Let's set the record straight, for most people these are not tax cuts, but tax increases.

[still_one]

[Kilgore]

1. It comes down to which version becomes law

The House version of a 12% rate up to $90k for individuals is rather sweet compared to the 25% it is today. Thats the income range of most working families.

There are lots of things wrong with the bill, but this aint one of them.

Flame on, but I calls them as I sees them.

[still_one]

4. The elimination of the Personal Exemption, which both versions is a big deal, especially for

anyone who currently itemizes deductions. That effectively amounts to adding 8100 dollars to a couples income on their tax return.

Both versions also eliminate the deduction for State Income tax, and the Senate version eliminates the interest rate deduction for Home Equity loans, which many have used to help finance their kids college, medical expenses, and home improvements

For a couple whose itemized deductions amount to 22000, they would take the increased standard deduction of 24000 dollars, but the loss of the personal exemption of 8100 would actually cause them to realize a higher tax burden.

In addition, if the mandate is removed, for those who must have health insurance, their premium rates would go up significantly.

As for the 12% tax rate for those up to 90K, I don't think that can make it through because of how it would increase the deficit along with the 15% cut in corporate taxes.

In addition, the argument that the 15% corporate tax cut will motivate companies to hire people is a fallacy. Companies hire people based on demand for their product or services, not on a tax cut

http://money.cnn.com/2017/12/02/pf/taxes/senate-tax-bill-passed/index.html

[FarCenter]

8. Low income people who rent, rather than own, will come out ahead.

[Igel]

2. First, there are no tax cuts yet.

Bill hasn't been passed by both chambers and signed.

Second, for a lot of people, it apparently is a tax cut in the short term. But it can't be a tax cut for most people since that bottom 40% or more pay very little in federal income tax directly. It's like me cutting down on the number of cigarettes I smoke--I don't smoke, and so there's nothing to cut.

For a lot of people, it's a spending decrease. Tax cuts and spending decreases are very much not the same thing and sort of has as an assumption that you have a right to other people's tax money independent of what Congress says or that these things are somehow free. That spending could be Medicare, could be tax credits, but it's still money collected from one group and then disbursed on behalf of another (overlapping) group.


Much of the debate is an attempt to frame the discourse in terms of loss aversion. This is great for rhetorical wins, but bad for reason-based policy.

[still_one]

5. The removal of the Personal exemption, on BOTH plans, will impact most people who itemize deductions

adversely.

http://money.cnn.com/2017/12/02/pf/taxes/senate-tax-bill-passed/index.html

[mercuryblues]

3. Yup

With the removal of the tax deductions for state income tax and a few other tweaks they passed I am pretty sure our taxes will go up substantially. We only have 1 child young enough to claim so losing major deductions is going to hurt.

[still_one]

6. The elimination of the personal exemption will impact those who currently itemize deductions in a

major way

[dalton99a]

7. Absolutely.

[marybourg]

9. A killer for the elderly with high

uncompensated medical costs for long term care. But hey! Publicans don't believe in "picking winners and losers".