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Senate Unveils Budget Blueprint Allowing $1.5 Trillion in Tax Cuts
NY Times ^ | Sept. 29, 2017 | THOMAS KAPLAN and ALAN RAPPEPORT

Posted on 09/29/2017 6:42:27 PM PDT by Innovative

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To: Davy Crocket
Tax cuts pay for themselves as long as Congress don’t increase spending.

You might as well say that tax cuts pay for themselves if Congress don't breath. One is just as likely as the other.

41 posted on 09/30/2017 12:12:08 PM PDT by DoodleDawg
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To: wastedyears

The GOPE Chamber of Commerce whores are paying for it by taking away the deduction for state and local taxes in return for a measly $3900 increase in the standard deduction for joint filiers (i.e. $24000-$12000- 2×$4050= $3900).

Note the Chamber of Commerce whores are not taking away businesses ability to deduct their state and local taxes.

“A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040).”

Time for these whores to stop lying about low individual income tax states subsidizing high individual income tax State’s as a justification to eliminate the individual deduction for state and local taxes. NOTE we us individuals will be subsidizing Texas via its pil and gas business being able to deduct the 7% oil and gas severance tax paid paid to Texas. It is that 7% business tax that allows Texas to have no individual state taxes in Texas.

If we’re eliminating the deduction of state and local taxes, it better apply to the businesses deduction of it also !


42 posted on 09/30/2017 1:58:34 PM PDT by GOPe Means Bend Over Spell Run (GO GALT - Support Trump)
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To: wastedyears

The GOPE Chamber of Commerce whores are paying for it by taking away the deduction for state and local taxes in return for a measly $3900 increase in the standard deduction for joint filiers (i.e. $24000-$12000- 2×$4050= $3900).

Note the Chamber of Commerce whores are not taking away businesses ability to deduct their state and local taxes.

“A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040).”

Time for these whores to stop lying about low individual income tax states subsidizing high individual income tax State’s as a justification to eliminate the individual deduction for state and local taxes. NOTE individual tax psying states will be subsidizing Texas because its oil and gas businesses will still be able to deduct the 7% oil and gas severance tax paid paid to Texas. It is that 7% business tax that allows Texas to have no individual state taxes in Texas.

If we’re eliminating the deduction of state and local taxes, it better apply to the businesses deduction of it also !


43 posted on 09/30/2017 2:01:38 PM PDT by GOPe Means Bend Over Spell Run (GO GALT - Support Trump)
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To: trebb

When the cost of business goes down, the free market will guarantee that the consumer will see much of that savings.


44 posted on 09/30/2017 2:43:10 PM PDT by Blood of Tyrants (Conservatives love America for what it is. Liberals hate America for the same reason.)
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To: usconservative

Outlaw special interest lobbyist..


45 posted on 09/30/2017 3:48:36 PM PDT by Davy Crocket
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To: DoodleDawg

They get much higher deductions, so everyone will benefit.

Maybe some more than others, but overall it will be better for everyone.


46 posted on 09/30/2017 7:03:34 PM PDT by Innovative ("Winning isn't everything, it's the only thing." -- Vince Lombardi)
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To: DoodleDawg

I’m an upper middle class family with three kids.

Ask me my feelings on our Republican President and Congress right about now.


47 posted on 09/30/2017 7:44:11 PM PDT by WVMnteer
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To: Innovative

Everyone except me.

Super.

Great.

Why am I the jackass that has to balance the budget?


48 posted on 09/30/2017 7:44:58 PM PDT by WVMnteer
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To: ex91B10

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,


49 posted on 09/30/2017 8:33:51 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: usconservative

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.


50 posted on 09/30/2017 8:37:20 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: PIF

You aren’t aware that this is a TAX bill not an expenditure budget?


51 posted on 09/30/2017 8:38:43 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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To: Blood of Tyrants

Yep - taxes on businesses are taxes on their customers - lower corporate taxes and we all get taxed less.


52 posted on 10/01/2017 2:31:23 AM PDT by trebb (Where in the the hell has my country gone?)
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To: arrogantsob

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.


53 posted on 10/01/2017 2:39:12 AM PDT by PIF (They came for me and mine ... now it is your turn ...)
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To: Innovative
They get much higher deductions, so everyone will benefit.

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?

54 posted on 10/01/2017 4:21:20 AM PDT by DoodleDawg
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To: WVMnteer
Ask me my feelings on our Republican President and Congress right about now.

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.

55 posted on 10/01/2017 4:22:46 AM PDT by DoodleDawg
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To: Innovative

Dear politicians, please work together and hurry. Fight the political hatreds later.


56 posted on 10/01/2017 7:35:19 AM PDT by Rapscallion (Politics just makes us hate each other.)
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To: DoodleDawg
I have to see where the 25% bracket kicks in to know if I'm hosed and if so then how badly.

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.

57 posted on 10/01/2017 8:03:42 AM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: wastedyears

“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?”


58 posted on 10/01/2017 8:07:15 AM PDT by enumerated
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To: usconservative

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.


59 posted on 10/01/2017 7:49:48 PM PDT by SkyPilot ("I am the way and the truth and the life. No one comes to the Father except through me." John 14:6)
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To: PIF

They are two different bills. Tax bills do not specify what is to be cut or increased.


60 posted on 10/01/2017 10:02:10 PM PDT by arrogantsob (Check out "Chaos and Mayhem" at Amazon.com)
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