2017 "Tax Reform": They'll Screw This Up Too, Right? - Page 6 - Politics and Economics

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2017 "Tax Reform": They'll Screw This Up Too, Right?

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09-28-2017 , 05:22 PM

#126

otatop

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Join Date: Jul 2008 Posts: 12,721

Quote:

Originally Posted by OmgGlutten!

So hopefully they won't get rid of it... that is pretty rough.

Those families will just need to bootstrap themselves into a better job, or

"Well someone making $16,000 a year shouldn't have 3 kids to begin with"

Quote:

Originally Posted by OmgGlutten!

do they need 50 or 60 votes?

Depends on how they try to pass it.

09-28-2017 , 05:23 PM

#127

OmgGlutten!

Pooh-Bah

Join Date: Aug 2016 Posts: 5,273

When they talk about tax code complexity, they mean all the elaborate loopholes created so super rich people don't have to pay taxes.

09-28-2017 , 05:32 PM

#128

Rococo

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Quote:

Originally Posted by Riverman

Wookie,

I don't agree that awval is the target. He will pull the lever for whatever POS the GOP throws on the ticket, but he doesn't have enough income to matter re: taxes. Like I'm sure he thinks he pays his marginal rate on his entire income and generally doesn't understand anything. But the GOP isn't going after his income - he doesn't have enough.

The real target, now that they are basically out of other groups to target and have it matter, is their own bread and butter voters, upper middle class white people. Doctors, lawyers, bankers, really any salaried white collar profession. People in the $300k - $700k range. They have a ton of income, but they aren't the donor class. And they are racist as **** and generally incredibly stupid despite their income; the GOP knows they aren't going anywhere. The ballgame, as always, is the mega rich. Hence the pass through rate of 25%. This includes basically any privately held company.

I can't speak confidently about the entire white collar salaried sector, but your generalization about lawyers is wildly off. A huge percentage of the lawyers who make $300-700K live in urban areas, especially New York and California. They mostly vote Democratic, and I know very few who I would describe as "racist as ****".

09-28-2017 , 07:26 PM

#129

zikzak

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Join Date: Jul 2009 Posts: 22,199

Quote:

Originally Posted by awval999

Jesus Christ Riverman I know how marginal taxes and the tax brackets work. Besides my career, and travel hacking, the next thing I know the most about is personal finance.

I bet you're a blast at parties.

09-28-2017 , 07:32 PM

#130

Huehuecoyotl

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Quote:

Originally Posted by Rococo

Fewer brackets is a joke as a simplification measure. The complexity of the US tax system has almost nothing to do with how many brackets there are.

They should just make it one formula and teach in high school math class on up.

09-28-2017 , 07:44 PM

#131

awval999

Election Monitor.

Join Date: Mar 2005 Posts: 6,269

Quote:

Originally Posted by zikzak

I bet you're a blast at parties.

I'm 31. Don't really do parties anymore. Such is life.

09-28-2017 , 08:35 PM

#132

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 99,984

I was still going to raves at 31. Lol u

Last edited by suzzer99; 09-28-2017 at 08:35 PM. Reason: er lol me too

09-28-2017 , 08:54 PM

#133

zikzak

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awval's most passionate hobby is collecting frequent flyer miles. He would be terrified of a rave.

09-28-2017 , 09:06 PM

#134

awval999

Election Monitor.

Join Date: Mar 2005 Posts: 6,269

Quote:

Originally Posted by zikzak

awval's most passionate hobby is collecting frequent flyer miles. He would be terrified of a rave.

I like to travel?

09-28-2017 , 09:07 PM

#135

fatkid

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You guys need to chill out and think about the farmers.

09-28-2017 , 09:18 PM

#136

Riverman

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Estate tax talking point now is "doesn't matter, rich people don't pay it anyway!"

So, uh, why do you need to repeal it then?

09-28-2017 , 09:25 PM

#137

suzzer99

Save the Cheerleader, Save the World

Join Date: Nov 2005 Posts: 99,984

Do you even simplify bro?

09-28-2017 , 09:26 PM

#138

Huehuecoyotl

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How are billionaires supposed to fill out their taxes on a postcard with all that complexity?

09-28-2017 , 09:37 PM

#139

Huehuecoyotl

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In the Facts Don't Care About Your Feelings category

Quote:

The Treasury Department has taken down a 2012 economic analysis that contradicts Secretary Steven Mnuchin’s argument that workers would benefit the most from a corporate income tax cut.

The*2012 paper*from the Office of Tax Analysis found that workers pay 18% of the corporate tax while owners of capital pay 82%. That is a breakdown in line with many economists’ views and close to estimates from the nonpartisan Joint Committee on Taxation and Congressional Budget Office.

The JCT, which will evaluate tax bills in Congress, estimates that capital bears 75% of the long-run corporate-tax burden, with labor paying the rest.

But Mr. Mnuchin has been arguing the opposite, citing other papers that attribute more of the burden to labor. The point is central to Mr. Mnuchin’s argument that workers would benefit from the corporate tax cut the administration is proposing, and switching that assumption would significantly alter the estimates of who would benefit from the Republican tax policy framework released*on Wednesday.

https://www.wsj.com/articles/treasur...ers-1506638463

09-28-2017 , 10:55 PM

#140

markksman

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Quote:

Originally Posted by goofyballer

Deficit hawks are nowhere in sight as GOP announces $1.5 trillion in tax cuts

Here's a classic case of a GOP congresscritter getting a little too honest about their politics:

"LOL the time to care about deficits was 2009-2016"

This is the same crap the pulled with healthcare. How can any normal people be supportive of anything to do with a Republican Congress? They expose themselves as dishonest conmen running a grift on the entire country at every turn. There is no legitimate ideaology or standards. It’s all just a long con.

09-28-2017 , 11:03 PM

#141

markksman

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Quote:

Originally Posted by Huehuecoyotl

In the Facts Don't Care About Your Feelings category

https://www.wsj.com/articles/treasur...ers-1506638463

That is so fundamentally ridiculous it’s impossible to take seriously.

09-29-2017 , 04:59 AM

#142

estefaniocurry

adept

Join Date: Apr 2017 Posts: 1,165

Quote:

Originally Posted by Huehuecoyotl

They should just make it one formula and teach in high school math class on up.

It's a piecewise linear function. Not really that complicated. Even engineers can understand it.

09-29-2017 , 05:01 AM

#143

estefaniocurry

adept

Join Date: Apr 2017 Posts: 1,165

The most important tax of all is the estate tax. No one really rich "deserves" that money. That they have so much is evidence something isn't working right in the society/economy. A good remedy is to take a big chunk of it away from their heirs, and spread it out among everybody. Really rich people are a problem for a free, egalitarian society because their basic interest is consolidating their wealth/power at the expense of everyone else. The best solution anyone's found until now is just to take away a chunk of what they don't really need.

09-29-2017 , 07:54 AM

#144

EddyB66

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Quote:

Originally Posted by estefaniocurry

Always thought all assets should be forfeited upon death, and placed into a pool to provide free health care. But I'm sure people would find some type of loophole to give everything away before that happened.

09-29-2017 , 08:28 AM

#145

hacksaw JD

journeyman

Join Date: Jan 2017 Posts: 209

I don't see how anyone could argue that any money you didn't have yesterday but you have today shouldn't all be taxed at the same rates as ordinary income. That's inheritance, cap gains, everything.

09-29-2017 , 08:53 AM

#146

TiltedDonkey

veteran

Join Date: Sep 2013 Posts: 2,975

Quote:

Originally Posted by hacksaw JD

I don't see how anyone could argue that any money you didn't have yesterday but you have today shouldn't all be taxed at the same rates as ordinary income. That's inheritance, cap gains, everything.

I mean, there's no particularly compelling reason that everything should be taxed at the same rate either. There is no objectively correct tax code.

09-29-2017 , 09:01 AM

#147

MyrnaFTW

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As liberal as I am, the tax code does have a lot of BS in it, and Trump is right , that it should not be as archaic, but his method/plan is also not correct, and while i think it wont ever pass, If it does, it will create some disruptions in many sectors/states

Also this,
https://www.nytimes.com/2017/09/28/u...=top-news&_r=0

what companies besides the obvious (real estate companies heavily in blue states) , will be hurt by this.,

09-29-2017 , 09:14 AM

#148

estefaniocurry

adept

Join Date: Apr 2017 Posts: 1,165

For starters it should be possible to file electronically with a digital signature like it is any modern country.

09-29-2017 , 09:22 AM

#149

MyrnaFTW

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Quote:

Originally Posted by estefaniocurry

For starters it should be possible to file electronically with a digital signature like it is any modern country.

out of the 50 or so tax returns that i did last year ,, all but one was not efiled.

09-29-2017 , 09:24 AM

#150

MyrnaFTW

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what I will do later on ,, is take a friends report, and compare it to what it would be under the nex tax plan..

he currently itemizes , has a home in jersey , (12k) property tax , works in nyc . and has two kids under 13.. him and his wife make around 120k combined gross.

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