Tax Bill about to Pass (actually matters)

Discussion in 'Politics & Current Events' started by wankerness, Nov 30, 2017.

  1. wankerness

    wankerness SS.org Regular

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    Let's all take a look at something that will actually negatively affect all of us that aren't rich. The tax bill is going to pass at the end of this week unless a few senators suddenly grow a conscience. Those that voted against the health bills are all on board here (one cause it opens up drilling in the national park in Alaska, hilariously). This thing not only raises taxes on anyone making less than 50,000, but it makes steps towards criminalizing abortion, adds in the aforementioned drilling in Alaska, cuts taxes massively on the rich, vastly increases expenses for grad students, and massively increases the national debt (vastly more over time, so the ignorant won't be able to follow cause and effect and vote against those who passed it). The real pain kicks in at 2027, so whoever's in charge then will catch most of the flack. Clever.

    Here's a good summary of it. Yes, this particular article is from a "biased" source. No, Fox news isn't covering jack about this since it's massively unpopular with EVERYONE and thus wouldn't have any spot on that channel as it makes their own guys look bad.

    https://www.nytimes.com/2017/11/29/...column-region&region=top-news&WT.nav=top-news

    Some choice excerpts:
    This is calamitous and makes me really worried for where my parents are going to be, considering they'll be retired at that point and probably in retirement homes. I don't have any illusions about reaching the 1,000,000 per year income bracket by then, like I think many of the handful of rubes who support this bill do. Bleh.

    Carry on!
     
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  2. bostjan

    bostjan MicroMetal Contributor

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    Talk to your representatives about this. I'm in Vermont, so the people representing me are already decided against it, but it won't matter because of all of those states where people are more diverse, politically, who have elected republican congressmen.

    This sort of tax structure was tested out in Kansas. It has failed horribly there. This bill has the potential to ruin the USA, economically, and I don't think that's hyperbole. What scant debate there has been about this has boiled down to democrats pointing out the reasons why it's bad, and the republicans saying it doesn't matter because it's passing anyway. Honestly, though, I think the republicans are correct; I don't think there is a way to stop this from happening.
     
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  3. MFB

    MFB ExBendable

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    Yup, Republican victory lap
     
  4. wankerness

    wankerness SS.org Regular

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    One thing that looks like a long shot is that there's some loophole where if they try to cram in certain items that have nothing to do with taxes (in particular, the oil drilling), they have to get 60 votes. If that is the case, I think they can probably easily just slice that off and pass it anyway. Scuzzy, but oh well, that would be a tiny victory.
     
  5. Drew

    Drew Forum MVP

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    I literally can't keep up with this bill. :lol: So, a lot has happened since wankerness's last post - the CBO released their macro effect study and estiumates that the effects of growth will generate $1 trillion less than the bill claims. Then the Senate parliamentarian determined that Corker's trigger provision to increase taxes if revenue targets weren't hit doesn't comply with reconciliation rules, so that's out.

    The GOP is frantically trying to patch together a bill that will get to 50 votes, and McConnell is preparing to bring this to a vote, so he seems to think he's got a chance... But I'll believe it when I see it. Same thing happened with the ACA, though McCain appears to be a committed yes note so unless he's trolling McConnell he won't be the surprise no.
     
  6. thraxil

    thraxil cylon

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  7. Explorer

    Explorer He seldomly knows...

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    Is it true that Republicans, in their haste to pass this bill, accidentally nullified all corporate tax deductions?
     
  8. vansinn

    vansinn SS.org Regular

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    I do not specifically follow this taxation debate in the US, but just would like to add that we're seemingly seeing concerted efforts internationally on reducing taxation on the rich on behalf of the less fortunate.

    Here in Denmark, a limited number of month ago, a related set of mechanisms were tried.
    The numbers were presented as percentages, making it look like lower incomers would get a substantial tax reduction, while high incomers would get a - percentage-wise - rather insignificant tax reduction.

    However, when looking at the raw numbers, that is, what the tax easings, when based on actual money on the bottom line, would create, high incomers would stand to have significantly more available, while, say, a nurse, would wind up with round about 1/6th of that (IIR the numbers correctly).

    Now, this [Danish] scheme differs from the referred US model, as it actually would result in tax saving for most everyone, though quite small for most. As such, it was a scheme intended to disproportionally favor the rich.

    It didn't pass, but just now it has been suggested to ease company taxation, claiming that this would benefit everyone - likely because it could be argued that such tax easing would generate more production and jobs.
    Now, this actually could be true; however, it'll depend on obtainable global growth rates, which I do not see climbing too much in a foreseeable future, so again, it looks to me like another attempt on blessing the rich.

    I don't mean to specifically enter this discussion on US taxation, jut air some internationalization comments ;)
     
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  9. Drew

    Drew Forum MVP

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    Good Bloomberg piece this morning:

    https://www.bloomberg.com/news/arti...raising-spending-warning-after-tax-bill-costs

    Pertinent passage:
    Trump may be doing a victory lap, but unless Alexander-Murray and some sort of DACA extension is included in a continuing resolution to keep the government open in the next 24 hours, then both Collins and Flake should probably be downgraded from "yes" to "maybe" votes when it comes to the final vote to send this to Trump's desk for a signature, and with a 51-49 vote, they've currently got a margin of only one.

    I still am of the mindset that this is more likely than not to get signed into law, but I think that it's a LOT less certain than most commentators are saying.
     

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