Posted on 11/02/2017 7:21:40 AM PDT by GIdget2004
“Dana Rohrabacher (R-CA) said he’s for the deal for the good of the entire country. “
Would you provide me a reference for that please?
H’ll be unelected for it.
Thank you for pointing that out. Depending on how you do the calculations states like NY, NJ, and IL rank amongst the worst in $ sent to DC and sent back. And as I noted earlier amongst the nasty blue states with high state taxes are WI, MO, OH, MI which last election were red. Thus President Trump rather than Clinton. And I only mention the states with large electoral votes, there are others in fly over country. Were I a dem in these states, I'd be pointing out how a Republican administration, to benefit the rich, is increasing the disparity in that number. People will notice.
Of course, I doubt this will pass in this form.
The EITC needs to be completely done away with. It's a disincentive to work or improve one's self.
I am so sick and tired of people thinking they have a right to the fruits of MY labors and voting to take away that which I've worked hard to earn. This tax plan does nothing to fix that.
EVERYONE should pay taxes. Stop this bullshit of half the country not paying anything and make them put their skin (dollars) in the game too.
And the R’s still operating as the fake Conservative party. This bill does nothing to lower Government cost, it does help the 47% who don’t pay taxes(welfare) and Corporations, who mostly don’t pay 20% now. Lets see, a little over 1000 a year tax saving for the average middle tax payer = 3 to 5 dollars a day.
In our case, Carolina, ending the state income tax(7%) deduction, combined with no college tuition deduction, and no over 7.5 percent of income healthcare expense deduction, our taxes go up, even with doubling of the standard deduction for married to 24000. A garbage bill, that doesn’t help even the marginally successful Americans. Was this bill secretly written by Nancy Pelosi.
“calls for one-time tax rate of 12 percent on cash returns and 5 percent on non-cash for corporate money repatriated from overseas.”
Doesn’t sound like it’s going to be very encouraging.
All pigs are equal; it’s just that some pigs are more equal than others.
You can’t get the EITC without earning income - but they get much more back in a “refundable” credit than they pay in.
And now - EVEN MORE!
Agree. If this passes, the GOP is dead to me.
There were also democrats who pointed out that Illinois sends about $40 billion more to DC than it receives back. That might be a bit high, but Illinois is among the worst. That's a problem that won't be addressed, but which is ripe for exploitation as that condition worsens.
You can find dozens of sites, I'll not a couple below. California is actually about break even, but other blue states are not. First link has a pretty good interactive map.
https://people.howstuffworks.com/which-states-give-the-most-the-federal-government-which-get-the-most.htm
https://www.cheatsheet.com/culture/states-dependent-on-federal-government.html/?a=viewall
https://taxfoundation.org/states-rely-most-federal-aid/
http://www.chicagotribune.com/news/opinion/letters/ct-how-illinois-taxpayers-federal-funds-givers-takers-bill-foster-020170328-story.html
https://en.wikipedia.org/wiki/Federal_taxation_and_spending_by_state
https://en.wikipedia.org/wiki/Federal_tax_revenue_by_state
http://www.businessinsider.com/red-states-more-dependent-on-federal-government-2015-7
You are misreading the chart.
The SNAP chart is the percentage of people in a state that receive food stamps.
Not total.
They are using it as a proxy for relative poverty.
I did not know this. Not doubting you, just would love to see a source for this one.
Sine they are taking away the bulk of our SALT deductions, and leaving deductions in place for contributions to political campaigns and candidates, would we not be better off contributing the amount equal to the lost deductions to the DNC...preserving a full deduction amount and punishing those who raised our taxes!?!?!?
Not GA. GA is in the upper half of states re population, including a larger than average AA segment, but in the bottom third of your link’s list of states’ claim on public funds. What’s your state, if you don’t mind saying?
I doubt my company would bring back $10M or more to the US if we had to pay $1.2M in tax for the privilege of doing so.
What is SALT?
SC is just behind TX iirc in in-migration, i.e. people from other states moving in, and FL is 3rd. I imagine a big reason people choose those states over others is favorable tax laws.
SALT = State And Local Tax Deductions
Not for supporters with estates over about $12 million. It's a very big money saver.
The devil is in the details which the GOP seems to be short on. Like health care, they've only had 8 years to put their plans in place. But since you bring up the estate tax, it does not only effect the $11 million plus people, it effects everyone. For those of us with taxable estates under $11 million, we benefit from an estate/gift tax credit, so nothing is due. And we benefit from a step up in cost basis on our assets. Unless there's something that hasn't been disclosed, when the grandkids inherit Gramps $2 million farm estate tax free, they'll have significant capital gain liability when and if they sell it. And if there is a step up provision, that's patently unfair and leads to ineffective use of capital. If I have a farm or business which is being run inefficiently, the best thing for the economy it that I sell it to more efficient managers. In today's climate, many people don't to enjoy the step when passing it to heirs. This potentially exacerbates the problem.
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