Trump Tax Cut Proposal Underway

[laklak]

Just got back from my meeting with Magic George the Accountant. He loves the new tax bill, and flatly contradicts pretty much everything the media is saying about it. He said "what you're reading on CNN and MSNBC is a complete lie". Looking good for next year! Thanks, Trumpy!

[Forty Two]

There are articles out there that bear your statements out, lak. These are tax cuts across the board. Beautiful.

[laklak]

It's not going to be a massive change for us, but we'll save a buck or two.

According to George the ones who will get hit the hardest are those in the $600,000 and up brackets. Yes, the tax rate was lowered, but a LOT of "loopholes" were closed that only the quite wealthy can take advantage of. The average Joe will see a lower tax burden.

Oh, and if you live in New York or California and have a huge mortgage - bend over, sucker!

[Seabass]

Just got back from my meeting with Magic George the Accountant. He loves the new tax bill, and flatly contradicts pretty much everything the media is saying about it. He said "what you're reading on CNN and MSNBC is a complete lie". Looking good for next year! Thanks, Trumpy!

Was George only looking at the short term effect of the tax bill? According to the CNN calculator that someone linked earlier, my taxes will go down initially, but will come back up and over what they are currently by 2026. Moreover, pretty much everyone agrees that this thing will blow up the national debt.

This is all fine and dandy if you plan to leave the country in the near future, but for those of us who plan to stay, not so much.

[Tero]

It’s a giveaway. Cutting taxes, by whatever means, reduces revenues. Somebody is getting something. Not many of us.

[laklak]

Just got back from my meeting with Magic George the Accountant. He loves the new tax bill, and flatly contradicts pretty much everything the media is saying about it. He said "what you're reading on CNN and MSNBC is a complete lie". Looking good for next year! Thanks, Trumpy!

Was George only looking at the short term effect of the tax bill? According to the CNN calculator that someone linked earlier, my taxes will go down initially, but will come back up and over what they are currently by 2026. Moreover, pretty much everyone agrees that this thing will blow up the national debt.

This is all fine and dandy if you plan to leave the country in the near future, but for those of us who plan to stay, not so much.

The tax cuts that will expire in 2026 wll be extended. We've been dealing with expiring tax cuts for years now. They are almost always extended. As for the debt, yeah, it will explode. Unless - they cut spending.

There is a fucking plethora of shit that needs cutting. Unfortunately, other than defense (on which we spend an obscene amount but on it's own won't be enough), those cuts need to come from Social Security and Medicare. Not popular, and will seriously and adversely affect me personally, but if it gets us out of the shithole we're in I'll take the hit. I'll trade some of my future for that of my kids.

By the time those tax cuts come up for renewal we will be in an entirely different world. Whether that's a better or worse one remains to be seen. But one thing you can count on, the politicians in charge then will be as venal, self-serving, and corrupt as the ones that have been in power for the last two hundred ears. They'll vote for whatever they think the "people" will like. Maybe that's more taxes and free shit, maybe it will be less, but in any case it will still be a cluster fuck. So for now I'll grab what I can, because I don't trust any of those fuckers to give a single shit what happens to me and mine in another decade. In the absence of real change I'd advise all and sundry to do exactly the same. This thing needs to implode, big time. Government spending is like any other addiction - the addict isn't giving it up until they hit rock bottom.

It's a shame we live in Implosion Time, but it is what it is.

[Tero]

Cut the defense. We already own most of the air craft carriers in the world. Social Security is not part of the budget, other than 2 presidents raiding some billions from it.

[laklak]

It's a bit more complex than that, and every president since 1935 has done it. Regardless, it should stop.

http://www.politifact.com/truth-o-meter ... fund-war-/

[Hermit]

What would you say are the main views/political positions which makes someone "right wing?"

If you have read and understood Milton Friedman's preferred version of capitalism and you approve of it, you are a right wing libertarian.

[Tyrannical]

It's a bit more complex than that, and every president since 1935 has done it. Regardless, it should stop.

http://www.politifact.com/truth-o-meter ... fund-war-/

By law, the U.S. Treasury is required to take the surplus and, in exchange, issue interest-accruing bonds to the Social Security trust funds. The Treasury, meanwhile, uses the cash to fund government expenses, though it has to repay the bonds whenever the Social Security commissioner wants to redeem them.

It's actually quite simple, deficit spending is mandated by law. The social security 'surplus' may only invest in US Treasury bonds, and the Treasury has to sell them. So what to do with this pile of free money

[Tero]

What a phrase: grass roots Koch brothers campaign:

"We have a public that distrusts anything coming out of Washington, especially anything from the majority party," said Tim Phillips, president of Americans for Prosperity, the grass-roots organizing arm of the powerful Koch brothers network of conservative groups. "We have a job that's not that hard. We have to make sure people understand the benefits they're going to receive from this legislation."
https://www.politico.com/story/2017/12/ ... 1?lo=ap_b1

[pErvinalia]

Astro-turf.

[Tero]

We need to correct:
http://www.msnbc.com/the-last-word/watc ... 2168899507
Trump is going to make a shitload on the tax cut.

[Tyrannical]

Bank of America is paying $1,000 bonuses to more than 145,00 employees and attributes it to an expected earnings boost from corporate tax cuts
Sinclair Broadcast Group said Friday that it will give $1,000 bonuses to 9,000 employees
AT&T will pay $1,000 bonuses to more than 200,000 employees as well
Cincinnati's Fifth Third Bank Corp will bonus 13,500 employees $1,000 each
Comcast NBCUniversal is giving $1,000 bonuses to more than 100,000 workers
Two small Texas banks are also passing out $1,000 checks to workers, tying them to tax cuts signed into law Friday morning
President Trump said at the White House on Wednesday that 'many companies ... are going to be doing similar announcements'

I'd take a thousand bucks......

[Hermit]

Bank of America is paying $1,000 bonuses to more than 145,00 employees and attributes it to an expected earnings boost from corporate tax cuts
Sinclair Broadcast Group said Friday that it will give $1,000 bonuses to 9,000 employees
AT&T will pay $1,000 bonuses to more than 200,000 employees as well
Cincinnati's Fifth Third Bank Corp will bonus 13,500 employees $1,000 each
Comcast NBCUniversal is giving $1,000 bonuses to more than 100,000 workers
Two small Texas banks are also passing out $1,000 checks to workers, tying them to tax cuts signed into law Friday morning
President Trump said at the White House on Wednesday that 'many companies ... are going to be doing similar announcements'

The Economist, a distinctly conservative publication, is not so optimistic. Looking at real world scenarios of corporate tax changes, it concludes: "There is no clear relationship between recent corporate-tax cuts and wage growth in rich countries."