BREAKING: US Senate Passes Historic Tax Reform Package, 51-49

Townhall.com ^ | December 2, 2017 | Guy Benson

[Jane Long]

Exactly!!

I recently read where these high tax, blue states are actually (finally) having to look at tax reform (cutting taxes) in their own states....due to the YUGE number of folks LEAVING for red states (lower taxes).

It’s like they’re FINALLY starting to get it.

MAGA effect!!

[p. henry]

No bill is perfect. Any bill, particularly a tax bill, will have winners and losers. On the whole, this seems to be a good bill. Disincentivising corporate inversions is good, as is eliminating or drastically cutting back AMT. Cutting the corporate tax should support equity values and attract capital to our country thereby helping everyone who has or wants a job. Getting rid of the Obamacare mandate is good, as is the doubling of standard deduction, which should allow lots of folks to simplify their returns. Any reduction in incentives to borrow money for college is good and should limit the ability of colleges to continue to increase tuition at a rate far in excess of the rate of inflation. Eliminating or limiting the deduction for state and local taxes (and I say this as a resident of California) is good in that it finances many of the changes in the bill to some extent on high earners who have paid exorbitant prices for houses in high tax states (particularly California, New York and New Jersey). I don’t know what happened to the estate tax in the final bill. I supported the increase in the size of the exemption, but not the complete elimination of the estate tax, but I just don’t know what is in the final Senate bill.

[wastedyears]

And now Trump can use this to hammer the sh!t out of the democrats.

Sad!

[antidisestablishment]

Most people are so stupid they think “tax reform” will make any difference when in fact it does nothing to address the real problem: EVER-INCREASING FEDERAL SPENDING.

[SkyPilot]

States should control their tax and spending. They keep raising States taxes because they will deduct off Federal Tax. It time to put an end to the madness and have the State deal with their own individual taxes.

I believe that state and local taxes are way too high in many respects and localities.

But what you are advocating is a greater increase in Federal power. It is the Feds (by far) who take the most in taxes away from us.

http://www.zerohedge.com/news/2017-11-30/why-eliminating-state-and-local-tax-deduction-terrible-idea

Furthermore, the SALT deduction was placed in the Federal Tax Code in 1913 to prohibit double taxation by the Feds, which was deemed "immoral."

My, how times have changed.

Moreover,

[SkyPilot]

I'm not ready to grab my pitchfork yet, since the bill has not even reached the Presiden't desk yet. But if congress and the President screw us on this- and if President Trump reneges on his promise to ease tax burdens on everyday working people, then they are going to wish that tar and feathers was the worst that could happen.

Trump will sign it. The chances for this are 99.999%.

[blackdog]

As Reagan said, if you send a dollar to Washington they will spend two. Better to send them as little as possible.

[SamAdams76]

I agree that this has been a great week for Trump.

We are winning from almost every direction and liberals are getting crushed.

We have only just begun to MAGA.

[SkyPilot]

Okay, you can stop shi**ing yourself now.

You first please.

[SkyPilot]

It ‘s hard to invest money in new plant equipment and infrastructure when your production facilities are in Mexico.

Correct.

Or they are in China.

[God luvs America]

i’m in NY...my real estate taxes are $24K/annually...i will get killed but its about time these towns/municipalities live withing their means...

we had an athletic director in our schools district (5 grammar schools, 1 middle school, 1 HS) who made almost $200,0000/annually!! that needs to stop and if removing the deductions forces a cut in salaries for municipal workers and the rest of the waste i am for it..

[novemberslady]

So what's in and what's out?

Property tax deductions?
Out of pocket medical expenses?
Estate tax?

Of course, who really knows until it goes through conciliation.

[SkyPilot]

We will agree to disagree Sam.

How have you been? Did you get your Christmas lights up yet? I did mine the day after Thanksgiving as usual.

[Basket_of_Deplorables]

YAY!!!!!!!!!!!!
Keynsians are deeply saddened...

[Jarhead9297]

Newsflash those states you proclaim are “subsidized “ (liberal code word for it’s the governments money and not the yours) shelter the vast majority of the FEDERAL rate anyway!

[SkyPilot]

what is the effective date of the changes?

I am not sure Jim - I thought that was something they were going to finalize in reconciliation.

[SkyPilot]

so everyone else should pay for your mortgage interest, your real estate taxes, your student loan interest, etc...

You think tax deductions (keeping more of my money) means you "pay for" me?

[Right Wing Assault]

Is there a list of how the fence sitters went?

[SkyPilot]

I am not in a union.

There are a lot of us here on FR that are getting soaked by a tax increase and do not agree with this bill.

Are we all Communists?

[TheStickman]

What is conservative about state taxes being paid for (subsidized) by Fedzilla (us)?