SENATE PASSES REPUBLICAN TAX BILL IN HUGE WIN FOR TRUMP, GOP

[RetBobbyMI]

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.

[NavyCanDo]

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.

[RetBobbyMI]

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.

[Bigun]

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.

[RetBobbyMI]

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.

[libertybele]

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.

[IsailedawayfromFR]

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?
@libertybele

[jpsb]

It is very hard to cut federal income taxes on people that do no pay federal income taxes.

[libertybele]

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? 

[Frank Cannon]

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.

[Oceander]

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.

[Snarknado]

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...

[IsailedawayfromFR]

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/

[RetBobbyMI]

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.

[truth_seeker]

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.

[RetBobbyMI]

Actually many that don't work, nonetheless file in order to get "earned income" tax "refunds," etc.

Sources and stats?

[cato potatoe]

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.

[truth_seeker]

Sources and stats?

https://en.wikipedia.org/wiki/Earned_income_tax_credit

[RetBobbyMI]

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.

[IsailedawayfromFR]

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