Tax Bill

The GOP tax bill, expected to pass any day now, would eliminate a tax deduction for uninsured casualty losses from natural disasters. Right now, disaster victims can deduct losses that aren’t insured and that amount to more than 10 percent of their incomes. Under the new tax plan, the deduction could only be claimed for those disasters that the president declares a federal emergency.

http://www.motherjones.com/politics...l-takes-aim-at-victims-of-natural-disasters/#
 
sturg33 said:
Reaching pretty deep I see
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Especially considering that insurance essentially covers you for far more value than your home. We are talking about a circumstance that might impact less than 100 people in the country in a full year.

I can't believe the D's are not going vote for tax relief. What a joke.
 
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29s30 seconds ago

When it finally does come out, Trump’s “infrastructure plan” is going to be like a giant tax cut for golf club owners or something.
 
thethe said:
Especially considering that insurance essentially covers you for far more value than your home. We are talking about a circumstance that might impact less than 100 people in the country in a full year.

I can't believe the D's are not going vote for tax relief. What a joke.
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It's funny to see how quickly we pivoted away from "tax reform."

Most of the tax relief going to most of the people is relatively small and temporary. The ask on corporate rates has most recently been 25%. The bill has it at what, 21%? The carried interest loophole, which Trump specifically campaigned against, is still there. There are specific benefits for very specific classes of high-income and -net-worth Americans (and, hey, foreigners, too), but I'm supposed to cheer because I can deduct an extra $200 of child care costs?

I'm not going to argue the merits of this with sturg, because he thinks that any tax cut any time is good. But I really object to selling this as some meaningful benefit to middle-class and lower-income people. If Rs were comfortable with the budgetary implications of this, why not move some of the pieces around to make it less of a sop to the wealthy and more of a benefit to the rest of the country?
 
Julio3000 said:
It's funny to see how quickly we pivoted away from "tax reform."

Most of the tax relief going to most of the people is relatively small and temporary. The ask on corporate rates has most recently been 25%. The bill has it at what, 21%? The carried interest loophole, which Trump specifically campaigned against, is still there. There are specific benefits for very specific classes of high-income and -net-worth Americans (and, hey, foreigners, too), but I'm supposed to cheer because I can deduct an extra $200 of child care costs?

I'm not going to argue the merits of this with sturg, because he thinks that any tax cut any time is good. But I really object to selling this as some meaningful benefit to middle-class and lower-income people. If Rs were comfortable with the budgetary implications of this, why not move some of the pieces around to make it less of a sop to the wealthy and more of a benefit to the rest of the country?
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This is one piece of a domestic strategy to get Americans back to work. We all see the job figures. With that momentum then we can really talk about cuts to entitlement programs and others to start reducing our debt.

It seems the only tax relief/reform that you would advocate is giving all the breaks to middle of poor class (as if they pay anything anyway) and nothing to the wealthy. Good luck getting job growth using that strategy. Bunch of part time jobs just like under Obama.
 
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BREAKING: Docs show @JohnCornyn slipped line into the bill that enriches GOP fossil fuel donors &

personally enriches 16 GOP lawmakers including @TedCruz. Line was inserted as Cornyn's fmr chief of staff

lobbied on the issue for a natural gas corporation
 
https://www.politico.com/story/2017/12/19/cities-republican-tax-bill-304123

The $10,000 cap on state and local income and property tax deductions is by far the biggest blow for high-tax, high-cost-of-living, liberal big cities and their surroundings. The deduction was worth an average of $24,900 to New York County residents and $17,000 to those living in Marin County, California, across the bay from San Francisco, according to 2014 IRS data compiled by the Tax Foundation.

Capping the benefit will potentially expose residents of those areas to a higher tax liability and reduce their property values.

That’s immediately challenging for civic leaders in those places.

“As far as I’m concerned, this is the 'Screw New Jersey' bill,” said Mayor Brian Wahler of Piscataway, New Jersey. “New York, New Jersey, Connecticut: Screw the Northeast.”

Conservatives have long targeted the deduction for elimination, saying it amounts to a federal subsidy for state and local overspending. Limiting deductions for state and local taxes helps reduce tax rates for all taxpayers no matter where they live, Sen. Pat Toomey (R-Pa.) told reporters recently.

That’s “more fair than providing a concentrated benefit for people who choose to live in a place that has very high state and local taxes,” he said.

I'm a fan. If you vote for your high taxes, you can pay for your high taxes.
 
The left pushing the unfairness of the salt deduction cap just shows they have no clue what they are talkING about. The only people that are significantly impacted by this are upper upper middle class families
 
It's always nice to see the GOP shooting itself in the ... started to say foot but I think this self-inflicted wound is more significant. Perhaps a gut shot. The misery is gonna last a long time.
 
Runnin said:
It's always nice to see the GOP shooting itself in the ... started to say foot but I think this self-inflicted wound is more significant. Perhaps a gut shot. The misery is gonna last a long time.
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Keep believing that when the economy continues to hum. You guys just don't get how an economy works.
 
In general the left has radicalized. It's shocking how much theyve moved on core policies in just 10 years.
 
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They must be doing this because the world is about to end. You know that's what the left has been saying.
 
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