TAX reform awaiting go ahead vote by republicans

[none]

nobody's talking about this
looks like the rich will get richer and the grease is a couple thousand refund to people making less than 75k
deficit neutral? not a chance, but hey we need supply side economics
meanwhile I need a 4x4 to drive around in my urban city because the roads are in need of repair constantly but they only patch the roadway so that the gouges don't swallow motorcycles, washboard anybody??
internet suxs, and could be a municipal project but that money is going to the top tier income earners so it will trickle down
and taking the high speed train to see my folks is well not as important as drone killings and stirring up shit in Asia, oh yeah there is no interstate high speed rail
my kid gets a great education only because her instructors can deduct supplies that have been cut out of the budget from the educational system but that deduction is going away because we need to saddle these youngsters with a trillion dollar plus deficit on purpose, just so the upper tier can invest into investments like automation
but nobody is talking about it, so I guess it doesn't matter
oh yeah and I didn't even mention the financial rape and slavery associated with employer provided healthcare

 

[Elixir]

Congress Rethuglicans are positively giddy over Trump's discovery that there are so many stupid people in America that you can actually get a lot of them to approve of Trump's congresscritters picking their pockets. The Rapethuglicans are like a collective bunch of Brock Turners who have found a girl passed out behind a dumpster and are gleefully gang-raping her. They're in a huge hurry about it, fearing that she might wake up... Not that they could get arrested or lose their jobs or anything, but they gotta finish gang-raping her before she comes to... THIS IS THEIR CHANCE!

 

[none]

all opposed say nay

 

[jonatha]

Link to text of the conference committee bill

http://docs.house.gov/billsthisweek/20171218/CRPT-115HRPT-466.pdf

For reasons that presumably make sense to someone in Congress, the table of contents is near the end. After that there is a fairly extensive discussion of the current law affected by the bill's provisions, how the original House proposal would have changed them, how the original Senate proposal would have changed them, and how the Conference Committee bill changes them.

Most interesting thing I saw (as one who gets a decent amount of income via a pass-through entity) is that the deduction for pass through income (which was 23% in the Senate bill but is now 20%) can be taken even if one doesn't itemize. That means I get the benefit both of the pass through deduction and the higher standard deduction. Think I'll go hire another 15 employees. Or maybe I'll just pay off my HELOC (interest on which is no longer deductible).

Anybody who isn't paying more than $14K in mortgage interest, deductible medical expenses, and charitable contributions isn't going to itemize (SALT is capped at $10K).

 

[funinspace]

nobody's talking about this
looks like the rich will get richer and the grease is a couple thousand refund to people making less than 75k
deficit neutral? not a chance, but hey we need supply side economics

I think people already got tired of the drama after the last thread peppered out a few days before. I thought this was a good article, and still probably quite accurate.
https://www.marketwatch.com/story/t...nk-2017-12-12?siteid=bigcharts&dist=bigcharts

Or the detailed 35 page PDF article it cites: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3084187

But hey those big banks and WS, that Don the Con said HRC was in bed with (not that she wasn't; but the Dums would never pass/sign this monstrosity), are going to win in a Yuuuge way. Goldman Sachs, the creator of the below will gain roughly $6B in un-taxed revenue. So unless you are invited to some of their parties, you probably won't see any extra bennies...

 

[funinspace]

Got Ziddu Coins?

But meanwhile, there isn't any frothy bubbles about...

Longfin Corp. (NASDAQ:LFIN), a leading global FinTech company, announces the acquisition of Ziddu.com, a Blockchain-empowered solutions provider that offers Microfinance Lending against Collateralized Warehouse Receipts in the form of Ziddu Coins.

Got that? This was a very small capitalized company and is up a couple thousand percent since it IPOed last week...

 

[Jimmy Higgins]

A couple right-wing groups have noted that the price of the bill is around $2 to $2.7 trillion if you don't perform anal with the numbers with this dynamic bullshitting. Collins is voting for the bill because of the two ACA bill votes she was promised by McConnell, which assuredly won't pass the House. Collins could end the bill with McCain at home, likely heading for hospice. And of course, there is the whole Corker amendment in the bill which gives him and Trump lots of money as part of having lots of real estate.

But meanwhile, there isn't any frothy bubbles about...

Longfin Corp. (NASDAQ:LFIN), a leading global FinTech company, announces the acquisition of Ziddu.com, a Blockchain-empowered solutions provider that offers Microfinance Lending against Collateralized Warehouse Receipts in the form of Ziddu Coins.

Got that? This was a very small capitalized company and is up a couple thousand percent since it IPOed last week...

People are for making lots of money. They don't care if people get hurt in the end, as long as they made their money.

 

[untermensche]

People are for making lots of money. They don't care if people get hurt in the end, as long as they made their money.

Many of them are very disturbed and sadistic.

The system rewards the most disturbed and sadistic and self absorbed.

Many enjoy any misery the lesser classes suffer. It gives them pleasure.

 

[funinspace]

A couple right-wing groups have noted that the price of the bill is around $2 to $2.7 trillion if you don't perform anal with the numbers with this dynamic bullshitting.

Yeah, the red ink from this is going to be massive. It is amazing to me that there are some people who hear about minor simplifications for Joe Sixpack tax preparations, and think this very complex bill is somehow akin to 'reform' or 'simplification'.

Collins is voting for the bill because of the two ACA bill votes she was promised by McConnell, which assuredly won't pass the House. Collins could end the bill with McCain at home, likely heading for hospice. And of course, there is the whole Corker amendment in the bill which gives him and Trump lots of money as part of having lots of real estate.

Yeah, that added real estate/LLC provision is rather blatant. I thought this bill would be on hospice from the Alabama election, I thought FFvC was un-electable, I thought....

But meanwhile, there isn't any frothy bubbles about...

Longfin Corp. (NASDAQ:LFIN), a leading global FinTech company, announces the acquisition of Ziddu.com, a Blockchain-empowered solutions provider that offers Microfinance Lending against Collateralized Warehouse Receipts in the form of Ziddu Coins.

Got that? This was a very small capitalized company and is up a couple thousand percent since it IPOed last week...

People are for making lots of money. They don't care if people get hurt in the end, as long as they made their money.

Yup. I suspect that we will be hearing about quite a few people who lost a shitload of money betting on bitcoins within a year or two...

 

[Jimmy Higgins]

McConnell announces debate/vote for Tax Bill starts immediately after House vote (meaning this evening). Personally, I don't know how I'll spend my extra $70 or so a pay check. Wonder how soon to be former Sen. Corker will spend his hundreds of thousands he'll get back.

I know if the tax bill goes down for the company I work with, that money will be used to acquire someone to expand... not raise our pay. Other corporations will lower their stock liability. This is the biggest fraud in tax "reform" history.

 

[Underseer]

This will make the economic elites even wealthier, while at the same time punishing all those dirty commoners for their poor decision to not be rich. Now the elites will trickle good jobs all over us! [/conservolibertarian]

 

[Ford]

Personally, I don't know how I'll spend my extra $70 or so a pay check.

Put it somewhere safe? Like bury it in the back yard or stuff it in a mattress. Gonna need it once they rape Social Security and Medicare to cover for the deficit spending they're going to "suddenly" discover next year.

 

[dismal]

I dunno, if you bury it in the back yard it might get destroyed when this bill causes the gates to hell to open up.

 

[Jimmy Higgins]

Personally, I don't know how I'll spend my extra $70 or so a pay check.

Put it somewhere safe? Like bury it in the back yard or stuff it in a mattress. Gonna need it once they rape Social Security and Medicare to cover for the deficit spending they're going to "suddenly" discover next year.

Are you referring to PAYGO? What is that?

 

[Jimmy Higgins]

Meanwhile, the Tax Bill is in error and needs to be fixed... after it is passed.

This might sound familiar. The tax bill is for the most part, etched in stone at this point. It can't be modified post conference... but there are problems that need to be fixed. The article is from the left-wing hit and run publisher Bloomberg.

The problems themselves are apt to be numerous, and in some cases potentially severe. Last week, for instance, analysts realized that the Senate version of the bill, which restored the corporate alternative minimum tax set at the same level as the new regular corporate tax rate, would kill off the research and development tax credit and other corporate tax credits. In theory, there's an argument in favor of that approach -- after all, the idea of tax reform is to rid the code of favorable treatments and policy incentives in return for lower overall rates. In practice, the Senate seems to have decimated the credits by accident, outraging the business community.

Further examination of the legislation has revealed some flat-out weird marginal rate spikes, including marginal rates over 100 percent for some business owners, and 85 percent in other cases. Again, none of this was intended; it's just what happened when separate provisions were added at the last minute without considering the overall effect of the resulting legislation.

Odds are that's just the tip of the iceberg.

Yeah, this happened with the ACA, and the Republicans would not let an effort go forth to fix technical errors in the legislation, in fact, they tried to use them to kill the bill. Democrats could goose/gander it, Republicans could fumble it, Democrats could get some sort of compromise out of it. Regardless, it won't likely go peacefully because that just isn't a thing in DC anymore.

 

[Jimmy Higgins]

Bill has passed the House. Onto the Senate. Congrats to the Republicans for pulling off passing a tax cut that has less favorability as the G HW Bush and Clinton tax hikes!

 

[Jimmy Higgins]

link

Today we are giving the people of this country their money back. This is their money after all.

...before breaking out in maniacal laughter.

Meanwhile the White House and on how this will negatively affect the President.

“Look, we expect that it likely will, certainly on the personal side, could cost the president a lot of money,” Sanders said.

Yeah... how?! How does slashing rates make things cost more for him? Or is this a 'based on the increase due to the AMT not going away' thing?

 

[Playball40]

Most people have no idea how to do their own simple fucking taxes. Of COURSE they believe Saint trump. MORONS.

link

Today we are giving the people of this country their money back. This is their money after all.

...before breaking out in maniacal laughter.

Meanwhile the White House and on how this will negatively affect the President.

“Look, we expect that it likely will, certainly on the personal side, could cost the president a lot of money,” Sanders said.

Yeah... how?! How does slashing rates make things cost more for him? Or is this a 'based on the increase due to the AMT not going away' thing?

 

[Jimmy Higgins]

Well, it is second and goal, with the ball on the one yard line. The Republicans should be able to put it into the end zone in the Senate. Hoping for an INT.

 

[none]

Well, it is second and goal, with the ball on the one yard line. The Republicans should be able to put it into the end zone in the Senate. Hoping for an INT.

which reminds me to start a thread about deficits