Unforgiven Posted October 9, 2020 Share Posted October 9, 2020 Link to comment Share on other sites More sharing options...
SoCal Deek Posted October 9, 2020 Share Posted October 9, 2020 1 hour ago, transplantbillsfan said: Such hypocrisy. Trump’s tax cuts. Giving away more money (centered on Trump’s super rich buddies) we have to borrow from China. Trump’s been running the Federal deficit bigger and bigger each year, despite campaign promises to rein in the National debt. His entire term has run deficits that have been increasing each year and each of his first 3 years in office had deficits larger than each of Obama's last 3 years in office. This year will obviously be ginormous. We're on track to have a national debt equal to our economy. As much crap as Republicans and conservatives talk about reining in our debt, they're the ones who tend to build it more than Democrats. And that includes Donald Trump even before the Pandemic. I’m in the highest tax bracket. I did not get a tax cut. My taxes went up. Get back to me when you make enough to worry about it. Until then STFU! 1 Link to comment Share on other sites More sharing options...
3rdnlng Posted October 10, 2020 Share Posted October 10, 2020 @Buffalo_Gal I'm sorry for your loss: 1 Link to comment Share on other sites More sharing options...
snafu Posted October 10, 2020 Share Posted October 10, 2020 11 hours ago, Dr. Who said: I grew a beard, don't have to shave as much, can wear a Bills' theme mask and folks can't see my growly old man you're an idiot scowl. What's not to like? I grew a beard. My wife hated it so much she told me that she wanted to burn it off my face. I believe she was 100% serious. I shaved it off that day. 1 Link to comment Share on other sites More sharing options...
transplantbillsfan Posted October 10, 2020 Share Posted October 10, 2020 5 hours ago, SoCal Deek said: I’m in the highest tax bracket. I did not get a tax cut. My taxes went up. Get back to me when you make enough to worry about it. Until then STFU! Did I touch a nerve? 60% of the tax savings went to the top 20% of earners and the corporate tax rate went up by 40%. https://www.taxpolicycenter.org/publications/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act/full Don't fall into the same trap so many of you here seem to fall into and let your own experiences get in the way of the actual facts. Link to comment Share on other sites More sharing options...
Rob's House Posted October 10, 2020 Share Posted October 10, 2020 3 minutes ago, transplantbillsfan said: Did I touch a nerve? 60% of the tax savings went to the top 20% of earners and the corporate tax rate went up by 40%. https://www.taxpolicycenter.org/publications/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act/full Don't fall into the same trap so many of you here seem to fall into and let your own experiences get in the way of the actual facts. Confirmed. Liberals suck at math. Link to comment Share on other sites More sharing options...
transplantbillsfan Posted October 10, 2020 Share Posted October 10, 2020 10 minutes ago, Rob's House said: Confirmed. Liberals suck at math. Go ahead. Explain. Link to comment Share on other sites More sharing options...
Rob's House Posted October 10, 2020 Share Posted October 10, 2020 1 minute ago, transplantbillsfan said: Go ahead. Explain. I'll try to make it simple and see if you can connect the dots. Jim makes $50k/yr Jack makes $250k/yr They both get a 10% raise. Jim gained $5k Jack gained $25k Between the two of them Jack got 83% of the additional pay. Link to comment Share on other sites More sharing options...
transplantbillsfan Posted October 10, 2020 Share Posted October 10, 2020 3 minutes ago, Rob's House said: I'll try to make it simple and see if you can connect the dots. Jim makes $50k/yr Jack makes $250k/yr They both get a 10% raise. Jim gained $5k Jack gained $25k Between the two of them Jack got 83% of the additional pay. Did you even bother looking at the analysis? You guys like to accuse liberals of being all feelz and no facts... try wearing your facts hat and acknowledge that the 2017 tax cuts disproportionately helped the wealthy and is ultimately disastrous for our annual National deficit and thus our debt.., Wait a minute!!!! All that debt is money we're borrowing from China!!! Trump must work for China!!! 1 Link to comment Share on other sites More sharing options...
Rob's House Posted October 10, 2020 Share Posted October 10, 2020 Just now, transplantbillsfan said: Did you even bother looking at the analysis? You guys like to accuse liberals of being all feelz and no facts... try wearing your facts hat and acknowledge that the 2017 tax cuts disproportionately helped the wealthy and is ultimately disastrous for our annual National deficit and thus our debt.., Wait a minute!!!! All that debt is money we're borrowing from China!!! Trump must work for China!!! Ignoring the analysis and then changing the subject is not typically a tactic of one who is secure in his position. Link to comment Share on other sites More sharing options...
transplantbillsfan Posted October 10, 2020 Share Posted October 10, 2020 3 minutes ago, Rob's House said: Ignoring the analysis and then changing the subject is not typically a tactic of one who is secure in his position. I'm not ignoring it. Notice the very 1st thing I posted. It was a question you ignored. I wonder why... Link to comment Share on other sites More sharing options...
3rdnlng Posted October 10, 2020 Share Posted October 10, 2020 6 minutes ago, transplantbillsfan said: Did you even bother looking at the analysis? You guys like to accuse liberals of being all feelz and no facts... try wearing your facts hat and acknowledge that the 2017 tax cuts disproportionately helped the wealthy and is ultimately disastrous for our annual National deficit and thus our debt.., Wait a minute!!!! All that debt is money we're borrowing from China!!! Trump must work for China!!! Did revenues go up after the tax cuts? How about spending, did that go up? Link to comment Share on other sites More sharing options...
unbillievable Posted October 10, 2020 Share Posted October 10, 2020 30 minutes ago, Rob's House said: I'll try to make it simple and see if you can connect the dots. Jim makes $50k/yr Jack makes $250k/yr They both get a 10% raise. Jim gained $5k Jack gained $25k Between the two of them Jack got 83% of the additional pay. That's not fair because handyman Jim breaks his back laying bricks, while CEO Jack practices his backstroke in his money bin. 1 Link to comment Share on other sites More sharing options...
Rob's House Posted October 10, 2020 Share Posted October 10, 2020 12 minutes ago, transplantbillsfan said: I'm not ignoring it. Notice the very 1st thing I posted. It was a question you ignored. I wonder why... Ignored it? It was the entire point of the example I laid out for you. Apparently you were not able to connect the dots. I thought doing it in reverse would make it easier for you to understand, but perhaps it was too confusing. I'll be more direct. Bear in mind, this is a hypothetical for illustrative purposes. Jim makes $50k/yr Jack makes $250k/yr Both are taxed at 30% President Hitler signs a bill that reduces the tax rate for both of them to 25%. Jim's take home pay increased by $2500 Jack's take home pay increased by $12,500 Between the two of them Jack received 83% of the savings. Between the two of them Jack pays 83% of the taxes. Jim is a liberal who sucks at math and thinks he'd be better off if they were both still paying 30%. Link to comment Share on other sites More sharing options...
transplantbillsfan Posted October 10, 2020 Share Posted October 10, 2020 (edited) 3 hours ago, Rob's House said: Ignored it? It was the entire point of the example I laid out for you. Apparently you were not able to connect the dots. I thought doing it in reverse would make it easier for you to understand, but perhaps it was too confusing. I'll be more direct. Bear in mind, this is a hypothetical for illustrative purposes. Jim makes $50k/yr Jack makes $250k/yr Both are taxed at 30% President Hitler signs a bill that reduces the tax rate for both of them to 25%. Jim's take home pay increased by $2500 Jack's take home pay increased by $12,500 Between the two of them Jack received 83% of the savings. Between the two of them Jack pays 83% of the taxes. Jim is a liberal who sucks at math and thinks he'd be better off if they were both still paying 30%. No. Jim is the liberal who thinks he should be paying at MOST 20% while he holds $40k of that $50k while Jack (probably his employer) should throw in that 25% he can easily afford while he still pockets $187+k of the money he likely made thanks in large part to Jim's hard work. Edited October 10, 2020 by transplantbillsfan Link to comment Share on other sites More sharing options...
Doc Brown Posted October 10, 2020 Share Posted October 10, 2020 3 hours ago, transplantbillsfan said: Did you even bother looking at the analysis? You guys like to accuse liberals of being all feelz and no facts... try wearing your facts hat and acknowledge that the 2017 tax cuts disproportionately helped the wealthy and is ultimately disastrous for our annual National deficit and thus our debt.., Wait a minute!!!! All that debt is money we're borrowing from China!!! Trump must work for China!!! They helped everybody besides those that usually use SALT deductions which happen to be the wealthy in blue states. Republicans were too chicken crap to reduce spending, cut entitlement programs, repeal the ACA, etc...so it doesn't even matter if the tax cuts paid for themselves. Combine that with an increase in military spending and the yearly deficit was higher in each of Trump's first three years than Obama's last three years. This is all before Covid. Buy Gold!!!! 1 Link to comment Share on other sites More sharing options...
transplantbillsfan Posted October 10, 2020 Share Posted October 10, 2020 2 minutes ago, Doc Brown said: They helped everybody besides those that usually use SALT deductions which happen to be the wealthy in blue states. Republicans were too chicken crap to reduce spending, cut entitlement programs, repeal the ACA, etc...so it doesn't even matter if the tax cuts paid for themselves. Combine that with an increase in military spending and the yearly deficit was higher in each of Trump's first three years than Obama's last three years. This is all before Covid. Buy Gold!!!! but they helped the wealthy MORE... and some actually saw increased tax liability... happened to a lot of middle class households making in the $100k range... exactly the people they professed they would help. Anecdotally. My wife and I never owed taxes before the Trump tax cuts came along. The last 2 years we've owed over $2k each year. We've ALWAYS claimed 0 on our Federal taxes. We're homeowners who are in that previously mentioned range, which is far from wealthy. We got hosed. Yes most of America saw tax benefits. The wealthy saw the most. Link to comment Share on other sites More sharing options...
Doc Brown Posted October 10, 2020 Share Posted October 10, 2020 36 minutes ago, transplantbillsfan said: but they helped the wealthy MORE... and some actually saw increased tax liability... happened to a lot of middle class households making in the $100k range... exactly the people they professed they would help. Anecdotally. My wife and I never owed taxes before the Trump tax cuts came along. The last 2 years we've owed over $2k each year. We've ALWAYS claimed 0 on our Federal taxes. We're homeowners who are in that previously mentioned range, which is far from wealthy. We got hosed. Yes most of America saw tax benefits. The wealthy saw the most. How much in taxes were taken out in your paychecks after 2018? My guess is your paychecks were higher because they didn't take as much out in taxes. I consider owing money to the government good because you aren't giving them an interest free loan. 2 Link to comment Share on other sites More sharing options...
Backintheday544 Posted October 10, 2020 Share Posted October 10, 2020 4 hours ago, Doc Brown said: How much in taxes were taken out in your paychecks after 2018? My guess is your paychecks were higher because they didn't take as much out in taxes. I consider owing money to the government good because you aren't giving them an interest free loan. The main thing he needs to look at is tax liability, not owing or not owing at the end of the year like you said. TCJA had pros and cons. It did cost a lot. The cost is one reason that the Republicans had to make the corporate tax cuts permanent and the individual tax cuts expire in 2026. Under reconciliation, the bill could only cost so much, so that was one settlement. A major con is the complexity. The cornerstone for businesses was the QBI deduction which is a very complex deduction. Per a recent TIGTA study over 1,000,000 Americans didn't take it even though they're eligible. The other major con was the speed at writing it. The Blue book had over a hundred technical corrections that were needed. The Republicans had 96 technical corrections they wanted to make. The biggest was 15 year life for qualified improvement property. They forgot to write that part in. Overall, it was costly and rushed. It could have and should have been better. The disproportionate favor towards the wealthy also led to Trump's promise of a middle tax class cut right before the 2018 election that never happened. 1 Link to comment Share on other sites More sharing options...
Orlando Tim Posted October 10, 2020 Share Posted October 10, 2020 9 hours ago, transplantbillsfan said: Did I touch a nerve? 60% of the tax savings went to the top 20% of earners and the corporate tax rate went up by 40%. https://www.taxpolicycenter.org/publications/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act/full Don't fall into the same trap so many of you here seem to fall into and let your own experiences get in the way of the actual facts. You went to a left wing group who did an analysis before it was passed and then did not do a study after it happened. But hey you actually found someone who agrees with you. Link to comment Share on other sites More sharing options...
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