Science Tax Cut Poll

[bodyman5000 and 1]

This shit.. The devil is always in the details..

Is this true?

 

[bodyman5000 and 1]

I'm a BernieCrat. So here's the deal:

I'll make a little less than 50K next year. I'm getting a $1,160 cut. That' doesn't do shit for me. It'll all be spent.

Here's what I'm not ok with:

1. Gives 83% of the tax cuts to the richest 1% by 2027. The richest 1% of taxpayers will get one-fifth (21%) of the tax cuts in 2018, but that grows to 83% by 2027. Their tax cut will average $51,000 in 2018; the bottom 60% of taxpayers will get about a dollar day. [Tax Policy Center (TPC)]
2. Raises taxes on 92 million middle-class families by 2027 to pay for tax breaks for the wealthy and corporations. That is more than one-half (57%) of all households making less than $200,000 a year. 69 million households making less than $100,000 a year would also pay more in taxes after the temporary tax cuts for individuals expire. [TPC]
3. Mandates automatic Medicare cuts of at least $25 billion in 2018 and $400 billion over 10 years. In effect, seniors will pay for tax breaks for corporations and the wealthy as automatic spending cuts are triggered because the tax cuts add $1.5 trillion to the national debt. Automatic cuts altogether will total $136 billion in 2018 and include reductions in agriculture subsidies, student loans, military retirement and more. [Congressional Budget Office (CBO)]
4. Increases health care premiums and leaves 13 million families without health coverage, to raise revenue for tax breaks that mostly benefit the wealthy and corporations.

• The plan repeals a key part of the Affordable Care Act: the requirement for individuals to have health coverage if they can afford it. That makes $314 billionavailable for tax cuts. [Joint Committee on Taxation (JCT)]
• This will lead to 13 million more people being uninsured and cause a 10% increase in health insurance premiums for people getting insured on the individual market. [CBO]

1. Provides a corporate tax rate cut of $1.4 trillion and makes those cuts permanent, but makes tax cuts for individuals and families temporary. [JCT]

• The corporate tax rate is slashed from 35% to 21%, and the corporate Alternative Minimum Tax (AMT) is eliminated.
• The $1.4 trillion corporate-tax-rate cut is nearly equal to the $1.5 trillion by which the whole tax plan increases the national debt, and to the $1.5 trillion cut the Republican budget makes to Medicare ($473 billion) and Medicaid ($1 trillion). [Center on Budget and Policy Priorities (CBPP)]
• Tax cuts that benefit working families will expire after 2025. However, one individual tax cut made permanent changes the way tax brackets are adjusted for inflation, resulting in growing tax increases over time. [CBPP]

1. Adds $1.5 to $2.2 trillion to the national debt, jeopardizing critical services. The plan includes at least $1.5 trillion in tax cuts that are not paid for, such as by closing loopholes used by the wealthy and corporations. [JCT] Because the bill contains several budget gimmicks that obscure the true cost of the tax cuts, the cost could be as much as $2.2 trillion. [CBPP] This will balloon the national debt and further endanger funding for Social Security, Medicare, Medicaid, public education and more.
2. Prioritizes the wealthiest taxpayers over working families with children. The plan lowers the top individual tax rate from 39.6% to 37%, giving more tax cuts to the richest 518,000 households. The GOP chose not to fully adjust changes in the Child Tax Credit so that some 24 million children in working families could fully benefit. Both of these changes would cost roughly the same amount, about $80 billion over 10 years. [Institute on Taxation and Economic Policy (ITEP), CBPP]
3. Prioritizes wealthy business owners and real estate developers like Donald Trump. They get a net $265 billion tax cut from a new 20% deduction for “pass-through” business income combined with a tightening of rules on losses. Applied to the new 37% top individual tax rate, this 20% deduction on business income will drop the top pass-through business tax rate from 39.6% to 29.6%. More than 80% of this tax cut will go to the top 5% in 2019. Trump owns more than 500 pass-throughs. Pass-through owners—which include sole proprietorships, partnerships, LLC’s and S corporations—pay taxes due on their business income on their personal returns at individual rates. [JCT, ITEP]
4. Kills American jobs by encouraging outsourcing and profit shifting. The plan creates a territorial tax system, which exempts foreign profits from U.S. taxes. While the plan will tax some of those offshore profits, the effective tax rate will be far below the U.S. rate. U.S. multinationals will have even more tax incentives to outsource more jobs and shift more profits offshore.
5. Hands a $400 billion tax cut to offshore tax dodgers. American corporations have $2.6 trillion in profits stashed offshore on which they owe $750 billion in U.S. taxes. Rather than make them pay what they owe, like all the rest of us do, the tax plan will charge them only $339 billion—over a $400 billion discount. Apple will save $44 billion and Microsoft $25 billion, based on their Securities and Exchange Commission tax filings. [ITEP]
6. Limits the federal deduction for state and local taxes (SALT), hurting the middle class. The bill caps at $10,000 the amount of state and local property and income or sales taxes that can be deducted from federal taxable income. This is one of the reasons that nearly 8 million families will see tax increases in 2018. The impact of this change will be felt especially in the 20 states that claim an average SALT deduction of more than $10,000. Limiting SALT will put pressure on state and local budgets, likely forcing cuts to education, health care, and infrastructure. [TPC, CBPP]
7. Lets many wealthy heirs avoid paying the estate tax. The estate tax is substantially weakened, losing $83 billion and allowing very rich families to inherit wealth tax-free. Under current law, the tax only applies to estates worth over $5.5 million per person or $11 million per couple—about 5,500 estates. Under the bill, only estates worth at least $11 million per person or $22 million per couple (about 1,800 estates) would pay the tax. [JCT, TPC, CBPP]
8. Enriches President Trump and his family. In addition to cutting the top individual income tax rate and creating a tax break for income from pass-through business entities (of which Trump owns 500), the bill preserves the many existing tax loopholes for real estate investors and even creates a new one. The final bill exempts real estate owners from a provision meant to limit abuse of the new pass-through income deduction. [ITEP]

They're giving me money to keep me from caring if they screw us all over in the long run. When the Democrats sweep into office and take over they'll screw me to make up for fixing what the Republicans made worse.

It is just a repeat of every other decade.

 

[dviss1]

Is this true?

https://www.snopes.com/politics/business/apacheland.asp

 

[dviss1]

They're giving me money to keep me from caring if they screw us all over in the long run. When the Democrats sweep into office and take over they'll screw me to make up for fixing what the Republicans made worse.

It is just a repeat of every other decade.

After this tax cut causes ANOTHER recession, a Barack type will pull us out again.

 

[BrianFromWA]

The other calculator said $5500 back for me. This one said:
(Between $6,410 and $7,740 for most households like these in 2018.)



But I repeat what I said above and what Nic said. I call shenanigans on #1, though...we went from ~11T in debt to ~20T in debt over the last 8 years, and it's not b/c Uncle Sam put $6k or so back in my pockets.

What this looks to me like, is hurting people in high-tax states for the benefit of corporations and letting people keep their inheritances. Those states tend to be Blue states (OR, CA, NY, NJ, IL).

 

[BrianFromWA]

And as for "cutting Medicare", Medicare has been overrunning by about 800B a year over the last decade or so. Now they'll just overrun by 825B.

 

[dviss1]

And as for "cutting Medicare", Medicare has been overrunning by about 800B a year over the last decade or so. Now they'll just overrun by 825B.

Because you know, those old people should die since their program isn't fiscally sound. GTFO... But you'll advocate giving billions away to millionaires while cutting this program?

You'll also think you have your priorities straight while advocating this?

 

[dviss1]

This was the last good republican president:

 

[BrianFromWA]

Because you know, those old people should die since their program isn't fiscally sound. GTFO... But you'll advocate giving billions away to millionaires while cutting this program?

You'll also think you have your priorities straight while advocating this?

You're not reading what I wrote above and putting something on me I didn't say.
I'm advocating that since the government has proven to be so jacked up with spending money (or not collecting enough to cover what they spend), maybe we should go away from the government spending (and collecting) so much of our money?

 

[dviss1]

You're not reading what I wrote above and putting something on me I didn't say.
I'm advocating that since the government has proven to be so jacked up with spending money (or not collecting enough to cover what they spend), maybe we should go away from the government spending (and collecting) so much of our money?

And who gives a fuck about who gets screwed or who dies because whatever program is cut?

Medicare has been running at a 6% overhead.

You know, maybe you're right. Maybe we shouldn't spend a fucking dime on Medicare Advantage that has a 14% overhead? That's what's running Medicare into the ground, corporations fleecing the FUCK out of us.

Repubs be like:

No, let's give them more money while cutting kids and old folks healthcare. That'll fix our spending problem. Giving millionaires $194,000 a year really means that the republican-controlled government has its priorities straight!!

 

[SlyPokerDog]

Ivanka Trump said today that she plans on traveling around the nation in April to see how happy everyone is because the majority of Americans will only have to fill their taxes on a postcard.

I shit you not.

 

[riverman]

Ivanka Trump said today that she plans on traveling around the nation in April to see how happy everyone is because the majority of Americans will only have to fill their taxes on a postcard.

I shit you not.

Traveling around the nation means Martha's Vineyard and Vale Colorado

 

[barfo]

Priorities...

barfo

 

[dviss1]

Priorities...

barfo

They got their priorities straight bro. Looking out for themselves...

 

[Stevenson]

Here's the deal - the GOP cuts taxes, gives a short-term shot to the economy, but it also drives up the deficit and leads to a recession. So then the real ones who know how to run an economy -- the Dems -- come to power and clean up the mess.

Bill Clinton fixed 2nd term Reagan's mess and Obama did it for Bush II after he drove the economy into a ditch.

How the Republicans ever got branded as fiscal conservatives or the party that knows how to run the economy is beyond me. It's a joke.

 

[dviss1]

How the Republicans ever got branded as fiscal conservatives or the party that knows how to run the economy is beyond me. It's a joke.

ESPECIALLY after their party caused the last recession with tax breaks. It's like there's some fake news organization that's fooling people on their side.

 

[SlyPokerDog]

Trump told friends at Mar-a-Lago 'you all just got a lot richer' after tax bill passed: report

 

[stampedehero]

This shit.. The devil is always in the details..

The jackasses should be tormented by the media on the same level that Trump gets.

 

[BrianFromWA]

Trump told friends at Mar-a-Lago 'you all just got a lot richer' after tax bill passed: report

I haven't read up hard on the bill, but I'm pretty sure he's not lying.