House Republicans Have Forced Their Tax Plan Through
54 replies, posted
[QUOTE]
The House passed its version of the $1.5 trillion tax bill by a vote of 227 to 205.
• In addition to every Democrat, 13 Republicans also voted against the bill.
• A new analysis from Congress’s bipartisan tax referee shows that under the Senate’s version of the bill, lower-income Americans would see their taxes go up in 2021.
“When you’re reaching for the cranberry sauce, Republicans are going be reaching for your pocketbooks to give handouts to multinational corporations,” Mr. Wyden said.
[/quote]
[URL="https://mobile.nytimes.com/2017/11/16/us/politics/tax-bill-house-vote.html"]Source[/URL]
I'm at a loss for words at how badly this bill is going to trash common people.
Small government
Badum tish
[quote]The committee also forecast that taxpayers earning $75,000 or less would see, as a group, large tax increases in 2027[/quote]
Does anyone have the exact number we can expect an increase in? This is just another hammer in the nail of the middle class coffin if it keeps going up at this rate.
[t]https://grrrgraphics.files.wordpress.com/2015/08/capitalist_pyramid_ben_garrison.jpg[/t]
Raise taxes on the poor, slash taxes on the rich. Congressional Republicans must be oh so proud of themselves. Meanwhile their constituents either don't notice or don't care, they just want to get back at the left for all the perceived offenses of the culture wars, even as the middle and lower classes on both sides of the aisle starve and burn.
Make no mistake, the fallout from this bill will be catastrophic for damn near everyone except the ultra-wealthy. We best do well to remember this moment and all the horrible consequences it incurs, lest historians try to whitewash it the way they did with the Reagan and Bush tax cuts.
If I'm reading correctly what this bill essentially does is keeps the tax percentages for the poor the same, but decreases the percentage of taxes for the rich slightly (which adds up to a shitload of tax money).
[editline]16th November 2017[/editline]
Also cuts corporate tax rate by a lot more.
There goes the neighborhood.
wow. i wonder how long until i'm broke. and then homeless. and then dead. and then forgotten by the republican party along with the rest of the middle class.
i wish i could somehow leave this broken third world country...
Even while knowing these people are sociopaths I keep asking myself how they can be so blind to how much is at stake.
It was always gonna have a harder fight in the Senate
Can someone please explain what this bill is doing to cause a tax hike for lower and middle classes? How can they call it a "tax cut" if all it does is redistribute the costs to the middle and lower classes? I don't understand how that works.
[editline]16th November 2017[/editline]
[QUOTE=matt000024;52897507]If I'm reading correctly what this bill essentially does is keeps the tax percentages for the poor the same, but decreases the percentage of taxes for the rich slightly (which adds up to a shitload of tax money).
[editline]16th November 2017[/editline]
Also cuts corporate tax rate by a lot more.[/QUOTE]
Oh. Well fuck.
Remember guys, this bill still has to pass the Senate.
[QUOTE=AlbertWesker;52897573]Can someone please explain what this bill is doing to cause a tax hike for lower and middle classes? How can they call it a "tax cut" if all it does is redistribute the costs to the middle and lower classes? I don't understand how that works.[/QUOTE]
[QUOTE]
Senator Orrin Hatch of Utah, the Republican chairman of the Finance Committee, said that the appearance of a tax increase was a mirage that is the result of arcane rules used to assess the budget impact. Because people will no longer have to purchase health insurance, they may no longer receive tax credit subsidies for insurance that they do not purchase.[/QUOTE]
Even if this is the case the bill is still incredibly lopsided against poor and middle class families.
[QUOTE=Dave_Parker;52897525]Holy shit I just made a shitton of money futures are up so much[/QUOTE]
Enjoy it
The side effects will be disastrous down the road for your futures
[QUOTE=HumanAbyss;52897599]Enjoy it
The side effects will be disastrous down the road for your futures[/QUOTE]
He lives in another country. Honestly I just assumed his post was trolling for replies.
I wonder if this bill includes the proposed changes to tuition that were floated last week.
Because if it does, grad students are [I]fucked[/I]. Typically, they're basically researchers conducting real work at the university, and as a result, their tuition is waived by the university. They were able to claim tax credits or some sort of mechanism that essentially waived the taxes assessed on their phantom tuition. The Republicans were looking at clawing a few tens of billions of dollars by repealing the tax break that enabled this waiver of the tuition taxes. Result: The tuition, although not collected by the university and considered forgiven by the institition, will become taxable. I repeat, tuition that doesn't actually exist will suddenly become a tax burden for grad students conducting research at universities, and it'll force a significant number to have to drop out because they simply can't afford to suddenly pay taxes on something that is only an administrative formality.
I hope the Senate fucking eviscerates this shit. Especially since Republicans want the budget to eliminate the ACA's individual mandate, which will cause as many as 15 million Americans to become uninsured [U]next year[/U].
Dear Santa, all I want for Christmas is a Republican-controlled Senate that went home for the holidays without passing an insane tax bill that cripples the ACA and gives the rich a huge tax cut.
[QUOTE=Dave_Parker;52897525]Holy shit I just made a shitton of money futures are up so much[/QUOTE]
oh fuck oh fuck we're gonna be rich
I swear my representative, Curbelo, better be voted out. He's voted for both the AHCA and this tax bill despite representing a district (mostly Miami/Keys) that voted for Hillary.
I thought this article summarized what's in it well: [url]https://www.washingtonpost.com/news/wonk/wp/2017/11/16/the-house-is-voting-on-its-tax-bill-thursday-heres-what-is-in-it/[/url]
[QUOTE=Dave_Parker;52897679]I can still buy American options though..[/QUOTE]
Stay optimistic then, someone has to.
[QUOTE=mcharest;52897497][t]https://grrrgraphics.files.wordpress.com/2015/08/capitalist_pyramid_ben_garrison.jpg[/t]
Raise taxes on the poor, slash taxes on the rich. Congressional Republicans must be oh so proud of themselves. Meanwhile their constituents either don't notice or don't care, they just want to get back at the left for all the perceived offenses of the culture wars, even as the middle and lower classes on both sides of the aisle starve and burn.
Make no mistake, the fallout from this bill will be catastrophic for damn near everyone except the ultra-wealthy. We best do well to remember this moment and all the horrible consequences it incurs, lest historians try to whitewash it the way they did with the Reagan and Bush tax cuts.[/QUOTE]
Honestly surprised seeing a comic like that coming from Ben Garrison. A welcome departure from his usual shtick.
As has been said already, this is yet to pass the senate, where the opposition is likely to be more fierce.
[QUOTE=elixwhitetail;52897661]I wonder if this bill includes the proposed changes to tuition that were floated last week.
Because if it does, grad students are [I]fucked[/I]. Typically, they're basically researchers conducting real work at the university, and as a result, their tuition is waived by the university. They were able to claim tax credits or some sort of mechanism that essentially waived the taxes assessed on their phantom tuition. The Republicans were looking at clawing a few tens of billions of dollars by repealing the tax break that enabled this waiver of the tuition taxes. Result: The tuition, although not collected by the university and considered forgiven by the institition, will become taxable. I repeat, tuition that doesn't actually exist will suddenly become a tax burden for grad students conducting research at universities, and it'll force a significant number to have to drop out because they simply can't afford to suddenly pay taxes on something that is only an administrative formality.
I hope the Senate fucking eviscerates this shit. Especially since Republicans want the budget to eliminate the ACA's individual mandate, which will cause as many as 15 million Americans to become uninsured [U]next year[/U].
Dear Santa, all I want for Christmas is a Republican-controlled Senate that went home for the holidays without passing an insane tax bill that cripples the ACA and gives the rich a huge tax cut.[/QUOTE]
This is that bill.
Everyone at my institution is shitting dicks.
And if you guys think the Senate can't be as stupid.... Well....
[media]https://twitter.com/TopherSpiro/status/931279048998899712[/media]
[QUOTE=Potus;52897760]And if you guys think the Senate can't be as stupid.... Well....
[media]https://twitter.com/TopherSpiro/status/931279048998899712[/media][/QUOTE]
The tyranny of the rich and powerful grows as they continue their war on the middle and working classes. These oligarchs need to be thrown out.
Does anyone have a chart like those current vs proposed tax rates based on income for this?
[QUOTE=Quark:;52897538]wow. i wonder how long until i'm broke. and then homeless. and then dead. [B]and then forgotten by the republican party [/B]along with the rest of the middle class.
i wish i could somehow leave this broken third world country...[/QUOTE]
Well, that would be 9 months after your parents banged. Your life only mattered to them before you were alive.
[QUOTE=Potus;52897760]And if you guys think the Senate can't be as stupid.... Well....
[media]https://twitter.com/TopherSpiro/status/931279048998899712[/media][/QUOTE]
[media]https://twitter.com/Alt_Spicerlies/status/931283416875655170[/media]
(since they don't embed from a subtweet I guess)
[t]https://pbs.twimg.com/media/DOyVIk4XUAAW2na.jpg:large[/t][t]https://pbs.twimg.com/media/DOyVIlPXkAAuKhl.jpg:large[/t]
[QUOTE=Propane Addict;52897455][URL="https://mobile.nytimes.com/2017/11/16/us/politics/tax-bill-house-vote.html"]Source[/URL]
I'm at a loss for words at how badly this bill is going to trash common people.[/QUOTE]
Oh I'm not at a loss for words, its fucking horrible, and they once again did the "cmon guys pass it so the senate can fix it" routine which is fucking irresponsible
Haha now the country is fucked take that libtard snowflakes
[QUOTE=AlbertWesker;52897573]Can someone please explain what this bill is doing to cause a tax hike for lower and middle classes? How can they call it a "tax cut" if all it does is redistribute the costs to the middle and lower classes? I don't understand how that works.
[/QUOTE] The full story is complicated, but if you want the short version of it, they aren't directly hitting tax rates for poor/middle class people, but they're removing deductions and whatnot that often get taken advantage of by poor people. And they're doing this in order to pay for their cuts elsewhere.
Most deductions probably shouldn't exist, but this awful way of handling things why this is de facto a tax increase on a lot of people.
There are other things too, such as [URL="https://www.wsj.com/livecoverage/tax-bill-2017/card/1510696375"]automatic cuts to medicare[/URL] that will come with this bill.
[QUOTE=thelurker1234;52898026]The full story is complicated, but if you want the short version of it, they aren't directly hitting tax rates for poor/middle class people, but they're removing deductions and whatnot that often get taken advantage of by poor people. And they're doing this in order to pay for their cuts elsewhere.
Most deductions shouldn't exist, but this isn't how you do it and that's why this is de facto a tax increase on most people.
There are other things too, such as automatic cuts to medicare that will come with this bill.[/QUOTE]
Huge, massive cuts to Healthcare.
Over a trillion added to the debt year over year, deductions for rich people have stayed, multiplied, and loopholes were created for specific abuse.
Deductions for the middle class and poor are gone more or less.
Corporate tax rates have been slashed from a rate of "35%" to 20%. The thing is no one pays anywhere close to the 35% rate, the effective tax rate of most corporations is something like 20% IIRC. I'll look for a link for that shortly. Deductions for corporations and corporate entities have also increased so that 20% will see a much lower effective rate.
You know, I don't want to sound like this is a big deal or possibly a major sign of change to come, but this is a BFD.
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