The Cut CutCut Act
- Thread starter 57Brave
- Start date
nsacpi
Expects Yuge Games
Broaden the tax base and lower the rates.
That's the key to good tax reform. And to the extent the Republicans can do that by limiting the two big deductions for mortgages and state and local taxes, I think it would be a good thing. I'm sure there will be some sausage-making aspects of the bill I won't like. But if they broaden the base and lower the tax rates, it would be a good outcome.
That's the key to good tax reform. And to the extent the Republicans can do that by limiting the two big deductions for mortgages and state and local taxes, I think it would be a good thing. I'm sure there will be some sausage-making aspects of the bill I won't like. But if they broaden the base and lower the tax rates, it would be a good outcome.
Jaw
It's OVER 5,000!
I originally posted this as a reply to one of the memes in that thread. It was the last post on the page and not really the correct thread anyway, so I'm reposting it here in hopes it gets a bite:
When I think of the word 'President', I see a picture of Reagan in my mind. I call my favorite music Reagan Rock. I can't change the channel when Top Gun is on. I even bought a couple of those remake Reagan/Bush bumper stickers. I am a huge Reagan fan.
But this is one that I have always wondered about. The middle class is falling farther and farther behind the upper class, and we now see wealth concentration that we haven't seen since the Vanderbilt days. Are there any well written books out there that talk about how much of this was caused by Reagan's tax breaks, versus how much was caused by the move to globalization, service economy, the internet boom, drastic drop in interest rates, etc.?
When I think of the word 'President', I see a picture of Reagan in my mind. I call my favorite music Reagan Rock. I can't change the channel when Top Gun is on. I even bought a couple of those remake Reagan/Bush bumper stickers. I am a huge Reagan fan.
But this is one that I have always wondered about. The middle class is falling farther and farther behind the upper class, and we now see wealth concentration that we haven't seen since the Vanderbilt days. Are there any well written books out there that talk about how much of this was caused by Reagan's tax breaks, versus how much was caused by the move to globalization, service economy, the internet boom, drastic drop in interest rates, etc.?
Julio3000
<B>A Chip Off the Old Rock</B>
I think that some would argue that the former is not in opposition to the latter as a cause, but is of a piece with it. For decades, both major parties in America have essentially been proponents of the same neoliberal economic policy. Democrats put a little more social-democratic gingerbread on the outside, but the Third-Way Clintonite types have been driving the bus for quite a while, and their economic policies, while not as extreme as the Rs, are cut from the same cloth.
Jaw
It's OVER 5,000!
https://www.washingtonpost.com/news...orking-class-families/?utm_term=.0e98da0979e7
Senate Democrats falsely claim GOP tax plan will raise taxes for most working-class families
“On average, middle class families earning less than $86,000 would see a tax increase under the Republican ‘tax reform’ plan.”
— Sen. Kamala Harris (D-Calif.), in a tweet, Oct. 27
“The average tax increase on families nationwide earning up to $86,100 would be $794.00”
— Sen. Robert P. Casey Jr. (D-Pa.), in a tweet, Oct. 24
“Under GOP plan, U.S. families making ~$86k see avg tax increase of $794.”
— Sen. Jeff Merkley (D-Ore.), in a tweet, Oct. 24
A reader asked whether Harris’s tweet was accurate. But when we looked into it, it turns out that many Democrats were tweeting the same talking point — that middle-class families would face an average tax increase under the GOP plan. The three tweets below are just a sampling.
On average, middle class families earning less than $86,000 would see a tax increase under the Republican “tax reform” plan.
— Kamala Harris (@SenKamalaHarris) October 27, 2017
The average tax increase on families nationwide earning up to $86,100 would be $794.00
— Senator Bob Casey (@SenBobCasey) October 24, 2017
It turns out this Twitter blizzard is the result of a bad game of telephone.
The Facts
We traced the talking point to a document put out by the Democratic Policy and Communications Committee, essentially the communications arm of Senate Democrats. That document laid out a series of statistics, tailored for each individual state, that purported to show how damaging the evolving Republican tax plan would be for middle-class Americans.
....
Note the difference. The original report referred to 8 million households receiving a $794 tax increase. Somehow, when it got communicated down the line, that nuance was lost and it was translated into a talking point referring to all working-class families.
....
But notice the funny thing about this calculation: Only a small percentage (6.5 percent) of the nearly 122 million households in the bottom three quintiles will actually face a tax increase.
Meanwhile, more than 97 million (80 percent) will receive a tax cut. Doing the math the same way the JEC staff did, we come up with an average tax cut of about $450 for those 97 million households.
Indeed, at the far end of the chart, you will see that every quintile on average receives a tax cut — not a tax increase.
....
“Once we realized that the original report could have been clearer, we updated it immediately,” a spokesman said. Now the updated report makes clearer that 8 million households could face a tax increase — though again it fails to acknowledge that most people would would have a tax cut.
The inaccurate tweets remain.
In their haste to condemn the GOP tax plan, Democrats have spread far and wide the false claim that families making less than $86,100 on average will face a hefty tax hike. Actually, it’s the opposite. Most families in that income range would get a tax cut. Any Democrat who spread this claim should delete their tweets and make clear they were in error.
Four Pinocchios
Senate Democrats falsely claim GOP tax plan will raise taxes for most working-class families
“On average, middle class families earning less than $86,000 would see a tax increase under the Republican ‘tax reform’ plan.”
— Sen. Kamala Harris (D-Calif.), in a tweet, Oct. 27
“The average tax increase on families nationwide earning up to $86,100 would be $794.00”
— Sen. Robert P. Casey Jr. (D-Pa.), in a tweet, Oct. 24
“Under GOP plan, U.S. families making ~$86k see avg tax increase of $794.”
— Sen. Jeff Merkley (D-Ore.), in a tweet, Oct. 24
A reader asked whether Harris’s tweet was accurate. But when we looked into it, it turns out that many Democrats were tweeting the same talking point — that middle-class families would face an average tax increase under the GOP plan. The three tweets below are just a sampling.
On average, middle class families earning less than $86,000 would see a tax increase under the Republican “tax reform” plan.
— Kamala Harris (@SenKamalaHarris) October 27, 2017
The average tax increase on families nationwide earning up to $86,100 would be $794.00
— Senator Bob Casey (@SenBobCasey) October 24, 2017
It turns out this Twitter blizzard is the result of a bad game of telephone.
The Facts
We traced the talking point to a document put out by the Democratic Policy and Communications Committee, essentially the communications arm of Senate Democrats. That document laid out a series of statistics, tailored for each individual state, that purported to show how damaging the evolving Republican tax plan would be for middle-class Americans.
....
Note the difference. The original report referred to 8 million households receiving a $794 tax increase. Somehow, when it got communicated down the line, that nuance was lost and it was translated into a talking point referring to all working-class families.
....
But notice the funny thing about this calculation: Only a small percentage (6.5 percent) of the nearly 122 million households in the bottom three quintiles will actually face a tax increase.
Meanwhile, more than 97 million (80 percent) will receive a tax cut. Doing the math the same way the JEC staff did, we come up with an average tax cut of about $450 for those 97 million households.
Indeed, at the far end of the chart, you will see that every quintile on average receives a tax cut — not a tax increase.
....
“Once we realized that the original report could have been clearer, we updated it immediately,” a spokesman said. Now the updated report makes clearer that 8 million households could face a tax increase — though again it fails to acknowledge that most people would would have a tax cut.
The inaccurate tweets remain.
In their haste to condemn the GOP tax plan, Democrats have spread far and wide the false claim that families making less than $86,100 on average will face a hefty tax hike. Actually, it’s the opposite. Most families in that income range would get a tax cut. Any Democrat who spread this claim should delete their tweets and make clear they were in error.
Four Pinocchios
cajunrevenge
Well-known member
Yeah, **** his parents who worked hard to build a fortune to pass down to their kids. They paid taxes all their life but those greedy ****ers want their post tax fortune to go to their kids instead of paying another large chunk in taxes. When they died.
How about this, if the government takes a significant portion of your fortune they have yo atleast provide you health care and then welfare of you go broke. If you paid 30 million in taxes you deserve some services and a safety net.
57Brave
Well-known member
Michael Cohen @speechboy71 22m22 minutes ago
That’s about $100 a month. Or to put it more succinctly ... bupkes
Michael Cohen added,
Speaker Ryan on tax bill: "With this plan, the typical family of four will save $1,182 a year on their taxes." http://abcnews.com/politics
Michael Cohen @speechboy71 13m13 minutes ago
Replying to @speechboy71
... an additional $100 a month comes with a cost. Less $ for schools, infrastructure & the social safety net in general
Michael Cohen @speechboy71 10m10 minutes ago
... and of course it’s middle class & poor Americans who benefit most from govt spending. So that $100 a month will cost you way more
That’s about $100 a month. Or to put it more succinctly ... bupkes
Michael Cohen added,
Speaker Ryan on tax bill: "With this plan, the typical family of four will save $1,182 a year on their taxes." http://abcnews.com/politics
Michael Cohen @speechboy71 13m13 minutes ago
Replying to @speechboy71
... an additional $100 a month comes with a cost. Less $ for schools, infrastructure & the social safety net in general
Michael Cohen @speechboy71 10m10 minutes ago
... and of course it’s middle class & poor Americans who benefit most from govt spending. So that $100 a month will cost you way more
57Brave
Well-known member
Brian SchatzVerified account @brianschatz 4h4 hours ago
This bill eliminates the deduction for 12 million people who pay student loans. Every college student should vote next year.
Ben WiklerVerified account @benwikler 56m56 minutes ago
Today, the party that wants to ban abortion announced its intention to end the adoption tax credit.
This bill eliminates the deduction for 12 million people who pay student loans. Every college student should vote next year.
Ben WiklerVerified account @benwikler 56m56 minutes ago
Today, the party that wants to ban abortion announced its intention to end the adoption tax credit.
I haven't read enough yet to know how I feel about the tax bill, but suggesting $100 a month won't help is crazy talk. That's an entire loan payment. It remains to be seen if the bill actually does what Paul Ryan promises (I doubt it) but it's not nothing.
Metaphysicist
Not Actually Brian Hunter
They're dead. They don't give a ****.
Their kids will still be bonkers rich without having worked a day in their lives, so let me play the world's tiniest violin for them.
acesfull86
Well-known member
Haven’t read it yet, but I heard the 401k nonsense was scrapped, so that’s a good thing.
Jaw
It's OVER 5,000!
The person you are parroting just said that the tax cut is both too large and too small. But hey, thank God we live in a country where even he gets to state his opinion.
57Brave
Well-known member
John HarwoodVerified account @JohnJHarwood
new ABC/WashPost poll on GOP tax plan: 33% support, 50% oppose. 60% of all Americans, including 60% of the wealthy, say favors the wealthy
Lawrence O'DonnellVerified account @Lawrence 4m4 minutes ago
Lawrence O'Donnell Retweeted John Harwood
More proof of how unrepresentative Congress is ...
new ABC/WashPost poll on GOP tax plan: 33% support, 50% oppose. 60% of all Americans, including 60% of the wealthy, say favors the wealthy
Lawrence O'DonnellVerified account @Lawrence 4m4 minutes ago
Lawrence O'Donnell Retweeted John Harwood
More proof of how unrepresentative Congress is ...