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

[K1052]

Crazy thought: maybe wait a day or two and get it typed up properly and give at least the people you’ve promised shit to a chance to read it, let alone the public.

Bet there will be ton of fuckups in here that will have to get fixed later.

 

[vi edit]

I find it reprehensible that it's even *POSSIBLE* to vote on something without even knowing what is in it, let alone allowing proper analysis to be performed on it's affects. Fuck every single one of them that are voting yes.

 

[Puffnstuff]

My own representative Marco Rubio is voting for it.

 

[K1052]

Ooh estate tax exemption doubled. Cha-Ching plebs.

 

[Ns1]

Ooh estate tax exemption doubled. Cha-Ching plebs.

WTF

caps

 

[MomentsofSanity]

Billionaire private equity managers get to keep carried interest loophole and now also get Pass through rate. Huge cut for these guys.

Remember when Trump bashed carried interest? Now it’s on steroids.

 

[Jhhnn]

Billionaire private equity managers get to keep carried interest loophole and now also get Pass through rate. Huge cut for these guys.

Remember when Trump bashed carried interest? Now it’s on steroids.

And Repub politicos will be surfing a tsunami of money in 2018 & 2020.

 

[K1052]

Billionaire private equity managers get to keep carried interest loophole and now also get Pass through rate. Huge cut for these guys.

Remember when Trump bashed carried interest? Now it’s on steroids.

I guess Trump’s “forgotten men” are actually PE managers.

 

[K1052]

And Repub politicos will be surfing a tsunami of money in 2018 & 2020.

Might not do any good.

 

[Engineer]

Ooh estate tax exemption doubled. Cha-Ching plebs.

Wait, it isn't being fully repealed?

 

[K1052]

Wait, it isn't being fully repealed?

The House bill repeals it fully after 2025 I think after doubling the exemption right away. Senate has looked at different options and was unclear what would finally make it.

Who knows where this ends up during conference but it’s not going to get less generous than the doubles exemption I think.

 

[vi edit]

So this thing was a shit sandwich of deficit bloat going into the morning....how much more of a fiscal case of gout is this going to be after they are done?

 

[MomentsofSanity]

So this thing was a shit sandwich of deficit bloat going into the morning....how much more of a fiscal case of gout is this going to be after they are done?

Sweeteners being added all over. Some 479 pages of amendments being offered up.

 

[Younigue]

I find it reprehensible that it's even *POSSIBLE* to vote on something without even knowing what is in it, let alone allowing proper analysis to be performed on it's affects. Fuck every single one of them that are voting yes.

Exactly what I came here to say! I'm flabbergasted! WTF is going on? And Why or how can it even possibly be (legally?) allowed?

 

[ivwshane]

I think the idea is debt is a terrible idea during times of economic downturn, and debt is a good idea during times of economic upturn. Having said that, sometimes incurring debt to stimulate the economy is necessary, see the 08-12 recession timeframe.

Note: It helps your case when the debt you incur isn't just going into the coffers of the rich, and giving tax breaks for shit like private jets.

Also: It's good to not simply whitewash 'all debt bad murr!' when you might have to actually incur a shitload of debt within 4 years, because it makes you look like a hypocritical jackass (party irrelevant).

You have it backwards. During economic showdowns you want the government spending money to spur growth. During growth periods you want the government to raise taxes to pay down debts.

 

[Jhhnn]

Might not do any good.

True. I hope it doesn't do them any good. OTOH, they're really getting flogged for tax cuts by their donors. The undercurrent of ugly threats is boiling to the surface. They made an investment in the keys to the Treasury & there will be Hell to pay if they don't get them.

 

[sactoking]

You have to pass it to find out what's in it!!!

 

[mizzou]

God this sounds like a complicated clisterfxxx

I'm praying for some simplicity

I already pay about 30% in total income taxes state+fed. I do get a bit pissy about how similar households can net much lower yields based on shady loopholes.

I hate taxes :\

 

[K1052]

You have to pass it to find out what's in it!!!

I suppose you’d have to write it first also.

 

[trenchfoot]

What say you working class Trump supporters? What say you rust belt middle class and poor who voted for Trump based on those lies and false promises he gave you? What say you bible belt hourly workers? Does that economic swift kick to your nuts that your Repub legislators are repeatedly slamming you with make you feel good all over? It does? Damn. How does it feel to bow down to your legislators and take it up the poop chute so they can take your health care away and raise your taxes? Feels that good? Damn.

They're going to come after your medicare and social security next. How do you feel about that? Just peachy keen you say? Damn. From the way you guys keep sending these crooked corrupted assholes back to DC it must feel practically orgasmic to have them rob you blind every time you vote for them, yeah? Yes you say? Damn.

Despite what your lying legislators keep hammering into your heads to the contrary, your bibles are safe, your guns are safe and those off color immigrants aren't taking your jobs and raping your daughters, or haven't you noticed?

YOU HAVEN'T? DAMN! So I guess you also haven't noticed that your Repub legislators are about to yank the economic ladder you strive to climb right out from under your ignorant gullible asses and you're going to absolutely love that feeling because "loyalty" right? You say YOU DO? DOUBLE DAMN!

Because the fear and hate propaganda your party marinated and slow roasted you with is much more believable than what you're actually seeing them do to you right at this very moment with this rape the middle class and poor tax plan and by-the-way- take-away-your-health-care scam they're now going to bless you with? Yes you say? well DOUBLE DIGGITY DAMN!

That's some really stupid shit you're doing to yourselves. But WHY?

 

[snoopy7548]

looks nicely planned and thoroughly thought out
https://twitter.com/SenatorDurbin/status/936738041087037440

I'll give you $10,000 if you can fully decipher their addition. These people simply have no shame. Here's my best guess at what they're trying to do:

ADD
(a) adjustments attributable to conversion from S. corporation to corporation - section 481 is amended by adding at the end the following new subsection:
(d) Adjustments attrubutable to conversion from S corporation in C corporation. (1) duguerrea ten the call of an elligible terminated S. corporation any increasé in lox under this chapter, by uarin of a adjustment ugaiu, by subsection (a)(2) and which is attributable to such corporation's vocation allueilrd in renaptio (2) (A)(ii), shall by talin into account notably driving the 6-taxable yo ruiod pilgrims w/the

Yeah, fuck all these scumbags to hell. They are enemies of the American public.

 

[SteveGrabowski]

They're going to come after your medicare and social security next. How do you feel about that? Just peachy keen you say? Damn. From the way you guys keep sending these crooked corrupted assholes back to DC it must feel practically orgasmic to have them rob you blind every time you vote for them, yeah? Yes you say? Damn.

They're not going after their social security and medicare. They're coming after our social security and medicare, those of us not close to retirement age since older people are a huge part of their base.

Source: http://www.latimes.com/business/hiltzik/la-fi-hiltzik-gop-social-security-20171130-story.html

 

[Jhhnn]

God this sounds like a complicated clisterfxxx

I'm praying for some simplicity

I already pay about 30% in total income taxes state+fed. I do get a bit pissy about how similar households can net much lower yields based on shady loopholes.

I hate taxes :\

You mean like how Mitt paid 14% in federal taxes? Or just little guy loopholes?

This tax plan is all about pampering the already astoundingly wealthy. They win, big time. There will be some winners & losers among the plebes, of course. Keeps 'em fighting among themselves.

 

[Younigue]

They are going after any one that's not them. That's the truth of it. They feel nothing but disdain for the American people.

 

[[DHT]Osiris]

The opposite. Borrow during downturns and pay back when everything is going well. Even out the ups and downs to get steady growth.

You have it backwards. During economic showdowns you want the government spending money to spur growth. During growth periods you want the government to raise taxes to pay down debts.

Got it, knew there was a reason I was in IT and not macro-economic theory.