How would it have been best for the little guys that don't pay taxes at all?
What would be your solution?
What would be your solution?
We just got notice that if the President signs the bill before Xmas we all will get a $1000 bonus during the holidays. If not before, we still get it if he signs it. They're all excited about the 21% limit on business. I wish I could go more into detail about the other things they are going to do, but it is huge! Should be very good for the economy/employment, especially if other companies do this.
Pelosi and Shummer says it's a disgrace to the country.
That money going into your pocket should be going into theirs. It's not fair.
That money going into your pocket should be going into theirs. It's not fair.
The bonuses alone will cost my company $200,000,000. 200,000 people will get it. Can you imagine what they must be saving if they're willing to shell that much out just on bonuses!?!
I wasn’t bitching about it. I’m also not bitching about paying my taxes monthly, paying a CPA to do my returns, buying my own healthcare insurance (all of it), or not getting paid sick leave or having a single paid holiday for the last 14 years either. I’m actually quite happy in my work scenario and if I get my way I’ll die at the end of a work day just like my dad. Raise? What the hell is that? If I want a raise I’m not thinking of new elected officials. Just saying. But it sure sounds like you are bitter even not having to deal with all of that.
I do agree with you on the parties. We need to get rid of them all and let’s kill the labels too.
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If you watched that cabinet meeting yesterday and were not extremely uncomfortable with the way they were praising Trump, regardless of whether you're a trump fan or not, you need to take a step back from trumps crotch. Pence offering up a prayer thanking God for Trump, and everyone singing his praises such that they were reminded me of some N Korea propaganda videos where KJU is held up as some sort of deity by the citizens/prisoners of North Korea. The only thing I kept wondering was, just how much dirt has he got on these people to make them talk like this. We've all worked with "that guy" the one who overlaughs at every joke the boss tells. The one who is first to clap when the boss says something he thinks deserves an applause, the guy who you just wonder how he looks himself in the mirror or even into the face of his own children when he gets home at night given how much of a suckup he is in the office. Well, yesterday was like watching a room full and then a stage full of those guys. It was disgusting. That's not a condemnation on Trump so much as it is on politicians as a whole for being spineless suckasses.
With each passing day i'm more and more proud of the fact that my brother is the only person I know who called Trump out in the media for being a fake - while he was employed by the man, and actually got Trump to somewhat confess to something he'd been doing (nothing criminal). Oh, and my brother was actually able to keep his job after doing so.
https://twitter.com/i/videos/tweet/...anguage_code=en&use_syndication_guest_id=true
With each passing day i'm more and more proud of the fact that my brother is the only person I know who called Trump out in the media for being a fake - while he was employed by the man, and actually got Trump to somewhat confess to something he'd been doing (nothing criminal). Oh, and my brother was actually able to keep his job after doing so.
https://twitter.com/i/videos/tweet/...anguage_code=en&use_syndication_guest_id=true
After 40 years in the tax business, my advice would be to wait and see before getting too excited or bummed out. Congress writes new legislation, but in the end, the IRS interprets and applies the changes. What goes in one of end doesn't always resemble what comes out the other.
https://okpolicy.org/oklahomans-fare-congressional-gop-tax-plan/
How Oklahomans would fare under the Congressional GOP tax plan
by Gene Perry | November 9th, 2017 | Posted in Taxes |Comments (4)
A new analysis of the Congressional GOP tax plan reveals that in Oklahoma, the wealthiest 1 percent will receive the greatest share of the total tax cut in year one, and their share would grow through 2027. The value of the tax cut would decline over time for every income group in Oklahoma except the very richest.
Republican Congress members are trying to sell this tax proposal, which will increase the federal deficit by $1.5 trillion over the next decade, as a plan to boost the middle class. But a closer examination of the bill’s provisions reveals that it is laser-focused on tax cuts for the nation’s highest earning households. The wealthiest Oklahomans’ share of the tax cuts would grow over time due to phase-ins of tax cuts that mostly benefit the rich and the eventual elimination or erosion of provisions that benefit low-and middle-income taxpayers.
For example, after five years, the bill eliminates a pair of $300 tax credits that benefit low- and middle-income families while fully repealing the tax on multi-million dollar inheritances in year six. This bait-and-switch appears to be designed to make average Oklahomans and Americans think the tax plan was designed for them, when in fact it phases out their benefits to replace them with more tax cuts for the extremely wealthy. The Institute on Taxation and Economic Policy did a 50-state analysis of who receives the benefits after all elements of this plan are phased in. Here’s what they found for Oklahoma:
The wealthiest 1 percent of Oklahoma households would see their share of the tax cut increase from 30 percent in year one to 46 percent by 2027, for an average cut of $47,950. Over those same years, middle-income taxpayers’ average tax cut would erode from $540 to $170. By 2027, more than one in six middle-income Oklahoma households (17 percent) would actually see a tax increase under the House GOP plan.
Even as this bill raises taxes on some some low- and middle-income families and provides no benefit to many others, it would add $1.5 trillion to the deficit. That could mean deep cuts down the line to important services for poor and middle-class Oklahoma families. Some House Republicans have already made clear they intend to try to pay for these tax cuts next year by cutting programs like nutrition assistance, Medicaid, and college aid that help families make ends meet.
The $1.5 trillion cost of this plan could be used in many ways that are more effective at boosting the economy and the well-being of Oklahomans and Americans. To put that number in context, $1.5 trillion – or $150 billion per year – would roughly equal ALL of the following:
Oklahomans deserve a tax plan that focuses its benefits on working families who have been hit hardest by the stagnant incomes and rising inequality of recent decades — not one that gives most of the gains to those who are already taking most of the income growth. Oklahomans and all Americans deserve a plan that invests in education, health care, infrastructure, and other building blocks of strong families and a strong economy. The Congressional GOP tax bill does the opposite.
How Oklahomans would fare under the Congressional GOP tax plan
by Gene Perry | November 9th, 2017 | Posted in Taxes |Comments (4)
A new analysis of the Congressional GOP tax plan reveals that in Oklahoma, the wealthiest 1 percent will receive the greatest share of the total tax cut in year one, and their share would grow through 2027. The value of the tax cut would decline over time for every income group in Oklahoma except the very richest.
Republican Congress members are trying to sell this tax proposal, which will increase the federal deficit by $1.5 trillion over the next decade, as a plan to boost the middle class. But a closer examination of the bill’s provisions reveals that it is laser-focused on tax cuts for the nation’s highest earning households. The wealthiest Oklahomans’ share of the tax cuts would grow over time due to phase-ins of tax cuts that mostly benefit the rich and the eventual elimination or erosion of provisions that benefit low-and middle-income taxpayers.
For example, after five years, the bill eliminates a pair of $300 tax credits that benefit low- and middle-income families while fully repealing the tax on multi-million dollar inheritances in year six. This bait-and-switch appears to be designed to make average Oklahomans and Americans think the tax plan was designed for them, when in fact it phases out their benefits to replace them with more tax cuts for the extremely wealthy. The Institute on Taxation and Economic Policy did a 50-state analysis of who receives the benefits after all elements of this plan are phased in. Here’s what they found for Oklahoma:
The wealthiest 1 percent of Oklahoma households would see their share of the tax cut increase from 30 percent in year one to 46 percent by 2027, for an average cut of $47,950. Over those same years, middle-income taxpayers’ average tax cut would erode from $540 to $170. By 2027, more than one in six middle-income Oklahoma households (17 percent) would actually see a tax increase under the House GOP plan.
Even as this bill raises taxes on some some low- and middle-income families and provides no benefit to many others, it would add $1.5 trillion to the deficit. That could mean deep cuts down the line to important services for poor and middle-class Oklahoma families. Some House Republicans have already made clear they intend to try to pay for these tax cuts next year by cutting programs like nutrition assistance, Medicaid, and college aid that help families make ends meet.
The $1.5 trillion cost of this plan could be used in many ways that are more effective at boosting the economy and the well-being of Oklahomans and Americans. To put that number in context, $1.5 trillion – or $150 billion per year – would roughly equal ALL of the following:
- Doubling the Pell Grant program, which provides aid to low- and moderate-income college students; AND
- Doubling cancer research at the National Institutes of Health; AND
- Funding the full backlog of needed maintenance at National Parks; AND
- Providing child care assistance to 6 million children; AND
- Providing opioid addiction treatment to 300,000 people; AND
- Training 3.5 million workers for in-demand jobs.
Oklahomans deserve a tax plan that focuses its benefits on working families who have been hit hardest by the stagnant incomes and rising inequality of recent decades — not one that gives most of the gains to those who are already taking most of the income growth. Oklahomans and all Americans deserve a plan that invests in education, health care, infrastructure, and other building blocks of strong families and a strong economy. The Congressional GOP tax bill does the opposite.
Is it worth pointing out the great sense of fiscal responsibility being promoted by the left and the media on this one is outweighed by the 1.2 T spent in two years under the "light worker".....
I think I've read 80 pct of people get a cut with this, is that a bad thing? ATT and others sure don't think so. It's also my understanding that CBO projections etc don't account for growth in their projections which is really the point of the whole thing. Get the go'vt shackles off business so we can get the train back on track.
I think I've read 80 pct of people get a cut with this, is that a bad thing? ATT and others sure don't think so. It's also my understanding that CBO projections etc don't account for growth in their projections which is really the point of the whole thing. Get the go'vt shackles off business so we can get the train back on track.
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