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The Winners and losers in the GOP tax plan

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Message 41 of 60

" 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.

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Re: The Winners and losers in the GOP tax plan

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Message 42 of 60

@saworld wrote:

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:

 

Screenshot (298).png

 

 

https://www.vox.com/policy-and-politics/2017/11/3/16602398/paul-ryan-house-republican-tax-plan-middl...


Excellent graph, saworld.  Thanks for contributing it to the discussion. IMO, it's typical of what we hear from politicians.


"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 43 of 60

I also lose big-time under the House GOP Plan.  In fact, the first time I read through the details, I was almost in tears.  It's hard to believe that our public officials would deliberately do things to hurt a large sector of the middle class.  I also read through the entire bill -- 426 pages, and that didn't do anything to make me feel easier.  However, today, I read through the entire proposed Senate tax bill, and it's much friendlier to seniors and the middle class.  The head of household status (which many seniors use) remains intact with double the standard deduction; more importantly, the additional standard deduction for seniors remains as do the deductions for medical expenses and student loan interest, which many seniors are still paying.  Nevertheless, if you read the entire bill, it's obvious it's intended to benefit the rich, as usual.  I, as many others, also suspect they (Republicans AND Democrats) will propose some cuts to medicare and social security -- 2 things the President swore he would never touch.  Also, where is the almost $8 billion that Obama took from Medicare to fund Obamacare.  President Trump promised to return it.  Haven't heard a thing about it.  Guess he'll forget about this as well.

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Re: The Winners and losers in the GOP tax plan

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Message 44 of 60
the complication is the distraction
So it begins.
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Re: The Winners and losers in the GOP tax plan

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Message 45 of 60

@Centristsin2010 wrote:

@gordyfl wrote:

I benefit.  I do as well, but it's not about me.  I'm doing OK as it is now and don't need a tax cut.  Isn't this what is BEST for the country?  IMO, what's BEST FOR THE COUNTRY isn't a reduction in services, a cut in Homeland Security, cutting the EPA and an increase in water and air pollution and in the name of the almighty dollar.  It's sad so many are so self focused, especially the so-called Christian Right.  Hypocrisy much?

 

I don't itemize. My standard deduction will double according to their tax plan.

 

I haven't heard if they plan on eliminating the deduction for state taxes. Either way, it doesn't affect me. No state tax here.

 

I wasn't worried about the 401K tax breaks. Firstly, I don't have a 401K. Secondly, I knew they weren't going to include that proposal in their tax plan. Wall Street certainly would not allow them to do so. That I felt confident. 

 

I don't think the rich and powerful should be getting the bulk of the tax breaks. Our country is $$trillions in debt already. Surely they can afford to pass this time.  Apparently the debt is only used by the Right to attack the Left because they certainly don't care about doing anything about it.  They claim the growth of the economy will reduce the debt.....how'd that work when Bush cut taxes?  Not so much....  A truly responsible group would cut revenues slowly as the debt decreased and not make huge cuts and "hope for the best".   

 

Eliminating the estate tax....well, we know who runs Washington.  It's a BS argument, IMO.  The claim, "it's money that's already been taxed" is true with ALL money.  If you pay sales tax on a purchase, that money had already been taxed many times over.  The inheritance income a person has received, is NEW income to that individual and should be taxed accordingly.  The estate tax is far and just.

 

If it wasn't clear, I agree with everything you posted Gordy!


the line.."It's not about me" is one of my faves. Take a Bow, you are a patriot and understand the meaning of the constitution and its amendments. 

So it begins.
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Re: The Winners and losers in the GOP tax plan

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Message 46 of 60

@saworld wrote:

At the gym I saw the end of a Faux interview with a small-business organization (didn't catch it's name) representative.  He unequivocably stated that they could not support the House's tax plan as it is now because it simply didn't help his members. He used member examples of a pizza shop owner or an auto-something-or-another shop. 

 

Doing a quick search, it seems that the plan definitely has a serious small-business problem & that in itself could kill it.  We can hope since it hurts many non-wealthy individuals too. 


I think you you must be talking about the 'small business provision' of pass-through income -

 

Business insider -!GOP tax plan biggest problem is 'small business provision'

 

The problem is everybody was thinking it would be bigger and simpler - it is not.

 

The tax plan is trying to give everybody something and then that something turns out to be smaller and lots more complicated in order to spread around any savings.

 

There is always gonna be winners and losers.  We are too divided in this country by a lot of different measures to make anything ever simple or as some people put it - fair.

 

But this provision does not make the tax code simpler.  Business classifications are very different, owner(s) participation is different but we consider them all small businesses and pass-through is available to them all in the accounting format.  

 

For or the like of me, I do not know how all this got sooooo complicated to begin with -

 

 

 

* * * * 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 47 of 60

At the gym I saw the end of a Faux interview with a small-business organization (didn't catch it's name) representative.  He unequivocably stated that they could not support the House's tax plan as it is now because it simply didn't help his members. He used member examples of a pizza shop owner or an auto-something-or-another shop. 

 

Doing a quick search, it seems that the plan definitely has a serious small-business problem & that in itself could kill it.  We can hope since it hurts many non-wealthy individuals too. 

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Re: The Winners and losers in the GOP tax plan

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Message 48 of 60

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?

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Re: The Winners and losers in the GOP tax plan

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Message 49 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:

 

Screenshot (298).png

 

 

https://www.vox.com/policy-and-politics/2017/11/3/16602398/paul-ryan-house-republican-tax-plan-middl...

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Re: The Winners and losers in the GOP tax plan

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Message 50 of 60

@dougp1122 wrote:

I take a big hit from this plan. The elimination of many of the itemized deductions will be partially offset by the elimination of AMT (a good thing). If that were it I would be content, however the plan also pushes me into a higher tax bracket. What kind of tax cut is this? 


I guess that you and I have declared ourselves as losers. hoping that many more come to light. otherwise, I will have to believe that perhaps they are right and this tax reform is really good.

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