Which in my opinion makes no sense, because the utility of a dollar depends greatly on the income of the person we are talking about. Treating a dollar of income that would likely be used for subsistence the same as treating a dollar that would likely be used for luxury goods is not the same. And as has been pointed out, both the richest and poorest people in America are taxed the same on their first several thousand dollars of income: zero. It’s only when income rises to $50k, $150k, $500k, and so on, that THOSE dollars are taxed differently.
Once more time to beat the dead horse: if you take the first $20 grand of income of Bill Gates, and you compare to the first $20 grand of income for some random gas station worker, that $20 grand is taxed at the same rate (subject to exemptions, etc). Why should Gates’ one hundred millionth dollar be treated like the gas attendant’s first dollar? Gates already enjoys his first dollar being taxed in the same was as the gas station worker’s first dollar. See, totally fair!
And lunch money given to a kid to feed him/her is different than private islands and huge trust funds being passed down to a kid after the death of a parent.
If someone doesn’t provide lunch for a child, in extreme cases they can go to jail for maltreatment of a minor. So there’s an imperative to provide lunch for children; there’s no imperative to provide huge trust funds.
I just realized another thing that’s been barely mentioned: The medical expense deduction will be eliminated. That affects only a minority of people, but those people are usually middle-class people going through a rough time. As someone I just read said,“It’s like making hurricane victims pay for tax cuts.”
I want to apologize to all in the thread. At some point I introduced a “90%” figure. I should have written explicitly: “possibly hyperbolic wild-ass guess”. (… And in the same post I’d used “liars” to refer to top GOP pundits. :smack: ) Mea culpa.
What’s especially sad is that — as you’ll see from my record — in the past I’ve largely been extremely factual, even writing “most probably” when I was only 90% sure of a number. (And I’m paranoid enough to respond poorly if I can fantasize that latches onto the guess might be a way to avoid debate.)
So. My “90%” is exposed as “possibly hyperbolic wild-ass guess if considered as mean rather than maximum.” Mea Culpa. Excusez-moi merci. ขอโทษ
Heard of the thousand-year flood? As partial excuse for my dishonorable conduct, let me confess that I and others think this present Administration is the thousand-year corruption event; that it has the Founding Fathers turning in their graves; :— wholesale theft on a scale reminiscent only of Russia, banana republics, and exploited colonies; — wholesale theft by greedy cronies, vested rentseekers, and the super-rich in general; — all led by the guy from Brooklyn himself famed as the quintessential greedy large-scale huckster!
While the American public — or parts of it — just keep saying “Sell me more of that snake oil!”
I realize that most Americans might characterize my view as “exaggerated or worse” … but my Mother took me to see the movie "Majority of One." The present Ryan agenda is a transfer from the poor to the rich; that, and staying in power, are the only real purpose of any of their edicts or bills. This tragedy, and the fact that many Americans seem blind to it, or even actively support it via some supply-side ideology, leads to emotional reactions in me: grief, frustration, irritation, etc.
But I should learn to control my emotions. Let me say I’m sorry again.
No, we will not let you say it. Therefore, you didn’t, even though you should have. You should walk to the nearest river, to perform the Ancient Albanian Ritual of Self-abasement, accompanied by a chorus of bitter virgins, intoning dirges of woe and humiliation.
(Or you could simply declare it a matter of a principle. All such principles are equal, in that they are immune to the petty and mundane concerns of reason and fact. You’re welcome!)
Corporate tax cuts are delayed until 2019.
Mortgage deduction stays pretty much as is.
Adoption credit stays.
Seven tax brackets, with the top bracket slightly reduced from 39.6 to 38.5
SALT deduction is gone (same as House)
*Looks like it’s not an official release. Just leakings.
The same money is being taxed twice without changing hands.
If we taxed inheritances as income to the heir, then you wouldn’t have double taxation. Seems simpler. Inheritances are a windfall and should be taxed at some level.
Lol yes I just saw the graduate tuition thing. It’s not uncommon for the school to pay a stipend of ~$25k and have something like a $40k tuition waiver.
Every revenue neutral flat tax scheme I have seen has the middle class paying more since the rich pay far less. Every one.
Why is it so hard to look at a chart which tells you how much your tax is if your taxable income is $x?
Yep. A flat tax would change the part of the current tax code that’s already simple and make it a tiny bit simpler. People who say they want a flat tax because of simplicity don’t know what they’re talking about, or are being misleading.
The delay in the corporate tax cuts until 2019 is interesting. I’d guess a strategist figured out that was just long enough to keep the resulting cuts in social programs from being necessary until after the 2018 and 2020 elections, while still being able to claim any positive changes in the economy are a result of the cuts for the 2020 election.
Not surprising, they took a similar tact in delaying the giant Medicaid cuts until after 2020 with their failed healthcare repeal bills.
Has any “explanation” been given why $1.5 trillion is the magic number for increasing the debt?
Looks like something is gonna be passed that costs me some and, gives a little to some needy, makes some wealthy wealthier, and accomplishes little (if anything) good.
Gotta admit, tho - to the extent that I have some investments, those might rise in value.
Why would you think I was making an argument based on the idea that it is?
Frankly, having several tax rates is just about the least “offensive” thing I find about the tax code, though. And I’m in favor of significant cuts in federal spending (start with the DoD), so in my overall view of things, revenue neutrality would not be one of my goals. It might be necessary in the practicality of our political climate, but it’s not something I think is inherently a good idea.
It’s related to adhering to a couple of rules that will allow them to pass a bill in the Senate with a simple majority and not be subject to filibuster (ie. 60 votes).
Look up “using budget reconciliation” if you want to know the gritty details.
The present Ryan agenda is a transfer from the poor to the rich; that, and staying in power, are the only real purpose of any of their edicts or bills. This tragedy, and the fact that many Americans seem blind to it, or even actively support it via some supply-side ideology, leads to emotional reactions in me: grief, frustration, irritation, etc.