Republican Tax Plan Revealed

[Resurgo]

I don't even have a representative to complain to anymore here, since the 'gentleman' of the party of morals and family values had to resign after it came to light he told his "mistress" to get an abortion... -.-

[Daelak]

I don't even have a representative to complain to anymore here, since the 'gentleman' of the party of morals and family values had to resign after it came to light he told his "mistress" to get an abortion... -.-

Yours resigned? The guy in my state got re-elected after it came out, because he said he repented and now has absolved himself of all his sins.

[Breccia]

The tax cut for the rich --

"Stop calling it that. It's tax reform."

It has a tax break for companies that manage private jets, but takes away pre-tax company paid public transportation.

[Resurgo]

Yours resigned? The guy in my state got re-elected after it came out, because he said he repented and now has absolved himself of all his sins.

lol *sigh* the shit show never ends...
I'm betting he wouldn't have had much help anyways because as far as I know, even his own staff hated him...
https://www.politico.com/story/2017/...taffers-243521

[Cthulhu 2020]

This is every teabaggers wet dream.

It seems their fantasies of giving all their money to the people at the top, and living in poverty themselves, is coming true.

At least the fallout from such a disastrous tax bill will make more moderates who swing GOP votes, to swing hard Democrat. Cause holy fuck, this tax "reform" is just blatant big business masturbation.

[Shadowferal]

Soo...this is what the GOP is trying to push...

[Gestopft]

Soo...this is what the GOP is trying to push...

Totally, really, utterly, definitely, totally, not for the donors...really...totally. For serious.

Assholes.

[Breccia]

Totally, really, utterly, definitely, totally, not for the donors...really...totally.

NBC analysis: GOP tax plan could save Trump and his family more than $1 billion

Trump and his family could stand to save more than $1 billion under a tax proposal passed by House Republicans on Thursday, according to an analysis commissioned by NBC News.

Most of the savings Trump and his heirs would see would come from the measure's repeal of the estate tax — the tax levied on property transferred to beneficiaries after an individual dies.

The analysis was based on Trump's estimated net worth and his 2005 tax return, the only such return made public thus far. It found that the president could save more than $20 million himself, while his heirs could save $1.1 billion.

Based on the analysis of Trump's 2005 return, the president would also save a considerable amount of money under the House bill's repeal of the Alternative Minimum Tax.

"Under HR-1, the alternative minimum tax would be repealed. Line 45 of page two of Form 1040 reports an alternative minimum tax liability of $31,261,179," Maury Cartine, a tax expert at Marcum LLP, wrote in the analysis.

"Assuming the alternative minimum tax was repealed under HR-1, the taxpayers would not have paid $31,261,179 of alternative minimum tax," he wrote.

The analysis also notes, however, that because the capital gains tax is higher now than it was in 2005 and because of a tax on investment income and fewer itemized deductions, Trump's savings would have been about $22.6 million.

Trump has refused to release his personal income tax returns, meaning that more up-to-date information is not available. The 2005 return was leaked to MSNBC earlier this year.

According to the analysis commissioned by NBC News, the biggest savings for Trump and his heirs would come from the repeal of the estate tax, which currently levies a 40 percent tax on estates worth more than $5.5 million for individuals and $11 million for couples.

Bloomberg's Billionaire Index estimates the president's net worth at about $2.86 billion, and the House GOP's tax proposal calls for the estate tax to be repealed by 2024. If Trump and his wife are still alive at that time, they would save about $400 million for every $1 billion in net assets, according to Cartine. That would add up to about $1.1 billion in savings by 2024.

Trump has repeatedly insisted that the tax reform plan would not benefit him and that he would, in fact, take a financial hit from it.

The bolded part is especially noteworthy. It is an indefensible lie, and he did it bold-faced in public.

EDIT: Oh, and in case you wondered why Trump so "charitably" volunteered to give away his salary -- whatever happened to that, by the way? Last update's from July -- is because he fully expected to get his taxpayer money elsewhere. Presidential salary is $400k per year. Even if he got 100% of that tax-free, it would take fifty years to equal the tax break he's personally handing himself in one year alone.

[Themius]

So... anyone want to tell me how giving corporations a tax break and lowering taxes on the wealth helps the poor and middle class?

[Macaquerie]

So... anyone want to tell me how giving corporations a tax break and lowering taxes on the wealth helps the poor and middle class?

Hell, these tax breaks won't even help the rich in the long term, because their success depends on the average consumer having enough money to afford their products.

[Kujako]

So... anyone want to tell me how giving corporations a tax break and lowering taxes on the wealth helps the poor and middle class?

Because THIS time, despite history and the CEOs flat out saying they wont, the corporations will take all that extra money and increase their employee wages!

[Felya]

So... anyone want to tell me how giving corporations a tax break and lowering taxes on the wealth helps the poor and middle class?

Just a reminder, GOP fought against a payroll tax cut, that would directly benefit all working citizens. They had to finally concede, not saying that it will just help American people, as much as saying this was a move by Obama’s to get votes:

Republican leaders shifting stance on payroll tax cut

http://www.cnn.com/2011/12/01/politi...cut/index.html

Both parties are the same... just ignore payroll tax cuts or Obama’s actually shrinking Bush corporate tax cuts, which should sound similar... Since Bush gave us the same limited tax cut on the majority, while making the one for the top permanent. With all the talk about buying out politicians and lobbying, look at the tax cut history of the two parties.

[Breccia]

So... anyone want to tell me how giving corporations a tax break and lowering taxes on the wealth helps the poor and middle class?

Oh, it's easy. To make room for the tax cut for the rich, you first cut programs like Medicare and Medicaid.

Then you don't give the lower or middle class anything, especially nothing that's permanent, like the rich get.

Then you collect underpants.

???

Profit.

[paralleluniverse]

This disgusting trickle-down tax bill is class war on the poor and middle class.

It kills the mandate which will cause a price death spiral, it triggers cuts to Medicare and Medicaid, it raises taxes on the poor and middle class, all to give a huge tax cut to the rich and corporations and to repeal the estate tax.

Trump is a phony, and the idiots who got duped into believing he was a "populist" got conned so hard.

[Themius]

This disgusting trickle-down tax bill is class war on the poor and middle class.

It kills the mandate which will cause a price death spiral, it triggers cuts to Medicare and Medicaid, it raises taxes on the poor and middle class, all to give a huge tax cut to the rich and corporations and to repeal the estate tax.

Trump is a phony, and the idiots who got duped into believing he was a "populist" got conned so hard.

The most pathetic thing is watching trumpettes continue to support this. Republicans are generally the poorest and most uneducated base so they’re the ones most hurt. Liberals in particular tend to be more wealthy and stand to gain more than conservatives and yet they’re (as a group) are against these cuts which should signal something to republican voters. Yet it doesn’t.

[Breccia]

Republicans are generally the poorest and most uneducated base so they’re the ones most hurt. Liberals in particular tend to be more wealthy

First of all, education y'all.

Second of all, this is a good example of mean vs. median. When the GOP talks about how their average family will be saved, they frequently talk about the mean savings, since the tax cut for the rich has such a HUGE impact on the rich, that the mean savings go up, even if the savings themselves don't. That's why they say such questionable things as $1,140 or outlandishly Meanwhile, the median family -- you know, the one that'd be in the middle if you put everyone highest to lowest -- saves $360 to $800 depending on which analysis, and also sees that tax cut dwindle or even vanish over ten years while the richest do not -- keeping the mean savings high but the median savings become anti-savings.

"But they could just vote the low and middle tax cuts back in!"

They could just vote the much higher tax cuts for the rich and corporations back in, too, but they decided to make those permanent instead. So you know where their motivation truly lies.

- - - Updated - - -

We've heard about Collins. Murkowski is also hinting she's a no for now. Simply put, she will not vote to repeal the individual ACA mandate unless the markets are stalibized first, namely, the Alexander-Murray bipartisan bill.

“If that tax cut is offset by higher premiums, you haven’t delivered benefit."

[akris15]

- - - Updated - - -

We've heard about Collins. Murkowski is also hinting she's a no for now. Simply put, she will not vote to repeal the individual ACA mandate unless the markets are stalibized first, namely, the Alexander-Murray bipartisan bill.

“If that tax cut is offset by higher premiums, you haven’t delivered benefit."

Collins seems like shes going to be a no anyways. If anything is in the the tax bill to hurt the ACA the two women will been a no. Republicans will do whatever they can to appease Ron Johnson so basically we are at the point Senator McCain will change everything...again...

[Kujako]

Collins seems like shes going to be a no anyways. If anything is in the the tax bill to hurt the ACA the two women will been a no. Republicans will do whatever they can to appease Ron Johnson so basically we are at the point Senator McCain will change everything...again...

Don't forget, the house bill removes the medical expenses deduction. 'cause screw you sick people!

[Shadowferal]

Grad Students Are Freaking Out About the GOP Tax Plan. They Should Be
Heh...PHD = Pretty Huge Debt

[Healing Rain]

The mandate is antithetical to American ideals. The mandate has nothing to do with healthcare, the mandate is about wanting power over the American people. The mandate must go.