Trump Promised to Protect Steel. Layoffs Are Coming Instead.

Apparently the steel industry didn't get the "we're giving out bonuses thanks to tax cuts" memo? Or is that exclusively for mega-global corps, and not industries that actually have to solely operate within the US?

From NYT's summary of articles from the right and left about the tax bill comes this nuclear-hot take from someone I've never heard of that apparently writes for CBS (?!):

How can anyone be this ****ing stupid?
Option A: Rs get some things they want and give a few things to Ds
Option B: Rs get everything they want and club some Arctic seals

Serious (I guess?) conservative writer at a major news company: "well Republicans really wanted option A but the stupid Democrats gave them no choice but to take option B"

:facepalm: Did you skip over bobman's explanation or did you just not understand it? Tsao is almost certainly in a tax bracket that is reduced by 4%+, which is what he claimed. It's entirely conceivable that his tax bill is going to be reduced, and although he didn't specify by how much, it's also likely >4%. His effective tax rate would then also be reduced, maybe by 4% but that would be near the top of what anyone outside of the super rich stands to benefit.

Tsao has come across extremely ignorant of some of the most basic provisions in the new tax bill and it's not clear if he will actually benefit at all, but the only time he threw out the 4% figure he used it correctly. If you want to show him why he may not benefit it would be better to figure out how his taxable income may be affected or how his taxes may change in a few years. It seems like he doesn't fully understand either of those points. Harping on the 4% figure won't get anyone anywhere.

The only respectable course of action is to rip that check up, throw it in the closest executive's face, and demand a new one commensurate with your fair share of the company profits.

You can be the first of many, and your name will be whispered throughout the ages as the man that started it all.

Make sure to have someone record it for Twitter though.

Why rip up the first one? Surely they can just deduct the first check $ from his second check?

The only really respectable course of action if you get one of those checks, Inso0, is to frame it (it's far more valuable than the amount it's written for) and pray to it every night before you go to bed, thanking your corporate overlords and Daddy Trump for the extra spending money for a day at the local strip mall they've benevolently decided to bestow upon you, something far greater than you deserved.

Oh, sorry, am I posting like a middle schooler? Hm, wonder where I picked that up from.

I am enjoying this thread. Not mentioned in the posts I have read is the standard deduction is doubling. How many refunds will be affected? I have always filed 1040ez with standard deduction so it seems like decent news for me personally. Thanks in advance - social issues voter somewhat uninformed about taxes and economic policy in general

First article I found on google, which is from the conservative leaning National Review doesn't seem to think it will make a big difference because they would/are eliminating personal exemptions? http://www.nationalreview.com/corner...dard-deduction

It's great news!

But if you have 30 children and a mansion in NYC, you probably won't see the benefits due to SALT reductions and personal exemptions

Our NYC millionaires are going to be hurting from this, it's tragic.

Trump goaded into signing tax bill early and w/o a show by news coverage, wonders if he's getting enough credit

hahahaha omg

This was a pretty informative article http://money.cnn.com/2017/12/20/news...now/index.html

From what my meager brain can figure standard deduction goes up to 12000 from 6350 but I lose the personal exemption deduction of around 4k$. my rate did get lowered too though so overall I expect I'll see a little more money via this bill, nothing earth shattering. Coupled with the fact the orange jerkoff who's taking credit for tax cuts said nazis and non nazis were both bad is gonna temper my support for it

If I get married on 12/31/2018, does that let me file as married for the whole year? Might save me a couple grand in the new plan (I'm sure the gf would find that quite romantic)

Yeah, especially if you and your familiy are hyper insulated from republican Medicare cuts.

Optics, man. This is going on Twitter.

The oval office is great because, you know, it's an oval, and it's where I sit, and I'm great and I gave you all money. Lots of money. Great, great money. The oval is great because it's almost like a circle, but round and ovular. It's very ovular. You can grab the ovular part, as long as you have huge hands like me. I have the biggest hands, the best words, and the greatest office. I actually asked them, told them, to change it into an oval. A lot of people don't know this, but I can tell you that the Oval Office used to be a rectangle. Obama made it a rectangle because he's a square. I made it back into an oval because I'm great. Okay, I'm going to Florida now. Merry Christmas to all... of the people who voted for me!

Yes, and congratulations!

Same goes for knocking her up and popping out a baby on or before Dec 31st. Full deduction.

Source: Born on Dec 31st, and heard the "tax deduction!" quip about a million times.

GOP bill doesn't let me deduct at date of conception? Personhood my ass

(you only get 18 years of deductions for a kid though, I imagine? so you lose the deduction a year earlier too, seems less consequential)

$2000 now vs $0 in 18 years when we're all living under a Chinese flag. Easy choice.

Edit: and remember, the child tax credit is a refundable credit. Cash money in your pocket, even if you had a $0 tax liability to begin with.

Yes. Married on 12/31/18. You file MFJ

Deduction for what?

Personal exemptions are gone Einstein



Can’t the child tax credit unless it’s 6 months


But hey, another uninformed poster posting nonsense.

I thought you were a CPA? A child born during the tax year is considered to have lived with you for the full year. Period.

Edit: https://www.irs.gov/pub/irs-pdf/p972.pdf

I can forgive the mistake, because tax law is obviously ridiculous. But save your LOL Inso0 for when I'm actually wrong. It'll happen, be patient.

Gonna side with Inso0 on this one.

It is pretty lol that the only people pumped about the tax plan are a self admitted libertarian and a Noah’s ark apologist. Only the best people!

You said full deductions.

Deductions aren’t a thing anymore


What you are talking about is a credit


Carry on bud.

Droolers HATE the idea of a poor getting FREE MONEY

Inso, this is what we call a tell