Chicago Days Accepted Answer Pending Moderation
0
Votes
Undo
A very slanted piece. Targeting ‘villains’ who benefit from this tax ‘cut’, stopping at Non-Profit ‘pirates’ and not racing to Hedge Fund billionaires who get 20% tax rates, and the 1% who will accrue ~$150,000 in tax cuts through 2027 (while middle income households will see small increases over that timeframe), and barely nudge the economy forward, is a hoot.
I’ll leave it there.
Let’s Go Redmen.
Beast of the East Accepted Answer Pending Moderation
1
Votes
Undo
A very slanted piece. Targeting ‘villains’ who benefit from this tax ‘cut’, stopping at Non-Profit ‘pirates’ and not racing to Hedge Fund billionaires who get 20% tax rates, and the 1% who will accrue ~$150,000 in tax cuts through 2027 (while middle income households will see small increases over that timeframe), and barely nudge the economy forward, is a hoot.
I’ll leave it there.
Let’s Go Redmen.


Your post is called a deflection, and not a response. There are many aspects to the tax bill, all subject to critical review and commentary, but instead of responding to the article you insist on promoting the far left message of tax cuts for the wealthy and nothing for the middle class. In fact that's a blatant lie. Many wealthy people will pay considerably more, and the middle class will see a bump in the pay checks in a few weeks.

Rather than come to the table with a promise to work with Republicans to create a bill they could support, they continued the divisive politics that attempts to defame and cause gridlock in Washington - all with the goal of gaining party capital for the mid term elections and 2020.

Marco Rubio held out and got an additional tax deduction for the working class, and then was on board. The left wing rhetoric, which most Americans see right through, simply lies about any Republican legislation, with the hopes that the stupidest on the left (and there are a lot of them), simply buy in without coming to independent conclusions.

Keep in mind, the incredibly stupid and oppressive healthcare mandate that penalized perfectly healthy 18-34's if they came to the economic decision that their premiums with high deductibles that would like not get met would do anything for them. So, for this age group that opted out, a little more cash in their pockets as well.
Andrew Accepted Answer Pending Moderation
1
Votes
Undo
Depends on what you consider wealthy when you talk about the tax cuts. Highly doubt anyone among the top.1%(possibly the Trump's) are getting a tax increase while many in the bottom 90% are.
Beast of the East Accepted Answer Pending Moderation
0
Votes
Undo
Depends on what you consider wealthy when you talk about the tax cuts. Highly doubt anyone among the top.1%(possibly the Trump's) are getting a tax increase while many in the bottom 90% are.


I know for a fact that some people in the 1% are getting tax increases, especially in NYS, where property taxes deductions are very limited.
JohnnyFan Accepted Answer Pending Moderation
1
Votes
Undo
Beast.....please provide the profile of a wealthy individual who will pay "considerably more"? Seriously, under this tax plan, any wealthy person paying more needs a new accountant.

On the other hand, middle class families in NY, NJ, CT and CA will get slammed immediately and continue to pay more incrementally over the next 7 years. There is a reason why 11 of 15 republican congressmen from NY, NJ and CA voted no on this bill. It's because the bill SCREWED middle class families in these states. Here is an example how...............

The new tax plan eliminates the personal exemption. That means $16K more taxable income for a family of four. Yes, the child tax credit was doubled and adjusted to impact more folks, but that only makes up $4K of the $16K lost. On top of this, property tax AND state income tax is capped at a COMBINED $10K. My property tax ALONE exceeds $10K. As an example, if you have $20K in property and state income tax combined, you just added another $10K of taxable income.

Yes, many middle class and working class families in rural America (red states) will see a modest tax break that expires over time. In other words they were thrown chump change to pacify them while the big savings goes to the top.

Yes, I think Trump is financially in bed with Russia, a racist, a mysonginst and guilty of both sexual harassment and assault. But now.......he's in my pocket and that is infuriating.
Andrew Accepted Answer Pending Moderation
1
Votes
Undo
Depends on what you consider wealthy when you talk about the tax cuts. Highly doubt anyone among the top.1%(possibly the Trump's) are getting a tax increase while many in the bottom 90% are.


I know for a fact that some people in the 1% are getting tax increases, especially in NYS, where property taxes deductions are very limited.


I said .1% and blue states get punished for voting blue.
JohnnyFan Accepted Answer Pending Moderation
1
Votes
Undo
So, the top 1% had an average household income of $1,200,000 in 2014 (latest figure I could find). Just apply the 2% decrease to their bracket and you quickly get $24,000 in savings. That is not $24K of less taxable income.......that is $24,000 in savings.

That is just one example of the savings that applies and there is no part of the new law (that I know of) that would hurt them in excess of $24K.

The additional advantages that the top 1% will benefit from include deference to pass-through businesses (think the Trump Organization), the estate tax, Carried Interest, and repeal of the Alternative Minimum Tax (this is a big one).

Andrew......I agree, punishment for blue states comes through loud and clear on this bill. I am prepaying my 2018 property tax to secure a one year reprieve. Even Chris Christie (Trump pal) acknowledges the assault and just ordered NJ municipalities to accept the prepayments. Hopefully, Trumpsters in these states will make some noise when they realize their tax bill is not "Great Again".
Chicago Days Accepted Answer Pending Moderation
1
Votes
Undo
A very slanted piece. Targeting ‘villains’ who benefit from this tax ‘cut’, stopping at Non-Profit ‘pirates’ and not racing to Hedge Fund billionaires who get 20% tax rates, and the 1% who will accrue ~$150,000 in tax cuts through 2027 (while middle income households will see small increases over that timeframe), and barely nudge the economy forward, is a hoot.
I’ll leave it there.
Let’s Go Redmen.


Your post is called a deflection, and not a response. There are many aspects to the tax bill, all subject to critical review and commentary, but instead of responding to the article you insist on promoting the far left message of tax cuts for the wealthy and nothing for the middle class. In fact that's a blatant lie. Many wealthy people will pay considerably more, and the middle class will see a bump in the pay checks in a few weeks.

Rather than come to the table with a promise to work with Republicans to create a bill they could support, they continued the divisive politics that attempts to defame and cause gridlock in Washington - all with the goal of gaining party capital for the mid term elections and 2020.

Marco Rubio held out and got an additional tax deduction for the working class, and then was on board. The left wing rhetoric, which most Americans see right through, simply lies about any Republican legislation, with the hopes that the stupidest on the left (and there are a lot of them), simply buy in without coming to independent conclusions.

Keep in mind, the incredibly stupid and oppressive healthcare mandate that penalized perfectly healthy 18-34's if they came to the economic decision that their premiums with high deductibles that would like not get met would do anything for them. So, for this age group that opted out, a little more cash in their pockets as well.


Beast: "a deflection not a response." Heh? I responded to the article that exulted that 'the enemy' non-profits (i.e., 'Universities' are getting slammed by higher taxes from this tax law while ignoring the 'free lunches' it hands out to mega corps and hedge fund billionaires. And my response "promotes the far left message of tax cuts to the wealthy and nothing to the middle class." Heh?
Just about every non-partisan tax policy expert and most economists have said that this tax law is a massive transfer of wealth from the bottom to the top and will not markedly grow the economy.
I'm not citing "far left" views on the woeful ramifications of this new law, I'm citing non-partisan views of experts, shaped by economic projections--not far left propaganda.
The conclusion is that this tax law will accrue massive tax cuts to the mega wealthy over the next 10 years while the middle class gets a small tax increase over that period and the national debt increases by $1.5TRN (at the least in my view)--at a time when our National Debt is over 100% of GDP, we are entering the 9th year of an economic expansion, labor markets are tight, corporations have nearly $2TRN of cash on their aggregate balance sheets, have ample access to low cost capital for capital projects, and corporate after-tax profits have recorded a Y-O-Y increase of 14%. Howard Silverblatt--noted S&P Industry Analyst--and also no lefty--wonders why, to paraphrase: If corporations intended to invest in new plants and capital projects--flush with cash and access to low cost capital--why have't they already done so?
Also, the law vindictively hits blue states by capping property and state income tax reductions. This law is a creature of the Far Right--and that be the truth.
Dave Rosenberg--no lefty radical--and a noted Wall Street economist states that this tax law "exacerbates income inequality which, until recently, was cited as one of the obstacles to economic growth." He also references The Tax Policy Center's conclusion that: "In total, 80% of taxpayers see a lower tax bill in 2018 but that share shrinks to just 25% by 2027."
This is very bad and irresponsible legislation. Okay, i admit--THAT is my 'far left' view! (I think based on facts.) Thanks.
JohnnyFan Accepted Answer Pending Moderation
0
Votes
Undo
+1,000


There are no replies made for this post yet.
However, you are not allowed to reply to this post.