Republican Tax Plan Revealed

[Captain N]

Wealthy like Trump need to start charging people for vicariously living through them. Otherwise, it’s a massive hand out to the delusional...

Oh man could you imagine the amount of money they'd get just from the shills around here who always claim it's jealousy when we discuss income equality?

[Dontrike]

Maybe Puerto Rico should stop trying to get all the benefits of being a state while refusing to become one. When they vote to become a state and start paying US income tax, then this kind of thing wont happen

Wanna try that whole statement again but this time with the knowledge that they did vote and Congress are butt fumbling the whole thing. Then you'd actually be right.

[Rasulis]

Thirty percent of our income is rental. I still don't know if this is good or neutral.

Winner: Rental Real Estate Owners

It is a great time, however, to be a landlord. For starters, the life over which you can depreciate your property has been reduced -- from 27.5 years to 25 years for residential property and from 39 years to 25 years for nonresidential property. In addition, while most other businesses will find their interest deduction limited under the Senate bill, that limitation doesn't apply to landlords, who can continue to deduct their mortgage interest in full.

Real estate owners will really enjoy a windfall, however, if the final bill adopts the House version of "pass-through" taxation. Under the House bill, all rental income will be subject to a top rate of 25%, as opposed to 39.6% under current law. Under the Senate bill, however, it appears that for those large landlords earning more than $700,000 annually, unless the rental properties or a management company pays out significant W-2 wages, the owners would be stuck paying a top rate of 38.5% on the income, a rate 13.5% higher than under the House bill.

[Antiganon]

Also I find I cannot respond to Orlong without completely going off on him.

I'm finding the same thing.

[Breccia]

Thirty percent of our income is rental. I still don't know if this is good or neutral.

Well, the depreciation thing, if your properties are under 25 years old than no effect.

The "pass-through" is a big deal. Near as I can tell -- someone please correct me if I'm wrong -- a "pass-through" business normally has to pay 70% of its income as personal income, as you are paying your wages to yourself, and the remaining 30% uses this new lower rate.

Unless, based on what you quoted, unless you're a landlord. In which case, the whole thing goes by the new lower rate. Now, maybe when you said "thirty percent" you were already talking about the above...in which case, in theory, you would need to get out the new brackets and compare. But it looks like, to me, you'll come out ahead. At least, on this topic. Hope you don't have medical expenses or kids in college.

- - - Updated - - -

Two new polls

Two new polls released Tuesday showed the GOP tax bill is deeply unpopular with the American public.
A Gallup poll showed 29% of Americans approve of the bill, while 56% disapprove.
A Quinnipiac poll showed 29% approved and 53% disapproved.

[wunksta]

But what do the donors think?

[Zan15]

Maybe Puerto Rico should stop trying to get all the benefits of being a state while refusing to become one. When they vote to become a state and start paying US income tax, then this kind of thing wont happen

lol, shocking you could not even take the time to google the results of the last vote and republican congress was unwilling to allow this to procede to the floor for debate or a vote.

i mean its simple. you go to google, you type it in.

guess making it up is easier since you only have to go to 1 web site

[Draco-Onis]

Two new polls

Two new polls released Tuesday showed the GOP tax bill is deeply unpopular with the American public.
A Gallup poll showed 29% of Americans approve of the bill, while 56% disapprove.
A Quinnipiac poll showed 29% approved and 53% disapproved.

Wait until they find out that republicans plan to plunder medicare, medicaid, social security and welfare to give more money to the rich.

[Kujako]

Two new polls

Two new polls released Tuesday showed the GOP tax bill is deeply unpopular with the American public.
A Gallup poll showed 29% of Americans approve of the bill, while 56% disapprove.
A Quinnipiac poll showed 29% approved and 53% disapproved.

Fake news! Those polls don't ask the real voters, the big money donors. Remember, money is speech, so if you really cared about this you would have given more money!

[Zan15]

guess the stock market did not even like the plan


.2% gain on dow

1% loss on nasdaq

.1% loss on sp 500

.2% on russell 2000


possibly all the bump has already happened because of the plan, now the break back down to reality?

a lot of really huge profitable companies are really not going to save a whole lot of money since they already pay dirt low taxes to begin with.

Donald J. Trump‏Verified account @realDonaldTrump
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With the great vote on Cutting Taxes, this could be a big day for the Stock Market - and YOU!
4:03 AM - 4 Dec 2017

OOPS.....


Day two of the tax plan passage

-.5% dow
-.4% SP500
-2% Nasdaq
-1.2% Russell 2000


hmm, things are looking great after the tax plan passed senate....lol

[Frosteye]

With a ~50K income as a single filer who takes the standard deduction, I'll be a winner with this Tax bill. My tax rate will go from 25% to 22%, and my standard deduction doubled.

This bill has winners and losers, but the winners are more often Rich people. The removal of the health insurance mandate is going to cause health exchange prices to soar. Doesn't affect me as much since I have an employer health plan (which isn't going anywhere) -- but that doesn't change the fact that it is an irresponsible move since many people rely on the exchange for insurance.

IMO they clearly haven't thought out this bill very well -- or they just don't care. Probably the latter.

[Stormspark]

With a ~50K income as a single filer who takes the standard deduction, I'll be a winner with this Tax bill. My tax rate will go from 25% to 22%, and my standard deduction doubled.

This bill has winners and losers, but the winners are more often Rich people. The removal of the health insurance mandate is going to cause health exchange prices to soar. Doesn't affect me as much since I have an employer health plan (which isn't going anywhere) -- but that doesn't change the fact that it is an irresponsible move since many people rely on the exchange for insurance.

IMO they clearly haven't thought out this bill very well -- or they just don't care. Probably the latter.

Oh, they've thought it out. It benefits exactly who they want it to benefit, the people that pay them. These are people who would rob their grandmother in the street for pocket change, so of course they don't care about the poor. Their attitude is "I've got mine, fuck off".

[Edge-]

With a ~50K income as a single filer who takes the standard deduction, I'll be a winner with this Tax bill. My tax rate will go from 25% to 22%, and my standard deduction doubled.

Temporarily. Under the Senate bill that little extra bit you save (which gets smaller every year) turns into a loss by 2027 - https://www.pbs.org/newshour/politic...n-three-charts

[Frosteye]

Oh, they've thought it out. It benefits exactly who they want it to benefit, the people that pay them. These are people who would rob their grandmother in the street for pocket change, so of course they don't care about the poor. Their attitude is "I've got mine, fuck off".

The poor do seem to get shafted since they rely on more specific deductions and credits. But it does benefit a fair amount of the middle class. Unless you get your health insurance on the exchange, then you're screwed.

Temporarily. Under the Senate bill that little extra bit you save (which gets smaller every year) turns into a loss by 2027 - https://www.pbs.org/newshour/politic...n-three-charts

Oh wow. Yeah that's rough. Basically they're dangling a carrot for the middle class to get on board with the Tax Plan right now, and they'll yank it away later?

[Breccia]

Bernie kept the receipts.

[Edge-]

Oh wow. Yeah that's rough. Basically they're dangling a carrot for the middle class to get on board with the Tax Plan right now, and they'll yank it away later?

Yes, and most of the corporate tax cuts do not have any expiration last I remember checking.

The hope is that the temporary, short term, minor tax cut that many lower/middle class families will get will be enough to get them to shut up in the immediate future. That will give them back some popular support, if it goes to plan, and give them cover for when the rates start going back up for folks that aren't wealthy.

It's actually far more complex, as there are a lot of other factors like where you live that come into account (high-tax states get fucked hard due to the removal of state tax deductions, states with expensive areas get fucked because there's no accounting for cost of living etc.), but the long and short is that this is going to fuck a lot of folks in the mid-long term in addition to having pretty bad impacts on the overall economy.

[Breccia]

Oh wow. Yeah that's rough. Basically they're dangling a carrot for the middle class to get on board with the Tax Plan right now, and they'll yank it away later?

Does it really count as "yanking it away" when they're forced to publicly admit they're taking it away? I don't remember the time Lucy said "Hey Chuck, you know I'm going to yank the football away, right? Right? Okay, go for it."

They are literally counting on their voters to be intentionally ill-informed. The information is right there. They are choosing to ignore it.

[Lenonis]

Secondly, I agree with the removal of the mandate. In my eyes and others, it was illegal. It was a tax and one that forced many to decide how they were going to get fucked. Not something I personally respect from a government.

Why is the mandate bad but forcing hospitals to treat the uninsured good? Why is forcing the insured to pay for the uninsured good?

Still waiting for answers to those question from people who oppose the mandate.

[Kujako]

Oh wow. Yeah that's rough. Basically they're dangling a carrot for the middle class to get on board with the Tax Plan right now, and they'll yank it away later?

Funny part is they are simultaneously saying that the deficit effects wont be so bad, because they have the cuts expire, AND saying that the cuts wont expire, because they will just get renewed later. But no mater what, they can't have a deficit cost above ~1.5 trillion over 10 years due to how they are forcing this through via budget reconciliation.

[Stormspark]

Why is the mandate bad but forcing hospitals to treat the uninsured good? Why is forcing the insured to pay for the uninsured good?

Still waiting for answers to those question from people who oppose the mandate.

Gonna play devil's advocate here. I'm all for single payer healthcare, funded by taxes. But the way the mandate was done was wrong. It was basically forcing you to buy a product from a private company.