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Iosh
Houston Astros Fan
Bureau of Interstellar Immigration
Member since Dec 2012
17071 posts

Bosh Jarro is not a fan of the tax plan
He wrote two pieces yesterday on it, one specifically about why the "doubled standard deduction" talking point doesn't hold up to scrutiny and another claiming that this will make the plan a liability. I'm not so sure about the second, simply because facts don't seem to pull much weight in the current political environment. But it's worth reading.

LINK
quote:

Here's the important fine print: "To simplify the tax rules, the additional standard deduction and the personal exemptions for taxpayer and spouse are consolidated into this larger standard deduction."

Here's how that math works. Let's say you are single with no dependents, and you have a moderate income. Currently, you get to take the standard deduction ($6,350) and one personal exemption ($4,050). If you are 65 or older, you also get to take an additional standard deduction ($1,250). That adds up to $10,400, or $11,650 if you're over 65.

The Republican plan would replace all these provisions with a single deduction of $12,000 ($24,000 for married couples.) That's only a 15% increase — except for seniors, who get a 3% increase.

And then your first dollar of taxable income would be subjected to a 12% tax rate, instead of the current 10%.
But don't worry — the framework says "additional tax relief," as yet unspecified, will emerge for you during the committee process.
LINK
quote:

But while there is a lot we don't know, we can identify a group of taxpayers likely to face tax increases from this proposal: people with moderate to upper-moderate incomes who take itemized deductions, like those for mortgage interest and state and local taxes paid.

Some of these deductions would be eliminated. And while Republicans like to misleadingly claim that their plan would "double the standard deduction," these itemizing taxpayers would lose the ability to take the personal exemption for themselves or their spouses, subjecting an additional $8,100 of their income to tax.

While these taxpayers would lose key tax benefits, rich taxpayers would come out ahead.

The rich would benefit from a new preferential rate for business income — while high-income workers could pay tax at rates as high as 35%, business owners would have tax on their profits capped at 25%.

Wealthy people, who own the lion's share of stocks, would also benefit from a reduction in corporate income tax rates.

And the estate tax would be abolished altogether.

...

Bush knew that the way to sell a tax cut was to convincingly say that nobody would lose and everybody who paid income taxes would win. Today's Republicans have not only forgotten that — they've decided to take tax benefits away from middle-income people to give them to the rich.

As the details of this plan become known, and as the political response builds from people who fear their taxes will be raised, and as they build a coalition with special interests who would lose out from other aspects of the proposal (like investors who do not like the proposed limitation on the deduction of business-interest expenses), this plan will become an enormous liability.
I rent and live in a state with no income tax, so I'm not too upset with all this. Interested to hear from folks who do take both deductions, though.
This post was edited on 9/28 at 9:14 am


Bunyan
LSU Fan
Member since Oct 2016
3005 posts
 Online 

re: Bosh Jarro is not a fan of the tax plan
quote:

Bosh Jarro

Who?


Eli Goldfinger
Alabama Fan
Member since Sep 2016
3567 posts

re: Bosh Jarro is not a fan of the tax plan
Anything other than a flat tax will make me angry...so...


cokebottleag
Kansas State Fan
King of Knee Jerk Reactions here.
Member since Aug 2011
16842 posts

re: Bosh Jarro is not a fan of the tax plan
As much as I don't like that I won't be able to claim my property tax on my federal income taxes, this strikes me as sensible. I will however appreciate the increase in child tax credit.

Effectively the states with low taxes are subsidizing the federal taxes of California, New York, etc. this evens the playing field and makes the low tax states have an even greater advantage.


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Homesick Tiger
LSU Fan
Greenbrier, AR
Member since Nov 2006
31320 posts
 Online 

re: Bosh Jarro is not a fan of the tax plan
quote:

Who?


He's an opinionist. Says so right there at the top of the link.


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gamatt53
Georgia Fan
Member since Nov 2010
3181 posts

re: Bosh Jarro is not a fan of the tax plan
quote:

likely to face tax increases from this proposal: people with moderate to upper-moderate incomes who take itemized deductions, like those for mortgage interest and state and local taxes paid.


Trump gonna frick his base? I'll be pissed if this is true
This post was edited on 9/28 at 9:20 am


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50_Tiger
LSU Fan
Dallas TX
Member since Jan 2016
10077 posts
 Online 

re: Bosh Jarro is not a fan of the tax plan
Geeez this screams frick single bread winners.



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frogtown
Georgia Fan
Member since Aug 2017
127 posts
 Online 

re: Bosh Jarro is not a fan of the tax plan
quote:

Who?


Bingo with "Who?"

Who the frick is Josh Barro? Why should we listen to him?



buckeye_vol
Ohio State Fan
Member since Jul 2014
26382 posts
 Online 

re: Bosh Jarro is not a fan of the tax plan
From Josh Barro's Wiki page.

quote:

Earlier in his career, Barro described himself as Republican, although wrote about his criticism of many of its policies. He also identified as a neoliberal.
quote:

Iosh
Maybe CptBengal is right you're neo-liberal filth, although maybe that's different than neoliberal.


gthog61
Georgia Tech Fan
Irving, TX
Member since Nov 2009
25229 posts
 Online 

re: Bosh Jarro is not a fan of the tax plan
Bosh jarring does not know anything about negotiation


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buckeye_vol
Ohio State Fan
Member since Jul 2014
26382 posts
 Online 

re: Bosh Jarro is not a fan of the tax plan
quote:

Who the frick is Josh Barro? Why should we listen to him?
We should listen to him if what he says seems accurate and objective. Obviously the messenger's credibility is often important to take into consideration to determine the validity of the message, but the message itself is what we should focus on.


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Iosh
Houston Astros Fan
Bureau of Interstellar Immigration
Member since Dec 2012
17071 posts

re: Bosh Jarro is not a fan of the tax plan
quote:

Maybe CptBengal is right you're neo-liberal filth, although maybe that's different than neoliberal.
I've been calling myself that and posting r/neoliberal memes for like a year now. (CptBengal has no idea what it means, he just uses it as a catch-all for whoever slanders the God-Emperor.)
This post was edited on 9/28 at 9:30 am


el Gaucho
Southern Fan
bawcomville
Member since Dec 2010
28303 posts

re: Bosh Jarro is not a fan of the tax plan
You oughta read Salman Jenkins' rebuttal, it's riveting


buckeye_vol
Ohio State Fan
Member since Jul 2014
26382 posts
 Online 

re: Bosh Jarro is not a fan of the tax plan
quote:

Bosh jarring does not know anything about negotiation
A former real estate banker doesn't know anything about negotiation?


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Iosh
Houston Astros Fan
Bureau of Interstellar Immigration
Member since Dec 2012
17071 posts

re: Bosh Jarro is not a fan of the tax plan
Is that a real thing or are we doing more NPR jokes


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90proofprofessional
LSU Fan
Member since Mar 2004
17770 posts

re: Bosh Jarro is not a fan of the tax plan
quote:

we can identify a group of taxpayers likely to face tax increases from this proposal: people with moderate to upper-moderate incomes who take itemized deductions
\
The rich would benefit from a new preferential rate for business income

Wonder which of these effects would be larger- if the reduction of federal taxes on pass-thru income is, it could be a windfall for states who have a deduction on state taxes for federal taxes paid.


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90proofprofessional
LSU Fan
Member since Mar 2004
17770 posts

re: Bosh Jarro is not a fan of the tax plan
quote:

no idea what it means, he just uses it as a catch-all for whoever slanders the God-Emperor

maybe he is rightly in fear of the movement's imminent popularity


90proofprofessional
LSU Fan
Member since Mar 2004
17770 posts

re: Bosh Jarro is not a fan of the tax plan
quote:

Who the frick is Josh Barro? Why should we listen to him?

An extremely smart critic of rightwingers and leftwingers, and in particular the economic policies preferred by both


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buckeye_vol
Ohio State Fan
Member since Jul 2014
26382 posts
 Online 

re: Bosh Jarro is not a fan of the tax plan
quote:

I've been calling myself that and posting r/neoliberal memes for like a year now.
HMMMM. Are you actually Josh Barro?
quote:

CptBengal has no idea what it means, he just uses it as a catch-all for whoever slanders the God-Emperor
Alphas don't need to know what something means because they get to determine what the meaning is due to their alphaness. And apparently they also refer to another man as their God-Emperor.


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30
boosiebadazz
Member since Feb 2008
58690 posts

re: Bosh Jarro is not a fan of the tax plan
I'm curious to see what the excuses will be when the GOP fumbles this as well.



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