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Tax Reform

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I support a decrease of the corporate tax and increase in marginal rate on investment income.
 
"It also eliminates personal exemptions, worth $4,050 per person. So a family of four could no longer reduce their taxable income by more than $16,000."

This would fuck my girlfriend if this is true. I filed a w7 for her relative that lives with us so she could use him as a dependent. It's her primary way of reducing her taxable income as she has 4 dependents.
 
Oh, so personal exemptions are no more? Sweet. Tell me again how it helps the middle class.
 
DJTJ said:
Oh, so personal exemptions are no more? Sweet. Tell me again how it helps the middle class.
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Standard deduction is doubled and the child tax credit is significantly increased.
 
Does this simplify the tax code? I remember hearing a lot about that back during the GOP debates.
 
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Spending is the tax anyway, so it's pretty much irrelevant. The amount they spend is the amount of resources directed away from private actors, either by directly taking it (taxes) or borrowing/inflating (using new dollars created by banks, stealing value from everyone else's dollars). But I look forward to seeing how everyone falls on whether or not this will be a huge boon to the people or a huge disaster.
 
I guess we'll see what the CBO has to say about it.
 
KI4MVP said:
Standard deduction is doubled and the child tax credit is significantly increased.
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It throws a bone to middle class, but the big and significant change is slashing corporate tax nearly in half. As a parent of two, I'd likely not see this as a decrease. Home owners also wouldn't utilize the standard deduction.

With all drastic tax cuts, the explanation on how the infrastructure can afford such a decrease in funding source wasn't described directly. Trump claims U.S. companies who changed their headquarters to overseas will come back to the U.S. and of course there's no evidence. There is also no additional explanation for how these tax breaks will "trickle-down" to the mid-tier employees of corporations, as we have seen profits often remain in possession of the top members of the corporation. It's deregulation of finance and trust in the corporation to look out for the populace.

Again, it's important to remember in 2010 Obama agreed to a tax act with a monetary impact of $858 billion in lost funding, in exchange for Obamacare passing through. Much of the budget windfall was alleviated in 2013 with expiration of the Bush tax cuts, which cut a lower rate for the highest tax bracket.

This measure should have serious opposition because it cripples the funding to an already slashed budget.
 
Trump claims it is revenue neutral. If it is, then it isn't a tax cut, so I don't support it. If it isn't revenue neutral, and it doesn't cost me any more, then I'm fine with it.
 
Randolphkeys said:
It throws a bone to middle class, but the big and significant change is slashing corporate tax nearly in half. As a parent of two, I'd likely not see this as a decrease. Home owners also wouldn't utilize the standard deduction.

With all drastic tax cuts, the explanation on how the infrastructure can afford such a decrease in funding source wasn't described directly. Trump claims U.S. companies who changed their headquarters to overseas will come back to the U.S. and of course there's no evidence. There is also no additional explanation for how these tax breaks will "trickle-down" to the mid-tier employees of corporations, as we have seen profits often remain in possession of the top members of the corporation. It's deregulation of finance and trust in the corporation to look out for the populace.

Again, it's important to remember in 2010 Obama agreed to a tax act with a monetary impact of $858 billion in lost funding, in exchange for Obamacare passing through. Much of the budget windfall was alleviated in 2013 with expiration of the Bush tax cuts, which cut a lower rate for the highest tax bracket.

This measure should have serious opposition because it cripples the funding to an already slashed budget.
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The argument for Voodoo Economics is baffling. We know it doesn't work as intended. Yet it is still the Republican Great White Buffalo. Large corporations always take the extra profit and run. There is some evidence that it does work some with smaller businesses.

But, as you say, you can't keep cutting revenue and expect services and infrastructure to remain what they are. "If you grow the economy the shortfall is made up in increased taxes from higher profits." Well, not if you cut those taxes. And counting on companies to move back for patriotic reasons is ludicrous.

We need to end our wars and use the peace dividend to rebuild the armed forces and infrastructure.
 
Over the last 10 years GE's effective tax rate was 2.3%

If this removes loopholes, I'm all for the corporate "tax cut". The math was hard but if my calculations are correct.... 20% > 2.3%.
 
I just need to know how a middle class income is or is not getting fucked by this plan.
 
Tax plan would save me a good chunk of money... I'd imagine @KI4MVP and @Maximus are in the same boat?

Personally, I'm all for the corporate rate to go down - always have been. But at the same time, I wouldn't mind paying more in the way of income taxes if we could get a functional government with significant infrastructure spending, funding of education, clean energy investments, and universal health care, etc.

Since none of that is actually on the table for the next several years, I'll wait for the CBO score and a bit more research to be done since I haven't had time to really drill through it. I will ultimately look further into it, but as it stands, the GOP has the votes regardless so, it will almost assuredly pass no matter what.

I guess for me, at this point, my feelings on the matter are that if I've gotta have dysfunctional government, with no useful services provided to the population; then I'll take a tax cut and run up the debt... Fuck it... It's very likely bad policy, and leaves the gov't $5T short over 10 years (iirc); but, at this point, it's starting to feel like every man for himself...

With the government as it is today; I'd rather just keep my money in my pocket.
 
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