Why cut taxes?

[Uncle Ted]

While we are at it, why should the federal tax code subsidize those stupid mcmansions? I do like the fact that the mortgage deduction limit has been lowered.

Yeah, I don't understand why they raised that from $500,000 to $750,000. Maybe for Senator Feinstein would have less counties in her state that have average house prices above the cut off and less to b*tch about on twitter.

[PaloAltoCougar]

I've mentioned it before (and it doesn't mean I support this tax bill; I haven't studied it enough to have an opinion), but why should the federal tax code effectively subsidize high state and local tax rates?

Why provide a deduction for state and local taxes or mortgage interest at all? It bugs me that those beneath the thresholds smugly conclude that deductions up to those points are fair and just, but anything over are excessive and must end. I say end them all. Meanwhile, we Californians will shoulder an even more disproportionate share of the federal tax burden while most of the red staters bear an even smaller one. And to think some of them wish we'd secede. Knuckleheads.

P.S. My mortgage is below the threshold and I've had to pay alt min so that state/local taxes haven't been deductible for me anyway, so my views are untainted by self-interest; I am a statesman.

[Uncle Ted]

WTF! Look at Laura and Seth... They should be paying $2.5M in taxes and not 3% less!

[Uncle Ted]

#GOPTaxScam!

Today, we gather on this floor in the midst of a holy season. In this season we celebrate the miraculous blessings of God. We reflect on the wondrous joy of children and our responsibility to them. We remember our duty to live justly. And for those of us blessed to serve in this Congress, we must remember our special responsibility to govern fairly, to meet the needs of all of God’s children. In this holy time, the moral obscenity and unrepentant greed of the GOP tax scam stands out even more clearly.
[...]
This GOP tax scam is simply theft, monumental, brazen theft from the American middle class and from every person who aspires to reach it. the GOP tax scam is not a vote for an investment in growth or jobs. It is a vote to install a permanent plutocracy in our nation. They’ll be cheering that later. It does violence to the vision of our Founders. It disrespects the sacrifice of our men and women in uniform, who are a large part of our middle class and to whom we owe a future worthy of their sacrifice. And it betrays the future and betrays the aspirations of our children.

otAUZr2Ow1NdmUl2zY6ibmqpz4QW_BpRJRaQ0KwrgWw.jpg

[Moliere]

WTF! Look at Laura and Seth... They should be paying $2.5M in taxes and not 3% less!

Yep, from a percent of income perspective, this tax bill will help the lower income earners the most. The millionaires and billionaires get a larger tax break dollarwise, but a much smaller tax break percentagewise. It's a perfect bill for each political party to praise/complain about.

[Jeff Lebowski]

Yep, from a percent of income perspective, this tax bill will help the lower income earners the most. The millionaires and billionaires get a larger tax break dollarwise, but a much smaller tax break percentagewise. It's a perfect bill for each political party to praise/complain about.

No, not everyone gets a tax break. Check out the NYT graphic on the link posted above. And most of the cuts expire. This is a huge budget-busting gimmick.

[Jeff Lebowski]

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If you were a true libertarian, you would hate this bill precisely because the republicans don't have the guts to cut spending at the same time. Giving out tax breaks is easier and more fun, but no less irresponsible.

[old_gregg]

#GOPTaxScam!

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haha. oh, ted.

[Crockett]

If you were a true libertarian, you would hate this bill precisely because the republicans don't have the guts to cut spending at the same time. Giving out tax breaks is easier and more fun, but no less irresponsible.

Democrats try to get entitlements passed, like Obamacare, and hope that will later force tax increases. Republicans try to pass tax cuts, like now, and hope that economic growth will lift us out. I prefer option 2.

BTW, Ted, you are one of my favorite posters here. Keep it coming, my man.

[Moliere]

No, not everyone gets a tax break. Check out the NYT graphic on the link posted above. And most of the cuts expire. This is a huge budget-busting gimmick.

Yes, it is budget busting and not a great move from a fiscal standpoint, at least in the personal side. I like a number of the corporate tax items, which are permanent.


Sent from my iPhone using Tapatalk

[Uncle Ted]

If you were a true libertarian, you would hate this bill precisely because the republicans don't have the guts to cut spending at the same time. Giving out tax breaks is easier and more fun, but no less irresponsible.

Who said I like this bill? I think I will be actually paying more taxes as well.

I am guessing the spending cuts are coming in the budget. Of course, I doubt the sending cuts will stick.

[Uncle Ted]

No, not everyone gets a tax break. Check out the NYT graphic on the link posted above. And most of the cuts expire. This is a huge budget-busting gimmick.

WSJ sez... 5% will see their taxes go up. Consider yourself in the lucky 5%.

More than 80% of U.S. households will get a tax cut in 2018, and 5% will see their taxes go up, according to the Tax Policy Center. The middle 20% of households will get a tax cut averaging $930, amounting to 1.6% of after-tax income. Households in the top 1% get an average tax cut in 2018 of $51,140, or 3.4% of after-tax income. That is not universal; 9% of households in that top group will get a tax increase averaging $93,910.

As for the cuts expiring...

The plan cuts taxes for all income groups, on average, and it slightly shifts the remaining tax burden toward households making $100,000 and $200,000 and those making more than $1 million in 2019, according to the Joint Committee on Taxation.


Those effects fade over time and then dramatically change after 2025, when the individual income tax cuts are scheduled to expire and a tougher measure of inflation remains in place to push people into higher tax brackets. If unaltered, that will push up the tax bills of many households, according to the JCT.


Republicans did that to stay within the boundaries of the procedures they’re using to pass the bill on a simple-majority vote in the Senate.

https://www.wsj.com/articles/house-p...ill-1513711679

Yeah, maybe they should have said the hell with the senate rules and pulled a Harry Reid... i.e., invoked the nuclear option to make the cuts permanent.

[Walter Sobchak]

I am guessing the spending cuts are coming in the budget. Of course, I doubt the sending cuts will stick.

Embedded Tweet

[Uncle Ted]

House passes tax bill. Zero democrats voted for it and twelve republicans voted against it. I guess they will still call it a victory. Yeesh.

The other Ted mentioned those and the senate democrats in his speech...

And even after that speech, zero dem senators voted for it. Clearly they hate school children.

[Jeff Lebowski]

The other Ted mentioned those and the senate democrats in his speech...

And even after that speech, zero dem senators voted for it. They hate school children.

Lol. Like I am going to watch a 13-minute video. Gtfo.