Good breakdown of who benefits from this tax bill: http://davidstockmanscontracorner.com/debt-taxes-growth-and-the-gop-con-job/
Wow...I expect my portfolio will benefit from the new legislation but damn....really screws those who aren’t wealthy
Important to note David Stockman was considered to be the architect of President Reagan's economic "revolution" ("trickle down" economics).
2 Wars + Bush tax cuts + TARP + Economic downturn + Emergency recovery package + Medi Drug programs + Obamacare + .... As typical of you, blame Obama for all things. Have you forgotten how we were thinking of possibly going debt free after Clinton? The great recession took it toll, but Bush tax cuts and two wars with the recession did us in. Obama cleaned up the mess. And when was this only about increasing the debt? The GOP is the one that claimed a zero tolerance for debt increase - as shown now, bunch of hypocrites. For the rest of us, if we are going to increase the debt, we expect good things out of it. And each time there were new government policy or events that increase the debt in the past, there were usually some good or reasonably reason for it. Not always the case, but now? What are we getting out of this debt increase? A massive shift to the top and new pains to the poor and working class.
Maybe. Certainly, big expectations from this have been priced into the market already. Could be a near-term let down once the news isn't new. And as soon as the economy really grapples with the problem of severe wealth concentration and lack of broad-based participation of the populace, coupled with a drop in Americans with advanced technical training, your stock portfolio could really start to suffer if it's concentrated on American businesses. For ten years or so, you should be golden though. (The advanced technical training bit relates to how much less likely your average smart youth will be to pursue, say, a masters degree in engineering or computer science or biotech, given the penalties of this legislation.) This piece by the president of UNC and GWB's education secretary breaks it down. All pretty nasty for higher ed and especially grad. programs. https://www.chronicle.com/article/Tax-Reform-That-Students/241935 "An additional burden on students and families would come from an ill-considered idea to impose new costs on graduate students by treating tuition waivers as taxable income. Right now, universities waive many graduate students’ tuition, allowing them to pursue advanced studies while earning relatively small stipends. That waiver isn’t cash in the bank, but the House proposal would tax it as though it were. One estimate found that a graduate student at a public institution could see a 30- to 60-percent increase in his or her tax burden, while one at a private institution could see upward of a 240-percent tax increase. But you can’t pay taxes with a waiver. We already ask too much of our graduate students. Asking them to kick in $5.4 billion more in taxes on theoretical income over the next decade is simply unsustainable. Graduate students are crucial in doing the core work of running research labs, gathering data, and preparing to lead the next generation of discovery and innovation. They do all of that while often caring for their families or working an outside job to make ends meet. " I, for example, could barely afford my grad. student years. I never would have gone for a Ph.D. if I'd been ridiculously taxed on waived tuition. Who can afford that? Grad school populations in science and engineering will plummet. Research and innovation will grind to a near standstill. Bright minds will flee overseas. I don't see any of this as an exaggeration. So just keep an eye on your stock portfolio and know when to get out. Again, just one of the most jaw-droppingly short-sighted pieces of turd legislation we've ever seen. But no surprises. This is what the Kochs of the country wanted, and they got it.
Senators sure did not like the idea of increasing the child tax credit while increasing the corporate tax rate. https://www.nytimes.com/interactive/2017/12/01/us/politics/senate-tax-bill-vote.html
That’s really going to suck for those who are pursing grad degrees, outside of specific circumstances like mine, if that comes to fruition because of this bill it will almost certainly hurt the economy and possible lead to a brain drain.
I mean, how is doubling the standard deduction trickle down? That's straight cash homie. Lots more people at the lower end will pay net zero tax bc of that, it's simple math. As for debt, pass a BBA, cut spending by 1% every year, we'll be in the black soon enough. No excuse/need/reason to raise taxes, we already spend way too much.
There's not going to be a tax cut bill that cuts taxes for those who actually pay taxes that is going to be popular with the people who don't pay taxes which is like half of the population. Those who pay little to nothing will be upset if those who pay almost all of it get any kind of tax relief at all. The politics of jealousy is a VERY effective tool and its the basis of the modern Democratic party. Any actual tax cut bill will be branded as "tax cuts for the wealthy", because that's who pay the taxes for everyone else in the country. In some ways that'll always be true because you can't really cut taxes for the poor given that they don't pay any to start with and with tax credits most end up with a negative tax burden already.
Seems like this list is missing the 2 most important ones, 1) the now reduced 25% top tax rate for pass-through profits instead of the old 39.6% and 2) the reduced corporate tax rate. Make no mistake, Trump & his family would benefit greatly with the reduced pass-through tax rate. Heck, even this particular libtard stand to save over $1 million over a 4 year period.
This is a tax cut for the wealthy. The small decreases in the tax rate at every bracket, the doubling of the standard deductions etc are just noise, the meat of the tax cut for the rich are in the 39.6% highest bracket pass-through tax rate that changed into 25%.
Yes, exactly as I said, those who actually pay the taxes in this country get the most relief....because duh. You can't cut taxes on those who pay nothing and you can't give any more than small cuts for those who pay next to nothing. Once you hit 0, that's about all you can do for them.
I pay 45% of my income in total taxes. This bill increases my taxes further. You're an idiot. Oh, and they like idiots - they are going after universities who collect big endowments to help pay tuition of lower-income students: https://www.cnbc.com/2017/11/30/gop-college-endowment-tax-wont-just-hurt-the-ivy-league.html This bill is very dark. And you are either an idiot (most definitely true) or just a villain (you're not smart enough to be one though)
