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Thread: Republican tax reform

  1. #1
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    Republican tax reform

    Republican tax reform:


    Republican leaders have almost daily announced appointed date for introducing their “tax reform” bill on the house floor is being canceled and rescheduled for the next business day. Republican leaders are striving to craft a bill that will satisfy theircampaign contributors while concealing the the costs to their individual constituents.


    Secret negotiations within the party are very fragile. I expect the product of their negotiations will of course benefit the wealthy and of net detriment to our nation; (which is consequentially net detriment toall family incomes not exceeding USA's median family income).


    If we're going to consider income tax policy, I propose attention be given to our tax rate discounts favoring long term capital gainsincomes, as opposed to the tax rate deductions enabled by “income averaging" provisions within IRS income tax regulations.
    The income averaging provisions were once available to reduce incomes derived from any industry or almost any income source, but currently the regulations only apply to incomes derived from farming and fishing.
    Referto
    Capital gains tax and tax averaging

    Respectfully, Supposn
    Last edited by Supposn; 1st November 2017 at 09:57 PM.
    Thanks from Blueneck

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    I was wondering what ever happened to income averaging. I think bringing that back would be a good idea. I know plenty of people who's incomes vary widely from year to year and it would be a great help to them. I would also like to see people like myself, an independent home health provider, get a better rate as I don't make much but am ineligible for EIC because I don't work for someone else. I also get stuck paying both ends of my SS and Medicare.

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    Blueneck, Regarding H.R. 1, “Tax cuts and jobs act”:

    Congressman Keven Brady is chairman, and Senator Hatch is vice chairman of the U.S. Congress's Joint Committee on Taxation. They and 4 of the 8 remaining members of the committee are Republicans; (there are 4 Democratic committee members).
    The committee acknowledges their analysis of the proposed “Tax cuts and jobs act” bill they're passing on to the House of Representatives.
    They expect that bill would net increase our federal deficits over the next decade by an additional 1.51 trillion dollars.

    Many of the same congressional Republican members pledging to support this tax bill voted against allocations of disaster relief that were not accompanied by spending cuts for federal services that would assure we wouldn't additionally increase our federal deficits.

    Their fiscal concerns for our federal budgets took precedence over that for humanity in the USA.
    They must now pass this bill ASAP, in order to evade their constituents protests when they'll realize the extent of this favoring the wealthy bill.

    When populist policies improve median wages, we're all advantaged; consequentially those with the greatest financial participation, eventually profit the most.
    When we craft our policies to primarily provide greater proportional advantages to the wealthy, our economy doesn't improve as quickly or as well, and too often it doesn't improve. The immediate favoring of the is wealthy's consequentially less favorable to us all, (including the wealthy).

    Respectfully, Supposn

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    Letter to my congressman: Within the proposed “Tax Cuts & Jobs Act”, the populist proposal doubling the standard deduction is of conspicuous merit, and eliminating the alternative minimum tax would be contemptible.
    (Increasing the standard deduction would be further improved if it were subject to annual cost of living adjustments).

    [Consider the alleged pages of Donald Trump's 1040 tax return for 2005 published by the NY Times.
    It was conceivable for his effective tax rate upon a $49, 592, 825 adjusted gross income to be less than $5, 310, 616. (Trump then instead had to pay the alternative minimum tax).
    The working-poors' wages do not contribute income tax revenues and cannot fund or their dependents' medical insurance, but they contribute 7.65% FICA taxes upon their entire wages. It should be conceivable that some millionaires will be obliged to pay an effective income tax rate of less than 11%, (i.e. 10.7%)?]

    Elimination of the alternative minimum tax would effectively reduce our tax revenues and act as a tax boon for only the financially favored. Accusations that FDR was “a traitor to his class” served to enhance his reputation. Elimination of the AMT would enhance president Trump's and Republicans' reputations among the wealthy.

    If sufficient numbers of Republicans do not oppose eliminating the AMT, Democrats should be able to hang it, (as the “albatross”), around president Trump's and all Republican candidates' necks.
    But there's a difference between “should be” and “will be”. The incompetent Democratic National Committee couldn't defend the reputation of a presidential candidate. John Kerry served in the military with distinction that went beyond simply honorable.

    Respectfully,

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