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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGary Cohn (Chief WH economic advisor) "can't guarantee" middle-class families won't pay more taxes
https://www.cbsnews.com/news/gary-cohn-cant-guarantee-middle-class-families-wont-pay-more-taxes/Surprised?
The GOP has been having wet dreams about reliving the Ronald Reagan era.
But trickle down economics does NOT work. They know that. They just don't give a flying fuck about the U.S.only about themselves.
Wake up you dumb ass Trump, Bush, Reagan voters! They are NOT put in place to help YOU or your causes!
lapfog_1
(29,166 posts)like CA and NY. Those people, especially those that pay the max rate of state income tax, will likely pay more federal taxes.
BigmanPigman
(51,430 posts)every time it is sold to them. Are the people in this country getting more and more stupid or am I imagining it?
Cosmocat
(14,543 posts)It was DEFCON 3 in the 90s.
Ohiya
(2,208 posts)Tax breaks for the 1%
n2doc
(47,953 posts)Thor_MN
(11,843 posts)he meant like a gun...
democratisphere
(17,235 posts)It is only and all about the wealthiest.
Snotcicles
(9,089 posts)Last edited Fri Sep 29, 2017, 08:58 PM - Edit history (1)
spelling edit.
bucolic_frolic
(42,674 posts)Exploit us as workers by raising prices and tax us harder to give them tax cuts all so we can produce more for them and their businesses. They are on the win/win/win side of everything!
RainCaster
(10,680 posts)How else could Trump MAGA?
dawg
(10,610 posts)Too poor to benefit from the upper bracket decreases, I'll potentially lose the benefits of head of household status, lose my personal and dependent exemptions, and lose the benefit of my state and local tax deductions. I also see my bottom rate rise from 10% to 12%.
In return, I get a larger standard deduction. But since I usually itemize, I was already getting that much to begin with - so no real gain there. Pretty much all loss for me.
Fuck these people.
roamer65
(36,739 posts)I would get a 4 figure tax cut.
I just ran the numbers.
The result, if it is passed, will be a substantial decrease in the birth rate.
dsc
(52,130 posts)but I am sure I gain a decent amount. Single, standard deduction, and only one extra one for teachers.
roamer65
(36,739 posts)I calculated my 2016 tax return with a standard deduction of $20K, if it is increased to that figure.
It all hinges on how large the increase is in the standard deduction, of course.
Personally, I think this proposal is DOA. I don't see the votes being there for it.
I am against it because it does not increase the top rate to 50 percent.
TexasBushwhacker
(20,043 posts)What's wrong with this picture?
WinkyDink
(51,311 posts)Moral Compass
(1,498 posts)Last edited Mon Oct 2, 2017, 10:34 AM - Edit history (1)
What he's saying is that he can guarantee that middle class taxes will go up.
If you look more closely this is an even greater screw job than the Reagan and Bush tax "reform".
Corporate tax rates will be slashed, but the corporate loopholes??? Hell, they won't even look at them. The top tax rate for individuals will go down, but all those sweet deductions that turn ordinary income into investment income--well those will most likely be expanded.
But the deduction for state and local taxes that will go bye bye.
They might even fuck with the brackets and force a bunch of people into a higher bracket than they're in now. (Since I wrote this I've seen that this bill will push those in the 10% bracket (the lowest) into a 12% bracket (the new lowest). Ain't math fun? When you're dealing with a mathematically impaired populace you can sneak all sorts of stuff by them.
The net net is that just like in 1986 a bunch of people will realize in the year following passage of this grotesque monstrosity that their taxes have gone up. Those in the top income brackets will, of course, make out like bandits.
The really really great thing from the Republican/Randian/libertarian standpoint is that when the deficit again soars it will make going after Medicare/Medicaid and Social Security much easier as people hyperventilate over the exploding deficit. Completely forgetting that there is lots and lots of money out there if Congress would just raise taxes and maybe institute a small tax on high frequency trading.
I have pointed out to many Republican voters that the largest chunk of that deficit they're bemoaning was accrued during first the Reagan administration and then during the 2nd Bush administration. They always start bleating about Obama and the stimulus. They just don't get it. And never will. Sigh.