Paul Ryan will quit now in 2018.
Yeah when I saw the initial House Bill I about went through the roof. Seeing the finished product though, I've done some quick math and the fact that I'm well within the eligibility bracket for the full child tax credit makes my life a LOT easier. Overall, this bill is a bit of a 'fuck you' to high tax (generally, but not universally, blue) States, but the expanded child credit helps a lot, and even the $10k in state taxes helps on the margins.
Bottom line: I'll take it.
From the point of view of the billionaires, they were still rich when the economy asploded after being their personal playpens in the 30s, late aughts et al. It was every else that got screwed.
AT&T has announced that they're going to give 200,000 of their employees a $1000 bonus. Reminder: $200,000,000 isn't even 1% of the taxes they pay.
Oh it gets better.
So Trump signed the Tax Scam into law before Christmas right? Know what this means? It means the penalties that come with the bill start next year. Know what that means for mid terms? It means that the GOP gets to fend off legit attacks from the Democrats about raising taxes.
Ironbite-all because the moron couldn't wait.
So Trump wants to get a huge infrastructure bill passed next. I'm all for better infrastructure, but with what fucking money Trump? You just cut taxes for everyone especially for the people who could fund a large infrastructure bill. Where are you going to get the money? Not to mention were already in massive debt and the deficit is going to explode because of your careless tax plan.
Not to mention Republicans are never too keen on infrastructure funding.
My tax situation improved greatly by the tax bill that was passed. By moving up the phase-out of the child tax credit to 400k+/year, I don't have to stash a large percentage of my income in tax shelters to get the full credit. Meanwhile, my total tax bill will be about the same as it currently is (give or take, depending on the specifics) so it wasn't a terribly expensive flexibility to get.
I was worried when I saw the early drafts, but the final bill was very well done. Nice job, GOP and President Trump!
Unlike a lot of stuff, That's not noise. That's real money for a lot of people.
Considering that this tax bill raises taxes on the poor and middle-class by $4.5 trillion while cutting taxes on the rich by $6 trillion, and any tax cuts the former receive are temporary while the tax cuts the latter receive are permanent (until the Dems get into power again and reverse it all), and that every time this sort of thing has been tried before there's been a massive economic crash within a decade (what were the other common factors between those crashes?), well, it may not raise your taxes, but that makes you one of the lucky ones--for now.
[Y]ou're spitting out numbers as though they were fact. Your sources may be right or may be wrong but it's a projection, with all of the margin of error that carries with it. Let's revisit this in a year, or two, or five, or ten, and see what happens (really all of the above as the more you revisit something the better you can eliminate the exogenous variables and draw a more accurate conclusion.
Also you're taking a flying leap of faith using a decade as your benchmark for causality. To my point above, a lot of unrelated shit can go down in that timeframe, making taxes a minimal, or perhaps even a mitigating factor.
But the decision is being made now, when what lawmakers (and anyone commenting on the law in question) have to go on is future projections and past experience. It's irresponsible, at best, to pass a bill that both of those indicate will have negative consequences and say, "Well, let's hope for the best." If things go wrong (as they have done in the past), we can't turn back the clock and make another decision.
Right now the best I can hope for is that this policy proves so disastrous, and this becomes apparent soon enough, that 2020, and the decades following, will be a repeat of 1932 and its following decades (except for that whole world war thing, but if that's going to start I expect it to begin before 2020, and for that matter be over before 2020 thanks to the weaponry we now have--but in that event there's a good chance I won't be around to witness any of the aftermath considering that I don't trust North Korea's aim), except that the Democratic Party won't be harboring a pack of racists.
I don't know how much this is tied to the tax cuts, but...
https://www.cnbc.com/2018/02/14/us-consumer-price-index-jan-2018.html
The US economy might just be about to come crashing down.
CPI inflation in January was 0.5%. That doesn't sound like much... but if the same rate is sustained over the whole year that would be inflation of about 6.05%. Then, prices go up, demand goes down, jobs are lost...
Now are they going to pull a Reagan and raise taxes or let the economy come crumbling down?
CPI inflation in January was 0.5%. That doesn't sound like much... but if the same rate is sustained over the whole year that would be inflation of about 6.05%. Then, prices go up, demand goes down, jobs are lost...Trump would have a Trumpgasm if inflation hit 6%. He's be sad it wasn't 10% because China had 7%, but all of that is why he's a fucking moron. As the article mentioned, the bump put annual inflation up to 2.1%, and that (paraphrasing) this is in the Goldilocks zone for economists, which means a decade of artificial stimuli might be about to unwind. [And that anything noticeably above 2% might force the Fed to fight inflation, and if Trump fights that, he's dumber than dumb.]
Not a prediction, but I've noticed our taxes came down $20/ month while health insurance went up $50/mo with the copay going up to $30 per sick visit, wellness is still $20.
ETA: No, health insurance became a tax when it became a fine not to have it.
So...Rapture?