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The Winners and losers in the GOP tax plan

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Message 31 of 60

American will be the big loser as the plan will create another $2 Trillion hole in the deficit. What happened to the Republican Party standing up for a reduction of the nation's deficit?

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Re: The Winners and losers in the GOP tax plan

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Message 32 of 60

Winners and Losers

 

Now, this takes effect in 2018, and would raise a projected $2.7 billion in revenue over 10 years.


Initially, the mutual fund firms like Fidelity were also subject to the tax. But after lobbying last week, they are now exempted.

 

Mutual funds now exempted from proposal changing tax rules for some share sales
By Laura Saunders Nov. 18, 2017


"The Senate Finance Committee has decided that a little-known provision that would change tax rules on certain securities sales shouldn’t apply to mutual-fund firms. Even so, it would still apply to individual investors."

 

https://www.wsj.com/articles/the-new-tax-hidden-in-the-senate-bill-now-only-hurts-individuals-151095...

 

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Re: The Winners and losers in the GOP tax plan

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Message 33 of 60

Winners and Losers

 

ROBERT FRANK, NIGHTLY BUSINESS REPORT CORRESPONDENT: Congress has been very vocal about how they would like to cut taxes as part of tax reform. But they`ve been more quiet on who could potential get tax hikes. Here are just a few of the hidden tax increases in the House and Senate bills.


The Senate bill includes a tax hike on certain stock investors through what`s known as first in/first out accounting. The bill would prevent investors from lowering their taxes by choosing the specific shares of stock that are being sold.


Now, usually, investors sell the most expensive shares they purchased, or those that have lost money to get the tax write-off. The bills would force them to sell their oldest shares first, known was first in/first out sale, no matter what the purchase price. Now, this takes effect in 2018, and would raise a projected $2.7 billion in revenue over 10 years.


Initially, the mutual fund firms like Fidelity were also subject to the tax. But after lobbying last week, they are now exempted.

 

http://nbr.com/2017/11/20/transcript-nightly-business-report-november-20-2017/

 

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Re: The Winners and losers in the GOP tax plan

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Message 34 of 60

The GOP's proposed tax cut for the wealthy harms seniors (and all of America)..

 

Besides stealing money from middle-class people to pay for unneeded and ineffective tax cuts for very wealthy individuals and large businesses, the Congressional Budget Office calculates that the GOP tax bill will instantly trigger $400 billion in automatic cuts to Medicare in the next 10 years, including $25 billion in the first year after enactment alone.

 

AARP needs to come out and make a forceful statement against the entire tax cut.

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Re: The Winners and losers in the GOP tax plan

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Message 35 of 60

Don't you love the word "average"?  Previously the GOP (e.g, Ryan & McConnell) absolutely guaranteed that EVERY taxpayer would get a tax cut from the GOP's tax "reform".  Now at least, as a nod to elementary-school math I guess, they've started using the word "average" such as in McConnell's:

 

  • “You can’t guarantee that absolutely no one sees a tax increase, but what we are doing is targeting levels of income and looking at the average in those levels and the average will be tax relief for the average taxpayer in each of those segments.” 

How big is that group that they can't absolutely guarantee won't get a tax increase?  It's millions of taxpayers, especially those in the middle class that are supposed to be the the target for relief.  From the NY Times:

 

 

Screenshot (308).png

 

 

 

 

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Re: The Winners and losers in the GOP tax plan

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Message 36 of 60

President Obama took NOTHING from Medicare to fund PPACA. What PPACA did was eliminate the excessive payments to the health care corporations that jrbush and the GOPers had allowed to charge and be paid 135% of "reasonable and proper" fees for their service. By preventing the 135% gouging of Medicare, the OUTLAYS from Medicare were reduced, but the SAME LEVEL OF SERVICE WAS PROVIDED, AND 34 MILLION MORE AMERICANS GOT HEALTH INSURANCE!

 

This removed a totally unwarrented windfall profit to the Uberrich owners of the health provider corporations, so of course neoRepublicans were OUTRAGED, so much so they continue to lie about what happened a decade later.

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Re: The Winners and losers in the GOP tax plan

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Message 37 of 60

I especially like the tax-plan articles in VOX.  For example, one of them demonstrates how even Ryan's "winner" family of four becomes a "loser" after a few years:

 

As I posted on another thread.

 

Cheese on the trap, if the American people take it, then 

 

SNAP

Did I mention 80% of the benefit goes to the top 1% ?

 

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Re: The Winners and losers in the GOP tax plan

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Message 38 of 60

@bs381 wrote:

I will be a big loser also.  Elimination of Deduction for Alimony is a huge hit on me.  I don't get the deduction but my ex spouse still gets taxed on the alimony she receives, that amounts to the same dollars being taxed twice.  Any thoughts?


That is not how it works at least in the House tax plan.

It put the taxation on (usually) the higher earner - the one making the payments to the ex-spouse.

 

Alimony would be paid out of after-tax dollars and would be tax-free to the recipient.

 

Business Insider - Trump, GOP tax plan imposes new divorce penalty

 

It really isn't a tax penalty - it is a way to tax the higher earner in this dissolved marriage situation.  Leaving the divorcee with the lower income the tax free benefit.

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: The Winners and losers in the GOP tax plan

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Message 39 of 60

@bs381 wrote:

I will be a big loser also.  Elimination of Deduction for Alimony is a huge hit on me.  I don't get the deduction but my ex spouse still gets taxed on the alimony she receives, that amounts to the same dollars being taxed twice.  Any thoughts?

 

Welcome to the forum, bs.....you're in fine company.

 

I think the elimination of the deduction for alimony should start with those making more than $300,000 (an intentionally arbitrary number); those making less should still receive the deduction.  This is based on the assumption the Repubs are telling the truth when they claim they really want to help the middle class.

 

As to the double taxation issue, I totally disagree.  Every dollar is taxed many times over.  This is untaxed income to your ex-spouse, thus should be taxed....to her.

 

Please come back and share your views in the future.


"FAKE 45 #illegitimate" read a sign at the Woman's March in Washington DC, January 21, 2017.
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Re: The Winners and losers in the GOP tax plan

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Message 40 of 60

@CriticalThinking wrote:

" I also read through the entire bill -- 426 pages, and that didn't do anything to make me feel easier."

 

426 pages? Didn't we listen to 6 years of non-stop complaints from Republicans about the size of the Obamacare bill? I guess they never learn from past mistakes, and they love to demonstrate hypocrisy.


I'm sorry to say that I agree with your comment. Since there is a Trump version, a Senate version, and a House version - who knows what the final will be. I assumed from all the chatter that the rules would be on a single 8.5"x11" page and filing would be on a postcard.

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