@GOP Reach a Tax Deal, Decide to Cut Rates Even More for Millionaires and Raise it on the Middle Cla

[riversedge]

bэnnydiэgø ☆? @bennydiego
8m8 minutes ago

Republicans Reach a Tax Deal, Decide to Cut Rates Even More for Millionaires and Raise it on the Middle Class

Link to tweet

Republicans Reach a Tax Deal, Decide to Cut Rates Even Further for the Rich
By Jordan Weissmann
Dec. 13, 2017, 3:23 PM




US President Donald Trump speaks about tax reform legislation during a lunch with lawmakers working on the tax reform conference committee, including Senator Orrin Hatch (R), Republican of Utah, and Representative Kevin Brady (L), Republican of Texas, in the Cabinet Room at the White House in Washington, DC, December 13, 2017. / AFP PHOTO / SAUL LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)
The guy in the center is definitely getting a tax cut.
SAUL LOEB/Getty Images

Republicans in the House and Senate say that they have reached a deal on a final tax bill, which would cut the rate for the richest Americans more deeply than either chamber had originally planned.

For the past week, members of the Republican conference committee have been working to reconcile the tax packages passed by each house of Congress, with the hope of voting on a final bill before Christmas. The compromise reached today would drop the top individual income tax rate to 37 percent, from the current 39.6 percent. (The original House bill would have left the number unchanged, while the Senate version only lowered it to 38.5 percent.) However, more taxpayers will also be required to pay the top rate than under either the House or Senate bills, which had only applied it to families making at least $1 million. In short, millionaires win, and people who make high six-figures lose by getting kicked up to the highest bracket.

The bigger cut for high earners appears to be aimed at placating wealthy blue state Republicans, particularly on Wall Street, who have worried that the legislation could leave them paying more to the IRS by limiting their ability to deduct state and local taxes. According to the Washington Post, some of Donald Trump’s New York friends had been lobbying the president directly about their concerns.

The conference bill would also let Americans subtract more of their state and local taxes from their federal returns. Under the new plan, the Times reports, taxpayers will be allowed to deduct up to a combined $10,000 worth of property taxes and either income or sales tax. The previous bills only allowed households to keep deducting property taxes. A conflicting story by Politico seemed to suggest that the new bill will require households to choose between deducting their property or income taxes. If the Times is right, though, this is a win for residents of pretty much any state with a high income tax, and especially California, where property taxes tend to be low.

[BigmanPigman]

1. If you aren't calling Congress then DO IT NOW!!!

NO EXCUSES. It literally takes 2 whole minutes. Are you an American, are you pissed off? Then get off of your asses and CALL, CALL, CALL! Put pressure on them non stop. The grass roots efforts have worked all year. McConnell and Ryan want to push this through before their constituents realize that they will get screwed while the uber rich 1% will get more rich. They think we are lazy losers who use govt handouts to buy women and booze (Grassley and Hatch). CALL and tell friends, family, social media to spread the word. WE MUST ACT NOW!!!! IT IS NOT OVER! [phone]
https://notonepenny.org/take-action/?p2asource=20171204tmemail

[Delphinus]

5. Kicking ...

phone calls must continue.

Use Facebook and Twitter to get this number out - this must stop.

[BigmanPigman]

7. Thank YOU! Can we do It? HELL YES WE WILL!

We have done it all year and we have been keeping legislation from getting through. We won last night too!
We have the brains, stamina, and principles. WE ARE THE REAL AMERICANS and NOT the Alt-right and GOP!

[Yavin4]

2. Not even trying to hide their oligarchich ways

Putting it right in our faces.

[pbmus]

3. Kleptocratic kakistrophic klusterf...

[disalitervisum]

4. Not a tax bill. This is a social engineering bill.

[Hortensis]

6. Here's the NY Times on this.

https://www.nytimes.com/2017/12/13/us/politics/tax-bill-republicans-deal.html

They've apparently moved up the effective date to 2018, instead of 2019, so that some Americans would see some money back, fooling them for what comes after, while the transfer of massive wealth would be sped up.

[BigmanPigman]

8. If this passes Social Security and Medicare are next.

ACT NOW!

[Hortensis]

9. Not just next -- it starts gutting both, and the ACA,

and other programs.

They're emptying the treasury (in a massive transfer of our wealth to the wealthy) so that we won't have money available to pay legally required bills. PayGo then goes into effect gutting existing programs of their budget to pay the other bills.

This starts in January. All according to plan. IF they can pull this off.

[BigmanPigman]

10. I think they want to bankrupt and kill us...really.

[Hortensis]

11. Many *supposed* libertarians behind this using that

as an excuse for maximum personal freedom. Everyone takes care of himself, period, and everyone is free to take as much of the means to do that as they can. Like in really backwards third-world countries.

I absolutely believe these people, Paul Ryan an unwealthy but visible fellow true believer, intend a mass die-off by limiting access to medical care to those who can pay personally. It'd take a couple decades, presumably, as businesses finish getting out of the healthcare provision business. Certainly no cattle cars of sick people to dying fields planned. But most of our current renal failure and diabetes epidemics, for instance, would be "solved" far more quickly.

[dalton99a]

12. It is massive looting by the rich.

[Hortensis]

13. Umhm. Implementation pushed up to 2018 because of Alabama

and its suggestion that, in spite of whatever ruthlessly revved up election theft they plan, they could lose control?

[Johonny]

14. The 10,000 deduction limit on SALT really doesn't reduce their concern at all

so it's not much of a win. The 10000 limit plus the mortgage cap make the combined deduction right about the 22000$ for a standard family. Meaning its close to a wash. It's just a feel good thing, but people effected are smart enough to know without the full SALT they're not really gaining much tax wise with this add on and their taxes will no doubt increase over what they pay now. As long as the 10K cap is there, it's not a fix and the analysis won't change that this part of the tax bracket will get hosed. Now add in the drop in the top brackets starting point and you're going to be seeing a lot of pissed off upper middle class tax payers. That should make things real interesting in some of those safe house districts...