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Started By
Message
Republicans planning massive tax code overhaul
Posted on 12/26/16 at 9:54 am
Posted on 12/26/16 at 9:54 am
LINK
quote:
Congressional Republicans are planning a massive overhaul of the nation’s tax system, a heavy political lift that could ultimately affect families at every income level and businesses of every size.
quote:
Their goal is to simplify a complicated tax code that rewards wealthy people with smart accountants, and corporations that can easily shift profits - and jobs - overseas. It won’t be easy. The last time it was done was 30 years ago.
quote:
McConnell says he wants the Senate to tackle a tax plan in the spring, after Congress repeals Obama’s health law. House Republicans are more eager to get started, but haven’t set a timeline.
quote:
House Republicans have released the outline of a tax plan that would lower the top individual income tax rate from 39.6 percent to 33 percent, and reduce the number of tax brackets from seven to three. The gist of the plan is to lower tax rates for just about everyone, and make up the lost revenue by scaling back exemptions, deductions and credits. The plan, however, retains some of the most popular tax breaks, including those for paying a mortgage, going to college, making charitable contributions and having children.
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Posted on 12/26/16 at 10:15 am to bamarep
We should reduce the tax rate by 20% across the board and eliminate ALL deductions other than maybe 401k or retirement contributions. We could eliminate the IRS completely. For example, if you made 100k you pay 25%. No questions asked, no deductions, no need for an accountant.
Posted on 12/26/16 at 10:16 am to bamarep
My grandfather, who earned his living through various forms of hustling, some of which were not exactly legal, told me from the earliest age that I was ever able to listen that if a wealthy person ever told me that he had a deal for me to watch my wallet because that son of a bitch was about to try to reach in it and take what he wanted out of it...this advice has never proven to be wrong in my lifetime...but maybe just this once a bunch of millionaires and billionaires are truly concerned with my wallet instead of their own....
Posted on 12/26/16 at 10:24 am to germandawg
Gramps sounds like a commie
Posted on 12/26/16 at 10:32 am to germandawg
So we should keep the status quo because of your gramps?
Posted on 12/26/16 at 10:43 am to bamarep
quote:
McConnell says he wants the Senate to tackle a tax plan
He can tackle a grave stone.
Posted on 12/26/16 at 10:48 am to bamarep
Any new tax code should have sunset provisions, that include the IRS, set at 25 or 30 years.
That way successive generations can have some representation in their own taxation instead of being stuck with what the old and the dead have handed them.
That way successive generations can have some representation in their own taxation instead of being stuck with what the old and the dead have handed them.
Posted on 12/26/16 at 11:07 am to bamarep
quote:
the outline of a tax plan that would lower the top individual income tax rate from 39.6 percent to 33 percent, and reduce the number of tax brackets from seven to three. The gist of the plan is to lower tax rates for just about everyone, and make up the lost revenue by scaling back exemptions, deductions and credits. The plan, however, retains some of the most popular tax breaks, including those for paying a mortgage, going to college, making charitable contributions and having children.
This can't be. Obama, HRC and the media keep telling us ONLY the top 1 percent will benefit. It is the democrats dirty little secret that they bleed everyone and play peter pan marxist like Venezuela. The middle class woke up and realized that the democrats fought like hell to keep slavery and they don't give a rats petard about the middle class or minorities.
ETA: I don't think the GOPe gives a rats petard about the middle class either. They are being forced to playact like they do. The democrats are nothing but establishment and will never break free from it.
This post was edited on 12/26/16 at 11:11 am
Posted on 12/26/16 at 11:13 am to bamarep
If you think you will get a tax break under Trump you're stupid enough to fit right in at this Board.
Posted on 12/26/16 at 11:15 am to bamarep
quote:
39.6 percent to 33 percent,
Good for me, now where do you middle class Trumph voters think they will get the money to replace that revenue?
Posted on 12/26/16 at 11:17 am to germandawg
quote:
My grandfather, who earned his living through various forms of hustling, some of which were not exactly legal, told me from the earliest age that I was ever able to listen that if a wealthy person ever told me that he had a deal for me to watch my wallet because that son of a bitch was about to try to reach in it and take what he wanted out of it..
I don't believe a wealthy person ever spoke to your grandfather or you.
Posted on 12/26/16 at 11:30 am to Lakeboy7
quote:
Good for me, now where do you middle class Trumph voters think they will get the money to replace that revenue?
I would suggest something that will seem quite radical to some, cut spending across the board and actually have a balanced budget, then pass a law thar forces it to remain that way.
Before you start Germandawg, I know any budget cuts automatically mean children dying in the street and homeless senior citizens starving by the million.
Posted on 12/26/16 at 11:34 am to cave canem
quote:
, cut spending across the board and actually have a balanced budget, then pass a law thar forces it to remain that way.
I agree, I just dont see it happening
Posted on 12/26/16 at 11:36 am to Lakeboy7
quote:
where do you middle class Trumph voters think they will get the money to replace that revenue?
what if we're no longer in 'tax & spend' mode?
Posted on 12/26/16 at 11:37 am to germandawg
Was your gramps Fidel? 
Posted on 12/26/16 at 11:38 am to Mr. Katanga
quote:
If you think you will get a tax break under Trump you're stupid enough to fit right in at this Board.
LOL, bookmarked for when the tax breaks come.
Posted on 12/26/16 at 11:40 am to cave canem
quote:
I would suggest something that will seem quite radical to some, cut spending across the board and actually have a balanced budget, then pass a law thar forces it to remain that way.
Before you start Germandawg, I know any budget cuts automatically mean children dying in the street and homeless senior citizens starving by the million.
And seriously...
Add a payroll tax holiday for just enough time for the middle class to catch up from losing homes and jobs.
Posted on 12/26/16 at 11:40 am to germandawg
Your grandfather's advice was on the money but I'm hoping that the chip on Trump's shoulder over never being truly accepted by Old Money Manhattan carries more weight than natural human avarice. He has an opportunity to go down in history as a Reaganesque figure. I think he ses it. I don't know if he'll take it.
Posted on 12/26/16 at 11:40 am to mule74
Ok, so you're putting accountants out of business.
Why do you hate working people?
Why do you hate working people?
Posted on 12/26/16 at 11:41 am to bamarep
We should eliminate all Govt except for its basic functions, get rid of corporate and income tax altogether and fund Govt through tariffs on imports and sales taxes
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