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

Itemizing is very important for many of us. What is the cut off for middle class? If I make enough money to itemize then I am rich?

Well the AMT eliminates almost all the benefits of even mortgage charitable deductions for me.

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So you want to completely shaft the middle class to pay for massive tax decreases on the rich?

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In total...I said "in total" this tax package benefits the middle class. All these numbers have been analyzed up, down, back and forth, and sideways.

In total...where is the "massive" tax cut for the rich? Every analysis I have seen says they will pay about the same or based on what state you live in even more.

If a Republican decided to donate his kidney to a poor, sick child you would find a way to be against it.

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Technically no one will pay for it. Republicans aren't too keen on balancing the budget either...

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still, none of them ever managed to spend 10 trillion we didn't have in 8 years

Lots of talk of brackets. Not sure why. Brackets are very secondary to what constitutes agi, magi and taxable income.

As an example, everyone talking about their rate going up. Not factoring in an increased personal deduction, and some I'm assuming, using their gross income to see where they fall in this "bracetology."

Brackets have been largely released. Proposed brackets I should say. This went by with littel attention from most who understand the most important thing to learn is what will my taxable income be. Becuase one has no idea what bracket they fall into until they know this number.

I'll stand by until we know what, if anything, passes. But if something passes, we'll go through this again. A cursury look at largely meaningless brackets, and comments about how some are getting tax increases, and some are getting tax decreases, with the reality being the only people taht really know are the ones that can ball park taxable income.

Taxes on a post card indeed. I wonder if this postcard will need to be enlarged to figure MAGI. Not an unimportant figure for some with IRA eligin=bility questions. Or I guess we can continue to discuss brackets and taxes on a post card, which I suspect is exactly what the creators of this watered down version of a tax cut want us to do.

In order to determine if this is in your best interest, I'd suggest if you really want to know, you drill backwards and figre out what your new taxable income is going to look like. Otherwise, you might be supporting somethng that you have no real idea of what its immpact will be.

Bracket, while not unimportant, are largely meaningless until one does so. AS I rad through this thread, brackets in the context of this discussion, and some assumptions on here, and 100% entirely useless.

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There are enough that major corporations can end up having an incredibly small effective tax rate.

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Can you name some?

Correct. Neighboring states also declared war on Kansas. Kansas is cited a lot, but not a very good example. I don't recall all the details, but I think neighboring states crushed them by lowering either fuel taxes, or sales taxes. Maybe both. And I think there was a wheat sell off around that time as well.

But tax cuts don't happen in a bubble. And both sides cherry pick time frames to argue either exaggerated decreased revenue, or increased revenue (which would have increased anyway, if one waits long enough). Can't really argue the increased economic activity however, but some do. Some on here for sure will.