House passes GOP tax bill - Politics Forum.org | PoFo

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By Hindsite
#14863452
The House on Thursday passed legislation to overhaul the tax code, moving Republicans one step closer to achieving the top item on their legislative agenda.

The measure was approved by a vote of 227-205. No Democrats voted for the bill, while 13 Republicans broke ranks to oppose it.

Besides Rep. Walter Jones (R-N.C.), who had concerns about the bill's impact on the debt, all of the GOP no votes came from the states of New York, New Jersey and California.

Opposing the bill were New York Reps. Dan Donovan, John Faso, Pete King, Elise Stefanik and Lee Zeldin; New Jersey Reps. Rodney Frelinghuysen, Leonard Lance, Frank LoBiondo and Chris Smith, and California Reps. Darrell Issa, Tom McClintock and Dana Rohrabacher.

http://thehill.com/homenews/house/36070 ... ry-for-gop

Since I don't live in those high tax states, this looks good to me. What they failed to do was to eliminate the Obamacare mandate tax which would help many people that can't afford to buy the Obamacare insurance in their state. I hope that is included in the final bill from the Senate and House.
#14863553
The bill is shit but what can you expect from the party of giggling maniac arsonists who just want to burn the government down so that the most extravagantly rich can buy their 30th summer mansion?
#14863560
The same republicans were continuously bitching about the deficit during Obama years.

Now, with a single stroke of the pen, they add $140 billion to the annual deficit figures.

Well, never underestimate the predictability of stupidity.
#14863561
Excellent,not as robust as I would like it but something is better then nothing. I was hoping for far higher tax breaks for people who actually drive the economy, b
#14863562
It’s not shortsighted graft at all.

Ramp up the debt after twenty years of crying about it, give more money to the people that have so much wealth they have trouble hoarding it in offshore accounts, take away education and work tax breaks to keep the plebes from advancing.

In the United States, we’re all accelerationists now, and the specter still haunts.

Image
#14863633
Vanasalus wrote:The same republicans were continuously bitching about the deficit during Obama years.

Now, with a single stroke of the pen, they add $140 billion to the annual deficit figures.

Well, never underestimate the predictability of stupidity.

By eliminating the Obamacare mandate tax $338 billion will be saved over 10 years to pay for the $2000 child credit increase for those with children. The growth in GDP will quickly cover the $140 billion annual deficit with no problem. Also all other states should not be subsidizing the high taxes of California, New York, New Jersey, and Illinois. So the House Bill is a start in the right direction. I just hope the Senate do not screw it up by making it more complicated with the special interest deductions and loop holes.
#14863638
Vlerchan wrote:It won't make it through the Senate.

:knife:

That may be true because of the RINOs. However, it will be good for me, since I use the standard deduction already and doubling it sounds great for me. Praise the Lord.
#14863697
It increases taxes on the middle-income Americans and cuts them for the rich (which hardly pay any already via deductibles & using tax shelters). Also slugs social systems like Medicare.
#14863699
redcarpet wrote:It increases taxes on the middle-income Americans and cuts them for the rich (which hardly pay any already via deductibles & using tax shelters). Also slugs social systems like Medicare.


NYT on Senate Bill;

Senate Plan Would Raise Taxes on the Poor, a Report Says

WASHINGTON — The congressional Joint Committee on Taxation said on Thursday that the latest version of the Senate tax bill would effectively raise taxes for lower-income Americans by 2021.

An analysis by the nonpartisan committee projected that, if the Senate bill becomes law, Americans earning $30,000 a year or below would pay higher taxes beginning in 2021 than they would if the bill is not enacted. The projected increase stems from the bill’s repeal of the Affordable Care Act’s mandate that most people have health insurance, a provision that was tucked into an amended version of the legislation this week.

The projections assume that repeal of the so-called individual mandate would result in many lower-income Americans choosing not to buy insurance, and thus not claim tax subsidies that help them defray the costs of health coverage.

As a result, their total tax liability would rise.

The committee’s analysis also found that Americans earning $75,000 a year or less would also face large tax increases by 2027 because of the Senate’s plan to allow individual tax cuts to expire at the end of 2025.

The analysis reports on taxpayer liability by income group, not on an individual basis. Previous committee analyses have found that millions of tax filers, across income levels, could see tax increases under Republicans’ tax proposals.


Thursday’s report prompted additional criticism from Democrats, who were already adamant that the tax bill would hurt middle- and lower-income Americans. Republicans dismissed the projections and said the figures were a mirage, not a real increase in the taxes individuals would owe to the federal government.

Senator Ron Wyden of Oregon, the top Democrat on the Finance Committee, called the development “astounding” and warned that middle-class taxpayers would get “clobbered” under the latest Republican plan.
#14863726


It doesn't happen, it's skyrocketing upwards the income and wealth grows to people ALREADY very wealthy. Inequality increased radically in the Reagan years. Not reduced, because reactionary policies don't benefit 99.99% of a national population. Nor meant to.
#14863865
redcarpet wrote:https://twitter.com/BruceBartlett/status/931736105837264896

It doesn't happen, it's skyrocketing upwards the income and wealth grows to people ALREADY very wealthy. Inequality increased radically in the Reagan years. Not reduced, because reactionary policies don't benefit 99.99% of a national population. Nor meant to.

I don't trust Lawrence O'Donnell because he is prone to lie and present fake news because of his liberal views. A tax rate reduction and doubling of the standard deduction has got to help me by at least $2000 a year. That is why I am looking forward to it. If the more wealthy people get more then that is fine with me. HalleluYah.
#14864066
redcarpet wrote:It doesn't happen, it's skyrocketing upwards the income and wealth grows to people ALREADY very wealthy. Inequality increased radically in the Reagan years. Not reduced, because reactionary policies don't benefit 99.99% of a national population. Nor meant to.


Exactly!

Image

That is the true legacy of the Reagan. Unfortunately, it is still alive and kicking.
#14864074
The House has a lot of rich assholes who should be locked in prison for tax evasion or other white collar crimes. They can't do the math and see that this bill is just increasing the national budget deficit.
#14864251
By eliminating the Obamacare mandate tax $338 billion will be saved over 10 years to pay for the $2000 child credit increase for those with children.


This is nonsense. It will not happen. I, of course, object to the discriminatory tax break for those with children. I should not be forced to pay for other people to fuck.


The growth in GDP will quickly cover the $140 billion annual deficit with no problem.


Historically this has never happened. And, oh by the way, the bi-partisan Congressional Budget Office says this will not happen in this case. This old canard is over.

Also all other states should not be subsidizing the high taxes of California, New York, New Jersey, and Illinois.


And this is one of the most profoundly stupid things I have ever seen posted on POFO. Hindsite. Please understand just how wrong you are. Wait for it. All of the states which you mentioned as being "subsidized" by other states get back less than a dollar for every dollar they pay in. In other words, put so simply as even you may be able to understand, these states are subsidizing the other states despite their own state taxes.

Now I want you to admit that you had this wrong. Do it for all to see. Here is the proof.

https://www.theatlantic.com/business/archive/2014/05/which-states-are-givers-and-which-are-takers/361668/

So fess up. Your support of this bill is at least in part based upon your own ignorance. Are you man enough to admit that? And if you heard it from a republican you can be sure that you were directly lied to. Man up.

The bill is, by the way, dead on arrival at the Senate.
#14864334
The IDIOTS Act also ends tax-free education benefits for the children of long-term college employees. The House GOP bill would eliminate Internal Revenue Code Section 117(d), which allows these benefits.

“Fifty percent of employees receiving tuition reductions for themselves or family members earned $50,000 or less, and 78 percent earned $75,000 or less,” according to the College and University Professional Association of Human Resources.

In simple terms, here is the bill’s message to the poorly educated person who works in the college cafeteria so that their child may attend college: “Tell your kids plan on a career in the cafeteria.”

Even worse is the plan to eliminate subsection (5), which allows “a graduate student at an educational organization… who is engaged in teaching or research activities for such organization” to get tuition waivers and stipends tax-free.

Taxpayer money now invested in developing knowledge would be shifted to giving massive tax breaks to heirs of the already rich and to the 3,000 corporations (out of 6 million) that own more than 80% of all the business assets in America.


Removing the individual mandate would increase the uninsured, which of course breaches Trumps election promise for healthcare for all.

Also they're circumventing Senate voting rules and gagging the CBO.

the secrecy provision is a small part of the Senate budget resolution that would only need 50 votes, not the 60 needed to overcome a filibuster. The Senate plan would cut taxes as much as $1.5 trillion over the next decade and hugely favors those with incomes of more than $730,000 a year. Taxpayers in the bottom 95% would have tax cuts averaging 1.2%.

The CBO has already cast doubt on the wishful numbers in Trump’s budget which projected 3% growth and ending the deficit within a decade. The CBO forecast growth of 1.8% to 1.9%, a $720 billion deficit and dramatic cuts in social programs.
#14865101
redcarpet wrote:Removing the individual mandate would increase the uninsured, which of course breaches Trumps election promise for healthcare for all.

Also they're circumventing Senate voting rules and gagging the CBO.

This is all left-wing Democrat propaganda. Don't believe it. There are many people that are paying a tax penalty on their tax returns because they do not want to pay the high cost of Obamacare in their state. They are not buying the insurance anyway. President Donald Trump has also endorsed repealing the individual mandate as part of the tax bill.

http://www.cnn.com/2017/11/13/politics/ ... index.html

Drlee wrote:This is nonsense. It will not happen. I, of course, object to the discriminatory tax break for those with children. I should not be forced to pay for other people to fuck.

You are not forced. You have the right to have children too. So it is not discriminatory. You only pay the taxes you owe. You just don't get a deduction for not having children, which is good for preserving the society and the nation.

I have been wrong before, but most of the time I am right. I predicted that there would be "no repeal of Obamacare" in the beginning by creating the subject post by that name. In this case I believe the Senate will pass a Tax Bill.

The biggest problem with the state and local deduction is that it entices states and municipalities to tax and spend more than they would without it. The U.S. government should not be helping high-tax states conceal the true fiscal burden they impose upon their residents, but that’s exactly what the state & local income tax deduction does.

The greatest beneficiaries of the state and local deduction are high-tax, Democrat-run states that overwhelmingly voted for Clinton in the 2016 presidential election.
#14865502
Please acknowledge that you were wrong about the high tax states. A man would do that.
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