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Thread: 25% of taxpayers could OWE MORE under new tax plan!

  1. #1
    Veteran Member cpicturetaker12's Avatar
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    25% of taxpayers could OWE MORE under new tax plan!

    That's 1 in 4 of us. That's not 1 in 10 of us or 1 in 100 of us. And what we know for SURE is 80-90% of all savings will go to the top 1%. + ANOTHER $2.5 TRILLION added to the deficit--time varies on how long that will take.

    I know we have at least 2 other threads running on this but as the TAX EXPERTS start ferreting out the numbers, more INFO is available. The blue highlighted source has always been the NON-PARTISAN or BI-PARTISAN 'go to' for tax shit.

    (I gotta tell you folks and MOST of you probably know this better than I. I can't do the math exactly cause we don't have a state income tax. BUT if most people get a 3-5% 'regular people' reduction in tax rates BUT then lose their deduction for state and local INCOME taxes, I can't see how in the hell that won't end up having them either break even, or OWING MORE on the federal end. Every state is different, has different rates and even different levels where it kicks in. I'm assuming poor people don't have to pay state income taxes (?) but the least amount most state income tax rates is, is about 4%. If you have 2 earners earning say making $60k or even $100k. Simple math means $2400 - $4000 is no longer deductible)

    Then there's the whole 'personal exemption' vs. standard exemptions! PAY ATTENTION TO THAT!!

    IN OTHER WORDS, TRUMP SUPPORTERS OR TAX REDUCTION SUPPORTERS, BE CAREFUL WHAT YOU WISH FOR!!


    Approximately a quarter of all taxpayers would eventually owe more to the IRS under the plan Congressional Republicans
    and President Donald Trump outlined this week, according to a preliminary analysis by the nonpartisan Tax Policy Center.



    https://slate.com/business/2017/09/a...ysis-says.html


    ADDENDUM: Boy, I haven't looked at this in a LONG time. State income tax rates have crept up!


    Last edited by cpicturetaker12; 1st October 2017 at 01:02 PM.
    Thanks from OHjulie and Friday13

  2. #2
    Galactic Ruler Spookycolt's Avatar
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    They are basing this off what they think will be in the plan.

    They have no idea and admit that in the article.

    They also leave out a ton of positive things which they admit to.

    Other assumptions may be a little more tenuous. The Republican framework says it will try to balance some of its corporate cuts by partially reducing the amount of interest from debt that companies can deduct. That could, in theory, raise a great deal of money. But because the plan doesn’t attach any specific numbers to that proposal, TPC leaves it out of their analysis. It’s also possible that Republicans will subject fewer families to the top 35 percent bracket than TPC assumes, which would spare them from increases.

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    Quote Originally Posted by Spookycolt View Post
    They are basing this off what they think will be in the plan.

    They have no idea and admit that in the article.

    They also leave out a ton of positive things which they admit to.

    Other assumptions may be a little more tenuous. The Republican framework says it will try to balance some of its corporate cuts by partially reducing the amount of interest from debt that companies can deduct. That could, in theory, raise a great deal of money. But because the plan doesn’t attach any specific numbers to that proposal, TPC leaves it out of their analysis. It’s also possible that Republicans will subject fewer families to the top 35 percent bracket than TPC assumes, which would spare them from increases.
    You mean that Republicans don't have a complete bill......with all the time they've had to spend on this?
    Heck, that's like their healthcare bill......with 7 years to work on one and they failed.
    Face it, your party is only good at being in the opposition. They suck at governing.
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    Trump said he wouldn't personal benefit from this tax plan.
    Then he added, "Believe me."
    LOL
    Even his supporters know he's lying.
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  5. #5
    Veteran Member cpicturetaker12's Avatar
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    Quote Originally Posted by OHjulie View Post
    You mean that Republicans don't have a complete bill......with all the time they've had to spend on this?
    Heck, that's like their healthcare bill......with 7 years to work on one and they failed.
    Face it, your party is only good at being in the opposition. They suck at governing.
    What's worse, they don't WANT to govern! They want to RULE. There's a helluva difference.
    Thanks from Friday13

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    Bizarroland Observer Thx1138's Avatar
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    Yes, and they admit it will raise the debt by $1.5 trillion.

    But it's okay, because that increase is going to be offset by economic growth... they are going to "grow the economy to eclipse the debt."

    And where have we heard that before?

    A citizen making $25K or less will get a whopping $60 extra!

    Thx

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    Southern Strategy Liberal OldGaffer's Avatar
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    I heard the "family farm" argument from Mnuchin this morning, what was the number that were going to be affected by removing the inheritance tax, like 8 or so?
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    Veteran Member cpicturetaker12's Avatar
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    Quote Originally Posted by OldGaffer View Post
    I heard the "family farm" argument from Mnuchin this morning, what was the number that were going to be affected by removing the inheritance tax, like 8 or so?
    I'm sure I can find the numbers but I believe less than 2 PERCENT of family farms have estate tax implications. Whats more, that number has been steady for decades. And yet time and time again, REPUBLICANS have used the argument.
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    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by cpicturetaker12 View Post
    I'm sure I can find the numbers but I believe less than 2 PERCENT of family farms have estate tax implications. Whats more, that number has been steady for decades. And yet time and time again, REPUBLICANS have used the argument.
    They definitely do not want the public to realize it is trust bunny drones that reap the major benefits of ditching the inheritance tax. They also like to tout the "taxes have already been paid" argument which is also totally bogus because most of these fortunes are long term investment wealth that has never been taxed for even one penny. If Grandpa bought 10 million in Coca Cola stock in 1950 and it is still in his portfolio and is now valued at 250 million, he has never paid a penny in tax on that 240 million wealth increase. And now he passes it on to Trust Bunny Drone Number One and it is still untaxed for a single penny. 72% of the Fortune 400 richest Americans inherited their wealth....and an even greater percent of the richest 400 families....
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    Quote Originally Posted by cpicturetaker12 View Post
    I'm sure I can find the numbers but I believe less than 2 PERCENT of family farms have estate tax implications. Whats more, that number has been steady for decades. And yet time and time again, REPUBLICANS have used the argument.
    Then find the numbers, and bring them.


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