Posted on 11/09/2017 11:29:06 AM PST by GIdget2004
Senators detailed some of the major provisions of their forthcoming tax plan, a more detailed outline of which is still expected Thursday.
The working Senate draft would:
+Cut the corporate tax cut from 35 percent to 20 percent. But the cut would take effect in 2019, not 2018, as it would in the House bill. President Donald Trump supports the change taking effect in 2018.
+Keep seven tax brackets for individual income taxes. The House bill had reduced it to four brackets. +Lower the top individual tax rate from 39.6 percent to 38.6 percent
+Instead of having companies “depreciate” investments by deducting them over several years, companies would be able immediately expense all their investments. +Fully repeal the deduction for state and local taxes. The House bill would have kept a deduction for property, but not income, taxes.
+Keep the cap for home mortgage deductions at $1 million. The House bill lowered the cap to $500,000. Keep the adoption tax credit, which the House bill eliminated.
+Keep the medical expense deduction, which the House bill eliminated.
+Expand the child tax credit and creates a more refundable tax credit than the House bill did.
The current Senate draft notably does not repeal Obamacare’s individual mandate. However, conservatives are still pushing for the mandate’s repeal to be added to the upper chamber’s plan.
(Excerpt) Read more at vox.com ...
What we know is that it will never pass, no matter what is in it.
Flake and Collins were grandstanding on TV about how the plan’s 1.5 trillion “investment” should go to the middle class, not corporations and their rich shareholders.
Corker hates Trump.
McCain REALLY hates Trump.
That’s 4 votes he’ll never get.
Pigs will fly out of my butt before Trump recovers any of those votes from the other side of the aisle.
So... it’s a lot of talk, but a no-go.
And NO ONE talks about cutting spending... how can they even think to call themselves conservative.
Both the House and Senate bills amount to no more than putting lipstick on a pig ... repeal the income tax, shut down the IRS and replace the current system with either a revenue neutral flat tax or revenue neutral VAT.
> What we know is that it will never pass, no matter what is in it.
That’s the answer.
If this article is accurate, it seems the senate bill is more like rearranging titanic deck chairs.
WWHRD? Nuke the senate rule that’s holding us hostage!
No point in even discussing it, it’s DOA regardless of what it does or does not do.
This we know for a fact, if collins has anything to do for it or even votes for it, it has tons of cash to murder the Posterity in the womb.
This sounds almost worthless. Damn these f@@@ing political hacks! We want real tax reduction - major cuts - and vast simplification. I’m tired of having to waste five entire weekends with TurboTax every year just to pay the correct sum. Like is short
Guess it wouldn’t do any good to ask why we don’t just tax all income the same, say 10%, abandon these senseless and endless wars (saving hundreds of billions), and freeze domestic spending until revenues catch up.
The President has already taken an ax on onerous regulations, and if they would only fix this hostile legal environment, we’d surely be in a better place.
The the politicians could focus on what they do best - massage parlors during the day, martini’s for lunch, cocktail parties at night. Oh, and insider trading.
McCain REALLY hates Trump."
but neither is even as capable of hating the President as Susan Collins, known as The Queen of Infanticide.
Mid terms are right around the corner, won’t take many crossover votes to pass it.
This is stupid that the media gets away with this.
Yes, because Democrats work across the aisle so often, they do!
They have a whole bunch of John mcCain’s on their side!
Both the House and Senate bills amount to no more than putting lipstick on a pig ... repeal the income tax, shut down the IRS and replace the current system with either a revenue neutral flat tax or revenue neutral VAT.
>>><<<
I think the VAT is too vicious. How a about a sales tax at the final retail level but make it a transaction tax that would encompass all transactions except medical.
States with sales taxes already have in place reporting/collection procedures. They could collect the federal taxes eliminating the IRS for that function.
>What we know is that it will never pass, no matter what is in it.
Exactly right. House bill was unbearable, Senate is going to be even worse. No bill will pass. Stock market will drop 20%.
Yes, lets tax the hell out of the people that put the most money in the economy. That’s the ticket!
The top 1% of earners pay about 40% of Fed Income Tax. Less than 1 million people pay 40% of the tax bill of 300 million plus.
The top 10% of earners pay 70% of all Fed Income Tax. That is about 1.7% of the population paying 70%. (Stats from Herman Cain show site)
Lets soak this top 2 % a little more. I’m sure the other 98% will vote for that!
The whole “reduce taxes on middle income taxpayers” is a joke. It is so little savings for so few people. OTOH, you are taking tens of thousands from the “wealthy”. Guess what they do with their money? Spend it!
Class envy at its best.
Easy yes. But until the basturd thieves simplify the tax code I need to itemize
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