Author Topic: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP  (Read 3020 times)

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Offline RetBobbyMI

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #25 on: December 03, 2017, 07:34:31 am »
I am glad the mandate is going away.  But not sure if we will see a cut or not.  When I read the numbers last time I thought it might be a benefit.  Nearly double the standard deduction.
They take away more than they give.
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Offline NavyCanDo

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #26 on: December 03, 2017, 02:45:41 pm »
Hard to say if this will cost me more, or reduce the amount I owe. I guess only TurboTax knows for sure after I plug numbers in.

That being said, if This was the Reagan era, or even George W. Bush, they sitting behind the Resolute desk would hold a live chat with the American people and Congress explaining what the plan will mean to the common family. Selling it to those getting nothing but the negatives from the news media. I'm not hearing a sales pitch from the Republicans much less the President.  Nobody looking straight at me saying NavyCanDo, this will put more money in your pocket, not take more out.  Before I proclaim this a huge victory for Trump and the Republicans I want to see a smaller figure on 1040 Line 63.  If it's larger you lose.
« Last Edit: December 03, 2017, 02:47:45 pm by NavyCanDo »
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Offline RetBobbyMI

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #27 on: December 03, 2017, 02:56:54 pm »
Comparison at link

http://dailysignal.com/2017/12/03/1-chart-differences-house-senate-tax-reform-bills/

But the chart is not all encompassing. For example the Senate bill, but not sure of the House’s, eliminate the interest deductions on second residence (which would include RVs and vacation homes). So much for American retirement dreams.
"Life is tough, but it's tougher when you're stupid."  -- John Wayne
"Talk sense to a fool and he calls you foolish.� ? Euripides, The Bacchae
"Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.� ? Laurence J. Peter, The Peter Principle
"A stupid man's report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand.� ? Bertrand Russell, A History of Western Philosophy

Online Bigun

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #28 on: December 03, 2017, 03:52:38 pm »
Comparison at link

http://dailysignal.com/2017/12/03/1-chart-differences-house-senate-tax-reform-bills/

But the chart is not all encompassing. For example the Senate bill, but not sure of the House’s, eliminate the interest deductions on second residence (which would include RVs and vacation homes). So much for American retirement dreams.

For the most part, both versions suck stump water but the few good things, like getting rid of the Ocare mandate, make it worth passing.
"I wish it need not have happened in my time," said Frodo.

"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us."
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Offline RetBobbyMI

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #29 on: December 03, 2017, 05:59:20 pm »
For the most part, both versions suck stump water but the few good things, like getting rid of the Ocare mandate, make it worth passing.
They had their chance to do that in and of itself. And failed miserably. Now let’s see if it stays and they can get it passed in both houses.
"Life is tough, but it's tougher when you're stupid."  -- John Wayne
"Talk sense to a fool and he calls you foolish.� ? Euripides, The Bacchae
"Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.� ? Laurence J. Peter, The Peter Principle
"A stupid man's report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand.� ? Bertrand Russell, A History of Western Philosophy

Online libertybele

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #30 on: December 03, 2017, 09:11:17 pm »
I am glad the mandate is going away.  But not sure if we will see a cut or not.  When I read the numbers last time I thought it might be a benefit.  Nearly double the standard deduction.

From my understanding, yes, nearly double the standard deduction, but itemized deductions disappear instead and those hardest hid will be the poor and seniors.
I Believe in the United States of America as a Government of the people, by the people, for the people; whose just powers are derived from the consent of the governed; a democracy in a republic; a sovereign nation of many sovereign states; a perfect union one and inseparable; established upon those principles of freedom, equality, justice and humanity for which American patriots sacrificed their lives and fortunes.  I therefore believe it is my duty to my country to love it; to support its Constitution; to obey its laws to respect its flag; and to defend it against all enemies.

Online IsailedawayfromFR

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #31 on: December 03, 2017, 11:12:36 pm »
From my understanding, yes, nearly double the standard deduction, but itemized deductions disappear instead and those hardest hid will be the poor and seniors.
Do the poor pay much in the way of income taxes?

What I found is 45% of Americans pay no federal income tax  https://www.marketwatch.com/story/45-of-americans-pay-no-federal-income-tax-2016-02-24


What source are you do possess that says this tax cut bill will increase income taxes on the poor, particularly that the standard deduction is increased?
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Offline jpsb

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #32 on: December 03, 2017, 11:22:21 pm »
It is very hard to cut federal income taxes on people that do no pay federal income taxes.




Online libertybele

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #33 on: December 04, 2017, 04:14:52 am »
Hard to say if this will cost me more, or reduce the amount I owe. I guess only TurboTax knows for sure after I plug numbers in.

That being said, if This was the Reagan era, or even George W. Bush, they sitting behind the Resolute desk would hold a live chat with the American people and Congress explaining what the plan will mean to the common family. Selling it to those getting nothing but the negatives from the news media. I'm not hearing a sales pitch from the Republicans much less the President.  Nobody looking straight at me saying NavyCanDo, this will put more money in your pocket, not take more out.  Before I proclaim this a huge victory for Trump and the Republicans I want to see a smaller figure on 1040 Line 63.  If it's larger you lose.

I hear ya ... where's Karl Rove with his lame charts and graphics proclaiming how wonderful these tax cuts are?  :rolling:
I Believe in the United States of America as a Government of the people, by the people, for the people; whose just powers are derived from the consent of the governed; a democracy in a republic; a sovereign nation of many sovereign states; a perfect union one and inseparable; established upon those principles of freedom, equality, justice and humanity for which American patriots sacrificed their lives and fortunes.  I therefore believe it is my duty to my country to love it; to support its Constitution; to obey its laws to respect its flag; and to defend it against all enemies.

Offline Frank Cannon

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #34 on: December 04, 2017, 04:22:52 am »
For the most part, both versions suck stump water but the few good things, like getting rid of the Ocare mandate, make it worth passing.

I'd take a point or two higher hit on my taxes to get rid of Zerocare. If these bumbling jerks in congress can limp this turd over the finish line with the mandate eliminated I will pop a champagne cork.

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #35 on: December 04, 2017, 04:26:19 am »
Hard to say if this will cost me more, or reduce the amount I owe. I guess only TurboTax knows for sure after I plug numbers in.

That being said, if This was the Reagan era, or even George W. Bush, they sitting behind the Resolute desk would hold a live chat with the American people and Congress explaining what the plan will mean to the common family. Selling it to those getting nothing but the negatives from the news media. I'm not hearing a sales pitch from the Republicans much less the President.  Nobody looking straight at me saying NavyCanDo, this will put more money in your pocket, not take more out.  Before I proclaim this a huge victory for Trump and the Republicans I want to see a smaller figure on 1040 Line 63.  If it's larger you lose.

:thumbsup:

Offline Snarknado

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #36 on: December 04, 2017, 01:12:25 pm »
It is very hard to cut federal income taxes on people that do no pay federal income taxes.

Not for democrats - just send people bigger and bigger welfare checks "refunds" on money they never paid in in the first place...
« Last Edit: December 04, 2017, 01:13:07 pm by Snarknado »
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Online IsailedawayfromFR

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #37 on: December 04, 2017, 02:16:02 pm »
From my understanding, yes, nearly double the standard deduction, but itemized deductions disappear instead and those hardest hid will be the poor and seniors.
Here's a source indicating that in fact the poor will profit by not having to pay the onerous Obamacare tax.

Where is your source for the claim this tax bill will raise taxes on the poor?
@libertybele

Senate Bill Kills Obamacare’s Taxes on the Poor
https://spectator.org/senate-bill-kills-obamacares-taxes-on-the-poor/
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington

Offline RetBobbyMI

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #38 on: December 04, 2017, 08:53:12 pm »
Here's a source indicating that in fact the poor will profit by not having to pay the onerous Obamacare tax.

Where is your source for the claim this tax bill will raise taxes on the poor?
@libertybele

Senate Bill Kills Obamacare’s Taxes on the Poor
https://spectator.org/senate-bill-kills-obamacares-taxes-on-the-poor/
That’s assuming the poor file a tax return, much less even pay the Obamacare taxes. Most of them that don’t work, don’t file.
"Life is tough, but it's tougher when you're stupid."  -- John Wayne
"Talk sense to a fool and he calls you foolish.� ? Euripides, The Bacchae
"Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.� ? Laurence J. Peter, The Peter Principle
"A stupid man's report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand.� ? Bertrand Russell, A History of Western Philosophy

Offline truth_seeker

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #39 on: December 04, 2017, 09:20:23 pm »
That’s assuming the poor file a tax return, much less even pay the Obamacare taxes. Most of them that don’t work, don’t file.

Actually many that don't work, nonetheless file in order to get "earned income" tax "refunds," etc.
"God must love the common man, he made so many of them.�  Abe Lincoln

Offline RetBobbyMI

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #40 on: December 04, 2017, 09:30:06 pm »
Actually many that don't work, nonetheless file in order to get "earned income" tax "refunds," etc.
Sources and stats?
"Life is tough, but it's tougher when you're stupid."  -- John Wayne
"Talk sense to a fool and he calls you foolish.� ? Euripides, The Bacchae
"Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.� ? Laurence J. Peter, The Peter Principle
"A stupid man's report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand.� ? Bertrand Russell, A History of Western Philosophy

Offline cato potatoe

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #41 on: December 04, 2017, 09:56:11 pm »
EITC and additional child tax credits are refundable, but you need earned income.  If mom and dad are fry cooks at McDonalds, and house three or more kids, they get $6,000 to $9,000 of liquor money at the end of the year.

Offline truth_seeker

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Offline RetBobbyMI

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #43 on: December 04, 2017, 10:14:11 pm »
https://en.wikipedia.org/wiki/Earned_income_tax_credit
Wikipedia? I hope you’ve got better than that? Look, many people below the poverty level, if they work, work for cash under the table to avoid taxes. Hence don’t file taxes and they are not likely to file for those benefits. So any stats, are about honest poor people.  None quantify the above group.
"Life is tough, but it's tougher when you're stupid."  -- John Wayne
"Talk sense to a fool and he calls you foolish.� ? Euripides, The Bacchae
"Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.� ? Laurence J. Peter, The Peter Principle
"A stupid man's report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand.� ? Bertrand Russell, A History of Western Philosophy

Online IsailedawayfromFR

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Re: SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP
« Reply #44 on: December 04, 2017, 10:59:02 pm »
That’s assuming the poor file a tax return, much less even pay the Obamacare taxes. Most of them that don’t work, don’t file.
that poster is obviously ill-informed or reciting Dem talking points.  To say the poor will be  hurt by this bill is an obvious error or lie.

Unsure which it is as the poster will not give a source.  @libertybele

No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington