New GOP tax plan is terrible

[sh00ter]

I am on the populist band wagon and in 2017 I "understand" making "the rich" pay a higher %...However, asking ANYONE to pay more than 20-25% of their income to the gov't is extortion. And furthermore, we need to define "the rich". My wife and I together make over 6 figures...we are nothing more than gnats in this economy. Even the DEMOCRAT Mary Landrieu criticized Biden & Obama for saying anyone over 200k is "rich" and they should revise that to be a million...in my mind, the upper middle class extends well into the 6 figure mark. The upper middle class may have a higher living standard, but they still work and are not independently wealthy.

What the republicans are doing is going TO THE LEFT of Obama and saying anyone married w/ kids over 100k is rich. That's bull-sheet; especially w/ inflation. They could at least knock it back up to 250k...that would save the upper end of the Trump base and not piss off so many people. In my mind, (although I'll probably never be there myself), the upper middle class can be 250k-500k easily. The real "rich" are those who can influence policy or an election...those are the ones who need more scrutiny, not the working class, middle class.

The tax rates should probably be something like this (for an individual tax return, corporate would be diff but similar in structure):

0-30k - 0%
30k-100k - 2.5%
100k-250k - 5%
250k-500k - 7.5%
500k-1million - 10%
1million-2.5million - 12.5%
2.5million-5million - 15%
5million-7.5million - 17.5%
7.5million-10million - 20%
and perhaps above 10million - 25%???

Then eliminate a lot of the loop holes and crap to simplify the tax code and stop wasting tax money on various things like we see in Coburn's annual tax report.

Then you could file 1-page tax returns in most cases...this plan should satisfy LIBERALS because the "rich" pay a higher % and we eliminate some of the loop holes, and the poor & middle class pay much lower rates. This plan should satisfy CONSERVATIVES because the rates are a cut and more fair.

The % and brackets are up for discussion but this is just an example of something I've thought for a while now that nobody in the swamp has tried...essentially a progressive flat tax w/ some deductions still on the books. Instead, the republicans want to hurt middle class families w/ kids and mortgages by moving to the left and saying anyone over 90-100k is the rich.

 

[donner]

this popped up via a friend on facebook. I thought it was an interesting exchange regarding how the proposed law would impact citizens vs corporations.

 

[JD8]

this popped up via a friend on facebook. I thought it was an interesting exchange regarding how the proposed law would impact citizens vs corporations.

They're not totally being honest there, standard deduction doubles which will make a lot of deductions moot. However, if you have 2 kids or more....there will be issues.

 

[dennishoddy]

They're not totally being honest there, standard deduction doubles which will make a lot of deductions moot. However, if you have 2 kids or more....there will be issues.

What is proposed now is nothing even close to what will be passed, if it even passes at all.
Anybody that says they have ran the numbers and they are screwed, is just chanting the MSM liberal mantra.
Remember.......we are the government, and we are here to help,,,,,

The senate is dysfunctional.

 

[SMS]

Taking the Republican numbers, touted by the President and Paul Ryan, and comparing them to one’s personal taxes to reveal the factual lack of a “tax cut” and even a small increase is not “chanting the MSN liberal mantra”. It is an exercise in reality that is neither liberal or conservative. Some folks just can’t peel themselves away and exercise independent thought on issues like this.

The bill certainly won’t keep its present form. Anyone who thinks it will get improved in terms of its impact on the middle class needs to step away from the kool-aid.

As it stands now, according to independent analysis from multiple sources, 3/4 of the tax reduction benefit goes to the top 1% of taxpayers, which I’m totally fine with since they pay most of the taxes in this country.

My beef is with the lies, dishonesty and used car salesmen shuck and jive attempt to bill this as a large “gift” to the middle and lower classes. It’s not. By any analysis. Just call it what it is and stick by the conservative tax mantra we’ve been hearing about for years.

 

[JD8]

So going off a NYTimes article....

https://www.nytimes.com/interactive...harts-to-explain-the-republican-tax-plan.html

It's saying that 70 of people out there take the Standard Deduction..... 84% would take it, if it were doubled.

Within that it seems a lot of Blue states would suffer because they have higher state and local taxes to deduct. In which the left will do it's projection thing of course...

Does this make videos like Donner posted moot? How can most teachers itemize that heavily to reach over that doubled standard deduction? .... honest question.

 

[C_Hallbert]

So going off a NYTimes article....

https://www.nytimes.com/interactive...harts-to-explain-the-republican-tax-plan.html

It's saying that 70 of people out there take the Standard Deduction..... 84% would take it, if it were doubled.

Within that it seems a lot of Blue states would suffer because they have higher state and local taxes to deduct. In which the left will do it's projection thing of course...

Does this make videos like Donner posted moot? How can most teachers itemize that heavily to reach over that doubled standard deduction? .... honest question.

The ‘Blue States’ would Suffer? Well, those locations are Enjoying the Advantages of Paying Lower Federal Taxes thus subsidizing their ridiculously High Local, State and Property Taxes which are used to provide THEM Services and Infrastructure the rest of DO NOT HAVE! I call Bull S#%!. This amounts to Representation with Unequal-Unfair Taxation!!! I say, it would be better to have No Local, State and Property Tax Deductions than this thing we have going on. The enormity of this imbalance and the losses in Tax Revenue to our Federal Treasury with the current system is inconceivable. Example- My 90 y.o. Mother in L.I., NY Pays about $10,000/year Property Tax, alone! Her home cost $5,100 in 1951. So consider, those Blue States sequester a gross majority of our Country’s wealth and productivity and keep much of the Taxes that would otherwise go to our Government for our Common Needs. What really irks me is they also want to tell everyone else what to do, think and even what is Politically Correct to Say. Something sure ain’t right!
Semper Fi


Sent from my iPhone using Tapatalk

 

[JD8]

The ‘Blue States’ would Suffer? Well, those locations are Enjoying the Advantages of Paying Lower Federal Taxes thus subsidizing their ridiculously High Local, State and Property Taxes which are used to provide THEM Services and Infrastructure the rest of DO NOT HAVE! I call Bull S#%!. This amounts to Representation with Unequal-Unfair Taxation!!! I say, it would be better to have No Local, State and Property Tax Deductions than this thing we have going on. The enormity of this imbalance and the losses in Tax Revenue to our Federal Treasury with the current system is inconceivable. Example- My 90 y.o. Mother in L.I., NY Pays about $10,000/year Property Tax, alone! Her home cost $5,100 in 1951. So consider, those Blue States sequester a gross majority of our Country’s wealth and productivity and keep much of the Taxes that would otherwise go to our Government for our Common Needs. What really irks me is they also want to tell everyone else what to do, think and even what is Politically Correct to Say. Something sure ain’t right!
Semper Fi


Sent from my iPhone using Tapatalk

Right so... yeah.... I don't think you get what I was saying. The Blue states would take a hit per the article?... therefore that's probably why you are seeing an appeal to emotion on deductions like in the videos.... under the guise of looking out for the "middle class."

 

[C_Hallbert]

Right so... yeah.... I don't think you get what I was saying. The Blue states would take a hit per the article?... therefore that's probably why you are seeing an appeal to emotion on deductions like in the videos.... under the guise of looking out for the "middle class."

I’m seeing the backlash against removing those deductions and I wanted to expand on the real dynamics of the issue. Everyone wants as many Tax Deductions as they can get but in high Property Tax Areas people are putting the money that should (by rights) be paid to the Treasury and living ‘La Vida Loca’. They use the money derived from this unapparent, serendipitous and unique advantage to pay higher prices for their homes and Higher Taxes to States that also benefit from the money displaced from FederalTax Revenues. If those massive Dedications were eliminated, and the capital paid in according to income, the Federal Tax Budget could be reduced to an appropriate level for everyone. States need to get their own houses in order and balance their own damned budgets. As it is, Tax Rates now must be set high enough to collect sufficient funds from everyone to meet a failing Federal Budget.


Sent from my iPhone using Tapatalk