Winners and losers in the Republican tax bill

[mystery-ak]

Winners and losers in the Republican tax bill
By Cristina Marcos, Naomi Jagoda, Niv Elis and Vicki Needham - 11/02/17 06:05 PM EDT

Not everyone benefits equally from the tax legislation that House Republicans unveiled Thursday.

GOP leaders toiled for weeks to decide what deductions and tax breaks should be axed to pay for the tax cuts. That means the bill creates some winners and some losers.

Republicans say their plan will simplify the code and provide tax relief to middle-class families.

Speaker Paul Ryan (R-Wis.) repeatedly touted an example on Thursday of how a family of four earning the median American household income of $59,000 would save $1,182 a year on their taxes, using the proposed doubled standard deduction, reduced tax rate and expanded child tax credits.

more
http://thehill.com/business-a-lobbying/business-a-lobbying/358542-winners-and-losers-in-the-gop-tax-bill

[skeeter]

Its looking more like I'll be one of the losers.

[KingsX]

Under the proposed GOP tax plan, low income single seniors over age 65
will see their taxes increase in 2018 because of the lower tax exempt amount
 and higher tax rate.

In 2018 under current law, the tax exempt amount for a single over 65 will be
$12,250 [compare that with the GOP's proposed $12,000] so their taxes are
raised right out of the gate.  Also under the GOP tax plan the lowest incomes
will have a tax rate increase from 10% to 12%.

In other words, the GOP tax plan raises taxes on those least able to afford it.

[KingsX]

Speaker Paul Ryan (R-Wis.) repeatedly touted an example on Thursday of how a family of four earning the median American household income of $59,000 would save $1,182 a year on their taxes, using the proposed doubled standard deduction, reduced tax rate and expanded child tax credits.

I am so weary of this repeated LIE in the media and out of the mouth of government officials.

The GOP's proposed standard deductions...  $12,000 single and $24,000 married... are NOT "double."  Those numbers are LESS than "double" the basic standard deduction for years 2015, 2016,  2017 and 2018. 


Ted Cruz said this LIE during the CNN tax debate with Bernie Sanders.  Sanders should have called him on it... but didn't.

I called my GOP congressman's office and the supposed "tax expert" aide also told me this same LIE !!  I corrected him with the facts.  But I am willing to bet he still tells that same LIE !!

[Cyber Liberty]

Oh look!  A new thread from which to smear Briefers!

[KingsX]

In 2018 the basic standard deductions under current law will be $6500 single and $13,000 married.  Double those number would be $13,000 single and $26,000 married.

If only there could be a class action lawsuit in behalf of the taxpayers over the GOP's lying bait and switch.

[KingsX]

Oh look!  A new thread from which to smear Briefers!

Oh look another troll post with nothing informative or useful to add to the topic.

[Cyber Liberty]

In 2018 the basic standard deductions under current law will be $6500 single and $13,000 married.  Double those number would be $13,000 single and $26,000 married.

If only there could be a class action lawsuit in behalf of the taxpayers over the GOP's lying bait and switch.

Why haven't you found one of your leftist lawyers and filed it?  What the heck are you waiting for!  All your clients are waiting for their $0.25 cent checks from your class action.

All show, no go.  Such as it is with Keyboard Komandos.

[KingsX]

Why haven't you found one of your leftist lawyers and filed it?  What the heck are you waiting for!  All your clients are waiting for their $0.25 cent checks from your class action.

All show, no go.  Such as it is with Keyboard Komandos.

If the GOP tax bill passes...  they should be FORCED to abide by their LIE and give the American people
DOUBLE the 2018 basic standard deductions...  $13,000 single and $26,000 married... just like they promised.

We also need to find out if those GOP numbers are indexed for inflation... and via what kind of calculation.  They've been wanting to sneak in "Chained CPI" which would reduce the amount increased for inflation.