able to adjust in what scenario?"

Sen. Bob Corker, R-Tenn., said the Trump administration and Senate Republican leaders are open to some kind of a trigger to increase revenues if the tax plan falls short.

Neither Corker nor Lankford spelled out exactly how the trigger would work, noting that senators are still working on the proposal. Sen. Rob Portman, R-Ohio, said the trigger is possible. But, he added, the proposal could run afoul of the Senate's byzantine budget rules.

Trump and Senate Republicans scrambled Monday to make changes to the bill in an effort to win over holdout GOP senators and pass a tax package by the end of the year. Corker said he spoke to White House Chief of Staff John Kelly and economic adviser Gary Cohn throughout the weekend, and Treasury Secretary Steve Mnuchin was at his Senate office on Monday.

"Very possible," Corker said when asked if he might vote "no" in the Senate Budget Committee on Tuesday if the revenue issue isn't settled. "It's important for me to know we've got this resolved," he said.

Johnson told Wisconsin reporters on Monday, "If we develop a fix prior to committee, I'll probably support it, but if we don't I'll vote against it."

Trump and Senate leaders are trying to balance competing demands. While some senators fear the package's debt consequences, others want more generous tax breaks for businesses. In a boost for the legislation, Republican Sen. Rand Paul of Kentucky said he would back the measure.

Trump hosted Republican members of the Senate Finance Committee at the White House on Monday. GOP leaders were still trying to round up the votes in the Senate to pass the bill.

Whatever the Senate passes must be reconciled with the House version of the tax bill.

Trump suggested he is open to making unspecified changes to the way millions of "pass-through" businesses are taxed, a sticking point for some lawmakers. These are businesses in which profits are passed onto the owners, who report the income on their individual tax returns. The vast majority of U.S. businesses, big and small, are taxed this way.

Both Daines and Johnson said the current bill doesn't cut business taxes enough for these types of partnerships and corporations. Johnson gets substantial income from such companies, including a manufacturer he helped found in Wisconsin and a commercial real estate company, according to his financial disclosure statements.





This thing sucks! 
I hate these guys. Both parties are just complete crap.
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« Reply #174 on: November 28, 2017, 09:13:03 AM »

I hate these guys. Both parties are just complete crap.

This is only a tax cut for major corps at C level, no one else.  Its a gigantic scam and fleecing of the middle class. 
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