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Old 12-20-2017, 3:01pm   #1
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Default Breaking: Tax Reform Passes....We're All Gonna Die!

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Old 12-20-2017, 3:04pm   #2
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First step...
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Old 12-20-2017, 3:05pm   #3
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now that we have "racist" trees, will this also be labeled a "racist" tax cut....because most of the cuts go to whites who pay taxes?
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Old 12-20-2017, 3:06pm   #4
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It's about time.
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Old 12-20-2017, 3:09pm   #5
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who is tired of Winning?
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Old 12-20-2017, 3:13pm   #6
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According to Chuck Schumer, America is being messed up.
What do you think?
We'll all sure find out when we file this coming spring.

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Old 12-20-2017, 3:18pm   #7
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According to Chuck Schumer, America is being messed up.
What do you think?
We'll all sure find out when we file this coming spring.

This reform isn't retroactive, it will be a change in the tax code going forward.
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Old 12-20-2017, 3:23pm   #8
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This reform isn't retroactive, it will be a change in the tax code going forward.
So it won't be in effect until the next tax year, not when we file for this year?
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Old 12-20-2017, 3:32pm   #9
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Originally Posted by Cryin' Chuck
This is serious stuff...
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Old 12-20-2017, 3:32pm   #10
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So it won't be in effect until the next tax year, not when we file for this year?
you should see smaller withholding in Feb, when the IRS issues new withholding tables. depends on how fast your employer can re-program his paycheck system.
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Old 12-20-2017, 3:35pm   #11
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So it won't be in effect until the next tax year, not when we file for this year?
Yes, but employees should see more in their paychecks via less withholding tax, and businesses and investors will start seeing a benefit on their quarterly tax returns.

More importantly, businesses, employees, and investors can go forth, secure in the knowledge that they can retain more of what they make, percentage wise. This should encourage more growth, as consumers buy more, investors invest more, and businesses expand. This also should encourage more foreign investment, more businesses moving to America.
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Old 12-20-2017, 3:49pm   #12
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Yes, but employees should see more in their paychecks via less withholding tax, and businesses and investors will start seeing a benefit on their quarterly tax returns.

More importantly, businesses, employees, and investors can go forth, secure in the knowledge that they can retain more of what they make, percentage wise. This should encourage more growth, as consumers buy more, investors invest more, and businesses expand. This also should encourage more foreign investment, more businesses moving to America.
Something like what happened in 1981?
https://www.washingtonpost.com/news/...=.cde86a217c5a
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Old 12-20-2017, 3:56pm   #13
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Something like what happened in 1981?
https://www.washingtonpost.com/news/...=.cde86a217c5a
Typical WashPo lib hackjob. Read it up until this point:

Quote:
Originally Posted by From the Article
When Reagan took office in January 1981, the country was experiencing a mild economic recession, which continued into 1982. By the end of 1982 the unemployment rate reached an all-time high of 10.8 percent, with nearly 2.9 million jobs lost since the onset of the recession. Some of the gains Sanders cites are due to the bounce back after the decline.
So according to WaPo, the economic good times that followed were inevitable. Bet they were all about Barry's policies as being responsible for any sort of recovery after 2008, htough, slow thoug it may have been
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Old 12-20-2017, 4:03pm   #14
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Typical WashPo lib hackjob. Read it up until this point:



So according to WaPo, the economic good times that followed were inevitable. Bet they were all about Barry's policies as being responsible for any sort of recovery after 2008, htough, slow thoug it may have been
I wasn't attempting to throw a lib cast on it, but there were a ton of factors that led up to the Regan tax cut, including 3 tax increases by him.
I just don't know how this will all play out today. That's why I'm asking.
The economic recession of the '70's was a real mofo with interest rates to the moon, the gas shortage, and numerous other factors playing into it.
Timing is everything, and things are a lot different economically right now.
Hopefully now, the economic locomotive throttles up to full speed, and we get stuck in a sweet spot for a while.
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Old 12-20-2017, 5:11pm   #15
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I don't like the cap on property tax deduction
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Old 12-20-2017, 6:21pm   #16
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I don't like the cap on property tax deduction
The underlying problem is high property taxes, and that is the fault of local government, not the federal government. What this does is gets folks in high tax states to start getting mad and demanding that those states lessen the tax burden on their citizenry.


Up until now, you had the federal government taking some of the sting out of those high taxes. Now, the people paying them will feel the full impact of them, and I would expect some changes, as a result of taxpayer revolts in those states.

Perhaps this will cause some well off people to flee those high tax states, and that's OK, too, because it's good for the low tax states that will be welcoming them. Seems like quite a few here have mentioned either leaving Illinois, or wanting to leave Illinois, for example .
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Old 12-20-2017, 6:24pm   #17
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The underlying problem is high property taxes, and that is the fault of local government, not the federal government. What this does is gets folks in high tax states to start getting mad and demanding that those states lessen the tax burden on their citizenry.


Up until now, you had the federal government taking some of the sting out of those high taxes. Now, the people paying them will feel the full impact of them, and I would expect some changes, as a result of taxpayer revolts in those states.
The schools around here think they have blank checks to do whatever they want.
The municipalities think the same way and waste on excessive political appointed jobs, etc..
Hopefully, the people will demand reform instead of moving out.
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Old 12-20-2017, 6:52pm   #18
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Well, my taxes just went up as a result of this.....
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Old 12-20-2017, 6:57pm   #19
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but, but, but the Dems all want to raise taxes on the rich, like those who can afford to pay high property taxes...so they get what they want too.

oh, right.

they want to raise taxes on taxpayers that don't vote for them. oops.
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Old 12-20-2017, 8:24pm   #20
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Quote:
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I wasn't attempting to throw a lib cast on it, but there were a ton of factors that led up to the Regan tax cut, including 3 tax increases by him.
I just don't know how this will all play out today. That's why I'm asking.
The economic recession of the '70's was a real mofo with interest rates to the moon, the gas shortage, and numerous other factors playing into it.
Timing is everything, and things are a lot different economically right now.
Hopefully now, the economic locomotive throttles up to full speed, and we get stuck in a sweet spot for a while.
You could more aptly compare this to the tax reform of 1986 or the tax cuts of 1997. When they cut capital gains taxes the economy lit up.
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