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The Water Cooler
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Finally we're getting somewhere with tax reform
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<blockquote data-quote="Hobbes" data-source="post: 3053935" data-attributes="member: 3371"><p>I can see why he opposes the Senate plan!</p><p></p><p>The corporate tax cuts are permanent, the individual tax cuts expire in 8 years.</p><p></p><p>On top of that, they change the way inflation is calculated using what's called chained CPI that underestimates annual inflation.</p><p>Since the tax brackets are adjusted upward annually for inflation the result would be that individual tax bracket levels would rise more slowly.</p><p>As an individual earns more income over the years they would overtake the next higher bracket more quickley.</p><p>And then after 8 years whatever tax cut they received in the first place would expire.</p><p>But not the chained CPI calculation.</p><p>That stays, lol.</p><p></p><p>It cuts business taxes and raises individual taxes to cover most of the revenue loss.</p><p></p><p></p><p>No mention of the flat tax.</p><p>No mention of the FAIR tax.</p><p>Those ideas only pop up during election years when they need a simple campaign slogan to hypnotize the masses. <img src="/images/smilies/new/blahblah.gif" class="smilie" loading="lazy" alt=":blahblah:" title="Blahblah :blahblah:" data-shortname=":blahblah:" /></p></blockquote><p></p>
[QUOTE="Hobbes, post: 3053935, member: 3371"] I can see why he opposes the Senate plan! The corporate tax cuts are permanent, the individual tax cuts expire in 8 years. On top of that, they change the way inflation is calculated using what's called chained CPI that underestimates annual inflation. Since the tax brackets are adjusted upward annually for inflation the result would be that individual tax bracket levels would rise more slowly. As an individual earns more income over the years they would overtake the next higher bracket more quickley. And then after 8 years whatever tax cut they received in the first place would expire. But not the chained CPI calculation. That stays, lol. It cuts business taxes and raises individual taxes to cover most of the revenue loss. No mention of the flat tax. No mention of the FAIR tax. Those ideas only pop up during election years when they need a simple campaign slogan to hypnotize the masses. :blahblah: [/QUOTE]
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Finally we're getting somewhere with tax reform
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