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Republican Tax Philosophy

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bama_wayne1

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chanson78 said:
Conservatives always like to talk about how managing the government should be exactly the same as how average Americans have to manage their finances.

This amounts to an average American deciding to taking a voluntary pay cut and then relying on the extra lotto ticket they plan to buy to make everything equal out.

How is this palatable to anyone?
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I agree with you on that, however I think the problem with the government's budget is more on the spending side than the revenue side. Our country was set up to give people freedom not to make sure everyone has the same lifestyle. I have a lifestyle that I have had to make some hard choices to manage. I have been frugal in some areas so that I might be extravagant in other areas. I don't think I should have to give up more of what I produce to cover people who refuse to gut it out and be successful.
 
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hollisx4

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chanson78 said:
Conservatives always like to talk about how managing the government should be exactly the same as how average Americans have to manage their finances.

This amounts to an average American deciding to taking a voluntary pay cut and then relying on the extra lotto ticket they plan to buy to make everything equal out.

How is this palatable to anyone?
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I'd say your comparison is flawed. You assume that most people routinely spend more than they make (like the government) instead of only spending and saving what they have.
 
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chanson78

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hollisx4 said:
I'd say your comparison is flawed. You assume that most people routinely spend more than they make (like the government) instead of only spending and saving what they have.
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I think you misunderstood. I was pointing out that fiscal conservatives are usually insane over things like a balanced budget amendment and the like. The very nature of this tax cut is crazy because it is cutting the money taken in before doing anything about the money going out.
 
CharminTide

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Amazing. The GOP hasn't even finished passing the tax bill that balloons the deficit to fund a massive wealth transfer to corporations and the 1% before arguing that Medicare, Medicaid, and welfare need to be cut in order to address the deficit.

LINK
 
Tide1986

Tide1986

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chanson78 said:
I think you misunderstood. I was pointing out that fiscal conservatives are usually insane over things like a balanced budget amendment and the like. The very nature of this tax cut is crazy because it is cutting the money taken in before doing anything about the money going out.
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The reverse is also true (i.e. spending even more money before doing anything about the deficiency of money coming in).
 
TIDE-HSV

TIDE-HSV

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This was the kind of crap I was saying would result from passing scribbled legislation at 2:00AM. If they had any tax attorneys advising them, I'm sure they're embarrassed...

LINK
 
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BamaPokerplayer

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So do you guys think the new double standard deduction is better or worse for most folks? It seems like it would would help low income renters out tremendously, but I haven’t looked over the bill at all. Also, do you think it will hurt the housing market?
 
TIDE-HSV

TIDE-HSV

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BamaPokerplayer said:
So do you guys think the new double standard deduction is better or worse for most folks? It seems like it would would help low income renters out tremendously, but I haven’t looked over the bill at all. Also, do you think it will hurt the housing market?
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We don't have the conference version yet. Yes, knocking out the interest deduction will hurt the real estate market, but It's uncertain if that makes it through. Also, knocking out the charitable deduction will hurt churches and other nonprofits. I've said before that these distortions are built into the markets, not to mention the American psyche. Radical changes like that really need to be phased in, not jerked out from under people who made life choices based on decades-old tax policy. I said way above that I will pay off my house mortgage and take the new standard deduction, although I realize that most don't have that option available...
 
TIDE-HSV

TIDE-HSV

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Well, they've solved the "pass-through" problem, lowering the rate to 20%. Who knows if that'll be in the final version. If it is, here comes Earle B. Self, PC, for the new year, since I'm anticipating a heavy income year...
 
MattinBama

MattinBama

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Bazza said:
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Sounds like the Lie Witness News segments on Kimmel. Apparently a large portion of the population will just lie and/or agree with whatever when put on camera. It always blows my mind and helps me realize just how ignorant a ton of voters/Americans are.
 
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TIDE-HSV

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LOL! Well, dropping a powerful stimulant into an economy with 4.8% unemployment, with patchy labor shortages showing up already, does sound sort of "Bernie-ish," doesn't it. Sort of like throwing gasoline on a fire. Sure, let's create an inflationary bubble the Federal Reserve will have to slam on the brakes to try and control. At least, I'll get a better return on my fixed income investments...
 
92tide

92tide

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TIDE-HSV said:
LOL! Well, dropping a powerful stimulant into an economy with 4.8% unemployment, with patchy labor shortages showing up already, does sound sort of "Bernie-ish," doesn't it. Sort of like throwing gasoline on a fire. Sure, let's create an inflationary bubble the Federal Reserve will have to slam on the brakes to try and control. At least, I'll get a better return on my fixed income investments...
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yeah, where is all of this expected massive job growth going to come from.
 
Bamaro

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A last-minute addition to the GOP tax plan creates a new tax deduction that would potentially benefit both President Trump and Tennessee Sen. Bob Corker (R), who is seen as a swing vote on the Republican tax reform plan.

International Business Times reports that a provision added during the reconciliation process allows owners of income-producing real estate to take advantage of a 20 percent deduction for "pass-through" entities. The Senate version of the tax bill included rules that allowed the deduction to be claimed only by businesses that pay their employees significant wages.

The new provision effectively creates a new tax deduction for real estate moguls like Trump and Corker, who announced his support for the bill on Friday after it was added. According to the IBTimes more than a dozen other GOP lawmakers could also benefit from the provision.

Both Trump and Corker have made millions off of "pass-through" income, according to IBTimes. Trump made between $41 million and $68 million from 25 "pass-through" LLC's he owned in 2016, while Corker earned between $1.2 million and $7 million in rental income from his LLCs last year.
http://thehill.com/policy/finance/3...p-tax-bill-would-benefit-trump-corker-ibtimes
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This is nothing more than a directly crafted last minute change to buy another republican vote for this horrible tax bill. This was not previously in either the house or senate version but was slipped in behind closed doors to buy another vote at taxpayer expense.:mad2:
 
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uafanataum

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Bamaro said:
This is nothing more than a directly crafted last minute change to buy another republican vote for this horrible tax bill. This was not previously in either the house or senate version but was slipped in behind closed doors to buy another vote at taxpayer expense.:mad2:
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What I do not understand is the number of BLATANT self serving additions to this bill and a few others and yet people still back Congress and the president. It is not even a secret anymore. A bunch of rich men and friends of rich men are passing laws that will make tgem richer.
 
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