Political Forums - New Tax Bill Question?

Political Forums (http://www.politicalchat.org/index.php)

- Current events (http://www.politicalchat.org/forumdisplay.php?f=26)

- - New Tax Bill Question? (http://www.politicalchat.org/showthread.php?t=12149)

New Tax Bill Question?

Will this new bill put forth by the Right, the ones in power increase the number of people who in the end will pay no taxes?

I'm thinking of those who will fall into the much maligned, dreaded 47% mentioned by Mitt Romney. It may now increase the way I read things.

Barney

My understanding is that there will be far more people in the lowest income brackets paying more taxes.

You know, tax those who can least afford to pay taxes so those who can best afford to pay taxes don't have to.

I was thinking of the standard deductions and child credit increases.

Barney

Quote:

Originally Posted by Oerets (Post 365354)

From NY Times:

Quote:

LOW-INCOME FAMILIES Low-income families who claim the earned-income tax credit will lose out on at least $19 billion over the coming decade under the bill because of the change in the way inflation is calculated. And a new requirement that families claiming the child tax credit provide a Social Security number is projected to mean a big reduction in the families claiming it, since those who are not in the United States legally would be prohibited, even if their children were born in the United States.

Big winners are corporations, billionaires and mega millionaires.
As for corporations, the tax savings will most certainly be distributed as dividends since that is job security for the CEO's and upper management. So the effective growth in economy will go in the opposite direction. Middle class home owners with mortgages and/or property taxes are the hardest hit.

https://www.nytimes.com/2017/12/16/b...=top-news&_r=0

It is good if you make less than say $75,000. However it is not permanent like the corporate tax cuts as they expire by the mid-2020s. Nothing wrong with giving relief but to not pay for it, or using weapons against those of us in states like mine who are making more than $80,000 and contributing to the system is immoral.

They want to destroy the system by cutting revenue and giving rich people a lot more money, then come back and later say we have to cut the social safety net to pay for a deficit they created by not making the wealthy pay their fair share in the first place.

Quote:

Originally Posted by icenine (Post 365364)

I believe that this was their game plan (aka Paul Ryan plan) all along. A pathway to cut social programs in the future.

Quote:

Originally Posted by Rajoo (Post 365365)

I believe that this was their game plan (aka Paul Ryan plan) all along. A pathway to cut social programs in the future.

Was my thoughts also.

Barney

I am reminded of an AK member whose username is 'Igotnomoney'.
The new GOP mantra is going to be 'we have no money' and how we need to be fiscally conservative after the US Treasury has been robbed.

The GOP will be eviscerated in the 2018 mid-term elections but financial damage will already be done to the middle class.

https://www.huffingtonpost.com/entry...ushpmg00000009

This is a like someone driving a car off a cliff deciding not to use the breaks and wondering how much the repair bill will be after he smashes into the ground.
You couldn't make this shit up. Unless you were stabbing a knife in the back of the United States.

This TaxScam bill could be voted into law by Weds. The final version was written on Friday. Chew on that for a moment. :mad:

There will be no CBO score before this travesty is voted on. WTF?