What a joke. The next Congressman or woman who compares their pathetic efforts to Reagan tax cuts should be impeached immediately.

And here's the last real tax cut that actually helped most average working Americans.


http://www.politifact.com/truth-o-meter/statements/2010/jan/28/barack-obama/tax-cut-95-percent-stimulus-made-it-so/ 

You guys have seen the new tax plan..?? 😕

House and Senate both released their proposed plans weeks ago. House even voted on theirs. It's publicly available.

Here's an article that charts both the House and Senate plans and explains the effects of each...

https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968 

Both Congressional plans are much more detailed than Trump's one pager list of bullet points. Both tilt favorably towards the wealthiest individuals and favors big corporations over small businesses.

strain the swamp

I don't call Congress the parliament of whores for no reason.

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it's not limited to the elected garbage. Worse, we are seeing appointments of those that were key players in the destruction before the recovery.

Its a joke..

The plan cancels the medical tax credit and many other current tax advantages for the middle class.
It favors the 1% and corporations.
I don't pay taxes... anyway... some really sick federal BASTIDS have made sure it stays that way too.

Its a joke..

The plan cancels the medical tax credit and many other current tax advantages for the middle class.
It favors the 1% and corporations.
I don't pay taxes... anyway... some really sick federal BASTIDS have made sure it stays that way too.

Some random outrage thoughts...

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I don't understand all the teeth gnashing and kow-towing to those that might get hurt by elimination of the state and local tax deduction. **** CA and NY. The idea that the rest of the country should have to subsidize those that choose to live in high tax states just blows my mind. Just another example of how welfare/entitlements once given cannot be taken away.

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They are never going to get rid of loopholes until they get rid of deductions and credits that harbor those loopholes.

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I don't care about intent, or whatever was going through their heads....the Senate plan proposing permanent corporate tax cuts, but temporary individual cuts was the height of stupidity

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I would probably personally break even with the House plan, but I'd get creamed by the Senate version...and I'm torn as to what's fairest....

Where I would suffer from the Senate plan is shifting tax burden of alimony from recipient to provider. Would probably cost me upwards of four grand a year if it changes. Right now, I deduct entire amount of alimony and my ex pays tax on it as if it were income. Some say that's not appropriate and is unfair burden on those recipients (usually women.) On the other hand, the current law makes paying alimony a little more palatable -- it could be argued that if changed, future divorce settlements will include a LOT less alimony, as those in a position to pay it will fight against it....a lot.

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And lastly.....the arguments that growth will take care of deficit increase are absolutely asinine.....as are most trickle-down arguments....rising tides lift all boats....except that those with holes in them sink even farther from the surface

"The idea that the rest of the country should have to subsidize those that choose to live in high tax states just blows my mind. "

Blue states subsidize red states. Heavily.

Besides, it's not an argument you want to get into, as your opposition could just say something along the lines of, "The idea that Americans should have to subsidize those that choose to XXXXX just blows my mind". For example, why subsidize the oil industry? Or solar, for that matter? Or "Big (industry)", or "Other Big (industry)"? I'm being rhetorical- it's all just a shell game of politicians giving deals away to friends in high places, but you get the idea.


"I don't care about intent, or whatever was going through their heads....the Senate plan proposing permanent corporate tax cuts, but temporary individual cuts was the height of stupidity"

It's brilliant, politically-speaking. Temporary laws mean politicians can use it as a weapon during election cycles. Permanent? Not so much.

I get ya...but I can sorta wrap my head around stimulating domestic energy production capability as part of a long term strat....or throwing money at steel or shipyards so we can compete with 'unfair practices' of other countries...and maintain proficiency...or keep Whirlpool from moving to Mexico ...yada yada yada....but if we piss off Californians and they move to Mexico...would that really be so bad?

From an accounting perspective it makes sense not to tax an entity on income which it never receives though... corporations are only taxed on profit (and yes I know there is a difference in income tax, as we don't assess the "profit" of the household....).
More importantly... this isn't just subsidizing high tax states. Yeah the cut is more significant there... but the incomes are also a lot more. People in Missouri get that tax break as well on their state taxes and their property taxes. And their income is significantly lower... so losing that break may hurt just as much.

Here's another argument that some states like CA, their tax-paying residents, are being unfairly treated by the elimination of the state and local tax deduction in the GOP tax reform plan. California is a "donor state", one of several that sends much more to the federal govt. in income taxes than it receives in federal spending. CA currently subsidizes other net "taker" states. Elimination of the deduction will increase the wealth re-distribution from CA to other states.

https://people.howstuffworks.com/which-states-give-the-most-the-federal-government-which-get-the-most.htm 

State tax revenue can be pulled back to the fed?

If that's truly the case then they should f--k right off with trying to remove that deduction... ultimately people in profitable states would be taxed twice on the same income.

In all seriousness adding a trillion dollars to the federal deficit is never a good thing. And for a tax plan that will hurt a majority of the country. 🌫

Agreed, but his was about a corporate money grab - not the good of the country.

The deficit pain will get even worse when Trump gets us into our next war.....

But, if a California/New York etc., tax payer deducts all the (substantial) state taxes they pay from their Federal return that 'discount' is made up by tax payers in other states that have reasonable state tax rates and pay more Federal tax on the same amount of income.

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http://taxplancalculator.com/ 

There ya go... if you have last year's tax return, plug in the numbers and see how you'll be affected. I'm going to SAVE money, either way.