Posted by
Message
GFaceKillah
LSU Fan
Welcome to the Third World
Member since Nov 2005
5935 posts

GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:


Republicans on Wednesday will propose slashing tax rates for the wealthy, middle class and businesses, while also preserving popular tax deductions that encourage buying homes and giving to charity, according to a 9-page document obtained by The Washington Post.

But the document, titled “Unified Framework For Fixing Our Broken Tax Code,” leaves many key questions unanswered. In it, the White House and Republican congressional leaders do not identify the numerous tax breaks that they say will be removed in order to offset some of the trillions of dollars in revenue lost by cutting tax rates.




quote:

The tax framework would:

* roughly double the standard deduction to $24,000 for married families and $12,000 for individuals

* collapse the seven individual income-tax brackets to three, with rates of 12, 25, and 35 percent

* raises possibility of a higher tax rate for the wealthy, though this remains an open debate

* allow more people to qualify for the child tax credit

* creates a non-refundable credit of $500 for non-child dependents

* preserves mortgage and charitable deductions, but promises to gut many others

* proposes simplifying tax benefits for retirement, work, and higher education

* eliminate the estate tax and alternative-minimum tax

* cut corporate tax rate from 35 percent to 20 percent

* allow high-income businesses that pay through individual income tax code to pay 25 percent rate

* allow companies to expense investments in equipment and other capital for at least five years

* create new limits on interest expenses

* eliminate a domestic production deduction Republicans feel will no longer be necessary

* preserve research-and-development tax benefits

* the document does not mention eliminating carried interest tax benefits used by hedge fund managers

* allows multinational companies to exempt all dividends from foreign subsidiaries

* incentivizes companies to bring overseas assets back to the United States, though it doesn’t say what tax rate it will impose on this shift.




LINK

Honest question: Would you support these tax cuts knowing that they will increase the federal deficit?


NikolaiJakov
Moscow
Member since Mar 2014
1018 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
Yes.

ETA: If the Democrats aren't worried about the deficit, why should we? At least the economy will grow with this plan.
This post was edited on 9/27 at 10:10 am


Displaced
LSU Fan
Member since Dec 2011
20994 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:

Honest question: Would you support these tax cuts knowing that they will increase the federal deficit?

Doesn't matter, nothing will pass. This Congress is useless.


Replies (0)
Replies (0)
190
lynxcat
Rutgers Fan
Member since Jan 2008
18508 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
Honestly, no. This current generation in power is absolutely screwing the future generations with the debt burden and this tacks an exponent to it.

I love a lower tax bill but not unless we use a cleaver on the spending including entitlements.


Solo
LSU Fan
Member since Aug 2008
6536 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
MAGA

Do we know where the 15, 25, 35 brackets will fall?


lynxcat
Rutgers Fan
Member since Jan 2008
18508 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
Sounds like a great way towards mutually assured destruction


Replies (0)
Replies (0)
20
GFaceKillah
LSU Fan
Welcome to the Third World
Member since Nov 2005
5935 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:

This current generation in power is absolutely screwing the future generations with the debt burden and this tacks an exponent to it.


Wholeheartedly agree. Also, the complete inaction in congress has only served to kick the can down the road on solving major legislative issues.


Replies (0)
Replies (0)
21
Y.A. Tittle
Winthrop Fan
Member since Sep 2003
64064 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:

Honestly, no. This current generation in power is absolutely screwing the future generations with the debt burden and this tacks an exponent to it.


If this is correct, wouldn't it be logical to want to hold on to more of YOUR OWN money than just continuing to give it to those doing the "screwing"?


Replies (0)
Replies (0)
70
GFaceKillah
LSU Fan
Welcome to the Third World
Member since Nov 2005
5935 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:

Do we know where the 15, 25, 35 brackets will fall?


I don't think that has been made public yet, but I will update the OP if it comes out.

One thing to note is that this document serves as a starting point on tax reform negotiations.


Solo
LSU Fan
Member since Aug 2008
6536 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
Sounds good. Devil is in the details...and those figures are probably the most important details...


Replies (0)
Replies (0)
10
TD SponsorTD Fan
USA
Member since 2001
Thank you for supporting our sponsors
Advertisement
TBoy
Yale Fan
Lafayette
Member since Dec 2007
5767 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
Putting $1,000 in my pocket is not sufficient justification for putting debt borrowing and spending into hyper drive.


fouldeliverer
LSU Fan
Lannisport
Member since Nov 2008
13209 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
It worked amazingly in Kansas! They brought in so many jobs and businesses their economy boomed and they erased their debt! It'll be even better on a national scale!

Edit: To be clear, this is sarcasm. It was a complete and utter failure in Kansas. Their debt skyrocketed and it did not bring in nearly the estimated jobs.
This post was edited on 9/27 at 10:48 am


TheXman
Georgia Fan
Middle America
Member since Feb 2017
1770 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:

Honest question: Would you support these tax cuts knowing that they will increase the federal deficit?


Yes and get rid of Social Security and Medicaid


TheXman
Georgia Fan
Middle America
Member since Feb 2017
1770 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:

It worked amazingly in Kansas! They brought in so many jobs and businesses their economy boomed and they erased their debt! It'll be even better on a national scale!


Now do Illinois!!


Replies (0)
Replies (0)
50
DarthRebel
Ole Miss Fan
Member since Feb 2013
4134 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:

according to a 9-page document obtained by The Washington Post.




Replies (0)
Replies (0)
16
GFaceKillah
LSU Fan
Welcome to the Third World
Member since Nov 2005
5935 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:

Yes and get rid of Social Security and Medicaid


SS and Medicaid each need significant reform but getting rid of them doesn't seem like a viable option. What's your plan for taking care of old a poor people without these programs?


Iowa Golfer
Iowa Fan
Heaven
Member since Dec 2013
7923 posts
 Online 

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
The 5% difference between c-corps and pass through attempts to fix the issue of double taxation of c's.

Am in favor of eliminating AMT.

Am in favor of expensing.

Single persons continue to get screwed.

Way too much influence from House Republicans on this for my tastes.



frogtown
Georgia Fan
Member since Aug 2017
126 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
quote:

Honest question: Would you support these tax cuts knowing that they will increase the federal deficit?




You need to realize something....the Obama GDP growth rate of 1.5% over the last 8 years is a NON STARTER. Obama's GDP growth was the lowest of any President in the modern era(since WW2). Not only did he have the lowest growth rate, Obama doubled the debt from 10 to 20 trillion.

Interest rates are now rising(they were at historic lows during Obama whole 8 year term).. We are 20 trillion in debt. "If" interest rates go back to their historical norm we will have to spend more on debt service then we spend on our military.

The only fix is getting the economy moving more then a 3% GDP growth rate. Once that happens then work on the budget deficit and federal spending.
This post was edited on 9/27 at 10:35 am


BBONDS25
LSU Fan
Member since Mar 2008
23361 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
Guess the fed gov will just have to cut spending.


TheXman
Georgia Fan
Middle America
Member since Feb 2017
1770 posts

re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
There needs to be a cut off year for social security. I'm 26 and if they say you will pay in for the next 10 years but after that you'll receive nothing, then fine I'm cool with that. Say you're already over the age of 45-50, then you will receive what you would normally. It's the only way because it's killing us.

Medicaid crushes us too. I would be in favor of something that covers children 0-18, but after that Medicaid should not cover anyone.
This post was edited on 9/27 at 10:38 am


Replies (0)
Replies (0)
31
first pageprev pagePage 1 of 6next pagelast page

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram