United States Senate Tax Bill Passes

Discussion in 'The News Stand' started by M3rkabo, Dec 2, 2017.

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Will this help or hinder the economy?

  1. Yay

    1 vote(s)
    11.1%
  2. Nay

    8 vote(s)
    88.9%
  1. M3rkabo

    M3rkabo

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    The most comprehensive tax reform bill in the past 30 years passed the Senate early this morning. Thoughts? Input?

    Donald-Trump-thumbs-up.png
     
  2. supgoat

    supgoat Watcha gonna do with all that cash? Partnered Streamer

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    Nigga do I look like I read up on this shit

    Give me a link I can read
     
  3. M3rkabo

    M3rkabo

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    • Informative Informative x 1
  4. EagleMan

    EagleMan Administrator Admin Map Maker

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    Realistically the outcome depends on what bill is produced via the reconciliation process, but so far the bill has been far from tax reform and more just tax cuts for the rich. The Republicans seem to have missed their chance to do some good for this country by reforming our insane tax system and instead just opted to appease corporations. I can't comment much further though because there are currently two different bills passed by both Houses and the final form of the bill could end up being substantially different. Income inequality is already back to the highs of the Gilded Age and I don't see this bill changing that, maybe even accelerating it to record heights. This page has some sourced graphs and statistics.
     
  5. Ser_Fergus

    Ser_Fergus Knight of the DiploGuard

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    Is this the 640 page redraft given to them a few hours before with all manner of penned in additions?
     
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  6. supgoat

    supgoat Watcha gonna do with all that cash? Partnered Streamer

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    Yep, Democrats entire block voted nay because of it
     
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  7. Feanor

    Feanor Member Liaison Officer Global Moderator Diplulzer

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    If I recall correctly though one of the things this will do is provide an effective tax cut for anyone paying a mortgage as well.
     
  8. Ordo

    Ordo Lore Judge

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    I don't wanna hear a thing about fiscal responsibility or concern about deficits and debt from Republicans after this shit.
     
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  9. Feanor

    Feanor Member Liaison Officer Global Moderator Diplulzer

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    I don't think the Republicans care about what you want though.
     
  10. supgoat

    supgoat Watcha gonna do with all that cash? Partnered Streamer

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    Republicans don’t care about anyone except the wealthy and Big business
     
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  11. EagleMan

    EagleMan Administrator Admin Map Maker

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    This was already the case in the Bush years, it's only when a Democrat is in power that they care about fiscal responsibility. In a sense, they do care about deficits, but if they have the chance to pass tax cuts, they always go for that first. So if you're a person who cares most about responsible government spending, the ideal government for you would probably be one where Democrats have weak control but no legislative majorities.
     
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  12. Ordo

    Ordo Lore Judge

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    So Obama years
     
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  13. ponasozis

    ponasozis SOVIET HATE MARINE

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    watch that debt go up boyz
     
  14. IamtheWalrus.

    IamtheWalrus. THE Walrus

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    The opposite is true. They're getting rid of the mortgage interest deduction for any house with value over $500K (any house in California)--effectively a large tax increase. They're lowering the tax for corporations, but what loopholes are they closing so that their effective rates actually stay around 20%? I haven't heard of any. Get ready for corporations paying 5-10% effective tax rate. Also, what they're doing to pass-through companies and AMT is the biggest giveaway to the rich. Get ready for anyone with income over $100K reclassifying themselves as a pass-through entity to get that 25% rate instead of 40%. In more way than not this bill will make the tax code more complicated, and it's a total give away to the rich. But like Eagle said, this is all speculative will we see the final bill.
     
  15. Feanor

    Feanor Member Liaison Officer Global Moderator Diplulzer

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    I was under the impression that they were changing the standard deduction to more then make up for mortgage deduction?
     
  16. IamtheWalrus.

    IamtheWalrus. THE Walrus

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    If you were/are using the standard deduction, then the mortgage interest deduction is irrelevant. You either use itemized deductions or the standard deduction. Chances are anyone who counted the mortgage interest deduction among their itemized deductions will be losing out. This won't be a problem for me since I'm more towards the start of my career and don't own a house, but the vast majority of home owners in California use this deduction and it won't be made up for with the standard deduction. In general, this plan doesn't involve a widespread tax cut for the middle class.
     
  17. Feanor

    Feanor Member Liaison Officer Global Moderator Diplulzer

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    Hmm. I was under the impression that this would improve the standard deduction for middle class households. Also plenty of houses in CA are still below 500k. Though the number is shrinking rapidly and they're definitely a minority.
     
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  18. IamtheWalrus.

    IamtheWalrus. THE Walrus

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    The standard deduction is improved, to be sure, which will benefit me. But if you're middle class trying to own a home and have a kid, you're screwed.

    I was looking at data from 2015, and it looked like the point at which one would take itemized deductions over the standard deduction assuming dependents was ~$30,000/year. Lower class people will benefit a little if they're even paying much in tax now. Lower middle class will also slightly benefit.
     
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  19. Feanor

    Feanor Member Liaison Officer Global Moderator Diplulzer

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    I guess we will see. I fall into that lower middle class category, and plan on buying a home for less then 500k sometime next year, so... :)
     
  20. VanDenDale

    VanDenDale The Chancellor

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    Massive tax giveaway to the rich gets to masquerade as "tax reform". Big business will continue strangling small business, the deficit will be unfixable, the middle class will get hammered and conservative dupes will pull out spreadsheets explaining growth and economic activity until - like every other boom/bust cycle in our country's history - they're drowned out by outrage. How long that takes is anyone's guess, but another nail in America's coffin has been successfully hammered.

    Repubs have wanted this for a long time, but it took the power of retardation to get it done. They might as well have scribbled pages in this with crayon.
     
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