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Started By
Message
GOP tax document reveals plan for massive tax cuts, preserves key deductions
Posted on 9/27/17 at 10:06 am
Posted on 9/27/17 at 10:06 am
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?
Posted on 9/27/17 at 10:09 am to GFaceKillah
Yes.
ETA: If the Democrats aren't worried about the deficit, why should we? At least the economy will grow with this plan.
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 9/27/17 at 10:10 am
Posted on 9/27/17 at 10:10 am to GFaceKillah
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.
Posted on 9/27/17 at 10:11 am to GFaceKillah
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.
I love a lower tax bill but not unless we use a cleaver on the spending including entitlements.
Posted on 9/27/17 at 10:12 am to GFaceKillah
MAGA
Do we know where the 15, 25, 35 brackets will fall?
Do we know where the 15, 25, 35 brackets will fall?
Posted on 9/27/17 at 10:22 am to GFaceKillah
Putting $1,000 in my pocket is not sufficient justification for putting debt borrowing and spending into hyper drive.
Posted on 9/27/17 at 10:24 am to GFaceKillah
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.
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 9/27/17 at 10:48 am
Posted on 9/27/17 at 10:24 am to GFaceKillah
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
Posted on 9/27/17 at 10:26 am to GFaceKillah
quote:
according to a 9-page document obtained by The Washington Post.
Posted on 9/27/17 at 10:31 am to GFaceKillah
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.
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.
Posted on 9/27/17 at 10:32 am to GFaceKillah
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 9/27/17 at 10:35 am
Posted on 9/27/17 at 10:34 am to GFaceKillah
Guess the fed gov will just have to cut spending.
Posted on 9/27/17 at 10:37 am to GFaceKillah
This is a very good plan.
One key component that will kickstart investment in the USA is the expensing of capital spending. THIS WILL BE HUGE. The bill will allow it for five years. They should just allow it forever. It doesn't really reduce over all taxes it just matches the taxes with the cash flow. A business spending a million dollars on a machine can immediately expense that machine for tax purposes when it pays the money instead of expensing it over 5 or 7 years as we do now.
I think it is stupid to continue the mortgage interest deduction---lower the rates even more and eliminate this deduction. Our population is getting older and lots of people have less mortgage interest to deduct and would be better with a lower rate. I should not have to pay more taxes because my house is paid for.
One key component that will kickstart investment in the USA is the expensing of capital spending. THIS WILL BE HUGE. The bill will allow it for five years. They should just allow it forever. It doesn't really reduce over all taxes it just matches the taxes with the cash flow. A business spending a million dollars on a machine can immediately expense that machine for tax purposes when it pays the money instead of expensing it over 5 or 7 years as we do now.
I think it is stupid to continue the mortgage interest deduction---lower the rates even more and eliminate this deduction. Our population is getting older and lots of people have less mortgage interest to deduct and would be better with a lower rate. I should not have to pay more taxes because my house is paid for.
This post was edited on 9/27/17 at 10:39 am
Posted on 9/27/17 at 10:39 am to GFaceKillah
quote:
Honest question: Would you support these tax cuts knowing that they will increase the federal deficit?
Sure because those changes will grow the economy and there will be more taxes paid to the government (even at the lower rate).
I expect when the GDP is over 4% that the deficits will reduce, unless the swamp dwellers (on both sides of the isle) increase spending...
Posted on 9/27/17 at 10:42 am to GFaceKillah
quote:
* preserves mortgage and charitable deductions, but promises to gut many others
quote:
* the document does not mention eliminating carried interest tax benefits used by hedge fund managers
Posted on 9/27/17 at 10:43 am to GFaceKillah
quote:
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.
Well until we know this, we don't really know anything.
The bullet points are dessert, we need to see the vegetables.
Posted on 9/27/17 at 10:54 am to GFaceKillah
quote:
Honest question: Would you support these tax cuts knowing that they will increase the federal deficit?
The deficit should not reflect the tax rate. The tax rate should influence the budget. Less government programs is a good start to reducing the deficit on current taxation plans. This is a simple concept. Defund all the wasted bullshite. We should pay for federal programs that boost infrastructure and military and thats about it. Cant control your pecker? Not our problem.
Posted on 9/27/17 at 10:56 am to GFaceKillah
quote:
plan for massive tax cuts
Posted on 9/27/17 at 11:05 am to GFaceKillah
Average families have got to be loving the standard deduction being doubled
Posted on 9/27/17 at 11:23 am to GFaceKillah
quote:
Honest question: Would you support these tax cuts knowing that they will increase the federal deficit?
Dishonest question is dishonest.
When Reagan did this in the early 80s, tax revenues DOUBLED.
Dem Congress couldn't help themselves.
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