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ionlyski
Trad climber
Polebridge, Montana
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Takes you to a subscription or login page for Wall Street Journal. After a few clicks to see if I could get around that process I quit. Got another calculator link?
Arne
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Gunkie
Trad climber
Valles Marineris
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Topic Author's Reply - Dec 6, 2017 - 05:22am PT
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Sorry, I didn't realize this was a subscription page @ WSJ.com
This is a really good interactive calculator, too. It shows current tax law impacts versus the GOP tax plan impacts. I looked around and only found fill-in-the-blank kind of things which only calculate next year's tax liabilities.
EDIT: This one is OK:
http://tpc-election-calculator.urban.org/
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Roughster
Sport climber
Vacaville, CA
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My taxes go down by over $3,000.
Just to be clear, I didn't vote for Trump, and I think the tax plan is a huge mistake. I don't need a tax break, but will enjoy another vacation I guess...
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John M
climber
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Roughster, then back up your talk with a little walk. Send in an extra $3000.
For this to work it requires everyone working together. Thats why people don't follow your notion. Much like depending on churches to feed people, or house people, etc doesn't work. It requires everyone having a part in it for these kinds of things to work. Sure, churches feed and house some people. But "some" doesn't cut it. Government is about "we the people". Churches are "we the believers". There is a difference. This is not a bad difference. Just a difference. So no.. him sending in his tax break doesn't work. We either all pull together on the same plan, or not. He is saying this current tax plan isn't necessary for his income bracket. Why is that so hard to understand? Its doubtful that you are in his income bracket. So no.. your idea doesn't work. Its simplistic. Thats different form simple.
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Roughster
Sport climber
Vacaville, CA
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Roughster, then back up your talk with a little walk. Send in an extra $3000.
That was per the posted calculator. Now in reality I still actually do expect my taxes to drop a smidgen, but not a ton. What I would be surprised is if either of those tax calculators accurately account for the inability to write off state and local income taxes and mortgage interest. Those two provisions right there impact pretty much every single person in California with a particularly hard hit to those with home(s) and an established career. They initially planned on eliminating your ability to claim property tax, but instead now allow a cap of $10K (at least the senate version).
When this goes into effect, and people like Jody see what it is going to do to their taxes, there is going to be some quick changes of heart.
I'll be fine, but this tax plan is going to put a huge chunk of the population even closer to zero safety net.
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Gunkie
Trad climber
Valles Marineris
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Topic Author's Reply - Dec 6, 2017 - 08:53am PT
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What I would be surprised is if either of those tax calculators accurately account for the inability to write off state and local income taxes and mortgage interest.
The calculators seem to account for those items because there is input for those things. Whether or not these input parameters are just window dressing, I cannot answer as I did not build the calculator. However, these calculators do correlate based on my numbers.
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Roughster
Sport climber
Vacaville, CA
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Jody:
So, John M, there is no principle here...just big talk but nothing to back up the big talk except, "I am not going to do it unless everybody does it"...that is a cowardly position to take.
So you would propose I send an equivalent amount of tax savings I get to continue to fund further tax cuts for the ultra wealthy and mega corporations that need tax breaks even less than I do and that I don't support? I have ZERO confidence that it would be used to help the people who need it.
This is your logic?
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Roughster
Sport climber
Vacaville, CA
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Gunkie:
The calculators seem to account for those items because there is input for those things. Whether or not these input parameters are just window dressing, I cannot answer as I did not build the calculator. However, these calculators do correlate based on my numbers.
I hope they are right, don't get me wrong! That would mean I will be pleasantly disappointing by either getting that full $3K or even more :)
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John M
climber
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I am pointing out the futility of doing what you suggest. And as roughster points out, he would be enabling a program that he doesn't believe in. As for it being cowardly, its no more cowardly then a first responder knowing the futility of acting before there is enough support for an action for it to do any good. In other words wasted effort. As a first responder, if all that you had was a bottle of water at a car fire, would you throw that water on the fire knowing that it would do no good, or wait for an appropriate response.
I don't support people behaving foolishly for the sole purpose of "standing up for their belief".
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John M
climber
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So then Jody your argument is that we should do away with all government, since there is no tax cut large enough. Come on Jody. Government in and of itself is not evil. The will of the people can be evil. The will of its leaders can be evil. But government itself is not evil. And the way to combat that evil isn't to simply starve it. If you look closely enough at evil, then you will find that if you use that tactic, and you don't have complete control over it, then it will find other ways to surface.
We both would likely agree that our military in and of itself is not evil, but I would certainly say that it has behaved in evil manners at times, and that the military industrial complex has too much power. So is the answer then to starve it to death? would that be your solution?
My argument is that though there is corruption, we still need government. Including in doing the good of educating our populace. Making certain our populace doesn't starve. And making certain it has housing. When I speak of these things I do not mean as some would imply, that I am for a communist society. I am not. Everyone who can work, should work. And they should be able to retain a majority of their efforts. But the government is there for a backstop. Which is why I am for feeding the poor through such programs as food stamps. I also believe that the government ts there to protect the rights of people. which is why I am for regulating the internet and not allowing large corporations to monopolize it.
Love your neighbor as yourself applies in how you treat government.
So what we need to do is help both parties find balance.
We don't need to spend more then the next 8 largest countries on our military to have an effective military. That is out of balance.
We also don't need to make certain everyone is wealthy or 100 percent safe. There has to be balance in both parties. Starving our government so that nothing can really be done is not an appropriate response. Its a fearful response. Its a response that says man will never learn.
Is there a lot of corruption now? Yep.. But I am not giving up on man because God won't give up on man. Never the less, we are in a time where man's actions are coming home to roust. Sometimes a parent has to do that with a child when that child is willful and refuses to learn. The parent has to let them reap the consequences of their actions.
I laugh heartily and with joy at women finally finding enough power to as a whole voice their objections to men abusing them. I believe that Trump played a part in that. His over the top ugly and biased attack of women while supporting abusers and being an abuser has helped tip the balance. So yes, good can come from evil. and also yes, Hillary's attack on women who were abused by Bill also helped tip the balance.
I eagerly await seeing what will come next. What corruption of the carnal mind will be exposed next.
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thebravecowboy
climber
The Good Places
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somebody check that boy for an allergy to logic
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Splater
climber
Grey Matter
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As typical,
any thread with Jody becomes infested with his lack of reason.
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Roughster
Sport climber
Vacaville, CA
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Jody:
You just made a great argument for an even BIGGER tax cut. Thank you.
No, I just made a great argument for removal of the current corrupt Republican Congress and POTUS.
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Reilly
Mountain climber
The Other Monrovia- CA
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I have a friend who is a one percenter. He started way below y’all - grandson of a Bama sharecropper. Only one store in town would sell food to blacks.* At an early age he knew there was one way out, and it wasn’t basketball. He’s now a surgeon. He doesn’t mind paying his fair share but he will tell you that if you can’t make it the USA it ain’t cause you were born a poor black.
*Quite interestingly that store was owned by the only Jewish family in town and they were only relatively more well off than their black customers and almost as hated. And the daughter of the store’s owner recently retired to her Pacific Palisades $2 million home (after working with her dad’s ‘customer’!) acquired the same way - study and work.
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yosemite 5.9
climber
santa cruz
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I have been a practicing CPA for thirty-two years. I like President Trump. I have been reading the House and the Senate proposals the last few days. I find them to be a ridiculous hodge-podge with no clear strategy.
They seem intent to reduce corporate tax cuts on the back of the working middle class. I am very disappointed at this point.
President George H. Bush was much better at helping the low and middle class taxpayers. He was even better than Ronald Regan. The current plans to eliminate exemptions for all, including children of taxpayers seems to be anti-family to me. George W. Bush would have never allowed such an anti-family provision.
The proposed restrictions on mortgage interest deductions pretty much violate homeowners' reliance on this deduction on a long-term basis. Many of us have invested in our homes in reliance on this deduction.
The proposed restrictions on the local taxes deduction affects those of us who pay those local taxes.
Both the House and the Senate propose to eliminate employee business expenses as a deduction. If you travel as a salesperson or construction worker this might cause a dramatic increase in your 2018 income taxes. The U.S. Supreme Court has defended this deduction for taxpayers many times.
I am So disappointed.
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Roughster
Sport climber
Vacaville, CA
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Jody:
Ask the French how that model works out over time... and it’s not a dirty little secret, I would gladly call myself a democratic socialist!
So you are going to pass up on the chance to talk about how it wasn’t an error / incompetence but a purposeful ploy?
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Reilly
Mountain climber
The Other Monrovia- CA
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Roughster, apparently you don’t stay abreast of whazzup in France. The free-loaders and petit bureaucrats love their system, Frenchmen who work - not so much. Why do you think Marine has such a large following? Yes, a few racists but mostly people who’ve worked their butts off and watched people who didn’t sit at home on the dole. Want to start a business in France? You better like spending AT LEAST 6 MONTHS wading through bureaucratic flaming hoops. That’s why over 400,000 French moved to England - 3 days max to get all their licenses and permits.
zBrown, pretty damn cheap shot on the guv teat slur.
He coulda been offed any day on the job.
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zBrown
Ice climber
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Bullschitt
zBrown, pretty damn cheap shot on the guv teat slur.
He coulda been offed any day on the job.
Anybody can be offed any day on or off the job. He signed up and cashed the check didn't he? Or was he drafted? And the last time I checked he was still alive [Thank god], whereas a number of my associates are not, for example, having been "offed" in Viet Nam.
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Roughster
Sport climber
Vacaville, CA
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Jody:
As with everything, there is a balance. The correct response to Frances current state is not to swing as far away as possible from the current state and allows 1% to have more than 90% of the income. And the same is true for the US, which currently has the exact opposite model where 1% DOES own more than 90% of the income.
Either polar extreme will lead to some form of uprising. Most people in the US recognize and is proven by the fact that THE MAJORITY of voters voted for HRC over Trump. I am not saying I am a HRC supporter, far from it, but it doesn’t change reality despite how many times Trump throws a Twitter tantrum.
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Ksolem
Trad climber
Monrovia, California
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Government is about "we the people". Churches are "we the believers". There is a difference. This is not a bad difference. Just a difference. So no.. him sending in his tax break doesn't work."...
In my experiences churches do not limit their charity to believers. The money for their charity comes from believers.
Government is about "we the people." I'm afraid he train left that track sometime during the Vietnam war.
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Roughster
Sport climber
Vacaville, CA
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Robert L:
I already donate a significant chunk of money annually as well as volunteer my time. I am doing plenty to help others less fortunate. And let’s be clear, while I make a good amount of money and I am also married to another college educated professional, we don’t live some super crazy lifestyle.
On the scale of people who benefit from this “tax cut” I am still on the lower end. And that is what truly is mind boggling. If I can realize I don’t need this cut, what the hell is the rationalization for people who make even more than I do?
I’ll give you a clue, it’s not “How can I help others even more!”
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Splater
climber
Grey Matter
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Jody, I'm sorry your inability to understand is repeated again in this thread.
The rich are the income class which have benefited over the last 40 years. They do not need a tax cut. Their incomes are the only ones that have significantly risen. Most of the economic growth benefit in this country has gone to the rich. The rich do not need any help. Middle income wages have stagnated.
And income taxes are not the only tax.
What percent of Social Security taxes are paid by the top 4% of income? Answer: none. No tax is paid beyond the first $118,500 in 2016
What percent of taxes are paid on unearned income? Answer: little.
Why is this important? Social Security is not a standard pension. Half of it is a welfare and disability system, which redistributes money from the upper middle class to the lower income classes. The rich have exempted themselves from paying their share of this societal decision to take care of people. The only other people who get such a loophole are state(incl CHP)/county/local government employees. Everyone else has to pay even more to make up for the missing contributions from these loopholes.
What share of sales tax is paid by the rich, as a percent of their income?
Answer: Very little, sales taxes are highly regressive.
Fortune magazine: "The report found that America’s wealth inequality is even more gaping its income inequality. In fact, the report dubbed the U.S. the “Unequal States of America” due to the size of the gap."
http://fortune.com/2015/09/30/america-wealth-inequality/
Top 5% share of wealth went from 54% in 1989 to 63% in 2013.
and Top 5% share of income went from 29% in 1990 to 37% in 2013.
https://www.frbatlanta.org/-/media/Documents/regional-economy/econsouth/2014/14q4-divergence-wealth-income-inequality.pdf?la=en
Median household income has not increased, despite GPD growth. In other words, the top capitalists have taken all of the gains. https://en.wikipedia.org/wiki/Income_inequality_in_the_United_States#/media/File:US_GDP_per_capita_vs_median_household_income.png
Out of 141 countries, the U.S. has the 4th-highest degree of wealth inequality in the world, trailing only Russia, Ukraine, and Lebanon
Go USA http://inequalityforall.com/fact-4/
http://inequalityforall.com/resources/#/
In 1978, a 1 percenter earned 8 times a typical worker. In 2010 the ratio was up to 34 times. And that's before the massive equity wealth gains in the last 7 years.
For the first time in this report series, Allianz calculated each country’s wealth Gini coefficient—a measure of inequality in which 0 is perfect equality and 100 would mean perfect inequality, or one person owning all the wealth. It found that the U.S. had the most wealth inequality, with a score of 80.56, showing the most concentration of overall wealth in the hands of the proportionately fewest people.
USA most inequitable economy in the world according to
https://www.allianz.com/en/economic_research/research_data/interactive-wealth-map/
USA GINI index rose from 34.6 in 1979 to 41 in 2013. (and certainly higher now) https://data.worldbank.org/indicator/SI.POV.GINI?locations=US
these stats can go on for pages. In fact we already had previous threads on this subject.
Only the ignorant and the crooks think the rich need a tax cut.
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Roughster
Sport climber
Vacaville, CA
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Great post Splater.
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Bad Climber
Trad climber
The Lawless Border Regions
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Splater! This is so right on. I've been really bothered by the Social Security cutoff for a long time. So the overwhelming majority of us who make less than the $116k/year pay to SS on 100% of our income for our entire earning lives. It seems that merely eliminating that loophole--and locking the SS fund away from grubbing legislators' hands--would solve that problem immediately.
BAd
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the Fet
climber
Tu-Tok-A-Nu-La
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You can't reason with someone who needs to believe a specific right wing or left wing ideology. They will always twist things around in their head so they can continue to believe what they need to believe.
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Reilly
Mountain climber
The Other Monrovia- CA
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It seems that merely eliminating that loophole--and locking the SS fund away from grubbing legislators' hands--would solve that problem immediately.
Uh, if only it were that simple. My friends who are working with the acknowledged doyen of SS, Peter Diamond, on a major paper told me a few weeks ago that SS is fine, probably until 2025-2030. After that some ‘issues’ need to be addressed. Some of those could be tackled now but either that isn’t likely or we wouldn’t want to see the results.
yer welcome
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Patrick Sawyer
climber
Originally California, now Ireland
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I have worked and lived in France. Have you Reilly? Oh yes, you have lived and worked every place.
Reilly, it just appears by many of your posts that you are never wrong, that you know anybody who is everybody, and that you can skateboard down El Cap.
I wonder if you have ever said: "I was wrong." Or, "I made a mistake."
I have made a lot of mistakes in my life, I just only hope I have learned from them.
As the father (the late Phil Keane, a damn good man) of a previous love (Marie) told me when I said I made mistakes: "Patrick, a man who says he has never made a mistake, has never made anything."
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Gunkie
Trad climber
Valles Marineris
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Topic Author's Reply - Dec 7, 2017 - 11:37am PT
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Talked to my accountant for my business last night and basically got the "you're screwed" speech unless things change in the final version of this bill.
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John M
climber
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Are any of you folks for a flat tax?
Nope.. because I believe that to whom much is given, much is required.
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John M
climber
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Its a bible verse Jody.. no.. I do not mean literally "given" money. Its about talents and the ability to create more. If you are gifted with the ability to create big things, including businesses, then you have a greater responsibility what you do with that gift. Including earning money and what you do it.
I believe you know what I meant. You are just being contrary.
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thebravecowboy
climber
The Good Places
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Jody, do you understand that it was up to Genghis Khan to "do with it what he pleased"? Do you think that these Alger-ian self made people got there because they have great morals?
Meh, forget the troll: Jody is not much of a historian apparently. I'm shocked.
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Reilly
Mountain climber
The Other Monrovia- CA
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Paddy, I hope you realize how Trumpish you sound attacking the messenger rather than the message. I can’t help it if I’m usually right. It’s a burden, to be sure. Since I get most of my info from the LA Times, Reuters, BBC, and The Economist I don’t lose a lot of sleep over being right.
As for France, I would wager I’ve spent more time there than you in the last decade. I also spent a lot of time this summer with an American who has lived there for 35 years.
I make a real effort to cut you some slack but you don’t seem to play well with others. I gave you solid beta on yer Mt Rainer (sic) thread and at the end you called me a jerk. I put it down as more of the typical bad reading comprehension endemic here. Show me where I said anything about you in that thread.
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Chaz
Trad climber
greater Boss Angeles area
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Frostback,
In California, the people have come to the conclusion that mass incarceration in response to non-violent property crime just doesn't work.
I don't know what you plan to do with economic criminals, but locking them up is counter-productive.
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StahlBro
Trad climber
San Diego, CA
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Don't panic until the GOP circle jerk is finished and they towel off.
Then vote the the corporate tools out of office.
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Bad Climber
Trad climber
The Lawless Border Regions
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Dec 10, 2017 - 07:38am PT
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From Reilly:
SS is fine, probably until 2025-2030
Dude--Ah, basic math says 2025 is about eight years away! So, sit back, relax, everything is chill, bro....
BAd
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Splater
climber
Grey Matter
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Dec 10, 2017 - 11:11am PT
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For those of you in the same itemizing position as me - who will no longer itemize deductions once state income tax and prop tax are disallowed as a deduction.
Assuming this new tax anti-reform is passed before Dec 30, you have time to expense some items now so they count against 2017 taxes,
and you can still deduct these items.
It looks like it's a no brainer to send in property taxes due April 1 since it's the same state fiscal year as the Dec 1 tax payment.
And you may want to send in any charity contributions for the next couple years now so you get the deduction.
What about state income taxes - is there any legal way to pay 2018 state income tax now, using estimated payments?
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Reilly
Mountain climber
The Other Monrovia- CA
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Dec 10, 2017 - 03:10pm PT
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BAd, don't shoot the messenger! Besides, the Repubs will be out on their
ear next year (or three more at most) so that leaves 6 years, at least,
to work out longer solutions for SS. Of course, things will have to get
worse before they get better regardless of who is in power. That's just
the way we work, or don't as the case may be.
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NutAgain!
Trad climber
South Pasadena, CA
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Dec 10, 2017 - 11:42pm PT
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One big change I only learned about because my wife is a scientist:
 Graduate students (folks pursuing Ph.D.) get screwed by this tax bill, so much so that it dramatically affects planning for many academic groups anticipating lower numbers of students.
It might lead to science labs not being able to complete their research that they already have multi-year budgets for, because grants from the National Institute of Health and National Science Foundation won't go up to compensate for the lower take-home pay of graduate students who do the research.
Graduate students in some areas won't be able to afford food and shelter in the area where the university is located, which will likely reduce the number of students getting advanced degrees in America. It will further discourage smart people from other countries to come to USA, reducing the intellectual competitiveness of USA in the world.
Following was an email sent out last week to the academic group "Genetics Society of America" (follow some of the embedded links for more info):
Dear GSA community,
This week, the US House of Representatives and the Senate will begin negotiating a new tax act. These negotiations will decide whether or not graduate student tuition waivers will become taxable, which would saddle these early career researchers with a substantial financial burden. We are writing to provide you with several resources to make your voices heard on this issue TODAY. Acting now will take just ten minutes of your time, but collectively our actions can make a lasting difference.
Learn more
Read a brief summary of the issue at Genes to Genomes. Read my latest Frameshifts post to learn about how graduate training is essential to science and innovation—and how grad students saved my life.
Share your story with GSA
Read about researchers who would be affected by the proposed tax increases, and contribute your own story via this form. Let us amplify your voice, so lawmakers and the public can see why it’s critical to keep supporting our graduate students in science.
Contact your reps
Our partners at FASEB have prepared some template text (below my signature) for you to e-mail your representatives. You can also use FASEB’s Action Alert system to easily send your message. FASEB’s Advocacy Toolkit has a variety of resources to help you with other actions, including looking up your representatives’ contact details and writing op-eds.
Yours sincerely,
Lynn Cooley
President, Genetics Society of America
Dean of the Graduate School of Arts and Sciences; CNH Long Professor of Genetics and Professor of Cell Biology and of Molecular, Cellular, and Developmental Biology, Yale University
Brief update from FASEB
The Tax Cuts and Jobs Act (HR 1) approved by the U.S House of Representatives on November 16 will increase tax liability for thousands of graduate students who serve as teaching or research assistants. Tuition waivers granted to graduate students are not currently considered income, but under the House legislation, these waivers would be considered taxable income. More than half (55 percent) of all master’s and PhD candidates who serve as teaching or research assistants have adjusted gross incomes of $20,000 or less. The increased tax burden would present a significant financial challenge to current students and may discourage the future pipeline of scientific researchers.
The Senate tax bill (S 1) approved on December 2 does not include the tax on graduate student tuition waivers. As the House and Senate negotiate final language, Congress needs to hear from graduate students and others in the research community to ensure that the House provision is not included in the final tax bill.
Use the form below to email your Senators/Representative TODAY. Suggested text is provided but it is strongly recommended that you include a personal appeal about how the proposed tax on graduate student tuition waivers would affect you or your institution. Please also share this alert with graduate students and other faculty members.
TEXT FOR SUGGESTED LETTER TO SENATORS/REPRESENTATIVES
Suggested Subject Line of E-Mail Message:
Dear Representative/Senator :
The House version of The Tax Cuts and Jobs Act (HR 1) eliminates Section 117(d)(5) of the Internal Revenue Service (IRS) code and will increase tax liability for thousands of graduate students who serve as teaching or research assistants. I urge you to oppose any effort to treat tuition waivers as taxable income for graduate students in the final tax reform bill.
[Add 1-2 sentences about how tuition waivers affect you or your students]
More than half (55 percent) of all master’s and PhD candidates have adjusted gross incomes of $20,000 or less. Providing tuition remission allows universities and colleges to reduce the cost of graduate education. Taxing tuition waivers for graduate students will create a financial hardship for these individuals who earn modest incomes from teaching and research. Changes in the tax code that create financial hardships for graduate students threaten to derail students from pursuing careers in science, and that would erode the U.S.’s role as a world leader in research.
Ensuring that the U.S. will be able to continue to attract and retain the most talented people in science careers is essential to creating a dynamic and thriving scientific enterprise and growing our economy. As Congress finalizes tax reform legislation, I ask that you block efforts to tax tuition waivers for graduate students.
Sincerely,
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Reilly
Mountain climber
The Other Monrovia- CA
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Dec 11, 2017 - 11:05pm PT
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xCon, why should anyone believe Warren? She’s no economist and as a Bolshie with an axe to grind I’m sure she’d love to see the US economy tank.
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Reilly
Mountain climber
The Other Monrovia- CA
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Dec 12, 2017 - 09:26am PT
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Frostie, touché, I am allowed to dip into my hyperbole reserves at will, no?
Perhaps I should have noted that no two economists can usually agree on where to lunch, let alone agree on predictions. The weak points of all DSGE models are their functions pertaining to ‘shocks’. IMHO it virtually comes down to high faluting arbitrary algorithms. Treasury’s predictions are entirely conceivable. If yer a Bolsh that would be quite unpalatable.
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Gary
Social climber
Desolation Basin, Calif.
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Dec 12, 2017 - 10:41am PT
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Reilly, while I may be a Red SOB, Warren is definitely NOT! She's what the Euros call a centrist.
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Splater
climber
Grey Matter
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Dec 12, 2017 - 10:48am PT
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The communist here is Jody, with his bolsh hypocrite party benefits, which rob others and only benefit the favored comrades.
"No Ken, we did not have a union...and I am not trying to prevent anybody else from doing the same job. They all had equal opportunity to do it. If you must know...all the benefits I receive were voted into law by a LIBERAL state legislature. From the 3% @ 50 retirement formula to the "parity pay" law, all voted in by DEMOCRATS."
Of course there is a union (fake-union). In fact many of them. The Democrat party within the state of California is completely bought and paid for by government employee unions, and when it comes to LEOs, the Republicans have also been bought and paid for by the same fake-unions. A fake -union is unlike a real union. In a fakeCaliUnion, both sides are government employees and all will gain by increasing benefits. Not to mention California's forced collective bargaining rules, also brought on by fake-unions. And the loophole that makes them exempt from paying into Social Security - OASDI, which is 15.3% for all others.
"As far as health care, I paid extra out of my check every month for 25 years into a health benefits trust and that is activated when I retire so that I don't pay a monthly premium."
It is a complete lie to claim you paid what those benefits are worth.
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ontheedgeandscaredtodeath
Social climber
Wilds of New Mexico
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Dec 12, 2017 - 10:55am PT
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I predict no one has any idea how much this bill will cost. The rosiest predictions have the cost at about 1 trillion, but wait until the accountants and lawyers figure out all of the loop holes created by the insanely rushed and sloppy drafting! The bill rewards pass throughs and penalizes people who draw a wage or salary so I also predict a huge increase in creative incorporation. As always, lawyers will benefit!
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Gary
Social climber
Desolation Basin, Calif.
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Dec 12, 2017 - 12:31pm PT
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The Democrat party within the state of California is completely bought and paid for by government employee unions, and when it comes to LEOs, the Republicans have also been bought and paid for by the same fake-unions.
I guess that's why the state employees took that 15% pay cut a few years ago, because they call all the shots.
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Contractor
Boulder climber
CA
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Dec 20, 2017 - 01:15pm PT
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Hey did you all just feel that?
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Contractor
Boulder climber
CA
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Dec 20, 2017 - 01:19pm PT
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Trump and his billionaire buddies high-fiving whilst shitting our heads today.
Oh yes...and butt f*#ked!
Locker, can I borrow your blue butt plug?
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Reilly
Mountain climber
The Other Monrovia- CA
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Dec 20, 2017 - 01:23pm PT
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Y'all should be happy. If it is as bad as you suppose it will merely
hasten their departure. If it isn't then you know you were wrong.
Win-Win!
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Ksolem
Trad climber
Monrovia, California
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Dec 20, 2017 - 01:36pm PT
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AT&T responded to the tax bill this way:
The telecom giant said in a press release Wednesday that it would give more than 200,000 U.S. union members a special bonus of $1,000. The company also increased its capital expenditures budget by $1 billion in the U.S.
"Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world," CEO Randall Stephenson said in a statement. "This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees."
CNBC
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Contractor
Boulder climber
CA
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Dec 20, 2017 - 02:02pm PT
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Khristain, you know they had that press release teed up. AT&T is going for a giant merger that requires FCC approval plus handing out rewards for net neutrality recension.
I don't mind the "overstimulation/blow the wad/long period of recovery and impotence" cycle on a personal level, but as it relates to the economy- it really sucks and I'm tired of it.
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Gunkie
Trad climber
Valles Marineris
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Topic Author's Reply - Dec 20, 2017 - 02:03pm PT
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There may be a big sell off in the markets tomorrow; buy the rumor, sell the news.
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madbolter1
Big Wall climber
Denver, CO
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Dec 20, 2017 - 03:02pm PT
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If it isn't then you know you were wrong.
Sorry, Reilly. That's impossible.
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Lituya
Mountain climber
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Dec 20, 2017 - 05:04pm PT
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Indignación de la semana! Last week, net neutrality; this week, tax reform. Will all the Chicken Littles take Christmas week off? Stay tuned.
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stevep
Boulder climber
Salt Lake, UT
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Dec 20, 2017 - 06:02pm PT
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The question isn't if the sky is going to fall. It's not.
But the rich, who were already doing very well, are going to keep increasing that wealth gap. So they don't really need the cut. And most mainstream economists don't think this is really going to boost the economy all that much...they don't feel it was needed at all. All it's really going to do is boost the top of the ladder in exchange for more debt. Trump didn't even get rid of the the big giveaway to hedge funders as he campaigned he would.
If he really wanted to boost the economy and middle class, a massive infrastructure program would have been a better way to do it.
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Splater
climber
Grey Matter
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Dec 20, 2017 - 06:04pm PT
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Trickle Downer fanboi posts hourly swamp creature assault on the mainstream. As usual, the purpose is to hand over as much as possible to the kleptocracy despite a healthy economy and already record breaking inequity, in order that the hypocrite sacred cows can hide away when the eventual debt burden crush arrives.
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monolith
climber
state of being
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Dec 20, 2017 - 07:01pm PT
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How will Trump fund his massive infrastructre rebuild?
With more debt of course.
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Contractor
Boulder climber
CA
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Dec 20, 2017 - 07:15pm PT
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How will Trump fund his massive infrastructre rebuild? Toll roads and privatization pork.
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Kalimon
Social climber
Ridgway, CO
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Dec 20, 2017 - 07:28pm PT
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Trickle Downer fanboi posts hourly swamp creature assault on the mainstream. As usual, the purpose is to hand over as much as possible to the kleptocracy despite a healthy economy and already record breaking inequity, in order for the hypocrite sacred cows can hide away when the eventual debt burden crush arrives.
Yes, the American public has allowed themselves to be swindled once again in the name of pure evil greed. The wealthy in this country have an insatiable fixation with their own self gratification . . . unfortunately they must consume the well being of the general populace to sustain their nefarious appetites.
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zBrown
Ice climber
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Dec 20, 2017 - 08:13pm PT
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Kalimon
Social climber
Ridgway, CO
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Dec 20, 2017 - 08:41pm PT
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Bwaaahaaaa the Joker indeed! Gotham City is in peril folks, you gonna let someone else decide your fate for their own avarice? Same as it ever was just set in current context.
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Kalimon
Social climber
Ridgway, CO
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Dec 20, 2017 - 10:15pm PT
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People weren't going to vote for Hillary in general . . . she did not make them feel comfortable. The fact that they chose the extremely uncomfortable candidate is a real contradiction, but not surprising given that Hillary did not inspire confidence.
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Sierra Ledge Rat
Mountain climber
Old and Broken Down in Appalachia
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Dec 21, 2017 - 06:39am PT
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According the calculator, my individual taxes will increase by almost $2,000 per year.
But with the loss of my self-employed business deductions, my increase will skyrocket an additional $5,000 per year.
That means my total tax increase will be almost $7,000 per year. That's $583 fewer dollars per month in my paycheck.
But I am relieved that owners of private jets will get a big tax break.
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Bad Climber
Trad climber
The Lawless Border Regions
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Dec 21, 2017 - 11:16am PT
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Wow, xCon, being something of a d#ck is just reflexive to you. Why is that?
Here's a quote from the article:
In the hours after Congress approved the GOP tax cut plan, a handful of companies jumped to announce plans to share some of the proceeds on their employees and spend on infrastructure. Boeing was first out of the gate, followed by AT&T, which said it would give more than 200,000 unionized employees a special bonus of $1,000 once the tax bill is signed. The company also said it would increase its capital expenditures by $1 billion.
Both Fifth Third Bancorp and Wells Fargo followed, saying they would raise their minimum wage to $15 an hour. Fifth Third said it would also give workers a bonus, and Wells Fargo said it would give $400 million to community and nonprofit organizations next year.
BAd
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Gary
Social climber
Desolation Basin, Calif.
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Dec 21, 2017 - 01:44pm PT
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Wow! $15 per hour!!!111 That's what I'm talkin' about!
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| Messages 1 - 74 of total 74 in this topic |
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