CBO analysis of new tax bill, $100k+ earner gets big cuts, poorer earner will tax more after bill

nyker96

Diamond Member
Apr 19, 2005
5,630
2
81
https://www.washingtonpost.com/news...-poor-more-than-originally-thought-cbo-finds/

CBO estimates the new Republican tax bill will benefit people earning $100k or more, people earning less will pay more taxes going forward, esp. after factoring in the substantially increased health care costs they must shoulder now.

With so many millionairs, billionairs in Trump administration making the policies, it's not too surprising to see the laws favor the rich, kind of expected.
 
Reactions: unseenmorbidity

fskimospy

Elite Member
Mar 10, 2006
84,775
49,434
136
I still remember when a stimulus bill half this large, primarily focused on working people was met with bowls of protest from Republicans due to its impact on the debt. Glad to see we can’t afford $750 billion in debt for infrastructure and payroll tax cuts but we can totally afford $1.4 trillion in tax cuts for rich people.
 

Puffnstuff

Lifer
Mar 9, 2005
16,037
4,800
136
Yet Trump voters will complain about things while continuing to support him and his cronies as they continue to rig the system in their favor.
 

K1052

Elite Member
Aug 21, 2003
46,831
34,770
136
Yet Trump voters will complain about things while continuing to support him and his cronies as they continue to rig the system in their favor.

Repackaged trickle down arguments are attractive to people who don't know better. A large portion of the country doesn't know better.

The Republicans are promising wages will rise with this plan because companies will pay people more/hire more out of the goodness of their little corporate hearts and not buy back stock or pay dividends to shareholders. LOL.
 

Puffnstuff

Lifer
Mar 9, 2005
16,037
4,800
136
Repackaged trickle down arguments are attractive to people who don't know better. A large portion of the country doesn't know better.

The Republicans are promising wages will rise with this plan because companies will pay people more/hire more out of the goodness of their little corporate hearts and not buy back stock or pay dividends to shareholders. LOL.
More proof that people need a formal education to become more enlightened. The same working people who voted for Trump have no clue about the worker protections that the Republicans are striving to tear down to enlarge their corporate wealth at the little guys expense.

My law and business studies are what woke me up to the depth of their meddling so no matter what they might say in public or who they get to speak on their behalf, like the majority of church leaders, I will continue to look at the facts surrounding a given situation before I pass judgement on it.

Laissez-faire is their modus operandi as they see the little people as commodities to be consumed in every sector.
 
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Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,681
136
Repackaged trickle down arguments are attractive to people who don't know better. A large portion of the country doesn't know better.

The Republicans are promising wages will rise with this plan because companies will pay people more/hire more out of the goodness of their little corporate hearts and not buy back stock or pay dividends to shareholders. LOL.

And wealthy heirs will give more to charity w/o estate taxes. You betcha.
 
Reactions: DarthKyrie

Exterous

Super Moderator
Jun 20, 2006
20,429
3,533
126
Phew. Tax cut for me. I will not be trickling it down. For those of you who are seeing increases (or no decrease), thanks for paying more for the stuffs I use every day. I appreciate it.

Depends on how much the investment change to First in First Out instead of 'investors choice' affects you. I would imagine that would be a big consideration for many larger income households and I'm not sure tax cuts would offset that change for a lot of people
 

TheVrolok

Lifer
Dec 11, 2000
24,254
4,076
136
Depends on how much the investment change to First in First Out instead of 'investors choice' affects you. I would imagine that would be a big consideration for many larger income households and I'm not sure tax cuts would offset that change for a lot of people
I don't do a lot of frequent trading in taxable accounts (fortunately for my wife and I, we both have access to 403b's with matches, and 457's.. Planning to have a 529 option shortly as well).. In my taxable accounts I'm mostly a buy and hold value investor, and while I do prefer ETFs for the option of tax efficiency, I really haven't used it, nor do I see a whole lot of upcoming need.. Even so, I would like to retain the option, but FIFO wouldn't impact me much.
 

Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,681
136
I still remember when a stimulus bill half this large, primarily focused on working people was met with bowls of protest from Republicans due to its impact on the debt. Glad to see we can’t afford $750 billion in debt for infrastructure and payroll tax cuts but we can totally afford $1.4 trillion in tax cuts for rich people.

Not to mention that low income folks will have more disposable income if they can't afford health insurance w/o subsidy...
 

Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,681
136
This package is a boon for the rich.


Deficits caused by tax giveaways to the greedy Rich are good deficits. Cuts to a variety of federal programs that further facilitate greed are good cuts. Killing decent paying jobs in the federal bureaucracy is also good for the same reason.

Because it'll all trickle down.
 

brianmanahan

Lifer
Sep 2, 2006
24,300
5,729
136
Depends on how much the investment change to First in First Out instead of 'investors choice' affects you. I would imagine that would be a big consideration for many larger income households and I'm not sure tax cuts would offset that change for a lot of people

yeah FIFO would kill my tax loss harvesting strategy. i've been able to decrease taxable income by 3$k per year for the last 4 or 5 years using spec ID.
 

1prophet

Diamond Member
Aug 17, 2005
5,313
534
126
More proof that people need a formal education to become more enlightened. The same working people who voted for Trump have no clue about the worker protections that the Republicans are striving to tear down to enlarge their corporate wealth at the little guys expense.

My law and business studies are what woke me up to the depth of their meddling so no matter what they might say in public or who they get to speak on their behalf, like the majority of church leaders, I will continue to look at the facts surrounding a given situation before I pass judgement on it.

Laissez-faire is their modus operandi as they see the little people as commodities to be consumed in every sector.

Many people that bought into that "formal education" are being crushed by student debts while doing jobs that barely keep their head above water, what good is your formal education that the "corporate run" universities and colleges gave you easy loans for (that can't easily be discharged through procedures like bankruptcy like most other debt) on the hope and promise of a none existent high paying job awaiting you?

Worker protections require strong enforceable laws as well as unions that protect workers from bad management while protecting the company from bad workers and are in solidarity with each other,

an example of such solidarity would be civil service unions taking interest in the plight of private employees and their unions whose jobs were threatened by outsourcing, because they are the ones who pay the taxes that support the public sector, if American workers both public and private worked together when the disastrous free trade agreements were being rammed through by both democrats and republicans we wouldn't be in the economic situation we are in today.

But the biggest problem I see is Americans (rich and poor alike) in general, usually through corporate sponsored psychological conditioning believe they are entitled to the best pay & working conditions, healthcare, infrastructure, education, lifestyle, etc. but won't or can't pay for most of the goods and services produced under those conditions and therefore seek the cheapest price, lowest bidder, outsourced product made under pay and working conditions they would personally find abhorrent if not down right illegal, but then turn around and rationalize it to themselves as a necessary evil so they won't have to compromise on their spending habits and lifestyle which is eroding the very economic foundation they believe they are entitled to,

and god forbid if some deplorable is earning as much or more in a blue collar profession as some college educated white collar self entitled elitist, instead of asking why they are making less they want to know why deplorable is making so much more and what can be done about it so they earn less for a job considered dirty and menial.
 

sandorski

No Lifer
Oct 10, 1999
70,127
5,657
126
I like how the Republican argument against this analysis is that poor and middle class consider healthcare to be optional.

That's an interesting view.

Eat or have that Lump taken care of? Good thing one of those is Optional!
 

Zorba

Lifer
Oct 22, 1999
14,875
10,300
136
I still remember when a stimulus bill half this large, primarily focused on working people was met with bowls of protest from Republicans due to its impact on the debt. Glad to see we can’t afford $750 billion in debt for infrastructure and payroll tax cuts but we can totally afford $1.4 trillion in tax cuts for rich people.

Don't worry, I got an e-mail from my senator today talking about how the debt is out of control and Washington needs to refocus on cutting spending. Need to type up a response and ask him why he supports the tax giveaway if he cares about debts.
 
Reactions: DarthKyrie

Puffnstuff

Lifer
Mar 9, 2005
16,037
4,800
136
an example of such solidarity would be civil service unions taking interest in the plight of private employees and their unions whose jobs were threatened by outsourcing, because they are the ones who pay the taxes that support the public sector, if American workers both public and private worked together when the disastrous free trade agreements were being rammed through by both democrats and republicans we wouldn't be in the economic situation we are in today.
Because of my formal education I understand that its already being done as they are merging to survive but you have to keep in mind that the private and public sectors are subject to different laws that are not interchangeable.
 
Reactions: DarthKyrie
Mar 11, 2004
23,175
5,641
146
More proof that people need a formal education to become more enlightened. The same working people who voted for Trump have no clue about the worker protections that the Republicans are striving to tear down to enlarge their corporate wealth at the little guys expense.

My law and business studies are what woke me up to the depth of their meddling so no matter what they might say in public or who they get to speak on their behalf, like the majority of church leaders, I will continue to look at the facts surrounding a given situation before I pass judgement on it.

Laissez-faire is their modus operandi as they see the little people as commodities to be consumed in every sector.

Actually most of the working class people see this for the bullshit it is and are very against it. The healthcare stuff I think woke a lot of them up that Trump does not give a shit about them. The tax plan is making it even more apparent (and is starting to show them, its not just Trump, its the Republican party).
 

Bitek

Lifer
Aug 2, 2001
10,652
5,224
136
Man, how dumb were the middle class Trump voters of states like PA?

Your mortgage and SALT deductions are going to get killed (relatively high in US) and the individual HC market is just going to get killed.

PA also has tons of outdated bridges that need repair/replace. There will be no money for that after this passes. No big infrastructure bills when the debt is accelerating to $30T...

Lots of poor and elderly. Medicare and Medicaid are going to be attacked after this. Trade and coal are aren't going to be helped.

Good job PA. You gave Trump the WH and he fucked you over for it, just like all the others he has conned over his career. Totally predictable. Best of all, you also reelected Toomey, who is a key author in all of this.


Exactly the suicide pact I predicted in the 2016 election thread.
 
Reactions: DarthKyrie

zinfamous

No Lifer
Jul 12, 2006
110,806
29,557
146
I like how the Republican argument against this analysis is that poor and middle class consider healthcare to be optional.

That's an interesting view.

there was a douchecanoe congressman from Ohio on NPR this morning making that exact argument:

"Let me be clear: we aren't repealing the mandate, which I consider unconstitutional [never-mind that SCOTUS decided that it was very much indeed, constitutional], we are simply removing the requirement for people to pay for not having health insurance which is forcing them into a product that they don't want!"

I mean...the craven dishonesty that is required to vomit out such a duplicitous statement. Also, nevermind that people actually do want the ACA and of course--if they have the healthcare then the mandate isn't an issue.
 
Nov 30, 2006
15,456
389
121
8,000,000 people are currently (2016) subject to significant tax penalties (2.5%) under the ACA mandate. Bottom line, it's regressive as hell...hurting the poor the most with 58% of the penalties going to those who make less than $50,000 a year.

Awesome job Democrats! F*ck the poor.
 
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