Why cut taxes?

[Walter Sobchak]

Let's see, my taxes go up and the deficit explodes. Thanks for nothing.

Please, can we stop pretending that republicans care about deficits and fiscal responsibility?

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[Moliere]

While I'm definitely not "all in" on this tax bill, the GOP will at least solved a couple problems. They will cut the corporate tax rate to something more in line with developed countries around the world. While most corporations don't pay 35% on net income given the litany of tax deductions, they still pay more than most corporations in "socialist" countries. Maybe the 20% rate is going a bit too far, we don't know. But it's a good start.

The tax holiday on repatriated earnings is a great idea and the move away from a worldwide tax system is even better. A territorial system is needed and this was part of Romney's tax plan. Very few developped countries have a worldwide tax system. I'm looking forward to Apple et al repatriating their earnings to the US and using that money to invest here or pay dividends.

Given the current political environment, it was clear none of this would get done in a bipartisan manner. Dems would never vote for a reduction in corporate taxes because they claim to hate corporations...although that claim is just for show since they love the political contributions and riches they get from corporations. While the personal tax side may not be the best, the GOP at least is helping businesses. Hell, they even lowered the pass through tax rate, which is also great, especially for small businesses. So while the Dems may try to rile up the people about this bill, they might not get the same amount of anger as was created with Obamacare since most of the middle class is either tax neutral or gets a tax cut for most of the 10 years of the bills life.

[cowboy]

Let's see, my taxes go up and the deficit explodes. Thanks for nothing.

Please, can we stop pretending that republicans care about deficits and fiscal responsibility?

Your taxes go up and it has no long term effect on the deficit. Why don't you people do math?

BTW, I agree Republicans don't care about fiscal responsibility.

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[Jeff Lebowski]

Your taxes go up and it has no long term effect on the deficit. Why don't you people do math?

[Uncle Ted]

Your taxes go up and it has no long term effect on the deficit. Why don't you people do math?

It is that 15% drop in the corporate tax rate! We should be raising the corporate rate to 90% instead... and building that wall. Not to keep people out but to keep those greedy corporates from leaving and avoiding taxes. And we need to punish those tax dodging fat cats starting with that Burger King.

[cowboy]

Math.

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[Jeff Lebowski]

Math.

Meth

[BlueK]

Only 29% like the tax plan.

http://www.cnn.com/2017/12/05/politi...oll/index.html

[frank ryan]

Senate Republicans Made a $289 Billion Mistake in the Handwritten Tax Bill They Passed at 2 a.m. Go Figure.

It appears that Senate Republicans managed to make a $289 billion or so mistake while furiously hand-scribbling edits onto the tax bill they passed in the wee hours of Saturday morning. The problem involves the corporate alternative minimum tax, which the GOP initially planned to repeal, but tossed back into their stew at the last second in order to raise some desperately needed revenue. The AMT is basically a parallel tax code meant to prevent companies from zeroing out their IRS bills. It doesn’t allow businesses to take as many tax breaks but, in theory, is also supposed to have a lower rate.

Except not under the Senate bill. When Mitch McConnell & co. revived the AMT, they absentmindedly left it at its current rate of 20 percent, the same as the new, lower rate of the corporate income tax that the bill included. As a result, many companies won’t be able to use tax breaks that were supposed to be preserved in the legislation, including the extremely popular credit for research and development costs. Corporate accountants started freaking out about this over the weekend, but the situation reached high farce when a group of lawyers from Davis Polk pointed out that, by leaving the AMT intact, Republicans had essentially undermined their bill’s most important changes to the international tax code.

https://slate.com/business/2017/12/s...-tax-bill.html

[BlueK]

Senate Republicans Made a $289 Billion Mistake in the Handwritten Tax Bill They Passed at 2 a.m. Go Figure.






https://slate.com/business/2017/12/s...-tax-bill.html

What a bunch of idiots

[BlueK]

What a bunch of idiots

Looks like they reached an agreement. Hoping it doesn't mean my already ridiculous amount of tax goes up more, but everything I've seen on the details so far leads me to think mine are going up.

[Uncle Ted]

I was reading about some interesting 529 proposals in the senate tax bill. First, Orrin Hatch, looking out for all those that send their kids to BYU or some other religious school wanted to make it so you could treat 25% of the cost as a charitable donation or tax deduction. That got removed (actually just X'ed out) from the final bill.

Second, Ted Cruz's proposal to expand 529 college savings plans to allow up to $10K/year to be used for K-12 expenses including things like private school tuition, college application fees, entrance exam fees, home school expenses, etc. was included in the final bill. I guess it sort of makes sense. The kids have to make it into college first but may screw lower income families that don't take advantage of 529's. It will be interesting to see what Cruz expansion of 529's can all be used for in the final details.

http://blogs.edweek.org/edweek/campa...tch_devos.html

[Donuthole]

Why cut taxes?

Looks like they reached an agreement. Hoping it doesn't mean my already ridiculous amount of tax doesn't go up more, but everything I've seen on the details so far leads me to think mine are going up.

Who’s the idiot?

[BlueK]

Who’s the idiot?

My typos don't add $1 trillion to the deficit.

[Uncle Ted]

My typos don't add $1 trillion to the deficit.

Maybe D-hole is proofreading CS while billing the hours to the government... Do you know what that dude charges?