The Taxman Cometh: Senate Bills Marginal Rates Could Top 100% for Some

[question everything]

WASHINGTON—Some high-income business owners could face marginal tax rates exceeding 100% under the Senate’s tax bill, far beyond the listed rates in the Republican plan.

That means a business owner’s next $100 in earnings, under certain circumstances, would require paying more than $100 in additional federal and state taxes.

Consider, for example, a married, self-employed New Jersey lawyer with three children and earnings of about $615,000. Getting $100 more in business income would force the lawyer to pay $105.45 in federal and state taxes, according to calculations by the conservative-leaning Tax Foundation. That is more than double the marginal tax rate that household faces today.

If the New Jersey lawyer’s stay-at-home spouse wanted a job, the first $100 of the spouse’s wages would require $107.79 in taxes. And the tax rates for similarly situated residents of California and New York City would be even higher, the Tax Foundation found. Analyses by the Tax Policy Center, which is run by a former Obama administration official, find similar results, with federal marginal rates as high as 85%, and those don’t include items such as state taxes, self-employment taxes or the phase-out of child tax credits.

More..

https://www.wsj.com/articles/the-taxman-cometh-senate-bills-marginal-rates-could-top-100-for-some-1512942118?mod=cx_picks&cx_navSource=cx_picks&cx_tag=poptarget&cx_artPos=2#cxrecs_s

Get a bit convoluted but, then, of course, this is what happens when they are rushing to give Whiny Donny his Christmas gift without any discussions.

Are you happy, now, McCain, who wanted full debate including Democrats?

[More_Cowbell]

1. Here's another version of the story for people who don't have a WSJ account

http://www.foxbusiness.com/features/2017/12/10/taxman-cometh-senate-bills-marginal-rates-could-top-100-for-some.html

[BigmanPigman]

2. The GOP propaganda machine is trying to make us think it's over...

IT IS NOT OVER! You are buying their BS and shame on YOU!
The GOP propaganda machine wants us to believe that it is and that is why they are pushing it through. They do not want the calls, town halls, blocked hallways, etc. They think we do not know that bit is a scam and if we do they don't want the word to get out hampering their clandestine efforts.
That is GOP wishful thinking so DO NOT FALL FOR IT. They need 51 votes, after Jan ast they will need 60. Our voices are being heard by them and they are scared...and should be. Only 28% of Americans approve of it.
DITRACTIONS are all over and expect more daily. If people on DU would fight the Tax Scam as much as they fight Franken's resignation their energy would be used to stop it dead in its tracks.
This is NOT OVER! People have been organizing and there is a lot that YOU, me and everyone we know can do and DO it NOW!

I was part of the Not One Penny nationwide phone call with Indivisible, Cory Booker, Bernie, MoveOn, etc. We all need to get up and be active instead of whining that it is over, that is GOP and MSM BS used to distract us. The bill is not a win, it is a disaster and we can stop it. There are still a few weeks left and the three things we must do...
1. Attend protests, town halls, etc and make sure the media is there, no matter how big or small it is. The media has been absent due to the non stop distractions. There are many important issues but this is our BIGGEST PRIORITY for the next few weeks.
2. Keep up the CALLS. They started late but eventually their staffers were busy ...call, tell your family and friends in other states to call too. [phone]
https://www.trumptaxscam.org/
3. Social media is crucial. Retweet and share whatever you can. Send it to the media. Events, town halls, protests are occurring and over 100 are planned for this week alone. Bernie, Cory Booker, Indivisible, MoveOn have been going to Kentucky, Ohio and PA all weekend.

New info is already coming out. One new fact since the Fri vote is that there will be 1/2 trillion more dollars added to the deficit. Only 28% of Americans approve of the Tax Scam. This week Ryan will appoint Repub to his closed door "conference committee" and then we can target those reps. The house and senate have to "negotiate a compromise". What they voted on is different in each chamber. For now we know of 28 Rep congressmen who voted against one of the two bills/plans. We need to flip 23 of them. The Senate will need to be PRESSURED NON STOP...this means calling the 9 senators that were wavering. If we get Alabama we only need two more senators with Corker. This would be great.
We have been the catalysts of the grass roots efforts for a year and have stopped major legislation. We have a few more weeks until the holidays. After that we have to spread the word about what the GOP has done to the stability and future of our country with this tax cut for the rich and they are taking money from the sick and poor which will bankrupt millions and take over 13 million off of health care. Meanwhile tax cuts for multi million dollar corporations will not be trickling down at all and never will. The bill ensures that the country will be taxed more over the next 10 year (but not the corporations...you and me are paying).
Call [phone]

We must HAMMER them on this bill. Put pressure on these greedy, cruel eastwards and DO NOT STOP!

[jmowreader]

3. You know the GOP's response to that

"It's New Jersey's fault that their taxes are so high."

NOT that fucking with the tax code, which already collects too little tax, is the problem.

[Angry Dragon]

4. tax the ones with money

[ProfessorGAC]

5. BS Alert Screaming On This!

Look who did this "analysis"!
They call the Tax Foundation "right leaning". That's laughable. Those folks are Randian/Hazlettian buffoons and they're pushing this to show us plebes how rich people are getting tapped by this reform!
I don't believe anything they say. If they said gravity works, is have to verify myself