Republican Rewrite of US Taxcode

[DriveInDriѵeOut]

1.5 trillion will only require a fraction of 1% gdp growth to recover that amount. You always leave that part out.....if the gdp growth is about 3%, we're better than good.

Wrong.

 

[bbsam]

What The GOP Tax Bill Means For Libertarians

He's lying.

 

[floridays]

Wrong.

Can you support your "Wrong." Balls in your court, make mama proud.

 

[refineryworker05]

The basic design of this program combines permanent massive corporate tax cuts and other tax cuts for the rich with small temporary tax cuts for the rest of us followed by large tax hikes after a few years to pay for the tax cuts for the rich.

 

[UpstateNYUPSer(Ret)]

I agree with whomever stated earlier that this was an ideal opportunity to simplify the tax code. The average person should not have to hire an accountant to file their taxes.

 

[refineryworker05]

I agree with whomever stated earlier that this was an ideal opportunity to simplify the tax code. The average person should not have to hire an accountant to file their taxes.

But the tax code was not simplified with what they are likely to pass.

The basic design of the bill is permanent massive tax cuts for the rich and small temporary tax cuts for the rest followed by large tax hikes to pay for the tax cuts to the rich.

 

[UpstateNYUPSer(Ret)]

But the tax code was not simplified.

No, it wasn't, which is a shame.

 

[moreluck]

You're mistaken, they need .4% increase over average GDP growth to break even. If we're at 2% we're even more screwed, probably $3 trillion in extra deficit.

we'll see who's right in time.

 

[It will be fine]

we'll see who's right in time.

We don't have to wait, you just need to read any of the available estimates of the bill. The entire trickle down theory is give the rich tax cuts and revenue increases with the resulting extra economic growth. If you have any downturn in the economy you've just blown a massive hole in the deficit for nothing, see Kansas for a real world example.

 

[bottomups]

I don't think that this new tax code should be voted on until the new senator from Alabama is seated. Kind of like the reasoning the republicans used for the last Scotus seat.

 

[moreluck]

We don't have to wait, you just need to read any of the available estimates of the bill. The entire trickle down theory is give the rich tax cuts and revenue increases with the resulting extra economic growth. If you have any downturn in the economy you've just blown a massive hole in the deficit for nothing, see Kansas for a real world example.

How do you figure? My tax bill will double from last year's $120,000 owed. I don't expect any tax break , but your 'rich' chant isn't true!!

 

[It will be fine]

How do you figure? My tax bill will double from last year's $120,000 owed. I don't expect any tax break , but your 'rich' chant isn't true!!

Again, we've been over this, your personal tax situation has absolutely nothing to do with broad economic policy. No one is impressed by the numbers you throw out.

 

[moreluck]

Again, we've been over this, your personal tax situation has absolutely nothing to do with broad economic policy. No one is impressed by the numbers you throw out.

Because they are real and prove you wrong!!!

 

[bbsam]

I'm missing something in this though. People talk about "permanent", but with the republicans changing the rules to be able to do this with only 51 senate votes, aren't changes just as easily made in five years or so?

 

[It will be fine]

I'm missing something in this though. People talk about "permanent", but with the republicans changing the rules to be able to do this with only 51 senate votes, aren't changes just as easily made in five years or so?

Yes, that's why reconciliation is a terrible way to make law. It's a convoluted bill with many of the middle-class cuts ending early so they can claim it doesn't add to the debt on a 10 year period. So a future unified democrat government can reverse all the cuts and have $1.5 trillion to pay for universal healthcare.

 

[bbsam]

Yes, that's why reconciliation is a terrible way to make law. It's a convoluted bill with many of the middle-class cuts ending early so they can claim it doesn't add to the debt on a 10 year period. So a future unified democrat government can reverse all the cuts and have $1.5 trillion to pay for universal healthcare.

And businesses don't even get the "certainty" they keep saying they want.

 

[refineryworker05]

I'm missing something in this though. People talk about "permanent", but with the republicans changing the rules to be able to do this with only 51 senate votes, aren't changes just as easily made in five years or so?

The word permanent is in reference to the design of the tax cuts in the tax bill, not permanent in the sense that another Congress can’t change it.

 

[bbsam]

The word permanent is in reference to the design of the tax cuts in the tax bill, not permanent in the sense that another Congress can’t change it.

An unpopular president, an unpopular accomplishment...

Pelosi and Schumer must be salivating.

 

[tonyexpress]

Wow, the misinformation in this thread is astounding. It is very similar to listening to the media.

 

[moreluck]

Pelosi and Schumer must be salivating.

You mean Schancy????