Jump to content
Sign in to follow this  
M3rkabo

Senate Tax Bill Passes

Will this help or hinder the economy?  

9 members have voted

  1. 1. Will this help or hinder the economy?

    • Yay
      1
    • Nay
      8


Recommended Posts

The most comprehensive tax reform bill in the past 30 years passed the Senate early this morning. Thoughts? Input?

 

[ATTACH=full]7051[/ATTACH]

Share this post


Link to post
Share on other sites

Realistically the outcome depends on what bill is produced via the reconciliation process, but so far the bill has been far from tax reform and more just tax cuts for the rich. The Republicans seem to have missed their chance to do some good for this country by reforming our insane tax system and instead just opted to appease corporations. I can't comment much further though because there are currently two different bills passed by both Houses and the final form of the bill could end up being substantially different. Income inequality is already back to the highs of the Gilded Age and I don't see this bill changing that, maybe even accelerating it to record heights. This page has some sourced graphs and statistics.

Share this post


Link to post
Share on other sites
Is this the 640 page redraft given to them a few hours before with all manner of penned in additions?

 

Yep, Democrats entire block voted nay because of it

  • Like 1

Share this post


Link to post
Share on other sites
Realistically the outcome depends on what bill is produced via the reconciliation process, but so far the bill has been far from tax reform and more just tax cuts for the rich. The Republicans seem to have missed their chance to do some good for this country by reforming our insane tax system and instead just opted to appease corporations. I can't comment much further though because there are currently two different bills passed by both Houses and the final form of the bill could end up being substantially different. Income inequality is already back to the highs of the Gilded Age and I don't see this bill changing that, maybe even accelerating it to record heights. This page has some sourced graphs and statistics.

 

If I recall correctly though one of the things this will do is provide an effective tax cut for anyone paying a mortgage as well.

Share this post


Link to post
Share on other sites

I don't wanna hear a thing about fiscal responsibility or concern about deficits and debt from Republicans after this shit.

Share this post


Link to post
Share on other sites
I don't wanna hear a thing about fiscal responsibility or concern about deficits and debt from Republicans after this shit.

 

I don't think the Republicans care about what you want though.

Share this post


Link to post
Share on other sites
I don't think the Republicans care about what you want though.

 

Republicans don’t care about anyone except the wealthy and Big business

  • Like 1

Share this post


Link to post
Share on other sites
I don't wanna hear a thing about fiscal responsibility or concern about deficits and debt from Republicans after this shit.

This was already the case in the Bush years, it's only when a Democrat is in power that they care about fiscal responsibility. In a sense, they do care about deficits, but if they have the chance to pass tax cuts, they always go for that first. So if you're a person who cares most about responsible government spending, the ideal government for you would probably be one where Democrats have weak control but no legislative majorities.

  • Like 1

Share this post


Link to post
Share on other sites
where Democrats have weak control but no legislative majorities.

So Obama years

Share this post


Link to post
Share on other sites
If I recall correctly though one of the things this will do is provide an effective tax cut for anyone paying a mortgage as well.

The opposite is true. They're getting rid of the mortgage interest deduction for any house with value over $500K (any house in California)--effectively a large tax increase. They're lowering the tax for corporations, but what loopholes are they closing so that their effective rates actually stay around 20%? I haven't heard of any. Get ready for corporations paying 5-10% effective tax rate. Also, what they're doing to pass-through companies and AMT is the biggest giveaway to the rich. Get ready for anyone with income over $100K reclassifying themselves as a pass-through entity to get that 25% rate instead of 40%. In more way than not this bill will make the tax code more complicated, and it's a total give away to the rich. But like Eagle said, this is all speculative will we see the final bill.

Share this post


Link to post
Share on other sites
The opposite is true. They're getting rid of the mortgage interest deduction for any house with value over $500K (any house in California)--effectively a large tax increase. They're lowering the tax for corporations, but what loopholes are they closing so that their effective rates actually stay around 20%? I haven't heard of any. Get ready for corporations paying 5-10% effective tax rate. Also, what they're doing to pass-through companies and AMT is the biggest giveaway to the rich. Get ready for anyone with income over $100K reclassifying themselves as a pass-through entity to get that 25% rate instead of 40%. In more way than not this bill will make the tax code more complicated, and it's a total give away to the rich. But like Eagle said, this is all speculative will we see the final bill.

 

I was under the impression that they were changing the standard deduction to more then make up for mortgage deduction?

Share this post


Link to post
Share on other sites
I was under the impression that they were changing the standard deduction to more then make up for mortgage deduction?

If you were/are using the standard deduction, then the mortgage interest deduction is irrelevant. You either use itemized deductions or the standard deduction. Chances are anyone who counted the mortgage interest deduction among their itemized deductions will be losing out. This won't be a problem for me since I'm more towards the start of my career and don't own a house, but the vast majority of home owners in California use this deduction and it won't be made up for with the standard deduction. In general, this plan doesn't involve a widespread tax cut for the middle class.

Share this post


Link to post
Share on other sites
If you were/are using the standard deduction, then the mortgage interest deduction is irrelevant. You either use itemized deductions or the standard deduction. Chances are anyone who counted the mortgage interest deduction among their itemized deductions will be losing out. This won't be a problem for me since I'm more towards the start of my career and don't own a house, but the vast majority of home owners in California use this deduction and it won't be made up for with the standard deduction. In general, this plan doesn't involve a widespread tax cut for the middle class.

 

Hmm. I was under the impression that this would improve the standard deduction for middle class households. Also plenty of houses in CA are still below 500k. Though the number is shrinking rapidly and they're definitely a minority.

Share this post


Link to post
Share on other sites

The standard deduction is improved, to be sure, which will benefit me. But if you're middle class trying to own a home and have a kid, you're screwed.

 

I was looking at data from 2015, and it looked like the point at which one would take itemized deductions over the standard deduction assuming dependents was ~$30,000/year. Lower class people will benefit a little if they're even paying much in tax now. Lower middle class will also slightly benefit.

  • Like 1

Share this post


Link to post
Share on other sites
The standard deduction is improved, to be sure, which will benefit me. But if you're middle class trying to own a home and have a kid, you're screwed.

 

I was looking at data from 2015, and it looked like the point at which one would take itemized deductions over the standard deduction assuming dependents was ~$30,000/year. Lower class people will benefit a little if they're even paying much in tax now. Lower middle class will also slightly benefit.

 

I guess we will see. I fall into that lower middle class category, and plan on buying a home for less then 500k sometime next year, so... :)

Share this post


Link to post
Share on other sites

Massive tax giveaway to the rich gets to masquerade as "tax reform". Big business will continue strangling small business, the deficit will be unfixable, the middle class will get hammered and conservative dupes will pull out spreadsheets explaining growth and economic activity until - like every other boom/bust cycle in our country's history - they're drowned out by outrage. How long that takes is anyone's guess, but another nail in America's coffin has been successfully hammered.

 

Repubs have wanted this for a long time, but it took the power of retardation to get it done. They might as well have scribbled pages in this with crayon.

  • Like 2

Share this post


Link to post
Share on other sites

Color me fucking infuriated. This was important and if done needed to be done right. It wasn't and I'm funing that I'll have to potential own up to not helping stop this shit when we're all owned by corps in 30 years. Rawr fucking bang bang fuck lofe and all that

Share this post


Link to post
Share on other sites
Color me fucking infuriated. This was important and if done needed to be done right. It wasn't and I'm funing that I'll have to potential own up to not helping stop this shit when we're all owned by corps in 30 years. Rawr fucking bang bang fuck lofe and all that

 

I'm actually *more* mad about the national parks in Utah being shrunk.

 

Somehow.

 

You can fuck with my wallet or even the nation's wallet, but don't fuck up the national parks.

  • Like 2

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...