$1.5 Trillion GOP Tax Cut Thread

[OSR stands with Israel]

My dad lives in Portland ,has an upper middle class job ,and this tax plan would reduce my dad's taxes .

Well it depends on what is upper middle class job/income.  Lets do the math. 

We can define upper middle class income in OR as either AGI of 750K (that is the standard where I live in Scarsdale) or  500K or 250K.

If we go with 750K (of which around 37.5K are qualified dividends) then we can use state income tax of around 71.7K, real estate tax of around 15K (OR real estate taxes are around 1% so you figure 1% of $1.5 million dollar house) and charity of around 15K.  I assume no mortgage.  If we do that under current law in 2018 the fed tax would be around 199K.  If we go with the Trump plan even though the qualified dividends would be taxed at a lower 15% rate vs 20% under the current plan the loss of deductions means that the tax bill would be 209K which is an increase of 10K.

If we go with 500K (of which around 20K are qualified dividends) then we can use state income tax of around 47K, real estate tax of around 10K (OR real estate taxes are around 1% so you figure 1% of $1 million dollar house) and charity of around 7.5K.  If we do that under current law in 2018 the fed tax would be around 132K.  If we go with the Trump plan even the tax bill would be 125K which is a decrease of 7K.

If we go with 250K (of which around 7.5K are qualified dividends) then we can use state income tax of around 22.2K, real estate tax of around 5K (OR real estate taxes are around 1% so you figure 1% of 500K house) and charity of around 3.8K.  If we do that under current law in 2018 the fed tax would be around 46K.  If we go with the Trump plan even the tax bill would be 44K which is a slight decrease of 7K.

The main drivers here are at 500K AMT is kicking in strong which having AMT going away in the new plan help offset losing those deductions.  At 250K the new plan is almost wash relative to existing plan.   And at 750K the new plan is a clear loss.  Now, OR has fairly low real estate taxes ergo the impact on higher income taxpayers is smaller than other even higher tax states.  I agree OR is high state tax but you have compare that to places like NYC (where there is the city tax) or NYC suburbs where real estate taxes are high.  Same for CA.

Upper middle class is 90k-250k

[OSR stands with Israel]

just pass the plan you outlined please . Its a a good tax plan , please dont ruin it.

[OSR stands with Israel]

It kills federal student loan interest deductions http://money.cnn.com/2017/11/02/pf/college/house-tax-bill-student-loan-interest-deduction/index.html

I, along with 40 million others, claim this each year. Terrible idea. They do allow states to continue deductions for student loan interest, however.

The student loan interest deduction is capped at 2,500 dollars a year .


Your standard deduction will go up from 12k to 24k so no people who are struggling to pay back loans will not get hit .

[OSR stands with Israel]

I would add a one time 30% wealth tax on overseas havens 

[OSR stands with Israel]

Honestly, the Senate Bill looks decent. The bottom tax bracket is kept at 10% instead of being raised, the existing 7 bracket system is kept with only slight rate reductions, and a bunch of worthwhile deductions that are eliminated in the house bill are kept in the Senate Bill. I also like the fact that the corporate reduction isn't in full effect until a year has passed. I would prefer that some of SALT is kept, but whatever. Really, my only major grievance with this is the deficit increase, and that's not enough on its own for me to oppose this.

I mean what the hell is the point of even doing this if you are going to keep the same number of brackets.

Taxes still get cut for everyone , and Businesses no longer have to pay the highest tax rate in the industrialized world

[OSR stands with Israel]

Why the hell does Rand Paul have to be so ideological . He ruined a great bill, with his demands OCare mandate be repealed.

[OSR stands with Israel]

I like how people are assuming these college educated a Trump supporters are all a bunch of Rino Tom types.

Just leaving this graph here should debunk this theory:

The question is worry, not do you believe it's true .

[OSR stands with Israel]

I like how people are assuming these college educated a Trump supporters are all a bunch of Rino Tom types.

Just leaving this graph here should debunk this theory:

The question is worry, not do you believe it's true .

So what you're saying is that college-educated Republicans are "I'm alright jack" scumbags?

No we know that More Regulations , More taxes is not the good way to solve the problem.

[OSR stands with Israel]

I hope Paul doesnt sabotage this

[OSR stands with Israel]

I'm sure everyone's favorite RINO is jizzing up a storm right now. After all, tax cuts for the wealthy is basically the only reason s/he's a Republican.

I'd be surprised if he loved this bill. I think he's more a Republican for historical and personal reasons. "Party of Lincoln, born and raised Republican, etc." It's more of an identity and culture thing. Kind of like the inverse of those "My grandpappy would hit me with a coal shovel if I ever voted Republican" right wingers that used to dominate West Virginia, but have finally either died or switched parties once the Democrats had the nerve to betray them and elect a darkie I mean uhh...economic anxiety! Yeah, that's it.

Robert Byrd(From the Mid 1980s on) and Jay Rockefeller were the furthest thing from  Right Wingers

[OSR stands with Israel]

I'm being factual

I dislike the deficit side of the bill but to claim it raises taxes on the middle class is insanity

The cut for the middle class is much smaller than the cut for the rich, and the Poor may actually see a tax increase.

um no the standard deduction will be doubled so their taxes will be cut.

[OSR stands with Israel]

Tax Foundation's analysis of the Tax Plan shows that the middle class will benefit from the tax plan. 

[OSR stands with Israel]

I still have yet to see evidence that the average middle class family is going to see a tax increase out of this

Try even Googling "Trump Tax Plan Middle Class".
Literally any reputable link will explain how this thing is a joke.

yah no:


https://taxfoundation.org/tax-cut-amended-senate-tax-cuts-and-jobs-act/

[OSR stands with Israel]

I still have yet to see evidence that the average middle class family is going to see a tax increase out of this

Try even Googling "Trump Tax Plan Middle Class".
Literally any reputable link will explain how this thing is a joke.

yah no:


https://taxfoundation.org/tax-cut-amended-senate-tax-cuts-and-jobs-act/

You must be logged in to read this quote.

Right-wing Reaganomic think tanks are the furthest thing from a reputable source. Honestly.

https://mediabiasfactcheck.com/tax-foundation/



It has a higher rating then even the NY Times when it comes to Factual Reporting

[OSR stands with Israel]

I don't think I would have voted for the Bush Tax Cuts. Reagan was different, the top rate was 50%+ then, which is too high for me.

I would have voted for the first one


The Second one I Would have voted for , if we didnt go to War with Iraq

[OSR stands with Israel]

DYNAMIC SCORE RELEASED: Even assuming large amounts of economic growth, bill still raises deficit by $1,006,700,000,000.  https://www.jct.gov/publications.html?func=download&id=5045&chk=5045&no_html=1

That can easily be made up in cuts in wasteful defense spending.

[OSR stands with Israel]

DYNAMIC SCORE RELEASED: Even assuming large amounts of economic growth, bill still raises deficit by $1,006,700,000,000.  https://www.jct.gov/publications.html?func=download&id=5045&chk=5045&no_html=1

That can easily be made up in cuts in wasteful defense spending.

Yeah, cutting $1tn from the Pentagon is so easy.

its 1 trillion over 10 years meaning 100 billion a year.


So say you cut the projected defense spending by 100 billion next year you will make up for the deficit (as that means the projected defense spending each year for the next decade will be 100 billion dollars less each year than it is now).

[OSR stands with Israel]

DYNAMIC SCORE RELEASED: Even assuming large amounts of economic growth, bill still raises deficit by $1,006,700,000,000.  https://www.jct.gov/publications.html?func=download&id=5045&chk=5045&no_html=1

That can easily be made up in cuts in wasteful defense spending.

Yeah, cutting $1tn from the Pentagon is so easy.

its 1 trillion over 10 years meaning 100 billion a year.


So say you cut the projected defense spending by 100 billion next year you will make up for the deficit (as that means the projected defense spending each year for the next decade will be 100 billion dollars less each year than it is now).

You are literally the dumbest person on Atlas. And I don't even care if this gets reported for personal attack.

Why just find out how much projected defense spending is for the next 10 years and do this for example




Current Projections(For Example):


2018: 640 billion
2019:660 billion
2020: 675 Billon


New Projections(For Example)

2018: 540 billion
2019: 560 billion
2020: 575 billion

[OSR stands with Israel]

Hey, so I came up with a great idea for closing the $1tn shortfall. The population of the US is 320 million, meaning that if everyone donated $25 to the Treasury every month for the next 10 years, it would raise almost $1tn. Of course, it would be voluntary so it wouldn't be a tax, but who wouldn't give $25 a month to save the country? What do you guys think? Also, I came up with these tax rates:

$1-50k: 10.592%
$50-100k: 14.905%
$100-250k: 20.223%
$250k-1m: 24.535%
$1m+: 31.249%

Cut 10% of wasteful spending from every department and raise the retirement age to 67 years, 5 months, and 24 days. That should pay off the national debt within 15 years. Also, we need more immigrants from India because they are the best.

We spend more on military spending than the next 10 nations combined , I am 100% sure those cuts would not make our military weaker .

[OSR stands with Israel]

If this passes, America is officially not a democratic country.

lol why

[OSR stands with Israel]

Why did Bill Frist have to retire

[OSR stands with Israel]

I support letting the bill go to the conference committee and then seeing what comes out of it .

[OSR stands with Israel]

Assuming this senate vote is finished by the end of today, let's all  give a hand to Dwarven Dragon, castro, and yank131 for their awesome coverage and updates about where the bill and the senators stand.

I look forward to more updates during conference committee stuff.

Thanks guys! Such an awesome forum and thread!

[OSR stands with Israel]

Lots of salt in here.

I love it.

Mandate repeal, arctic drilling, and huge tax relief.

Except everyone's taxes over here go WAY up.

No it doenst :



https://taxfoundation.org/tax-cut-amended-senate-tax-cuts-and-jobs-act/


It also is a credible source:

https://mediabiasfactcheck.com/tax-foundation/

[OSR stands with Israel]

Didnt SALT get partially restored