StrangeSox

QUOTE (KagakuOtoko @ Dec 1, 2017 -> 08:20 AM) They absolutely cannot pass this bill. [Arrested Development narrator voice]: They will

QUOTE (LittleHurt05 @ Dec 1, 2017 -> 07:47 AM) Yes, it's to avoid being "double taxed", you don't pay the corporate income tax on top of individual taxes, you only pay an individual tax. I'll have to double check the exact details on this bill, there are so many different versions being pushed around. Obviously, plenty of wealthy people exploit this with entities that would be hardly considered real corporations. There's that, and there are also gigantic corporations that you'd guess would be C-corps but are actually S-corps. Bechtel is a huge, privately held engineering firm with billions in revenue every year, but it's an S-corp. Yeah, every provision of the tax code has a special interest that's lobbied for it, and that's part of what makes tax reform hard politically. Businesses getting different rates from individuals, deductions for energy improvements, child tax credits, health deductions, 401k deductions, mortgage etc. etc. etc. and oops you've got a big, complicated tax code again! Something that always frustrates me is how often people 1) confuse how tax brackets work and 2) how they get portrayed in talking points as what makes taxes complicated 1) Lots of people, even well-off, educated people, don't understand the "marginal" part of marginal tax brackets. You see people who honestly think that if they make say $1000 more and bump into the next tax bracket, that they're going to be paying so much more in taxes overall that it'd actually be a pay decrease. 2) Once you know your taxable income, figuring out what you know is a two-step basic arithmetic calculation. It's figuring out what your taxable income is that's difficult.

The vote is supposed to be at 10am Central but there's still no bill.

QUOTE (LittleHurt05 @ Nov 30, 2017 -> 06:59 PM) I had overlooked that this tax bill would greatly reduce the S-corporation tax rate from 39.6 to 25%. Now that's an idea I can support for small businesses. ***runs and ducks from angry liberal SoxTalk mob*** That may be different between the house and Senate versions, not sure. Legitimate tax reform is something that needs to be done, and maybe under a real attempt s-corp taxes would still come down but other loopholes, deductions etc would be eliminated.

FOX NEWS HOST TO @tedcruz: You cool working with alleged child molester Roy Moore if he's elected? CRUZ: Sure, no problem, that's up to the voters. FOX NEWS HOST: And what about alleged groper Al Franken? CRUZ: Now that's a very serious problem. I'm extremely concerned.

QUOTE (ptatc @ Nov 30, 2017 -> 08:03 PM) Many would disagree. This was the Obama care path. No, it wasn't. That bill spent months being crafted with plenty of input from Republicans and numerous hearings and debates. This bill is being crafted as they're voting on it. The Obamacare path used reconciliation and it was a party line vote. It's fair to criticize that if you want, but the process was much different from this. They didn't rewrite major portions of the bill a few hours ahead of the final vote.

QUOTE (ptatc @ Nov 30, 2017 -> 06:02 PM) This doesn't seem to be the way government works anymore. It's get things passed while you have the majority. On both sides. When Democrats last controlled government, this was not how things were passed. Getting things passed when you have a majority on a party line vote but on thoughtfully crafted legislation would be miles better than what we're seeing.

QUOTE (ptatc @ Nov 30, 2017 -> 05:59 PM) This is a discussion I had the other day and I want to hear the boards opinion. From a purely philosophical point of view, why should estates be taxed. Is there a good reason other than to limit the money that an heir gets? It's unearned income for the heirs, and aristocracies are bad.

This is like me scrambling to finish homework in the hallway I forgot about until I was heading to class, except the entire federal tax system and a big chunk of the healthcare system

The tax increase triggers didn't survive Byrd, so now they're trying to rewrite the bill substantially on the floor to either automatically increase corporate taxes over time or come up with an AMT for C corps and high earning individuals to raise a few hundred billion. Maybe it would be better to carefully write and consider legislation that affects every individual and company in the country before bringing it to a vote?

QUOTE (Balta1701 @ Nov 30, 2017 -> 03:37 PM) Except McCain's ok with it. And Murkowski and Collins support. They're voting to end debate right now, but there are three holdouts who are trying to get the bill changed mid-vote. Flake, Corker, and Johnson. Remember how upset McCain was about things not following "regular order" and how he's done absolutely nothing to actually back that up? This is as far away from "regular order" as you can get, especially for major legislation that will impact the whole economy and every individual. This is not how good public policy gets crafted and passed. edit: they all flipped, debate ended

QUOTE (Dick Allen @ Nov 30, 2017 -> 02:59 PM) He's either going to awesome or horrible. I just remember how happy so many were when the Bears brought in Fox. Now I watch TV and look on the internet, and the Bears were hoodwinked hiring him. Where were these people 3 years ago? The fact is, Bellicheck could coach this current roster and they aren't winning more than they are losing. I think either Pace needs to go, or needs some help. I think there were several of us who were less than thrilled given Fox's history and overly conservative coaching style.

Republicans may be scheduling a vote on the tax bill as soon as tonight. There's still no final tax bill, nor is there a final CBO, JCT, or Treasury analysis on the impact of the bill.

Theresa May, along with numerous other British politicians, have sharply criticized Trump for retweeting a British fascist hate group to invoke fears and hatred towards Muslims and immigrants.

For a majority of filers, taking the standard deduction (currently $11k) is better than itemizing because they don't have more than $11k in deductible expenses. Only 30% of households overall itemize. That increases dramatically as you climb the household income scale, though, with something like 95% of households over $200k itemizing. A big tipping point is "has a mortgage" or not because the mortgage interest deduction puts a lot of people over the current standard deduction. If you're renting and don't have student loans or state taxes, you probably don't really have much to itemize. Most people's taxes can be done on a 1040EZ no problem because they've got W-2 income and not really much else to worry about.

QUOTE (Dick Allen @ Nov 30, 2017 -> 11:19 AM) Mnuchin said the repeal of the Estate tax will mostly help rich people t. Like this was even a question? Overall, it's really not that much of the tax pool anyway, and I personally will benefit greatly from its repeal, but why? Isn't that at least a small token you could throw out there as "we aren't catering to the rich"? This is why: The entire bill caters to the rich. That's the whole point of it.

Posting here because Barton's just been accused of consensual extra-marital affairs, not any form of assault or harassment. He's announced that he won't be seeking re-election due to revelations about his extramarital affairs. https://www.dallasnews.com/news/politics/20...eek-re-election

Most people don't itemize and just take the standard deduction because it's more than their itemization would be. They're doubling the standard deduction, which sounds good on its face, but they're also eliminating the personal exemption. That means it generally ends up as a wash for most people, and slightly negative in the longer term. The bigger impact will be when tax cuts for billionaires are used as an excuse to cut public programs and social safety nets.

QUOTE (Dam8610 @ Nov 30, 2017 -> 10:47 AM) Hopefully someone will challenge the validity of those provisions of the bill and get the whole thing thrown out if it passes. Who knows what'll happen when the Senate bill gets it Byrd bath or what'll happen when the House and Senate go into reconciliation to hammer out the differences between the chambers. McCain is a yes on the bill. I've zero doubt this thing passes. There's far too much pressure from the donor class to get this done, and they need something to show for their majority politically.

Mnuchin will bail as soon as tax cuts pass, he just wants to get paid. Not that it will ever make any material difference in his life, but the impulse to hoard is strong with these guys. I don't think Mattis will bail because he is in favor of 'action' against Iran, which this shift will increase the likelihood of.

A lot later than it should have been, but Pelosi is calling on Conyers to resign.

The opening portion explains the far-reaching effects of the bill which go beyond the individual financial impact. They're cramming things like defining life as beginning at conception, hurting higher education (taxing tuition waives), openly politicizing places of worship and eliminating health care for millions into the bill. e: given that a lot of posters here live in Illinois, we're going to feel a much bigger impact from this tax-cut-for-millionaires bill with the removal of SALT deductions. And it's still worth pointing out that Republicans are planning to hike taxes on middle class Americans (the $40-50k range is right around the median household income) in order to partially finance tax cuts for millionaires.

Ahead of Vote, Promised Treasury Analysis of Tax Bill Proves Elusive This bill remains deeply unpopular with the American public for pretty obvious reasons, and yet it's got a better-than-50/50 chance of passing because wealthy political donors want even more money.

It Started as a Tax Cut. Now It Could Change American Life. This will also be used to further cut the social services that the $40-$50k group relies on in the name of a "balanced budget."

White House Plans Tillerson Ouster From State Dept., to Be Replaced by Pompeo, Within Weeks Sen. Cotton would be put in charge of CIA