Tax Cut and Jobs Bill gets immediate positive response

[_MeDotOrg]

This will be the point in American history where corporations and the wealthy finally say "Yes, we have enough now. We can now start giving some of our largesse back to the people."

Yeah, right.

While the GOP is celebrating, nearly 2 million children are in danger of losing insurance through the CHIP program, which Congress has neglected to do anything about while giving massive tax breaks to the wealthy and corporations. It is estimated that 13 million people will lose their health insurance. The deficit estimate is 1.46 trillion. That is trillion with a 't'. Great gift to your grandchildren. They get to pay off the debt while shareholders get nice dividend checks.

It is hard for me to express how disgusting I find the tax bill. On Friday, lawmakers added a provision to the tax package offering a 20 percent deduction for income earned from “pass-through” entities — companies that don’t pay corporate taxes but pass through the income to be taxed as part of the owner’s personal tax bill.

Most of Donald Trump's real estate holdings will get a great tax break from this law. When he say his own taxes will go up, he is lying through his teeth.

A tax bill passed without debate, without hearings, passed so quickly they made errors that will make tax lawyers crazy. I don't know how to say it other than this Tax Bill is a CARICATURE of every evil thing that people think about the Republican Party. It takes away from the poor, it gives tax breaks to the wealthy, there is no inheritance tax, no matter how large the estate. And again, millions of people will lose health insurance and we will add over a trillion dollars to the deficit.

If any Republican dares to utter the word 'deficit' with a straight face: Hypocrisy, thy name is the GOP.

[_Analytics]

Son, you are way out of your league here. Why would anyone invest in capital assets through a 401 K? HELLO!

My company matches my contribution up to 3%. That's an immediate 100% return on my investment. Is there a better investment strategy for that 3% of my salary?

Fleshing out what EA said, let's say you worked for a small company where the owner made a cool $1M a year in his own salary and profit. If that were the case, the owner would save $24,000 a year into his own 401(k), and would be able to get the 3% match--but only on 3% of his salary up to $270k. So with that cap, the match is maxed at $8,100, for a total of annual investment of $32,100.

So here is the question the owner is facing. Would he want to put $32,100 into his 401(k) plan, thereby lowering his tax bill by about $13,000. Or would he rather pay an extra $13,000 to the IRS so that he has the flexibility of investing the $32,100 elsewhere? And remember--if he invests it in the $401(k), it grows on a tax-deferred basis. If he invests it outside the 401(k), he'll be paying taxes on the dividends and capital gains.

A guy in that position is going to probably be saving over $100,000 a year anyway. But he is going to jump on the opportunity to lower his taxes by $13,000. Even if he had some great investment opportunities outside of the 401(k) (e.g. reinvesting in his own company), he is still going to want to put the $32,100 in the tax-advantaged plan for diversification.

If Bach's tax advisor tells him differently, he should sue him.

[_Some Schmo]

It's remarkable just how stupid the GOP takes Americans to be (and considering their base, I suppose they have reason to think so).

OK, so I might see a few thousand more in take home pay next year, and that's supposed to make me like a bill that exacerbates the biggest economic issue facing this country? I get a few thousand while people already draining cash out of our economy are getting hundreds of thousands more they don't need?

It's like right wingers have no sense of numbers, or math. I suppose it's the kind of thing that makes you think there isn't a significant difference between 4.5 billion and 6000. All they know is the earth is old.

[_Brackite]

I am not really against this tax reform bill, it is just I don't want to hear anytime soon about how Republicans care about the National debt. This tax bill will likely add about a trillion dollars to the national debt over the next ten years. But hopefully there will be some good that will come out from this bill, which might be happening.

What I am really hoping for now is that DACA legislation will be able to pass both Houses of Congress and get signed into law pretty soon.

https://www.politico.com/story/2017/12/ ... eal-306298

[_Doctor CamNC4Me]

For our functionally ignorant Trump supporters:

https://en.m.wikipedia.org/wiki/Lewis_F ... Memorandum

The memo called for corporate America to become more aggressive in molding society's thinking about business, government, politics and law in the US. It sparked wealthy heirs ... to use their private charitable foundations, which did not have to report their political activities to join the Carthage Foundation, founded by Scaife in 1964 to fund Powell's vision of a pro-business, anti-socialist, minimalist government-regulated America as it had been in the heyday of early American industrialism, before the Great Depression and the rise of Franklin Roosevelt's New Deal.

Powell argued, "The most disquieting voices joining the chorus of criticism came from perfectly respectable elements of society: from the college campus, the pulpit, the media, the intellectual and literary journals, the arts and sciences, and from politicians." In the memorandum, Powell advocated "constant surveillance" of textbook and television content, as well as a purge of left-wing elements. He named consumer advocate Nader as the chief antagonist of American business. Powell urged conservatives to take a sustained media-outreach program; including funding scholars who believe in the free enterprise system, publishing books and papers from popular magazines to scholarly journals and influencing public opinion.

Here's a post on reddit that really underscores just how TotalWar the GOP is regarding their agenda:

https://np.reddit.com/r/politics/commen ... ?context=3

And yet geniuses like EA think I'm dumb for suggesting the Democrats completely revamp the way we approach politicking. We need a top to bottom overhaul of our 'Task & Org' that's meant to dominate and destroy the GOP, win the electorate, and take control of the political narrative.

Who knows? Maybe we 'll just wait another 30 years to win when we have enough Gibsmedat Millennials start voting, or whatever.

by the way, I don't expect any of the Trumpers to tead my links or to have made it this far. Maybe if they're skimming the post they'll see the capitalized Trump-word a few words back and stop for a second, but I suspect they'll make a split second decision that reading back through my post isn't worth the effort. Makes sense. That's how they keep themselves 'informed'; by staying uninformed.

- Doc