GOP TAX PLAN

[Jim in CT]

Originally Posted by PaulS

Didn't one of the cabinet ask CEOs at a recent meeting if they would invest and hire bc of the tax cuts and only like 1/3 said they would. He had no idea that taxes weren't what was holding them back.

As I said, if you are middle class and thought this tax plan would help you, you've been played.

Nebe said the corporate tax cut helps him. There is a common belief among liberals, that owning a business, and being middle class, are mutually exclusive. Not every business is Walmart or Amazon. Tons of small businesses are owned by middle class folks. How does the corporate tax cut not help all of them?

And how does doubling the standard deduction, not help everyone who takes that deduction?

[zimmy]

Originally Posted by Jim in CT

Not every business is Walmart or Amazon. Tons of small businesses are owned by middle class folks. How does the corporate tax cut not help all of them?

The problem is that there are dozens of variables. The tax rate for small business drops from 39.6 to 25. Almost 90% of small business pay 25 or less. Enormous tax cuts for the very wealthy, but elimination of deductions for medical expenses, reduction or elimination of deductions for college and grad school. In the end, best case scenario is several hundred dollars on average savings for middle class tax payers, though many see bills increase.

[Jim in CT]

Originally Posted by zimmy

The problem is that there are dozens of variables. The tax rate for small business drops from 39.6 to 25. Almost 90% of small business pay 25 or less. Enormous tax cuts for the very wealthy, but elimination of deductions for medical expenses, reduction or elimination of deductions for college and grad school. In the end, best case scenario is several hundred dollars on average savings for middle class tax payers, though many see bills increase.

Absolutely agreed, there are many moving pieces that will effect people differently. Many of the pieces offset each other. If it's as bad as you describe, the GOP deserves to get creamed in the next election.

[zimmy]

Originally Posted by Jim in CT

Absolutely agreed, there are many moving pieces that will effect people differently. Many of the pieces offset each other. If it's as bad as you describe, the GOP deserves to get creamed in the next election.

How bad it is depends on your perspective. If you are concerned with increasing the debt, both versions of the bill are bad. If you are concerned about major tax relief for the middle class it does little. If tax relief for the very wealthy is important to you, it helps.

[PaulS]

Originally Posted by Jim in CT

Nebe said the corporate tax cut helps him. There is a common belief among liberals, that owning a business, and being middle class, are mutually exclusive. Not every business is Walmart or Amazon. Tons of small businesses are owned by middle class folks. How does the corporate tax cut not help all of them?

And how does doubling the standard deduction, not help everyone who takes that deduction?

The corp. tax cuts help corps. - which is fine if they hire more people. but a tax cut doesn't mean they will hire people.

The deduction helps people if they take the deduction but if the tax cuts causes people below $125K to pay more, that hurts the middle class (plus the SALT will kill the North East.

[scottw]

Originally Posted by PaulS

The corp. tax cuts help corps.

The deduction helps people if they take the deduction

.

this is some brilliance......