Posted on 09/29/2017 6:42:27 PM PDT by Innovative
The Senate Budget Committee unveiled a 2018 budget blueprint on Friday that would open the door for a $1.5 trillion tax cut, even as an independent analysis concluded that the plan as offered would far exceed that price tag and overwhelmingly benefit corporations and the rich.
The budget resolution could also pave the way to opening the Arctic National Wildlife Refuge in Alaska to oil drilling, a hot-button Republican proposal that has languished for decades.
(Excerpt) Read more at nytimes.com ...
You might as well say that tax cuts pay for themselves if Congress don't breath. One is just as likely as the other.
When the cost of business goes down, the free market will guarantee that the consumer will see much of that savings.
Outlaw special interest lobbyist..
They get much higher deductions, so everyone will benefit.
Maybe some more than others, but overall it will be better for everyone.
I’m an upper middle class family with three kids.
Ask me my feelings on our Republican President and Congress right about now.
Everyone except me.
Super.
Great.
Why am I the jackass that has to balance the budget?
We became Monopoly Capitalism in the 1930s. Any idea that tax cuts for International Corporations will go for more hiring here rather than overseas is reasonable.
Repatriation of overseas profits is a win for everyone except Democrats,
It happened during Reagan.
The Congress would not cut spending or even hold it level so the deficit exploded.
But over ten years the tax revenues at least doubled while Congress spent even more than the increase.
You aren’t aware that this is a TAX bill not an expenditure budget?
Yep - taxes on businesses are taxes on their customers - lower corporate taxes and we all get taxed less.
You aren’t aware that budgets and taxes are interdependent? More tax is bigger budget, less tax is smaller budget.
Proposal is for less tax therefore there must be cuts in the budget. Mil could be one of them.
If a family of three get $12,000 added to their standard deduction and have $12,150 in personal exemptions taken away then where are they better off?
Probably not a lot different than mine. I have to see where the 25% bracket kicks in to know if I'm hosed and if so then how badly.
Dear politicians, please work together and hurry. Fight the political hatreds later.
I live in Illinois, a high tax state (Property Taxes, Income Taxes, Sales Taxes) so I get hammered under the Trump tax plan.
Add to that, I was recently divorced (not something I wanted) and am forced to pay exhorbitant alimony which under the Trump tax plan will no longer be tax deductible either.
Not only do I pay the tax on the money the ex gets from the forced alimony, I get ZERO of it back after taxes.
People like me are getting hammered by the Trump proposal nine different ways from Sunday. My only way "out" at this point is to quit my job, leave the state, go somewhere where it doesn't get bitter cold during the winter and live under a bridge somewhere.
A plan I'm strongly considering at the moment since I don't have much else of a choice!
I voted for President Trump, I didn't vote to have my taxes increase so dramatically.
“I don’t understand the “how are we going to pay for this” thing.”
I know. That mentality bugs the hell out of me.
Can you imagine if you cut your kid’s allowance by $20 and the kid said “Dad, how are you going to pay for that cut?”
I pray for you. I live in a high tax State too, so eliminating the deductions is going to hammer us. Thanks a lot Trump.
They are two different bills. Tax bills do not specify what is to be cut or increased.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.