Countdown Clock to Trumps impeachment " STARTS"

6IXSTRINGJACK

Sunday, November 26, 2017 5:46 PM

I need whatever source the info you posted was taken from, SGG.

I work in real, concrete numbers. I can't work at all with "anyone under 30k a year is going to pay more". That's a seriously loaded statement. I need to know how this is going to happen, and exactly how much more, and exactly what the standard deduction and personal exemption is going to be in 2021 as well. I'm not arguing that the statement isn't true yet, but just because some source that you didn't even link said it and I don't know where they're pulling that from says it, I'm not going to believe it until I see the actual tax plan as it is laid out.


What I will say, is that I'm not happy about increasing the debt at all, an increase of $2 Trillion over the next 10 years is actually a step in the right direction (as sad as that sounds). GWB did a LOT more damage in his 8 years, and the deficit that Obama added in his own 8 dwarfed what GWB did. Again though... I don't believe those numbers either. I think it's going to be a lot more than that, unfortunately.


I still haven't seen anything that Trump has done that makes me think he's worse than GWB, Obama or Hillary/Bill. Then again, I haven't really seen anything that makes me believe he's any better either.



I like not fighting with you though. Wish a few of the other knuckleheads on these boards would hop on that train.

Do Right, Be Right. :)

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JEWELSTAITEFAN

Monday, November 27, 2017 12:31 AM

Quote:

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Originally posted by SHINYGOODGUY:
Here's my short answer, Trump's disastrous Tax Plan:

https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968

Quote:

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How It Affects You

The Senate plan would help businesses more than individuals. Through 2027, business taxes would be lower overall. But individual taxes at every income level would increase by 2027. 
Among individuals, it would help higher income families the most. Everyone gets a tax cut in 2019. But in 2021, taxes will increase on those making $30,000 or less. By 2023, costs will rise on everyone who makes less than $40,000 a year. The tax cuts expire in 2025. As a result, all income levels will pay higher taxes in 2017. The tax increases are due to loss of deductions. That's according to the most recent analysis of the Senate plan by the Joint Committee on Taxation.
The Tax Policy Center found that taxpayers earning in the top 1 percent would receive a larger percent tax cut than those in lower income levels. By 2027, those in the lowest 20 percent would pay higher taxes.
The Tax Policy Center estimated the House bill would impose higher taxes on 31 percent of middle-class households in 2027. 
Both plans increase in the standard deduction will benefit 6 million taxpayers. That's 47.5 percent of all tax filers, according to Evercore ISI. But that's not enough to offset lost deductions for many income brackets.
Neither plan helps the lowest-income families. That's because more than 70 million Americans don't make enough to pay taxes. The plans also don't help the third of taxpayers who have incomes that fall below current standard deduction and personal exemptions, according to New York University law professor Lily Batchelder. 
Both plans increase the deficit by almost $1.5 trillion over the next 10 years. Budget-conscious Republicans have done an about-face. The party fought hard to pass sequestration. In 2011, some members even threatened to default on the debt rather than keep adding to it. Now they say that the tax cuts would boost the economy so much that the additional revenues would offset the tax cuts. They ignore the reasons why Reaganomics would not work today.
Furthermore, some tax breaks, like those for non-child dependents, end in five years. But House leaders admit that a future Congress will probably extend it, thus adding more to the national debt. If it isn't extended, then some middle-income taxpayers will see their taxes rise after 2023.
The Penn Wharton School of Business said the House plan would increase the $20 trillion debt by $2 trillion over its first 10 years. That includes $500 billion in additional interest on the debt. The Wharton study said the House plan would boost growth by 0.4 percent and 0.9 percent in its first 10 years. But it might not improve growth at all in the subsequent 10 years.
Increase in sovereign debt dampens economic growth in the long run. When a country's debt-to-GDP-ratio is more than 100 percent, investors get concerned. They demand higher yields on the nation's bonds, increasing interest rates. Those higher rates slow growth. 
The administration believes in supply-side economics. It says companies will use tax cuts to create jobs. It worked during the Reagan administration because the highest tax rate was 70 percent. According to the Laffer Curve, that's in the prohibitive range. The range occurs at tax levels so high that cuts boost growth enough to offset revenue loss. But trickle-down economics no longer works because the 2017 tax rates are half what they were in the 1980s. 
The most significant tax cuts should go to the middle class who are more likely to spend every dollar they get. The wealthy use tax cuts to save or invest. It helps the stock market bu

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