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Tax bill passes in senate 51-49

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You didn't answer my question.
Do you think the poor working class should get better tax breaks under the new tax plan or just the rich people and business owners?
Depends. It's not that simple. If a single mother is paying 1% of her total income how much less can she pay.
If it's 50% less then the answer is also only figured as 0.5% of her salary. That doesn't sound like much but how much less could she pay?
As someone who deals with finance daily both personal and thru my church, single moms really have the best opportunities to receive help from virtually every organization.
As a business owner I pay over 35% of every dollar I earn. If I'm going to be taxed closer to 20% of course I'll have more money and I can afford to hire more employees.

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Nothing is 100% fair. Never will be.

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Glad that you are able to recognize that there are issues with this tax plan.
 
The only reason we cannot have a more fair distribution of taxes is lobbying and special interests. As long as we allow money and personal gain to trump need in politics we will get what we sow, politicians chasing the money.
 
The only reason we cannot have a more fair distribution of taxes is lobbying and special interests. As long as we allow money and personal gain to trump need in politics we will get what we sow, politicians chasing the money.
so we need a fair system everyone who makes above 50.000 pays 10%

lobbyist be damned!


the govenrment has way to much power which lends itself to lobbying and corruption
 
Nothing is 100% fair. Never will be.

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https://www.washingtonpost.com/busi...dec16379010_story.html?utm_term=.4a2e6c3509e3

This report looks pretty bad for the GOP leadership. Goes on about how Rubio and Mike Lee from Utah are pushing for an increase in the child tax credit for low income families. They wanted to help fund this by raising the corporate tax rate from 20 to 21%. GOP leadership shot that down saying they wanted the corporate rate to stay at 20%.

Then in the last paragraph it talks about how the GOP leadership agreed to change the corporate rate from 20 to 21% to offset a tax cut for the rich.

So you'll do it for the rich but not the poor. Not a good look.
 
https://www.washingtonpost.com/busi...dec16379010_story.html?utm_term=.4a2e6c3509e3

This report looks pretty bad for the GOP leadership. Goes on about how Rubio and Mike Lee from Utah are pushing for an increase in the child tax credit for low income families. They wanted to help fund this by raising the corporate tax rate from 20 to 21%. GOP leadership shot that down saying they wanted the corporate rate to stay at 20%.

Then in the last paragraph it talks about how the GOP leadership agreed to change the corporate rate from 20 to 21% to offset a tax cut for the rich.

So you'll do it for the rich but not the poor. Not a good look.
Sounds good to nateboz
The poor are already being taxed so little, it's the rich that need more help
 
Would this tax bill affect our returns that we file coming up here in a few months or it would affect our returns in 2019?

I'm 99.9% certain this will not change this year's tax code.

I couldn't have been more wrong. According to Secretary of the Treasury Steven Mnuchin on one of those Sunday morning politico shows like Meet the Nation or something, he said they are trying to pass this bill for the current year. They are selling it as a Christmas present, basically.

@fishonjazz I don't know your income but I could make a pretty good guess on where it ranges. You won't get a damn thing from the "doubled" standard deduction (A Trump lie. It was $12,600 for you, not $12,000, plus $4,050 * 3 = 24,750 > 24,000 ) as the individual deduction removal wipes that out for you. But you will get another $1,000 in child tax credit. Depending on where your income sits and if there will be "bracket creep", you may get a small bonus from that as well, or you may pay more. Merry Christmas.
 
This is being voted on today and is expected to pass the House and the Senate. Will be law by the end of the week.

Let's say that in 11 months this has so far been really good for the economy and jobs. How will that alter the 2018 election?
 
I couldn't have been more wrong. According to Secretary of the Treasury Steven Mnuchin on one of those Sunday morning politico shows like Meet the Nation or something, he said they are trying to pass this bill for the current year. They are selling it as a Christmas present, basically.

@fishonjazz I don't know your income but I could make a pretty good guess on where it ranges. You won't get a damn thing from the "doubled" standard deduction (A Trump lie. It was $12,600 for you, not $12,000, plus $4,050 * 3 = 24,750 > 24,000 ) as the individual deduction removal wipes that out for you. But you will get another $1,000 in child tax credit. Depending on where your income sits and if there will be "bracket creep", you may get a small bonus from that as well, or you may pay more. Merry Christmas.

I didn't think tax reform ever worked like that. I can't imagine this will really impact our 2017 taxes. I hope not, I have things organized exactly the way I want them as far as my withholdings and my anticipated tax refund. I don't want a bigger tax refund this year. I want things to happen the way I have planned for them to happen.
 
I didn't think tax reform ever worked like that. I can't imagine this will really impact our 2017 taxes. I hope not, I have things organized exactly the way I want them as far as my withholdings and my anticipated tax refund. I don't want a bigger tax refund this year. I want things to happen the way I have planned for them to happen.

That's what I thought and maybe I misunderstood Mnuchin's meaning. It made no sense to me to retroactively change the tax code, even if almost every single taxpayer gets more this year.
 
The only reason we cannot have a more fair distribution of taxes is lobbying and special interests. As long as we allow money and personal gain to trump need in politics we will get what we sow, politicians chasing the money.

Agreed. I also think term limits is a necessity.
 
It just passed the house. Senate votes later today. If it passes, as expected, it goes to Trump to sign and that's it.
 
Maybe trickle down economics will finally work. Not holding my breath.

I'm so relieved that Trump will be making big money off this bill. I was worried about his future. o_O
 
That's what I thought and maybe I misunderstood Mnuchin's meaning. It made no sense to me to retroactively change the tax code, even if almost every single taxpayer gets more this year.

If it passes (looks like it will) it will go into effect for 2018. I am waiting until it passes until I read it all.-
 
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