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Post #1  Post subject: Tax Plan
PostPosted: Fri Nov 03, 2017 4:42 am 
I'm not fully on board with it yet, need to know more. Speaker Ryan has me worried though, he was interviewed and asked repeatidly if this meant a tax break for every middle class American. He would just grin and say the average tax cut for a middle class person would be $1200 a year. When he was pressed, for everyone he would just grin and repeat himself. That's what has me worried. If there are ten of you and I give 10 apples to one of you...none to the other nine, well the average is that all ten of you got an apple each. Don't tell me about the average American.


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Post #2  Post subject: Re: Tax Plan
PostPosted: Fri Nov 03, 2017 2:37 pm 
Too early to know much about this tax plan except for what the parties talking points are about it. No doubt most conservatives will support it and most liberals will call fowl regardless of what's in it. I've read that a lot of this bill is about tax reform and not just tax cuts and that some of that reform will reportedly effect some of the tax cut percentages one way or the other for some tax payers.

But what I know for a fact without having to be told by either conservatives or liberals is this bill will be way more complicated than what it appears on the surface to be which will render it way too complicated for this redneck to ever fully comprehend or understand.... :scratch: But have no fear. We will have a thousand conservative and a thousand liberal politicians and political pundits telling us over the next few months just exactly what this bill will and will not do for each and every single one of us.... :yep: :happy0035:

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Post #3  Post subject: Re: Tax Plan
PostPosted: Fri Nov 03, 2017 6:28 pm 
No matter what most of out taxes will be spent on programs that p#@$ me off. :mad:


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Post #4  Post subject: Re: Tax Plan
PostPosted: Sun Nov 05, 2017 2:50 am 
WW said " this bill will be way more complicated than what it appears on the surface to be which will render it way too complicated for this redneck to ever fully comprehend or understand.... "

Somehow I doubt that's a true statement. If you can develop and run a board like this I think your smarter than you give yourself credit for. I couldn't do it.


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Post #5  Post subject: Re: Tax Plan
PostPosted: Sun Nov 05, 2017 3:49 pm 
Thanks for your misplaced confidence in my ability to understand this, or any, tax bill Hip, or even this board... :happy0035:

But I did hear VP Pence say this morning in an interview that the richest among us won't be gettin' any tax relief in this bill and that they'll be taxed at 45.6%. The Fox Business Channel lady who was interviewing him asked him why the 1% of the people who pay 70% of collected taxes aren't gettin' a cut. I don't know if that number is accurate or not but Pence didn't deny it and answered her by saying because the focus of the tax cuts in this bill is on the middle class and small businesses as a way to stimulate the economy and create jobs. If true it's probably to try to get a few Democrat votes on the bill since Democrats for years have been against giving the richest and most successful among us a tax cut.... :shrug:

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Post #6  Post subject: Re: Tax Plan
PostPosted: Tue Nov 07, 2017 8:27 pm 
The deal is Warren Buffett and Bill Gates along with other zillionaires say they don't need a tax cut....And I guess with that much wealth ....why worry?


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Post #7  Post subject: Re: Tax Plan
PostPosted: Wed Nov 08, 2017 5:28 am 
:hesaid: Yeah I have the same problem :poundfloor: :roll:


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Post #8  Post subject: Re: Tax Plan
PostPosted: Thu Nov 09, 2017 12:37 pm 
I dont care how rich somebody is, 45% federal tax is BS.
But I believe no citizen should pay a higher percentage than another.
A look at IRS website shows what BS it is with over 40% contributing nothing. Some even paying a negative percentage. Everyone should have some skin in the game.


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Post #9  Post subject: Re: Tax Plan
PostPosted: Thu Nov 09, 2017 4:58 pm 
:hesaid: Absolutely right. No one should get a free ride. Even if it is only a little all should share the load.


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Post #10  Post subject: Re: Tax Plan
PostPosted: Sat Nov 11, 2017 7:30 am 
I know this is the Washington post and some will holler fake news but just where are we supposed to get news from then? I tried looking at a bunch of different sites some left, some right, some that did seem impartial. This one here had the best charts and seemed to explain what I meant by average as opposed to everyone. But once again take it with a grain of salt after all it is the Post, they lean left. But a tax cut shouldn't be a partisan issue.

https://www.washingtonpost.com/news/fac ... b36a005e24

I really have no idea what those charts are showing, under that 1st one, my income level,, shows a -20,000, sure that doesn't mean my taxes are cut 20K I don't even pay close to 20 in total. They make this stuff so nobody knows what it means :laughsmile: ok I looked again, that means a tax cut of 20 thousand million for those in that bracket..but a little for all? that's the big question. 20 thousand million I think that's 20 billion. :poundfloor:


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Post #11  Post subject: Re: Tax Plan
PostPosted: Thu Dec 21, 2017 2:21 am 
Polls show that between 72% and 76% of Americans oppose the tax plan but Republicans pushed it through anyway. We have surely lost our way. We may, keep your fingers crossed, see a slight, temporary reduction in tax. Why was our break not permanent like that of higher income folks? I have said this before that I am socially a bit liberal but phiscally conservative. With the upswing in the economy, with the decrease of unemployment with rise of the stock market now is not the time to cut antibodies taxes. This is the time to pay down on the debt, this tax break greatly reduces the countries revinew, and you can bet Trump will propose a great increase in the Pentigons budget. This tax plan will add trillions to our debt in a time we should be taking advantage of to reduce it. Ok I'm done and I didn't even mention the tens of millions of poor people and children that are about to lose their health coverage because of this.


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Post #12  Post subject: Re: Tax Plan
PostPosted: Thu Dec 21, 2017 10:42 am 
Hip, lots of countries out there offer what you seek.


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Post #13  Post subject: Re: Tax Plan
PostPosted: Thu Dec 21, 2017 7:07 pm 
A polls showed a majority of were against Obamacare when the Democrats passed it, before anyone had time to read it and without a single across the party line vote. Sounds familiar.

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Post #14  Post subject: Re: Tax Plan
PostPosted: Thu Dec 21, 2017 9:47 pm 
http://www.businessinsider.com/trump-go ... ls-fargo-4


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Post #15  Post subject: Re: Tax Plan
PostPosted: Fri Dec 22, 2017 4:14 am 
Man if I was just part of that 0.0009% of the population in line for a raise with BankCorp :sob: Believe it or not that's what 3000 of 321 million is, nine one hundred thousands of one percent. I understand there are more business that are going to pass on a bit of the savings to employees, most are a one time bonus, a few raising minimum wages, but all total they don't amount to much and they don't effect me and probably anybody on this board, we should be so lucky. Just saying in prosperous times we should be reducing the debt not raising it, that's all Im trying to say. I like some of the plan, but its a small part and not worth the burden we place on future generations for it. And our break is short lived, unlike the businesses and ultra wealthy who get permanent cuts. Well permanent until the next party comes into office. When will the two steps forward two steps back stuff gonna end? rjet I don't think leaving the country would be my solution to not agreeing with the party in office to not reduce the debt. :happy0035: After all who would take me :poundfloor: Heres a good one, Paul Ryan, his whole career, the whole time he's been in politics, all he has ever preached is reducing the debt, everytime he would open his mouth that's what he was saying, we have to reduce spending and reduce the debt. he got to where he is saying we need to reduce the debt. And as soon as he gets in a position to do something his first big push is to increase the debt by reducing revenue. :scratch:


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Post #16  Post subject: Re: Tax Plan
PostPosted: Fri Dec 22, 2017 7:24 am 
There are 3 things I like about the new tax reform law.

(1) It is going to open up oil drilling in Alaska.

http://www.foxnews.com/opinion/2017/12/21/tax-bill-opens-alaska-to-oil-production-worth-billions-dollars-strengthening-america.html

(2) It removes the mandate for Americans to purchase health insurance. Noone should be forced to buy anything. Removing this mandate will be the beginning of the end of obummers unaffordable healthcare farce.

http://www.foxnews.com/politics/2015/10/23/house-approves-bill-gutting-obamacare-cutting-planned-parenthood.html

(3) This is the most important point. Since it has the liberal left socialistic vermin so upset, it is sure to be a good plan. :thumbup:


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Post #17  Post subject: Re: Tax Plan
PostPosted: Fri Dec 22, 2017 9:02 am 
Well the BankCorp raises may only be 0.0009% of the population, but it is a start. Also announced on the first day after the plan went into law: ATT said they'd give $1000 bonuses to all employees, Boeing the same, Apple said it was looking into bringing back $252 BILLION dollars in overseas cash that they wouldn't bring home under the old tax laws. Cable giant Comcast Corp. said about 100,000 workers would get $1,000 holiday bonuses and pledged more than $50 billion in infrastructure investments over the next five years
CNN finally fessed up, that 80% of tax payers would see a reduction in taxes or an increase in refunds, that's including the 45% of the US population that pays no, "0" , nada, none, not any federal income taxes at all, but can still get refunds. The Atlantic, not exactly a right wing magazine says 4 of 5 will see a reduction or cash back in 2018. It's been shown that some of the numbers put out showing fewer people getting reductions wasn't counting the 45% that pay no taxes, because how can you reduce 0, well you do it by giving them even bigger refunds, even when they paid no federal income taxes. When you count their increases, along with actual taxpayers that get reductions, you get the 80% or 4 of 5 numbers.

European finance ministers are "worried" the Republican's newly passed tax bill will make the US "go from being a high-tax to a low-tax country" and "unfairly" incentivise companies to move to America from the EU and the UK.

I'd say those are pretty good starts, for only the first day after the law was passed. I'd also guess that after day one, there could be more positive results announces and probably some of we'll never hear about.

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Post #18  Post subject: Re: Tax Plan
PostPosted: Fri Dec 22, 2017 10:17 am 
It worries me a bit as it will hit my son hard.
He will have to pay taxes on waived tuition. He is working on his DR degree at the UofA. He does not have enough income to pay the taxes. Just when I though he could get through school debt free.


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Post #19  Post subject: Re: Tax Plan
PostPosted: Fri Dec 22, 2017 1:10 pm 
Y, according to all I've read the proposal to tax tuition waivers has gone away ,GOP lawmakers in the House had considered counting tuition waivers as income, which would make them taxable. Graduate students who would have owed considerably more can rest assured that their tax bills will not be seeing this hike in the tax plan. In addition to tuition waivers, House Republicans targeted two other popular graduate student benefits: a tax deduction for up to $2,500 in student loan interest, which graduate students have more of because they do not receive subsidized loans and those loans have higher interest rates, and a “lifetime learning credit” that offsets 20 percent of the first $10,000 of qualified education expenses and can be used for years on end.
All were saved in the final tax deal that Congress will vote on Tuesday.

All of that was in the House bill, but not in the Senate version, when the bill was reconciled all the above new taxes were dropped.

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Post #20  Post subject: Re: Tax Plan
PostPosted: Fri Dec 22, 2017 1:58 pm 
sam wrote:
All of that was in the House bill, but not in the Senate version, when the bill was reconciled all the above new taxes were dropped.
I guess ole Nancy was actually right that time when she said: "We have to pass the bill so that you can find out what is in it......" :thumb: :happy0035:

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