DawgTalkers.net Forums DawgTalk Palus Politicus House GOP tax overhaul keeps retirement rules

Voting these aholes out.

#KeepAmericaPlutocraticAlways

Tax bill passed.. 51 - 49

There’s still a lot of hurdles to clear ... sheesh Eve ... talk about a rush to judgement ...

Go take a ride in your jag ... that oughta calm u down ...

And where u gonna move to ... good luck voting out republicans in Georgia ... ...

The middle class will soon see a tax hike while the rich do not, and won’t even benefit from it.

The middle class won’t be paying more in taxes to pay for cheaper schools for students, or better infrastructure, healthcare, etc.

Nope, we’re gonna pay for so that CEOs, who some already claimed won’t be using this tax cut to invest like the GOP claimed them will, can get yachts faster and pay more out to their shareholders.

Oh well, this is what the majority wanted. Sucks but that’s life.

Buy gold and silver. When the bottom falls out it’ll be the only thing of value.

What kind of poison did that war criminal drink?

That's not going to happen. the Republicans want to scare the crap out of us so they can keep their Willie's cleaner when they bend us old and sick folks over and rape us.

When you voted for them did you stop for lube on the way home? Hope you did. We all told you to.

No I didn't and if one of them knocks me up you can bet I won't get the baby aborted either

Well at least you’ll be able to die buried in medical debt like a good Murikan.

U think SS is going to be viable for guys your age ... ...

If its part of your retirement plan .. BAD BAD PLAN ... if i get it ... it’ll be BONUS MONEY!!!!

Man .. no wonder why this countries in such sad ass shape ... its like u don’t even pay attention ...

STATUS QUO .... WOOOOHOOOOO ... ...

Sad part ... your going to get what your wishing for in health care cause theres 2 choices ... FIX IT NOW or get socialized medicine witch means the gov’t will be running it ...

Then .. you’ll be deemed to old and sick to get care ... remember what i just said when the day comes GM ...

U can have the last word .. on this subject your as big a waste of time as the lefties ...

Have a good weekend bro ..

pppsssttt buddy I am already on Society Security Disability. Have been for two years, and have not worked full time in 3 years. I am also on Medicare. Now thanks to our Fine government they want to take away my medical deductions which could total 20,000 again next year.

So you see the government is already running my health care, and RAISING my taxes at the same time. The sad part is now that I am broke they are raising my taxes. If I was still working and bringing home 100K per year more I would be getting a tax cut

You actually understood his incoherent ramblings enough to respond?
My god I’ve never seen someone think so highly of their supposedly ‘informed and obviously educated’ thoughts on such complex topics yet have such a poor grasp of the English language and grammar. For someone who mocks others for being, for all intents and purposes, stupid, Diam has every indicator of someone of low intellect and education. He’s a waking paradox.

“Belive me I now stuff! U... dont no. their are a big amount of stuff I no. Many people think they no more.... There wrong. Many people are to dumb to listen two the things...i say. There going too see one day.... I no that I no that there wrong. .... Lol. “

Diam... If you think something, and I think the opposite, I’ll feel pretty confident I’m correct just through inference. Just sayin.

I speak and spell fluent Diam bro.

Glad someone does, cause Diam could start a war with aliens with his nonsense.

Trump takes victory lap after Senate passes tax bill, calls it 'largest tax decrease ... by far'

“It's the largest tax decrease in the history of our country by far,” Trump said during a fundraiser in New York on Saturday morning. “Not even close.”

http://www.foxnews.com/politics/2017/12/...ase-by-far.html



Please Mr.President I am so tired of winning!

Largest Decrease for the rich and corporations.

Not for the middle class.

Please Mr.President, Swish is so tired of whining!

So are you saying the middle class doesn’t deserve a big tax break, but the people who ALREADY WEALTHY do?

Bro the royal class love people like you. You’re the uneducated voter who constantly votes for their own demise, while simultaneously arguing in favor of making the wealthy more wealthy.

40: Please, sir, may I have another spanking?

Also 40: I'm a man's man

Hey a serious question.
The sane members of the board see this tax plan wreaking havoc on the economy. Likely leading to another crash. So I have a nice nest egg in my 401k. It’s fairly diverse. Should I slide away from stock based holdings and move that money into securities and bonds? Accepting the 2-3% growth while hopefully riding out the volatility. All of it? Part of it? I’ve got 15 years or better till retirement but don’t want to eat the last decade or better of savings.

ask Diam and 40, they are the ones who love the plan.

But take into account that with the tax cut, companies won’t increas wages. They will pay shareholders more and roll this into more stock buyback.

[b]Here's what the plan looks like[/b]

Here’s a look at what the Senate’s tax plan would do.

State and local deductions
The Senate’s tax plan would do away with most state and local tax deductions – meaning taxpayers in high-tax states would lose a write-off. This would impact mostly blue states, such as California and New York.

With tax reform front and center, President Trump and the GOP aim to get rid of state and local tax deductions, or SALT, when filing federal returns. While some advocates say eliminating SALT could generate at least $1.3 trillion in revenue over a decade for the federal government, could this create a red-blue state divide and a sticking point to passing tax reform?

This is one area where the House and Senate plans previously diverged, especially as many lawmakers – including Republicans – opposed the provision. The Senate plan allows for deductions of up to $10,000 in local property taxes.

Previously, U.S. Sen. Susan Collins, R-Maine, was concerned about the impact the elimination of these deductions would have on taxpayers. She reportedly met with Trump to discuss a compromise in the final legislation, such as the one provided in the House measure.

At the "delight" of Collins, GOP lawmakers later added the property tax exemption, leading her to ultimately support the tax reform measure.

Pass-through provisions
Provisions for “pass-through” businesses shaped up to be one of the greater fights among lawmakers in the tax reform debate.

A pass-through business refers to one that is not a corporation, and therefore isn’t taxed as such. These include sole proprietorships, joint ventures, limited liability companies and S corporations. Millions of American businesses use the pass-through taxation format, where the profits are counted in the owners’ personal tax returns.

The Senate measure sets a new deduction of 23 percent for those who qualify for the pass-through taxation. It also makes it easier for taxpayers to obtain this deduction.

Republican senator from Wisconsin says he has seen 'pretty good movement' over his concerns, but warns he still has 'very serious concerns' about the GOP tax reform bill.Video
Why Johnson voted to move Senate tax bill out of committee

On the other hand, the House plan would reduce the tax from 39.6 percent to 25 percent. At odds here is which plan provides a greater savings for a greater number of pass-through businesses.

Individual mandate
The Senate’s tax plan includes a repeal of the individual mandate, the ObamaCare requirement for Americans to have health care.

The House bill does not include a repeal of the individual mandate.

Maine's Collins broke with her party and voted against a skinny repeal of the Obama-era health care earlier this year, but for this vote she was apparently satisfied that certain amendments were included.

The Congressional Budget Office predicted that repealing the mandate could reduce federal deficits by about $338 billion over the next 10 years. It would also increase the number of uninsured Americans by about 13 million people in that same time span.

Corporate tax rate
When it comes to reducing the corporate tax rate, the House and the Senate agree. Both chambers want to see the tax rate lowered to 20 percent from 35 percent -- and the Senate bill did just that on Friday night.

However, the Senate measure delays the implementation for one year.

Child tax credit
The Senate measure drastically hikes the current per-child tax credit to $2,000 from $1,000.

Some Republican senators, including Marco Rubio of Florida and Mike Lee of Utah, advocated for increasing the deduction. Earlier in November, Rubio criticized the House plan for not raising the credit enough.

The House plan would only raise it by $600.

The progressive Center on Budget and Policy Priorities has criticized the Senate proposal for not helping enough low-income families despite raising the credit. Writers for the think tank argued that many families would be unable to receive the full benefits.

Ivanka Trump, the presidential daughter and adviser, has been largely involved in working with lawmakers on boosting the child tax credit.

Standard deduction
The Senate bill increases the standard deduction level to $12,000 for individual filers and $24,000 for married couples. Standard deduction refers to the deduction of the amount of income Americans are taxed.

Republicans say that provision would be a net benefit for most tax filers.

Tax experts also predict that this provision would drastically decrease the number of taxpayers who would file itemized deductions as some would see a greater savings with this plan.

Mortgage deduction
The Senate tax reform measure leaves the mortgage deduction pretty much alone, capping it at $1 million. The Senate Finance Committee said this “incentive for homeownership provides tax relief to current and aspiring homeowners.”

The House plan, on the other hand, would drastically reduce the cap on the popular deduction to mortgage interest to $500,000.

Alternative minimum tax
Under the Senate's original plan, the alternative minimum tax would disappear -- much like under the House-passed bill. But under the revised Senate bill, the alternative minimum tax stays in place. However, the amount of income exempt from it is raised under the revised bill.

The tax is meant to offset benefits a person with a high income could receive. It also ensures taxpayers pay a minimum of tax, according to the IRS.

About 5 million households a year are targeted with the alternative minimum tax, NPR reported. Over the years, it has not been adjusted for inflation and has hit more households than originally intended, tax experts have said.

Estate tax
Republicans hope to phase out the so-called estate tax – sometimes referred to as the “death tax” by opponents – with their tax overhaul.

The federal estate tax is a tax on the transfer of property after someone’s death. That property must exceed a certain value amount for the tax to be applicable. Only the wealthiest 0.2 percent of estates owed any estate tax at last count, according to IRS data and the Center on Budget and Policy Priorities.

The Senate’s bill does not eliminate the tax, but it would double the exemption. On the other hand, the House version would double the exemption to $11 million for individuals and $22 million for couples, but would repeal the entire tax after 2023.

Medical expense deductions

While the House plan would eliminate the medical expense deductions, the Senate measure leaves it in place.

Under the current system, taxpayers are able to deduct medical expenses that exceed 10 percent of a person’s adjusted gross income. That percentage is lowered to 7.5 percent for taxpayers who are over 65 years old.

AARP, the seniors' lobbying group, has urged Congress to keep the deduction in place.

"For people who are sick, many of whom are going to be older Americans, this medical expense deduction makes their health care more affordable," said Cristina Martin Firvida, AARP's lead lobbyist on financial security issues. "To them, it is a very big deal."

Tax brackets
The Senate bill keeps the current number of personal income tax brackets, seven, though it changes the rates to 10, 12, 22, 24, 32, 35 and 38.5 percent. That last top bracket for the wealthiest earners carries a higher rate of 39.6 percent under current law.

The House bill goes further toward simplifying the tax system. It shrinks the number of brackets from seven to four, with rates of 12, 25, 35 and 39.6 percent.

Fox News' Chad Pergram and the Associated Press contributed to this report.

I drove to Alabama and back today...

Did you vote while there?

She's not a Democrat.

Hehehehehe

No, I turned around and hauled ass back to Georgia.

Because I don't like the state of Alabama.

Other than their college football teams.

You do know the devil went down to Georgia don't you

Yeah, but Johnny solved that problem.

But wasn't Johnny from Bama?

Texas A&M

This is just so sad and why I became an independent. The two major parties don’t give a crap about real people.

Haha

Did you read the tax plan info I posted?

I was so happy I slipped a whole dollar into the Santa Claus can.

I read about the pass thru taxes in that article. It didnt say if they kept the 70/30 rule, that's basically what pissed me off about their proposal.

Under the bill, H.R. 1, the top tax rate for pass-through businesses such as LLCs and sole proprietorships, whose income is taxed at individual rates, would be 25 percent, from the current top rate of 39.6 percent. That new rate is higher than the proposed top corporate tax rate of 20 percent, and lower than the 35 percent and 39.5 percent individual rates for high-income earners.

To discourage individuals from establishing as small businesses to take advantage of the lower pass-through rate or big businesses from using the special rate, the legislation contains what Republicans are calling “safeguards.”

Under one provision, business owners would be able to assume that 70 percent of their income can be counted as wages subject to normal individual income tax rates. Thirty percent of income would then qualify as business income for the 25 percent pass-through rate.

House Ways and Means Committee Chairman Kevin Brady said at a news conference on Thursday that he thinks many small businesses will opt to report using the 70/30 approach because they will want to avoid a “hassle” with other options.

A separate safeguard Brady outlined would take into account the capital investment of business owners who are behaving as owner-operators and so are earning less in wages. More income could be classified as business income under this rule compared to the 70/30 approach, the Texas Republican said.

”This ensures that there won’t be gaming the system, and people switching to pass-throughs even though their services are exactly the same,” Brady said of the second option.

Its a complete load of BS for those of us who are legit small business owners.

Large corporations are the only ones seeing a tax break.

Small business is not. This does very little to help me. Might even hurt me.

We can see who Trump is looking out for here.

I am sorry. I will work on it.

Stock market hates uncertainty and havoc, but that is what we have seen since January and the market keeps going up, why-it is cause money sees repubs heading all 3 branches and money wants their taxes cut and deregulations, and a few other things. I would say watch what Mueller does and how far up the food chain he goes, watch the VIX, and wait for the tax bill to be signed. My belief is shortly after the tax bill is signed or when they finally drop the hammer on the inner circle, the market is going to go down. If for some reason the bill completely comes off the table, Goldman Sachs says expect a 5% decline in a very short order.
On Friday, when the ABC report came out that Trump directed Flynn on Russia, I stopped what I was doing at work and started moving all I have to cash