Taxes, taxes, taxes and LESS TAXES... wait, what?!?!?

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  • SheepDog4Life

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    The US Senate passed a tax bill very similar to, though not the same as, the House bill This article lists all of the details of the Senate bill and the differences from the House bill. Scanning through it, it all looks like goodness to me, EXCEPT reducing the tax rate on pass-through income... that looks sketchy, IMO, especially since it excludes the "usual suspects" of doctors, lawyers and accountants who own, or are partners, in a practice.

    Here's what's in the Senate tax bill - Dec. 2, 2017
     

    SheepDog4Life

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    Here's a very good article by WaPo that explains the differences between the House and Senate versions of the bills which much be reconciled... both houses of Congress must pass the exact same bill for it to be sent to the President.

    https://www.washingtonpost.com/grap...rences-reconciliation/?utm_term=.d727a3fdcab3

    Here's one very noteworthy quote:

    Both the House and Senate changes to the child tax credit to require a Social Security number, which would prevent undocumented immigrants from receiving it.

    Which means that they are currently able to do so... I'm astonished!
     

    Leadeye

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    I am reminded of the time I was in an HR office where they were asking for a social card from an employee. He had three all with different numbers.:laugh:
     

    HoughMade

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    I got in the middle of a big protest in fron of Grand Central Terminal this morning. Bunch of people wearing SEIU hats. They were handing out signs that said: "Tax Cuts Destroy ____________" and they were supposed to write in what they wanted. I saw things like "healthcare", "food stamps", etc. I wanted to get one and write "Government's Power"...but we were on our way to breakfast.

    Their were pre-printed signs saying: "Tax Cuts Destroys Lives".

    Leaving the area, I ranted to my wife about how the lower 45% of wage earners don't pay any taxes...this seemed to make people around me....uncomfortable.

    Other than that, NYC is fun during the holidays.
     

    HoughMade

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    ...Which means that they are currently able to do so... I'm astonished!

    Are they? We need SS numbers for our kids. Have since we started having kids 20 years ago.

    [edit]

    Yes they are. They cannot get earned income credit or claim as a dependent without a SSN, but can claim child tax credit.

    That article about the differences just made me angry in its editorial comments...lamenting the inability of people who DON'T PAY TAXES to get the child tax credit. Sheesh.
     
    Last edited:

    ATM

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    Keep cutting. Let me know when we get to zero. :)

    40e9dab950740ad154c48097b1ae8aad9a5df8b5240e41bdef4889921f68b02d.jpg
     

    SheepDog4Life

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    Are they? We need SS numbers for our kids. Have since we started having kids 20 years ago.

    [edit]

    Yes they are. They cannot get earned income credit or claim as a dependent without a SSN, but can claim child tax credit.

    That article about the differences just made me angry in its editorial comments...lamenting the inability of people who DON'T PAY TAXES to get the child tax credit. Sheesh.

    I'm with you... there were several I could choose from to highlight, but that one took the cake.

    And, kudos to the GOP for correcting it instead of resorting to their decades old, sniveling coward, run from their own shadow routine.
     

    KittySlayer

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    Funny thing is if most the whiners sat down and calculated their own personal taxes under the new plan they would be paying less. If they feel guilty about not paying so much they can always send in extra to the IRS or direct the savings to a charity.

    I was pleasantly surprised how much less I would pay.
     

    Lwright

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    This bill does seem to be pretty interesting and I hope that it does help with the economy. It is good to know the truth rather than the liberal lies.
     

    Kutnupe14

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    This bill does seem to be pretty interesting and I hope that it does help with the economy. It is good to know the truth rather than the liberal lies.

    And if it doesn't help the economy, does it then become conservative lies?
     

    Jimb

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    Funny thing is if most the whiners sat down and calculated their own personal taxes under the new plan they would be paying less. If they feel guilty about not paying so much they can always send in extra to the IRS or direct the savings to a charity.

    I was pleasantly surprised how much less I would pay.
    Do I appreciate any kind of tax cut......heck yeah! Do I believe this has anything to do with anything other than padding more wealth to the wealthy....heck no! Take the crumbs.....but know that's what they are.
     

    Tombs

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    And if it doesn't help the economy, does it then become conservative lies?

    Cutting corporate taxes are good for the economy, good for the workers though? Doubt it has a huge impact on them.

    Income taxes don't matter a whole heck of a lot though. Always wondered why people get so ideological over them, we have a government to fund, one way or another it has to be funded. If you don't want it funded, that's fine but that's off in ideological wonderland along with communism and all of the other fantasies.

    If you want to have an ideological battle over taxes, how about we start with property tax before anything else, since it precludes you from technically owning land. On a fundamental level that is wrong.
     

    Kutnupe14

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    Cutting corporate taxes are good for the economy, good for the workers though? Doubt it has a huge impact on them.

    Income taxes don't matter a whole heck of a lot though. Always wondered why people get so ideological over them, we have a government to fund, one way or another it has to be funded. If you don't want it funded, that's fine but that's off in ideological wonderland along with communism and all of the other fantasies.

    If you want to have an ideological battle over taxes, how about we start with property tax before anything else, since it precludes you from technically owning land. On a fundamental level that is wrong.

    Trickle down economics you mean? Typically that does not help the economy. Why would it? If you owned a huge business, and the govt gave you a substantial tax cut, what would you do with that extra money? What is your incentive to pass that money along to your regular workers? They aren't going to leave if you don't throw them a bone. Now your shareholders and executives, you gotta take care of them.
     

    Tombs

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    Trickle down economics you mean? Typically that does not help the economy. Why would it? If you owned a huge business, and the govt gave you a substantial tax cut, what would you do with that extra money? What is your incentive to pass that money along to your regular workers? They aren't going to leave if you don't throw them a bone. Now your shareholders and executives, you gotta take care of them.

    Then please do explain to me why Lichtenstein is the corporate powerhouse of the world?

    If it's not their 12.5% corporate tax rate, what is it? I'd also recommend you look up their unemployment rate, and standards of living.
     

    Kutnupe14

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    Then please do explain to me why Lichtenstein is the corporate powerhouse of the world?

    If it's not their 12.5% corporate tax rate, what is it? I'd also recommend you look up their unemployment rate, and standards of living.

    Infrastructure. It's country that has population less than Kokomo. It doesn't have it own money, military. What it does have is really loose tax laws concerning businesses. There are actually more businesses than people in Lichtenstein.... which ones can extrapolate that those businesses don't actually exist within it's borders, but simply keep an address there. So that corporate rate, is more "we'll give you free money if you let us have mailbox" than an actual physical entity that would need to be overseen by local business laws. It's a sweetheart deal.

    BTW, I didn't know any of the above, I had to look it up. Well, I did know how small it was, and given the tax figures you quoted, it seemed obvious that infrastructure was why.
     
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