Passed - On to the President's desk - The President is Donald J. Trump
Trump Tax Reform
- Thread starter patrick jane
- Start date
Don't rub it in.
https://townhall.com/tipsheet/guybe...uts-taxes-for80-percent-of-americans-n2424201
| Analysis from Left-Leaning Tax Policy Center: Actually, 80 Percent of Americans Get a Tax Cut Under GOP Plan The Democrats' central attack against the GOP tax reform bill is all too familiar: It's a giveaway to corporations and "the rich" that hurts the middle class. They've falsely called the plan a tax increase on the middle class, and demagogued it as a "massive attack" on middle income taxpayers -- not to mention the "end of the world." Throughout this debate, we've shared data-driven analyses from three separate nonpartisan organizations: The Joint Committee on Taxation (JCT), which is an official Congressional scorekeeper, the Tax Foundation (which leans to the right), and the Tax Policy Center or TPC, (which leans to the left). In spite of the deceptive rhetoric flying around social media and the airwaves, all three outfits agreed that the GOP proposal would, on average, reduce the tax burdens of every income group in America. We've showcased the TPC findings because that group is typically home to Democrats' preferred experts. Well, TPC is out with their fresh analysis of the finalized tax bill, and guess what? As we've been saying for weeks, it will slash taxes for the vast, vast majority of American taxpayers: The average tax cut will be $1,600, according to TPC's data (Republicans cite a different statistic: A tax cut of more than $2,000 for a median income family of four). Let those numbers marinate for a moment. We've been caught in a blizzard of misinformation claiming that this bill hurts the middle class. But even the Republican-hostile Tax Policy Center couldn't escape the empirical conclusion that 80 percent of all Americans will see their taxes reduced under the bill -- and the "losers" are limited to just five percent (largely upper income filers from high-tax blue states). And no, the "one-percenter" rich do not disproportionately benefit from the cuts: |
https://www.vox.com/policy-and-politics/2017/12/20/16790606/gop-tax-vote-2017-income-inequality
The Republican tax bill is a disaster for income inequality Republicans have managed to take a tax plan that was already tilted heavily toward corporations and the wealthiest Americans and shift the balance even further in favor of the rich. The story of the Republican tax overhaul has been its pinpoint targeting of the biggest benefits to the rich and to businesses. As Alvin Chang and I wrote previously, America is in the midst of a shift toward extreme income and wealth inequality. The GOP tax plan would make that problem — and most Americans regard it as a major problem — even worse. The bill’s most enduring feature is a $1 trillion permanent corporate tax cut. It also slashes tax rates for people making more than $1 million and for pass-through companies disproportionately utilized by the wealthy, and it rolls back the estate tax on wealthy heirs and heiresses. While the tax bill also nearly doubles the standard deduction and expands the child tax credit, which should help many lower-income families, independent analyses have consistently found that the bill would cut taxes more for people with higher incomes than for people lower on the economic ladder. That trendline hasn’t improved as Republicans have tinkered with their tax plan. Ernie Tedeschi, a former Treasury economist under President Obama, ran the numbers and found that the final tax plan Republicans passed this week is actually even more tilted toward people making six figures or more than its predecessors. That’s in the short term. Almost everybody does get a tax cut, though people with higher incomes will keep more of their money. |
Breaking News - Trump won't sign taxes - tears up the Bill
Trump wants an extra million for his rich family
Trump wants an extra million for his rich family
Greedy SOB
But aren't companies regular folks?
Don't we all have 401ks or IRAs or Roths or all three and aren't those invested in companies?
Companies are individuals. Sometimes large collections of individuals and sometimes small.
drbrumley
Well-known member
He will be singing a different tune in a couple years...
This tax plan is ok, but most of it just exasperates the real problem. Trump has NO INTENTION of cutting spending, so the economy is gonna tank. All he does by signing this law is giving total control to democrats in a couple years cause everyone will blame the Republicans.
Regular people make up companies but not everyone benefits equally. I do think that tax cuts on companies are more likely to benefit the workers in small businesses. Or at least ones that aren't public because then they aren't beholden to shareholders.
Will companies use this tax cut to pay workers or invest? Mixed results
http://www.businessinsider.com/trum...-increase-wages-or-capital-investment-2017-11 The Trump administration has emphasized that the proposed federal tax overhaul would cut business taxes and lead to increased economic growth and higher wages for average workers. The Federal Reserve Bank of Atlanta tested that line of argument by including a question in their latest Business Inflation Expectations survey released Wednesday. The survey, highlighted by Renaissance Macro Research US chief economist Neil Dutta, asks executives a variety of questions about their outlook for the business environment going forward. In November, the Atlanta Fed asked executives: "If passed in its current form, what would be the likely impact of the Tax Cuts and Jobs Act on your capital investment and hiring plans?" In terms of hiring new workers, 59% of business executives surveyed said the legislation would lead to "no change" in their employment plans. Meanwhile, 31% said they would increase hiring "somewhat" and 8% said they would increase hiring "significantly." Business owners were somewhat more enthusiastic about investments in their businesses — 11% said they would significantly increase capital investment, while 40% said they would increase investment somewhat and 46% said there would be no change in their plans. Overall, the survey does seems to indicate a bias toward increased spending on the part of businesses if the bill passes, but whether that would amount to the sustained 3% GDP growth and large increases in wages for workers is unclear. The response does seem better than a previous, unscientific reading on executive enthusiasm for the tax bill. On Wednesday, Trump's top economic advisor Gary Cohn was caught off-guard when he pushed the tax bill's potential investment benefits. During a panel with Cohn, CEOs were asked if they planned to increase their capital investments if the Tax Cuts and Jobs Act — passed. Not many did, which prompted Cohn to ask, "Why aren't the other hands up?" |
https://www.vox.com/2017/12/20/16790040/gop-tax-bill-winners
By most analyses, this is largely a false promise. The Center on Budget and Policy Priorities, pulling together assessments from the Congressional Budget Office, the Joint Committee on Taxation, the Tax Policy Center, the Treasury’s Office of Tax Analysis, and the Institute on Taxation and Economic Policy, found that workers would only receive a quarter or less of the benefits from tax cuts — and among those workers, it’s likely the higher earners that would benefit.
We're all share holders!
If we aren't doing it someone else is doing for us.
So, an American job being done by an American funnels that purchasing power and the taxes at every step into our economy.
My wife took some photos of the family and had them printed on canvas and stretched on a frame from a web site and they were sent to the house.
From India.
The other side of the planet.
I had a guy on the other side of the planet tell me how to fix my printer once.
:rotfl: Only a slack jawed lackey would do that !! They would have to be a real jabroni.
Is that supposed to be a bad thing?
That's a perfectly honorable thing to do.
All the Dems in Congress that voted against it should pay the old rate.
drbrumley
Well-known member
They been stealing from us since 1913 and you want to tell us to give it back?
Sent from my SM-G920V using TOL mobile app
drbrumley
Well-known member
I have no idea where Trump got the idea that by simply repealing the individual mandate, that Obamacare itself is repealed. The law remains, with all its flaws, accept that without the individual mandate fewer healthy people will buy over-priced insurance they no longer need, meaning premiums will now rise even faster for those who still do.
Peter Schiff
Neither do I :idunno:
Peter Schiff
Neither do I :idunno:
The logic is probably that it will destabilize the markets enough to completely collapse.
I'm not sure what you're trying to get at. What does a guy in India have to do with someone here looking at their taxes?