I have listened to Ryan, McConnell and Trump present the broad outline of the tax reform measures they are introducing today in Washington. As I was taking in their comments, I was remembering the newly elected Gov. Brownback speaking in Topeka about his grand vision for the state of Kansas and how his plan would be “a shot of adrenaline to the heart of the Kansas economy.” We all know how that has turned out to be the largest debacle in Kansas history! Pay attention to what is being proposed, our financial well-being hangs in the balance. The Kansas experiment failed miserably, let’s work to keep it from being repeated at the national level.
I never see anyone on the national level talk about this. I am starting to question the intelligence of the Democrats in Congress. Bringing up Kansas’ horrible experience seems like such an obvious thing to do.
This is nothing but Trickle Down Economics – again.
If this theory worked – wouldn’t our country be rolling in those high-paying American jobs that REAGAN promised back in the 1980’s?
JESUS Almighty…How many times are Republicans going to keep kicking this stinkin’ turd about trickle down economics and try to convince that stench is not from their turd?
Tax reform is now an existential issue for House Speaker Ryan and Senate Leader McConnell. If they botch this, as they did health care, both chambers could lose their Republican majorities.
Some conservative Republicans worry about a “nightmare scenario” for the party: no health care repeal, no tax reform — and the party’s top two accomplishments of this Congress are a “bailout” for insurance companies (fixes to the Affordable Care Act), and “amnesty” (“Dreamer” legislation).
That would depress Republicans and excite Democrats — the surest formula for the GOP to blow its majorities.
How it’s playing … USA Today banner, “Trump could reap millions in tax plan: Proposals to cut estate taxes, AMT would benefit wealthy” … L.A. Times lead story, “Tax plan would hit state hard: GOP proposal would end a big tax break for Californians and may curtail the mortgage interest deduction.”
Here’s the full 9 pages of ‘the tax plan’ released by the GOP —
(From the link below): Here’s the important fine print: “To simplify the tax rules, the additional standard deduction and the personal exemptions for taxpayer and spouse are consolidated into this larger standard deduction.”
Here’s how that math works. Let’s say you are single with no dependents, and you have a moderate income. Currently, you get to take the standard deduction ($6,350) and one personal exemption ($4,050). If you are 65 or older, you also get to take an additional standard deduction ($1,250). That adds up to $10,400, or $11,650 if you’re over 65.
The Republican plan would replace all these provisions with a single deduction of $12,000 ($24,000 for married couples.) That’s a 15% increase — except for seniors, who get a 3% increase.
And then your first dollar of taxable income would be subjected to a 12% tax rate, instead of the current 10%. But don’t worry — the framework says “additional tax relief,” as yet unspecified, will emerge for you during the committee process.
For married couples, all the relevant amounts are doubled under the current tax code and under the Republican proposal, so the percent changes would be the same.
If you have children, your fate is uncertain. The plan would abolish the $4,050 exemption you get to take for each of your dependent children. But it would also increase the child tax credit — by an unspecified amount. Once that amount is specified, you’ll be able to figure out whether you face a tax increase or a tax cut or what.
Meanwhile, taxpayers who itemize their tax deductions for things like mortgage interest and state and local taxes would pay tax on more of their income under the Republican plan. The proposal says “most” itemized deductions would be abolished anyway, but those for mortgage interest and charitable giving would be retained.
Currently, you get to take the personal exemption even if you also itemize deductions, but you get to take the standard deduction only if you forego itemized deductions. Combining these provisions into a single, standard deduction would mean itemizers lose their personal exemption and get nothing back — meaning they’ll typically pay tax on an extra $4,050 of income if they’re single, or $8,100 if they’re married.
Call me cynical – but I wonder if Trump even knew what the Jones Act was when asked about lifting restrictions on Wednesday (yesterday – and Hurricane Maira hit LAST Wednesday – didn’t it?)
I listened to the guy in charge of all those trucks sitting and no truck drivers to drive them to the people.
WELL – why didn’t Trump send in our military to drive those damn trucks? Wouldn’t a bunch of helicopters be able to transport truck drivers – and if need be, make multiple trips.
JESUS Almighty – I thought Trump bragged that he knew how to get things done ….and cut through the red tape.
Well – I guess that only applies when the ‘right’ people are compensated well and/or the recipients are wealthy Republican white people?
One thing: lack of fuel. That is the primary bottleneck. Just like D-Day, a way to establish a reliable fuel supply is paramount. Currently, I see little to no discussion of this.
Oh, there is the matter of impassable roads, due to being blocked or destruction of the roadway proper, but this can be rectified via heavy machinery. However, the machinery, and trucks, etc., need fuel. Until the fuel issue is solved, the efforts will be kind of like pissing into the wind.
Wow – Sen. Ben Sasse – a Republican daring to speak against Richard Spencer – the darling of the Far Right Republicans because he was ‘persecuted’ by not being allowed to speak at some university – remember this dude?
When is an obvious lie NOT a lie? Apparently when Trump spews it and this hand-picked ‘pit bull’ Sarah Huckabee Sanders attacks the media for daring to point out the obvious lie.
Either Cochran was in the hospital or not – facts don’t lie – But even with that – Cochran himself said he was not in the hospital.
JEEZUS Almighty…..does Trump and his Trumpublicans really think the rest of us are just as ignorant hicks?
Excuse me – but aren’t Republicans the same folks who were outraged about Obama and government monitoring their internet usage?
Hmmm…..I guess it’s okay when Trumpublicans demand their political opponents internete usage and personal info. After all – Trumpublicans alwsays respect their country, our constitution and their flag – don’t they?
OH PLEASE……pass the barf bag now.
But don’t worry – I heard on Public Radio that gun stocks are rising due to potential gun restrictions being passed.
So – I am sure Trump and Trumpublicans are doing their cock-strutting dance because their Messiah has Wall STreet making millions again.
REupblicans claim to be Pro Life – when the hell are they going to be Pro Living?
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