yip, while tax cut for businesses and non-individual is permanent, the tax cut for individuals for good only for the next 7 years because the SALT will be capped at $10K, there are long lines in the local tax assessor's office (in CA, NY, IL, HI) to prepaid their 2018 property tax in 2017. the avg property tax bill for CA/NY is ~~ $17K this cap is/will be a HUGE dis-incentive for prospective home buyers in (CA, NY, IL HI) David Stockman, the budget director under Reagan, introduced the concept of "trickle down economics". after the initials tax cut under Reagan, w the budget deficit increasing out of control, they soon realized that it didn't work. the Reagan admin then proceeded to increase tax 10-11 times, a combination of income tax, sales tax, gasoline tax ,etc
The same David Stockman that said this: http://www.foxbusiness.com/politics/2017/10/19/big-tax-cuts-are-pipe-dream-david-stockman.html And this: https://www.silverdoctors.com/headl...lobbies-by-the-pacs-and-for-the-money-period/
CBO is out... and to no ones's surprise... CORRECTION: This is from November 27, not December 27. CBO: Senate tax bill would hurt poor http://thehill.com/policy/finance/domestic-taxes/361913-cbo-senate-tax-bill-would-hurt-poor
That CBO report is from November 27 before the bills were reconciled. Not saying it's wrong, but an updated one would be of more interest.
Gotta read between the lines on that one. Essentially the government is challenging everyone to make more than 75 K a year before 2027. Some of you lazy liberals don't want to heed that challenge. I get it, when Michelle Obama fat shames you to lose weight suddenly we all have to do it, but when the government poor shames you it's a big deal. Boo hoo snowflakes.
My mistake... I even looked at article date and mistakenly saw 12/27 instead of 11/27. Apologies for any confusion.
Republicans and Democrats for years have pined about the high corporate tax rate and its destructive force on American competitiveness. Something was finally done about it. Bravo. And doubling the Standard Deduction will help the middle class no matter how people here want to paint it. Reducing SALT deductions and Home Deductions is a tax on the rich. Not sure why people here aren't happy about it? People have been reading nonsense but will eventually have to pay their taxes and will see the difference!! Nearly all Americans will get tax relief! Hooray! This combined with unlocking the gravity of government policies on business (only 95,000 pages of new regulation by Obama!) and the first real reduction in the size of the US government is reflective of an administration that is cutting costs and giving the savings back to the people. Hooray!
WAIT ONE GOD DAMNED MINUTE Is it true that the Texas Homestead Exemption, previously up to $25K, is now capped at $10K? Can anyone confirm if that is the case? I didn't know that was in any "tax cut" discussion.
You know how he could prove his claim? By doing what Obama did for an hour and a half: Stand in front of the opposition party for an hour and a half and answer nuanced questions about a pending massive piece legistlation by the opposition party with no restrictions on what questions could be asked. I don't think Donald Trump could string 3 sentences of factually correct nuance on a single executive order or bill he has signed let alone 90 minutes worth of detailed questions fielded by people who hate you.
Don't know if it was in the final bill... What House tax plan could mean for Texas taxpayers http://www.mystatesman.com/business...n-for-texas-taxpayers/pVnyBSUjBqS4akeTTpN0xM/
It appears the final trump/republican rich person tax cut bill signed by trump did include the cap: https://www.investopedia.com/taxes/how-gop-tax-bill-affects-you/
So these companies are going to take big tax hits because of your claimed tax-decrease? Oh, lord. We're back to "CO2 is poisonous" txtony. Classic.
Math is simple. But hey, it's mojo. They take the tax hits now because they have been not wanting to take the bigger tax hits. Imagine if you have been harboring 100k oversea, tax free, instead of paying your 20% tax rate, then you are given a chance to take that back home at a 5% rate, would you do it?
Rubio in a moment of objective plain talk, echoing what most economists are saying: "By and large, you're going to see a lot of these multinationals buy back shares to drive up the price. Some of them will be forced, because they're sitting on historic levels of cash, to pay out dividends to shareholders. That isn't going to create dramatic economic growth." He still likes the bill but admits they "probably went too far" to help corporations. https://www.cbsnews.com/news/rubio-says-tax-bill-probably-went-too-far-in-helping-corporations/ Also, LOL in that article at him having to explain the child tax credit to the conservative "think (sic) tanks" of our era.
now we need to figure out which of these corps are gonna do just that....might as well join them and make some $$$....time learn the old white man's ways...
