GOP Tax Cuts and Slashing Entitlements Thread

[Santander]

So, in sum...

Republicans said we need to simplify the tax code.
This bill doesn't do that.

Paul Ryan claimed we'd all be able to fill out our income taxes on a postcard.
This bill doesn't do that.

Donald Trump said tax reform was needed so we could "bring the jobs back."
This bill creates more incentives to move profits and business activity out of the country.

Donald Trump repeatedly claimed wealthy people would not get a tax cut.
This bill gives them a YUGE one.

So basically, this bill doesn't do anything it was supposed to do.

The bill does everything it is supposed to do. The Republicans are liars.

[jaichind]

I played around with different simulations to construct what type of realistic taxpayer gains the most and loses the most under this plan (as a function of AGI.)

The household that gains the most is a  ~400K married household with a large number of children (I made it 4 to be realistic) that rents in a low tax state.  This household gains 6.3% of AGI under this plan.   To make it more realistic if this household owned a house then the gain is around 5.3% of AGI.

The household that loses the most is a ~750K head of household (single parent) living in SF that owns a house.  This household loses 3.4% of AGI.  If the same person was single the loss would be around 2.9% of AGI.

Like I said before, this tax plan is a tax cut for lower and middle income taxpayers and for higher taxpayers it is shift of wealth from people depicted in "Sex in the City' to "Leave it to Beaver."

[Gass3268]

CNN Poll:

33% Favor
55% Oppose

21% Better Off
37% Worse Off
36% About The Same

27% Benefits the Middle Class
66% Benefits the Wealthy
2% Benefits Both Equally
1% Benefits Neither

Source

[SoLongAtlas]

NYT sourced Dave's data to get the SALT interactive chart https://www.nytimes.com/interactive/2017/12/05/us/politics/tax-bill-salt.html

[junior chįmp]

Is Paul Ryan really this delusional?

You must be logged in to read this quote.

Like I said before, this tax plan is a tax cut for lower and middle income taxpayers and for higher taxpayers it is shift of wealth from people depicted in "Sex in the City' to "Leave it to Beaver."

As someone who lives and works in NYC....those "Leave it to Beaver" families can kiss my ass.

[GeorgiaModerate]

Like I said before, this tax plan is a tax cut for lower and middle income taxpayers and for higher taxpayers it is shift of wealth from people depicted in "Sex in the City' to "Leave it to Beaver."

There's a TV crossover just waiting to happen.

[SoLongAtlas]

Calculator is now live https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html

I got a couple hundred $ cut but more if I take the standard deduction. Trying to figure out if VA would be included in the high tax state category for SALT which if it is, it bumps the cut up to $760.

[Antonio the Sixth]

Is Paul Ryan really this delusional?

You must be logged in to read this quote.

I'm not sure what's more scary: if they actually believe this nonsense, or if they just don't care.

[BudgieForce]

Is Paul Ryan really this delusional?

You must be logged in to read this quote.

I'm not sure what's more scary: if they actually believe this nonsense, or if they just don't care.

Paul Ryan really is that dense.

[pbrower2a]

It's all about enriching the oligarchs who dominate  American economic life... and political life if they could get away with it. Budget deficits will bloat, and the government will be obliged to sell assets that can be turned into conduits of cash for profiteering monopolists.

Or the federal government will need to impose a hefty sales tax so that poor people with children get a further bite from buying such luxuries as milk and eggs so that plutocrats can wax fatter.

Donald Trump's idea for America 'made great again' looks like a replay of the 1920s... when old people worked until they dropped on the shop floor or died of some industrial accident, when kids dropped out of grade school to support a family if something happened to a bread-winner, when workers had practically no right to form a union (which implies holding a job if one were a union member), when the workweek was 50+ hours a week with unpaid overtime as a bonus if the boss required it... if I had to choose between the entertainment technologies of the 1920s and the social conditions of the 1920s, I'd go with the silent black-and-white films and crank-up gramophone. Entertainment is vastly over-rated, and human decency is undervalued.

The enhanced profits will go heavily into speculative activities just as in the 1920s with similar results -- a depression that will be even more brutal than that of the 1930s because most of us will be unprepared -- and privatization schemes that make everything that used to be inexpensive fiendishly expensive. Pay more, work harder, and get less.

But everything about Donald Judas Trump is a raw deal.

     

[The world will shine with light in our nightmare]

You must be logged in to read this quote.

http://www.ibtimes.com/political-capital/senator-orrin-hatch-says-he-wrote-tax-provision-center-corker-controversy-2629922

[jaichind]

Calculator is now live https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html

I got a couple hundred $ cut but more if I take the standard deduction. Trying to figure out if VA would be included in the high tax state category for SALT which if it is, it bumps the cut up to $760.

VA is in the middle more on the lower side.  I expect high income tax payers in VA to also get a tax cut under this plan where as in high tax states high income tax payers will see a tax increase.  MD where I used to live is in the middle but on the higher side.  They will see high income tax payers see more taxes starting at a higher level and with a smaller increase relative to NY and CA.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Process is starting:

12:17:14 P.M.   H.R. 1   Mr. Brady (TX) brought up conference report H. Rept. 115-466 for consideration under the provisions of H. Res. 667.
12:17:47 P.M.   H.R. 1   DEBATE - The House proceeded with 1 hour of general debate on the conference report to accompany H.R. 1.

[SoLongAtlas]

Calculator is now live https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html

I got a couple hundred $ cut but more if I take the standard deduction. Trying to figure out if VA would be included in the high tax state category for SALT which if it is, it bumps the cut up to $760.

VA is in the middle more on the lower side.  I expect high income tax payers in VA to also get a tax cut under this plan where as in high tax states high income tax payers will see a tax increase.  MD where I used to live is in the middle but on the higher side.  They will see high income tax payers see more taxes starting at a higher level and with a smaller increase relative to NY and CA.

Thanks. VA is a mix, SALT applies to NoVA and some Richmond and suburbs/Tidewater but that is about it where it would apply. I'm mixed, potential SALT hit county (Prince William), not as affected however, since I rent and the SALT mortgage rules wouldn't apply to me.

[JGibson]

A reminder for those in the House and Senate voting for the GOP tax scam (HR1, Tax Cuts and Jobs Act) today:
A YES vote = Santa's naughty list.
A NO vote = Santa's nice list.

[SoLongAtlas]

Live House debate @ http://houselive.gov

Also Noem is a tool and reminds me of a Michele Bachmann clone

[junior chįmp]

The average American family according to John "jagoff" Cornyn:

You must be logged in to read this quote.

[GeorgiaModerate]

The average American family according to John "jagoff" Cornyn:

You must be logged in to read this quote.

What percentage of married couples does this describe?  It can't be very high.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

VOTE NOW STARTING ON DEM MOTION TO RECOMMIT

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Failing 54-89, with 3 republicans voting to recommit.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Back to party line, 60-104

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Failing 105-161, party line

[JGibson]

Recommit motion officially fails 165-219.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Failing 173-222, party line

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

MOTION TO RECOMMIT FAILS 191-236, PARTY LINE