What if you commute by private jet?
:rolleyes::dubious:
I just ran some numbers using this tax reform calculator…
A median income couple, $56,000 annual income will save $794 each year. Double median income couple saves $2744… Ok, wait, I guess that means it is Trickle Up that is working.
(In other news, my 401k took a hell of a jump upwards in anticipation. Imagine what it will do when the stock bybacks start and the dividends spike. I guess I will be retiring on the table scraps of the big investors.)
Eh so in one case they pay 3.29x the other couple and now they’ll pay 3.25x. Given the other problems, this one isn’t standing out.
I’ll save $999!
Was Herman Cain behind the tax cut?
And here I remember how some pundits in the past told us that we should not worry that people with no scientific knowledge or that are deficient with reality based facts get into power.
I’d rather look at differences in average tax rate:
56,000 income - 7.6% vs 6.2% - 1.4% lower tax rate
112,000 income - 12.5% vs 10.0% - 2.5% lower tax rate
224,000 income - 19.4% vs 16.3% - 3.1% lower tax rate
I suspect that some Republicans are convinced deep down that the GOP is going to be out of power for a long, long time to come, and so it actually isn’t in their interests any longer to rein in the national debt. They might as well win some popularity by introducing tax cuts that will send the national debt climbing, and let future Democratic administrations deal with the hot potato of national debt.
That’s a very stupid article.
Paying down debt is “hoarding”?
Giving money back to the shareholders via dividends or stock buybacks? It’s the shareholders’ money, not the government’s. Also not hoarding.
They’re also not investing in infrastructure, hiring more workers, or raising the wages - which is, y’know, how it’s being sold. Instead, it is being held solely within the company and its investors. This will not benefit anyone but a small minority of the wealthiest, and is certainly not be of benefit to the people that work at the company.
And particularly, the claim that this bill would at least partially pay for itself by boosting the economy was based on the notion that a decent chunk of this money would find its way into workers’ paychecks (where it would be spent, boosting the economy) or into new investments (i.e. spending, which would boost the economy).
So the spin D’Anconia wants to put on the fact that the companies and shareholders will keep it all is irrelevant. Maybe there are nice libertarian justifications why this is a Good Thing, but it won’t have the benefit its proponents claim. It’s just a trillion and a half of added national debt, for little if any benefit for the vast majority of Americans.
Great tweet by Ann Coulter about the tax bill:
With all due respect, Ann, fuck your feelings. 
Most adults own stock and will benefit.
But no, that’s not how it was being sold, and obviously that benefit is uneven.
I dunno. I just think that, with this tax bill, we’re past the point where we have to worry about being fiscally responsible and how to pay for things. The next time that Dems have unified control of government, they can just spend what they want on whichever programs they want and not have to worry about how it’s all financed.
It’s obvious that Republicans will rediscover their love of debts and deficits when the Democrats regain power, but c’mon…it’s clear that the GOP is full of shit on that issue and doesn’t really care about it. The next time that happens, the Dems can just ignore those criticisms.
I’m not sure I would say “most” own stock, it is over 50% but just barely.
This Gallup survey pegs it as about 54% - tilted heavily towards older and higher earners.
I own stocks and can easily see that I will gain much more from that fact than the average person will gain from tax cuts. I will gain from all the money that is supposed to be going to increased wages and hiring.
What a scam.
Which, in the language I learned growing up, is most. And given how shitty the bill is, we are all quite capable of sticking to accurate criticism.
Is there some definition of “most” that most of us are unaware of?
I read some report about the latest version nullifying the effectiveness of pre-paying 2018 property taxes in 2017 to deduct them. Most reports I see are high level and don’t really corroborate this. Anyone hear about this part?