Posted on 12/20/2017 1:11:48 PM PST by davikkm
The GOP’s tax reform bill passed through the House of Representatives for the second time this week on Wednesday by a vote of 224-201. Once passed by the Senate, the bill will be sent to President’s Trump’s desk. It will be the largest legislative achievement of the almost one-year long presidency that no one saw coming.
“Today, Congress approved a once-in-a-generation tax reform bill. This is the end of a long journey to deliver major tax relief to the American people,” House Speaker Paul Ryan stated.
While Democrats and the mainstream media continue to call this move by the Republicans to bring tax relief to millions of middle class Americans as only a way for the GOP to enrich already well off individuals while taxing greedy corporations even less, it is still true that some people in already high-taxed blue states could suffer somewhat of a blow. Nonetheless, this is an overall net positive for making America. We will be made great again with this once-in-a-lifetime tax overhaul. The left is pushing a false narrative as it is becoming clear that the middle class will greatly benefit from this much needed bill. And yet, House Minority Leader Nancy Pelosi even went so far as to call the tax bill worse than slavery. Politicians will do or say anything to make the other side look like despicable.
(Excerpt) Read more at investmentwatchblog.com ...
“It will be the largest legislative achievement of the almost one-year long presidency that no one saw coming.”
Funny how that works. This is probably the biggest bill in a generation. In one fell swoop President Trump unleashed the power of capitalism on 300 million plus people.
Next up, the wall. And then the piece de resistance... Hillary Clinton in Orange.
Mangled syntax aside, how does this induce companies to hire and raise wages?
Are you serious?
Because companies will have more after tax income, and could well decide to expand , when change would lead to hiring more employees as they expand. I heard there are also provisions in the bill for tax credits and depreciation adjustments for companies to buy new equipment and buildings, which is part and parcel.of expanding a business.
Yes.
The article claims that this tax plan "induces" companies to hire and to raise wages. Increasing after tax income does not do that on its own. Why would companies use that extra income to hire and to raise wages instead of increasing dividends and buying back stock? Companies expand, not because they suddenly have some extra money, but because they believe that the increase in output well generate enough extra profit to justify the expense. The tax cut alone does not do that.
I heard there are also provisions in the bill for tax credits and depreciation adjustments for companies to buy new equipment and buildings, which is part and parcel.of expanding a business.
And what in all that increases wages?
It is GOOD to have the Obamacare mandate repealed, BUT that does not mean that the Insurance Companies can LEGALLY OFFER the old, low-cost policies like they used to do.
Companies don’t have to do anything. You are correct.
Nothing in this law requires companies will expand or create jobs or increase wages.
You make it sound as if there are shortcomings to the law because companies may or may not make business expansion a priority. Or perhaps you take issue with the article talking about inducing certain behavior which we can’t be sure will actually happen.
What about the outrageous deductibles, up to $6,800 from $500 before Obamacare?
This does nothing to fix that.
But it does raise taxes on millions of actual middle class TAXPAYERS, you know, those people that were already actually paying income taxes.
This will be the ONLY legislative achievement of his one term, GOP loses the majority in 2018 and we have another communist in the WH in 2020 who will let the chump change tax cuts that some W-2 suckers are getting now expire in 2026.
This is a caper worse than Gruber pulled with his scam about families saving $2,500 in premiums every year.
I'm questioning a claim made in the article. Can we agree that the statement is incorrect?
The statement could be incorrect because we have not yet seen results if the law. We will see down the road, if companies were induced to make these changes in their business operations. At best, it’s a hopeful statement of what the writer hopes will happen.
This law raises taxes on the middle class? Really??? I hear 80% of taxpayers get a tax cuts, and about 15% stay the same.
Sad that the tax cuts expire in 8 years. A roll of the dice if a future president and Congress will extend them.
This is a scam of the highest order perpetrated by Mnuchin and Cohn, of the same tribe that Gruber comes from.
What they have done is STOLEN TAX DEDUCTIONS from W-2 workers and put in place a scheme to pay off the National Debt and get the PRODUCTIVE CLASS WORKERS to fully fund Social Security and all of the rest of the WASTE, FRAUD, and ABUSE that the HELL ON THE POTOMAC deems necessary.
It’s clear that the Federal apparatchiks , millions of them making six figure salaries to shuffle paper around and BS when they bother to show up for work at all, just GOT PAID FOREVER.
This scam makes W-2 workers wage slaves to DC, corporations keep their deductions and tax cuts, the W-2 suckers are SECOND CLASS CITIZENS.
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