Republican Tax Philosophy

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MattinBama

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https://www.ntu.org/foundation/detail/trump-trade-taxes-will-exceed-obamacare-taxes-next-year

Trump Trade Taxes Will Exceed Obamacare Taxes Next Year

President Trump recently announced plans to impose a 10 percent tax on $200 billion of imports from China effective September 24, escalating to 25 percent effective January 1, 2019. When added to tariffs that have already been implemented, total trade taxes imposed on American consumers and businesses via unilateral executive action exceed all the taxes included in President Obama’s Affordable Care Act (ACA).

Referring to Obamacare, President Trump said: “It’s destroying our country. It’s destroying our businesses. You take a look at the kind of numbers that that will cost us in the year ’17, it is a disaster.” However, NTUF calculations show that total trade taxes imposed by President Trump will exceed Affordable Care Act (ACA) taxes imposed under President Obama’s signature health care law.

During the effort to repeal and replace the ACA, the Congressional Budget Office estimated that Obamacare taxes, excluding the individual and employer mandate penalties, were slated to cost taxpayers $67.2 billion in 2019 and $609 billion over ten years. After accounting for changes enacted this year, remaining Obamacare taxes will cost $34.6 billion next year and $531 billion through 2026.

In comparison, the President has already imposed $9.15 billion per year in new tariffs on washing machines, solar goods, steel and aluminum, plus $12.5 billion per year in additional taxes on imports from China. The newest round of Trump tariffs - 25 percent taxes on $200 billion in imports from China starting January 1 - will cost another $50 billion. The combined total easily surpasses the annual burden imposed by Obamacare’s taxes
 

twofbyc

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Unfortunately that only addresses one side of the results.
Bonuses were mostly pacifiers, and no one in any industry has, as yet, received raises that put any dent in the stagnation that has existed for decades.
Just another example of cons trying to pass off crumbs as an actual piece of the cake. Classic.


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Jon

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went back a page or two and didn't see this but if already here sorrt

https://www.washingtonpost.com/blog...hat-their-tax-cut-did/?utm_term=.6cfb0daa8201

Republicans stunned to learn voters understand exactly what their tax cut did

A survey commissioned by the Republican National Committee has led the party to a glum conclusion regarding President Donald Trump’s signature legislative achievement: Voters overwhelmingly believe his tax overhaul helps the wealthy instead of average Americans.

By a 2-to-1 margin — 61 percent to 30 percent — respondents said the law benefits “large corporations and rich Americans” over “middle class families,” according to the survey, which was completed on Sept. 2 by the GOP firm Public Opinion Strategies and obtained by Bloomberg News.

The result was fueled by self-identified independent voters who said by a 36-point margin that large corporations and rich Americans benefit more from the tax law — a result that was even more lopsided among Democrats. Republican voters said by a 38-point margin that the middle class benefits more.
 

twofbyc

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went back a page or two and didn't see this but if already here sorrt

https://www.washingtonpost.com/blog...hat-their-tax-cut-did/?utm_term=.6cfb0daa8201

Republicans stunned to learn voters understand exactly what their tax cut did
I want to see a LEGITIMATE description of what constitutes “middle class”. The ones I have seen show the bottom end being around $150,000 and I never saw specified if that was “household” or individual, or if it was family of two or four.
Anyone looking at this tax bill and not instantly realizing that corporations and the wealthiest Americans get the largest tax breaks is, simply, an idiot.



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92tide

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Patagonia gives $10 million GOP tax windfall to environmental groups

VENTURA, Calif. — Patagonia, the outdoor gear company, is passing along the $10 million it saved from tax cuts to non-profit environmental groups...

The California company said Wednesday that the donation is in addition to 1 percent of sales it gives to environmental groups every year. The donation is being made on the heels of the recent National Climate Assessment, which Patagonia cited in its announcement.

"Our government continues to ignore the seriousness and causes of the climate crisis. It is pure evil," said Yvon Chouinard, Patagonia's founder. "We need to double down on renewable energy solutions. We need an agriculture system that supports small family farms and ranches, not one that rewards chemical companies intent on destroying our planet and poisoning our food. And we need to protect our public lands and waters because they are all we have left."
 

CharminTide

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I wondered why my funds fell harder than usual today.

Treasury yield curve inverts for first time since 2007, underlining recession worries

The yield on the 10-year Treasury note fell nearly 11 basis points to 2.428%, pushing it below the yield on the three-month T-bill at 2.453%. An inversion of that portion of the yield curve is seen as a reliable warning of a potential recession within a year or two. Inversions have preceded every U.S. recession going back to 1955 with only one false positive, researchers at the San Francisco Federal Reserve found. While inversions of other portions of the curve have also served as recession indicators, the researchers said the 3-month/10-year measure is the most reliable.
 

jthomas666

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Anyone looking at this tax bill and not instantly realizing that corporations and the wealthiest Americans get the largest tax breaks is, simply, an idiot.
If they didn't then, they'll figure it out when they file their taxes.

Having just finished my first pass on ours, the things that REALLY stuck out were

1. No more personal exemption. That's a big chunk of deduction lost, and it really hurts middle and lower income homes.

2. Deduction for my daughter reduced by 80% because she's now 17--that just means I am about to have college costs, jackholes!

3. Calculating last years taxes with the combination of new rules and old withholding ensured that most people got a bigger return than usual, creating the illusion that the tax bill benefited everyone. Bite Me GOP.
 

Bamaro

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If they didn't then, they'll figure it out when they file their taxes.

Having just finished my first pass on ours, the things that REALLY stuck out were

1. No more personal exemption. That's a big chunk of deduction lost, and it really hurts middle and lower income homes.

2. Deduction for my daughter reduced by 80% because she's now 17--that just means I am about to have college costs, jackholes!

3. Calculating last years taxes with the combination of new rules and old withholding ensured that most people got a bigger return than usual, creating the illusion that the tax bill benefited everyone. Bite Me GOP.
All that and a trillion yearly deficit:mad:
 

Bamabuzzard

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If they didn't then, they'll figure it out when they file their taxes.

Having just finished my first pass on ours, the things that REALLY stuck out were

1. No more personal exemption. That's a big chunk of deduction lost, and it really hurts middle and lower income homes.

2. Deduction for my daughter reduced by 80% because she's now 17--that just means I am about to have college costs, jackholes!

3. Calculating last years taxes with the combination of new rules and old withholding ensured that most people got a bigger return than usual, creating the illusion that the tax bill benefited everyone. Bite Me GOP.


I've done approximately 50 tax returns so far and here's what I'm finding:

*Overall, it appears people are having less withheld from their paychecks each pay period. Whether you're poor, middle class, upper middle class etc. I've seen that consistently through the ones I've done and am currently doing.

*People with multiple kids in the middle class bracket and under are seeing bigger refunds, even though they had less taxes withheld from their checks compared to last year. Which probably means they'll need to speak with their accountant and discuss having their withholdings per pay period adjusted downward.

*People without qualifying kids or no kids at all are getting very mad because their refund has either gone away, significantly reduced or they owe and are thinking "I am paying more in taxes". When in reality, most I've had with this situation didn't pay more in taxes compared to last year. They just didn't pay as much in and use the size of their refund as the basis to determine if they "did good" or not. I've already had about 8-10 conversations with people trying to explain this misconception.
 
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