Those who earn above 75K to pay less tax, those below to pay more, those between 40-50k, the bulk

Posted by DanielS on Sunday, 03 December 2017 06:12.

...of the increases. If you own a private jet, any attendant costs will be tax exempt. Good deal.

Trump’s tax plan -

Time, 28 Nov 2017:

“I’m a Multi-Millionaire So Trump’s Tax Plan Is Great for Me. It’s a Disaster for Everyone Else”

Discussion from minute 8:25 - 9:02

On Sunday, the nonpartisan Congressional Budget Office released its report on the effects of the Senate GOP tax plan, and the results aren’t pretty. According to the CBO, if this bill passes there will be a huge transfer of wealth in our country from the middle class to the rich. Nearly every American making under $75,000 a year will have less money in the long run, while millionaires like me will have more money from all our tax cuts.

The plan would also add an astounding $1.4 trillion to the national debt. That’s 1.4 trillion reasons Republicans are going to use in the future to justify cutting Medicare, Medicaid and Social Security.

Senate Republicans claim their bill is intended to help the middle class, and that tax cuts for millionaires and wealthy corporations are necessary to boost economic growth and raise wages. People who invest in job-creating businesses know that the most important factor for economic growth is customers who have the means and desire to buy their products.

Discussion from minute 8:25 - 9:02

The idea that this tax plan is going to help anyone beside the ultra-rich is ludicrous. Even a brief examination of their bill shows how blatantly untrue their claims are.

Yes, some middle-class Americans are going to get a tax cut, but it will be temporary and will leave millions worse off in the long run. If you make less than $75,000 a year, your taxes are going up so mine can go down.

What about those huge tax cuts for millionaires and wealthy corporations? Those are permanent. That disparity tells you everything you need to know about the bill.

To make matters worse, the Senate bill’s elimination of the Obamacare individual mandate would absolutely wreck the healthcare market. Without the mandate, health care premiums would rise across the board by about 10%, increasing costs for consumers and forcing those who can’t afford the increase to go without.

Discussion from minute 8:25 - 9:02

The CBO estimates that without the mandate an extra 4 million Americans would be without insurance by 2019, a number which rises all the way to 13 million by 2027. Some of those people will end up going bankrupt, and that won’t help them, the businesses where they shop or any other part of the economy besides the debt collection industry.

After years of talk about the danger of deficits and the importance of helping small businesses, this bill puts Senate Republicans’ priorities in the spotlight, and the American people (rightly) don’t like what they’re seeing. Any tax bill will naturally have winners and losers as rates are changed and loopholes are closed, but it’s striking how clearly the lines in this bill have been drawn. If you’re rich, you’re a winner. If you’re not, you’re a loser. That’s not tax reform, it’s a handout to the wealthy.

Discussion from minute 8:25 - 9:02

The zealous support for this bill by many Senators baffles me. Some of the bill’s loudest advocates, like Mitch McConnell of Kentucky or Tim Scott of South Carolina, represent states full of people that stand to lose if this passes. They are pushing a bill that will hurt the vast majority of their constituents, all to please a few wealthy donors. That decision isn’t just morally reprehensible, it’s political suicide.

The effects of this tax bill are clear — I’ll get a tax cut, and the middle class gets screwed. That’s apparently an acceptable tradeoff for many members of the Senate, but it’s not ok with me, and it shouldn’t be ok with the American people.

This bill is an outrage, and it must be stopped.

        Related Story: Americans do not pay into Social Security beyond yearly earnings of $127,500



Comments:


1

Posted by David Cay Johnston on Thu, 14 Dec 2017 21:04 | #

David Cay Johnston (15:10): This is a fantastically wonderful tax bill if you’re a billionaire, a hedge fund manager or one of the 143 Americans who’s job last year paid over a hundred million dollars, you are going to just enjoy this this tax bill to the hilt.

On the other hand, the Republicans have managed to do with this bill what I would have thought was impossible. They are about to enact a tax cut that is wildly unpopular. That surveys show a majority of Americans oppose, because they understand that this is a tax bill of, by and for the political donor class.

It clearly reveals something about the real Republican agenda.

The Republicans believe that America’s pressing, overwhelming economic problem is that the rich don’t have nearly enough; and they’ve got to get more to the rich. And here’s how they’re going to do it. They’re going to cut the corporate tax rate from 35% to 21%. They’re going to lower the top marginal tax rate from 39% to 37%. So, if you make a hundred million dollars a year, if you are one of those 143 highest paid Americans you just got a 2 million dollar annual tax cut. And they’re going to raise taxes on many families, particularly in the high tax states like New York, New Jersey, Connecticut and California which just happen to be the states that also pay the higher wages in this country. That the Republicans could pass a bill that would be unpopular with the majority of Americans in this country is just astonishing.

Donald Trump, personally, is one of the biggest beneficiaries from this bill. He owns over 500 enterprises. He’s likely to see his tax rate fall from 30-50%.

Other members of his cabinet like multi billionaires like Wilbur Ross and Besty Duvos are going to save enormously on their investments

At the same time, this (tax bill) is going to create more work for lawyers. Many businesses, because of the new partnership rules, are going to split themselves into two parts or three; that will require a lot of legal and accounting work to re organize these businesses; it will make them less efficient but it will save them taxes.

18:21 This tax bill is a shopping list for the clients of Goldman Sachs

Donald Trump ran for president saying he was going to said he was going to drain the swamp in Washington, but what he’s really done is turn it into a paradise for Goldman Sachs and its clients.

Bernie Sanders: After you raise the deficit by 1.4 trillion by giving huge tax breaks to the wealthy and large corporations, you are going to come back and cut social security,  medicare and medicaid and education and the needs of working families… this bill must not be passed.

David Cay Johnston: R​emember that Donald Trump ran for office saying that unlike the Republicans overall, I will not have any cuts to social security or medicare. Well, we’re about to see that promise go down the tubes too. They are going to borrow 1.5 trillion dollars, give it to the wealthiest people in the country and then they’re going to come back and say “there’s no money, we have to make other cuts.”

They have money for billionaires, money for people in the Trump cabinet, money for the president of the Unites States, but no money to take care of children who need health care and pretty soon, they’re going to come for your Social Security.


2

Posted by Republicans unveil tax bill on Sat, 16 Dec 2017 09:47 | #

The Hill, “Republicans unveil final version of tax bill”, 15 Dec 2017:

Republicans late Friday afternoon unveiled the final text of their bill to rewrite the tax code, which they are racing to send to President Trump’s desk before Christmas.

Like the bills that came before it, the legislation produced by the House-Senate conference committee would result in massive changes to the tax system, cutting rates for many individuals and businesses while placing new limitations on tax breaks. (Read the bill here.)


3

Posted by Trump plan allows restauranteurs to garner tips on Wed, 20 Dec 2017 23:51 | #

Trump’s plan will allow restauranteur’s to garner the tips of waiters and waitresses (under the notion of being able to distribute it among all staff - dishwashers, cooks, greeters, etc.)

       



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