4 Of The Biggest Myths About The Tax Cuts And Jobs Act

The Federalist ^ | December 20, 2017 | Justin Haskins

[editor-surveyor]

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Must be an amateur! (using algebraic calculator? really?)
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[Sopater]

4. Tax Cuts Will Increase the National Debt by $1.5 Trillion

... This figure, however, assumes the tax cuts will generate no economic growth.

However, the assumption that economic growth will be from 3% - 5% is also very unlikely.

[DoughtyOne]

From January 1st on, people will be keeping more of their own money.

Can’t wait for the Dems to try and spin that.

Sooner later even die hard Lefties will have to accept these cuts benefit them.

[Red Badger]

My question is does any of this bill apply to 2017 returns or is it all 2018 and up?........................

[Kaslin]

Get real and grow up.

Who cares what an calculator he uses?

[dynoman]

We will save 4800. I would have paid the same just to see the effect of the corporate tax cut and the repatriation of stranded corporate earnings.

http://taxplancalculator.com/

[Kaslin]

The News said 2018

[Vaquero]

I am proud of the republicans for this bill. I am glad for the nation as it will do much good. I am middle class living in NY State. I will take a bath. I would move if not for family.

[henkster]

the Obama administration spent about $1.2 trillion on its stimulus programs,

For which I have not seen one tangible item anywhere.

[Red Badger]

>-Sigh-<.....................8^(

[oldtech]

If this tax act DOES kill Obamacare,is that a bad thing? What good does it do to have an insurance policy that is unaffordable or won’t do anything for you(except to continue to increase the premiums).

[Jim W N]

I’m glad, but disappointed also. Astonishing how much blood sweat and tears it takes for these corrupt politicians to make such small cuts.

The cuts should be MUCH greater (10-15% flat) and the brackets should disappear. Launch our economy into the stratosphere and turn the IRS into a storefront.

Much more work needs to be done. This should only be the first shot over the bow.

Analysis from Forbes below...

And here are the rates for married taxpayers filing jointly:

Income Level Current Rate Proposed New Rate
$0 - $19,050 ......10%...............10%
$19,050-$77,400 15% ............12%
$77,400-$156,150 25% ...........22%
$156,150-$165,000 28% .........22%
$165,000-$237,950 28% .........24%
$237,950-$315,000 33% .........24%
$315,000-$400,000 33% .........32%
$400,000-$424,950 33% .........35%
$424,950-$480,050 35% .........35%
$480,050-$600,000 39.6%.......35%
> $600,000 39.6%....................37%

https://www.forbes.com/sites/anthonynitti/2017/12/16/the-tax-bill-is-finalized-whos-happy-and-whos-not/#79ddd6102288

[editor-surveyor]

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Journalists use toy calculators; professionals use real calculators.
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[editor-surveyor]

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>> “I’m glad, but disappointed also. Astonishing how much blood sweat and tears it takes for these corrupt politicians to make such small cuts.” <<

Truly!
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[bigbob]

I liked this pic found over on DUmp...they hate her for some reason. Meanwhile, I've found that as one moves from the working to retirement lifestyle, the number of deductions one can claim become fewer: (e.g. mortagages get paid off, medicare picks up more costs, etc). So for many the "loss" of these deductions won't have any impact anyway. Meanwhile...

[dsrtsage]

“For which I have not seen one tangible item anywhere.”

Did you not see the 50,000 miles of orange pylons on the highways?

[Conan the Librarian]

I thought it was an HP “Reverse Polish Notation” device, but, looking closer, I don’t see the “Enter” key.

My HP-11c that I bought in 1985 still works great!

[Dapper 26]

How is it unlikely when we already have 3% growth with a predicted year end estimate of GDP growth somewhere just under 4%?

[editor-surveyor]

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Look closely and you’ll see the = key.

My wife has an 11c and a recent 12c. I have several 41cx and 15c’s

You have to use lots of scratch pads to use anything else!
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