The 2017 General Political discussion thread, Part 2!

[Woobie]

A guy that complains on tax of excess IRA contributions can't consider $9,000 "huge". Just sayin'.

Maybe you forgot what it was like for someone to scrape by. I remember. I also remember the years I paid marginal rates close to what they are today.

I'm all for reduced medical costs for all of us....perhaps a doctor that pays tax on excess IRA contributions "might" not be part of the solution! LOL

I am scraping by at the moment. Our system is stupid, and no amount of class warfare will make it make sense. I've made money or broken even more than once, and its silly. I'd rather see more prosperity with a lower tax burden at the top, because that inevitably opens up opportunities for guys like me, as long as those who have the money feel the economy is safe for investment.

 

[BugI02]

I guess I need to find a copy of Bush’s speech online for you so you can address that. Ah, maybe when I get sometime I’ll have a look for you. Man, was he spot on.

Full text: George W. Bush speech on Trumpism - POLITICO

 

[BugI02]

Yeah, that would be nice and I sure would like it if things that really matter like our infrastructure was getting addressed.

Ignored by the previous four presidents for at least 28 years

Trump has been in office for 9 months, why hasn't he fixed this yet. Does that seem like a rational expectation?

 

[BugI02]

Cutting entitlements, Yeah that’ll be the day.

Yeah, we’ll see how this plays out. I just don’t see Tax Reform having any better chance than their HeathCare Plan. I say the premise of cutting taxes and reducing the deficit is flawed thinking. Anyway early reports shows this hurting or not helping the little guy. Appears to me it really helps the richer folk. But here again DT is trying to sell something it just ain’t.

I believe the proposal is to double the standard deduction (applies to those who don't itemize). Don't recall the exact reference now, but it was that 70% of all filers either don't itemize or would be better off under the proposal not itemizing. That metric would seem to include the 'little guy'

 

[BugI02]

How about fair share, and no I don’t mean going as far as redistributiong wealth. But I do think there is such a thing as “fair share” and that does mean those with more should pay a bit more. Just not so much that it discouraginges working hard to get ahead or paying so much that others don’t have too.

And what would be the 'fair share' for the able bodied who don't work and don't want to? There should be true proportionality

 

[hoosierdoc]

I believe the proposal is to double the standard deduction (applies to those who don't itemize). Don't recall the exact reference now, but it was that 70% of all filers either don't itemize or would be better off under the proposal not itemizing. That metric would seem to include the 'little guy'

yep. But if we went to sales tax and had zero itemizing or deductions charitable donations would skyrocket

 

[printcraft]

And I don't think kut was saying I was being disrespectful, he was trying to set groundrules for moving forward. Either we're going to ignore each other or we're not. I followed up with I don't mind interacting as long as I'm not being personally attacked and slandered.

Ah I see.

Also it’s in print, so it’s libel.

 

[hoosierdoc]

Ah I see.

Also it’s in print, so it’s libel.

You speak sooth.

but I read it in my head and then slander myself I guess

 

[Dddrees]

I'm only 15.

Huh, who would have guessed.

 

[Dddrees]

The problem I have with the tax plan as it's being talked about is what happens to the people who are moved up into a higher bracket because their lower one disappeared. Last I heard the Republican plan has 3 brackets, 12%, 25%, and 33%. So what about those paying 10% now? So they'll be, not only put into a higher marginal tax rate than before, but will also lose deductions that applied that 10% to a lower AGI.

The 25% bracket would be a huge number of people ranging from 75K to 210K. The higher end of that will make out just fine, but what about the people at the lower end? Their tax rate won't change but they'll be paying that 25% on a higher AGI because they won't have the deductions they've enjoyed in the past. So their overall taxes paid would increase as well.

I really don't give a **** how much people make who are richer than me, but if I'd be pissed if were one of those people who end up paying more, just because of their positioning within the brackets. If you're going to cut taxes, cut them for everyone.

Good point. It had been awhile seen I had seen this but here again this is where what DT says doesn’t really match up at all with what is being proposed as actual policy. What happened to that thing where he keeps Trumping he’s for the little guy? Mostly if not always he really isn’t is he?

 

[jamil]

Ignored by the previous four presidents for at least 28 years

Trump has been in office for 9 months, why hasn't he fixed this yet. Does that seem like a rational expectation?

Oh. I wouldn't exactly say none of the previous 4 presidents have addressed at all. I call the entrance ramp to the interstate I travel every day "the ramp to nowhere". Thanks to Obama's "stimulus" they built a really nice 1/2 mile concrete entrance ramp onto the interstate that people only ever use the first few hundred feet of. Why'd the build it? Money burns a hole in your pocket and you just have to find excuses to spend it.

But I use every bit I can of that damn ramp so I can feel like I'm getting my money's worth. Be nice if they cleaned it every now and again.

 

[seedubs1]

Am I reading correctly about possible 401k max contribution reductions? WTF???

So lets get rid of taxes on rich people's inheritance, and lets cut the ability of middle class Americans to contribute appropriately to their retirement plan.

 

[KLB]

Oh. I wouldn't exactly say none of the previous 4 presidents have addressed at all. I call the entrance ramp to the interstate I travel every day "the ramp to nowhere". Thanks to Obama's "stimulus" they built a really nice 1/2 mile concrete entrance ramp onto the interstate that people only ever use the first few hundred feet of. Why'd the build it? Money burns a hole in your pocket and you just have to find excuses to spend it.

But I use every bit I can of that damn ramp so I can feel like I'm getting my money's worth. Be nice if they cleaned it every now and again.

Money they had to borrow in the first place.

 

[KLB]

Am I reading correctly about possible 401k max contribution reductions? WTF???

So lets get rid of taxes on rich people's inheritance, and lets cut the ability of middle class Americans to contribute appropriately to their retirement plan.

You really think most truly rich people pay "inheritance" tax?

 

[seedubs1]

I don't really care. It's really just more of a point showing how backwards the priorities of our elected representatives are. **** the middle class and propose things that only help the upper echelon.

Personally, I don't believe there should be an inheritance tax at all. I believe in a tax system based solely on income. And I believe the tax rate must increase as income increases. I also do not believe in sales tax. I think it's ridiculous to tax me when I make my money and then tax me again when I spend it. Sales tax also disproportionately affects the poor.

I also don't believe in tax deductions. If you want to have kids, that's your decision. You shouldn't pay less than me because you want kids. If you want to contribute to a 501c3, do it out of the goodness of your heart, not for a tax write off. Etc...

You really think most truly rich people pay "inheritance" tax?

 

[KLB]

I don't really care. It's really just more of a point showing how backwards the priorities of our elected representatives are.

Personally, I don't believe there should be an inheritance tax at all.

I also don't believe in tax deductions. If you want to have kids, that's your decision. You shouldn't pay less than me because you want kids. If you want to contribute to a 501c3, do it out of the goodness of your heart, not for a tax write off. Etc...

Agreed.

People also shouldn't only contribute to retirement because the money isn't taxed.

I have a suspicion that my wife and I are going to end up paying more if this goes through.

 

[seedubs1]

If there wasn't 401k, I'd be forced to save less due to being taxed on the income before it goes into mutual funds or other savings. If they take this away, it will push out my retirement and make me work longer.

If they do this, I'm voting all Democrat next cycle. Cutting 401k caps is a horrible thing to propose, and I will vote against any party that moves forward on it.

Agreed.

People also shouldn't only contribute to retirement because the money isn't taxed.

I have a suspicion that my wife and I are going to end up paying more if this goes through.

 

[KLB]

If there wasn't 401k, I'd be forced to save less due to being taxed on the income before it goes into mutual funds or other savings. If they take this away, it will push out my retirement and make me work longer.

If they do this, I'm voting all Democrat next cycle. Cutting 401k caps is a horrible thing to propose, and I will vote against any party that moves forward on it.

What if you ended up actually paying less in taxes? I have no clue how the proposed changes would affect you overall, but it might be worth actually waiting to see the end result before you make a decision.

 

[Woobie]

I don't really care. It's really just more of a point showing how backwards the priorities of our elected representatives are. **** the middle class and propose things that only help the upper echelon.

Personally, I don't believe there should be an inheritance tax at all. I believe in a tax system based solely on income. And I believe the tax rate must increase as income increases. I also do not believe in sales tax. I think it's ridiculous to tax me when I make my money and then tax me again when I spend it. Sales tax also disproportionately affects the poor.

I also don't believe in tax deductions. If you want to have kids, that's your decision. You shouldn't pay less than me because you want kids. If you want to contribute to a 501c3, do it out of the goodness of your heart, not for a tax write off. Etc...

Income tax is feudalism. Get rid of it and all forms of property tax. Fund the government with consumption taxes. They only affect people in proportion to what they spend.

 

[Dddrees]

Who's party is the Republican party anyway?

Is it Trumps' party?

Is it McConnells' party?

Or is it Bannons' party?