Trump's tax cuts: winners and losers

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cassowary
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Trump's tax cuts: winners and losers

Post by cassowary » Wed Nov 29, 2017 6:01 am

[urlhttp://www.foxnews.com/politics/2017/10/26/tru ... osers.html]=Winners and Losers[/url]

Trump predicts success in passing tax reform bill

I am excited about the Senate vote on Thursday. I think it is going to pass. Then comes the reconciliation process. I believe the tax reforms will give the economy a boost.

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SteveFoerster
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Re: Trump's tax cuts: winners and losers

Post by SteveFoerster » Wed Nov 29, 2017 9:01 am

Maybe, but we'll see. There are quite a few Republican senators on the fence, and it only takes three of them to vote no to kill tax reform.
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cassowary
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Re: Trump's tax cuts: winners and losers

Post by cassowary » Wed Nov 29, 2017 3:49 pm

According to what I read, Corker and Ron Johnson voted for it in committee. Murkovski from Alaska was bought over with promises of drilling in the Arctic refuge. Susan Collins of Maine was bought over with promises of allowing property taxes to be deductible against Federal taxes as in the House Bill. Rand Paul of Kentucky has already said yes. That leaves the two Arizona senators - Flake and McCain. Anybody I missed? Maybe Daines of Montana.

neverfail
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Re: Trump's tax cuts: winners and losers

Post by neverfail » Wed Nov 29, 2017 9:55 pm

cassowary wrote:
Wed Nov 29, 2017 3:49 pm
According to what I read, Corker and Ron Johnson voted for it in committee. Murkovski from Alaska was bought over with promises of drilling in the Arctic refuge. Susan Collins of Maine was bought over with promises of allowing property taxes to be deductible against Federal taxes as in the House Bill. Rand Paul of Kentucky has already said yes. That leaves the two Arizona senators - Flake and McCain. Anybody I missed? Maybe Daines of Montana.
:roll: Thrilling! Oh yeah! Members of Congress cannot even work on a project purportedly for the good of the nation without first of all demanding their cuts. I am not talking about outright graft but a more subtle form of bribery: succinctly if you want my vote for this bill then you are going to have to give me something to take back to my constituents.

The best goddam tax reform that money can buy. How very American!

Meantime:

https://www.forbes.com/sites/anthonynit ... 0eb8f54657

(quote) Call me crazy, but single parents with multiple kids sounds like the type of taxpayer who most NEED a tax cut, but as I said, the Code is a fickle mistress, and the interactions of the tax proposals would, in over 20% of situations, serve to increase the tax burden of those very individuals.

I'm sure the TPC will reconvene and recompute when the tax plan begins to crystallize, but one thing is certain: if the final plan, as this version does -- puts only 1% of income back into the pockets of the poor and middle class while giving an additional 11.5% of income back to the richest 1%, tax reform will find itself on the front page, right where it belongs.
(unquote)

That from out of America's leading business magazine. Damning, isn't it!

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Milo
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Re: Trump's tax cuts: winners and losers

Post by Milo » Wed Nov 29, 2017 11:23 pm

neverfail wrote:
Wed Nov 29, 2017 9:55 pm
cassowary wrote:
Wed Nov 29, 2017 3:49 pm
According to what I read, Corker and Ron Johnson voted for it in committee. Murkovski from Alaska was bought over with promises of drilling in the Arctic refuge. Susan Collins of Maine was bought over with promises of allowing property taxes to be deductible against Federal taxes as in the House Bill. Rand Paul of Kentucky has already said yes. That leaves the two Arizona senators - Flake and McCain. Anybody I missed? Maybe Daines of Montana.
:roll: Thrilling! Oh yeah! Members of Congress cannot even work on a project purportedly for the good of the nation without first of all demanding their cuts. I am not talking about outright graft but a more subtle form of bribery: succinctly if you want my vote for this bill then you are going to have to give me something to take back to my constituents.

The best goddam tax reform that money can buy. How very American!

Meantime:

https://www.forbes.com/sites/anthonynit ... 0eb8f54657

(quote) Call me crazy, but single parents with multiple kids sounds like the type of taxpayer who most NEED a tax cut, but as I said, the Code is a fickle mistress, and the interactions of the tax proposals would, in over 20% of situations, serve to increase the tax burden of those very individuals.

I'm sure the TPC will reconvene and recompute when the tax plan begins to crystallize, but one thing is certain: if the final plan, as this version does -- puts only 1% of income back into the pockets of the poor and middle class while giving an additional 11.5% of income back to the richest 1%, tax reform will find itself on the front page, right where it belongs.
(unquote)

That from out of America's leading business magazine. Damning, isn't it!
The pitch is that American corporations will bring money back to the US when the tax rate is lowered. Problem is, the last time there was a tax holiday for them:

"Firms largely used the profits that they repatriated during the 2004 holiday not to invest or create U.S. jobs but for the very purposes that Congress sought to prohibit, such as repurchasing their own stock and paying bigger dividends to shareholders. Moreover, many firms laid off large numbers of U.S. workers even as they reaped multi-billion-dollar benefits from the tax holiday and passed them on to shareholders. The top 15 repatriating corporations repatriated more than $150 billion during the holiday while cuttingtheir U.S. workforces by 21,000 between 2004 and 2007, a Senate Permanent Subcommittee on Investigations report found.[2]"

https://www.cbpp.org/research/repatriat ... cy-failure

Oh, and Trump through some 'coincidence', stands to benefit enormously.

https://qz.com/1119646/the-tax-bill-wou ... f-dollars/

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cassowary
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Re: Trump's tax cuts: winners and losers

Post by cassowary » Thu Nov 30, 2017 12:47 am

neverfail wrote:
Wed Nov 29, 2017 9:55 pm
cassowary wrote:
Wed Nov 29, 2017 3:49 pm
According to what I read, Corker and Ron Johnson voted for it in committee. Murkovski from Alaska was bought over with promises of drilling in the Arctic refuge. Susan Collins of Maine was bought over with promises of allowing property taxes to be deductible against Federal taxes as in the House Bill. Rand Paul of Kentucky has already said yes. That leaves the two Arizona senators - Flake and McCain. Anybody I missed? Maybe Daines of Montana.
:roll: Thrilling! Oh yeah! Members of Congress cannot even work on a project purportedly for the good of the nation without first of all demanding their cuts. I am not talking about outright graft but a more subtle form of bribery: succinctly if you want my vote for this bill then you are going to have to give me something to take back to my constituents.

The best goddam tax reform that money can buy. How very American! (unquote)
It's not just American. It is a flaw found in all democracies.
Meantime:

https://www.forbes.com/sites/anthonynit ... 0eb8f54657

(quote) Call me crazy, but single parents with multiple kids sounds like the type of taxpayer who most NEED a tax cut, but as I said, the Code is a fickle mistress, and the interactions of the tax proposals would, in over 20% of situations, serve to increase the tax burden of those very individuals.

I'm sure the TPC will reconvene and recompute when the tax plan begins to crystallize, but one thing is certain: if the final plan, as this version does -- puts only 1% of income back into the pockets of the poor and middle class while giving an additional 11.5% of income back to the richest 1%, tax reform will find itself on the front page, right where it belongs.


That from out of America's leading business magazine. Damning, isn't it!
The article is from July. It is now out of date. Trump only gave a general wish list because he knew the Congress, not him, is the body that passes laws. The Senate plan is therefore the O'Connell tax plan. If passed, it must be reconciled with the Ryan tax plan.

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