Breaking News: 52-48 on the test vote. Bill is now being debated on the floor for 20 hours! 20 hours until we get an awesome tax cut plan. Heck yes!

Gee two years for the tax payers to find out how screwed they are by the Republican tax plan and to take revenge. That's pretty much one issue where they will vote the bums out.

I'm curious ND, can you detail exactly how the tax cut bill in congress will benefit you? I've looked at a bunch of analysis of it and it looks like for most people the cuts are likely to wind up being a wash.

https://twitter.com/search?q=%23GradTaxWalkout&src=tyah

Guess I should make plans to graduate soon so that I don't have to pay $12k of my $32k stipend in federal income taxes.

GOAT

@ND - would you care to comment on the claims that this will be a tax hike for the poorest americans, and eventually for the majority of americans? (See: https://youtu.be/VVchNC5MJjc )

Cause, if a MAGA means 'lets shit on the poor', well it sounds like you are right on track!

I mean considering its a Republican majority acriss the board, how would it be anything other than landslide

The tax bill lowers rates and cuts taxes for basically all Americans except the richest Americans. How you get to the inverse of that to make a faux argument is beyond me.

This is basically Trump's golden ticket to re-election in 2020 lol. 8 years baby! Then 8 years with Pence! All is right in the world!

There is a rule based on the way they are passing the bill that only allows them to cut 1.5 trillion dollars of taxes over the next 10 years, the proposed cut to the corporate tax rates eats up basically that entire 1.5 trillion. Everything else is just a shift of tax. Some people are going to win, some people are going to lose. Charities, homebuilders, student loan holders and small businesses are going to be losing out and the upper class and people paying the AMT are going to benefit.

That's not what I have gathered from watching the news.

That's what I've gathered working at a wealth management firm

I dunno about all of you but I am thrilled. I assume the majority of webdip users are billionaires and quadrillionaires. This plan will give all of us more time to submit orders, send quality press and invest in ways to hide our money overseas. Think of all the Libyan and Numidian slaves we can buy!

Thats why I was asking you about the specific policies that are going to benefit you, as opposed to vague generalizations ND. Are you going to benefit from the changes to the standard deduction? How will those benefits compare to no longer being able to claim state income tax?

Whats the cost benefit analysis for you?

it appears that ND receives his news from different sources then most people.

it's called infowars

here's some ND.
https://slate.com/business/2017/11/republicans-are-about-to-repeat-kansas-tax-cut-disaster.html

Isn't Slate liberal marxist fake news? Why would a good upstanding citizen like ND read that?

sorry.
http://nymag.com/daily/intelligencer/2017/11/there-is-no-economic-theory-that-justifies-the-gop-tax-plan.html
i can do this all day though.

Here's an online calculator that allows you to run your rough numbers under the 2018 GOP plan and under the 2017 current scheme. I save about $5000 in taxes under the GOP plan. I expect that comes from elimination of the AMT.

https://www.calcxml.com/calculators/trump-tax-reform-calculator

Peterwiggin is absolutely correct. Why on God's green earth would I look at Slate ROFL?

GOP. Party of fiscal responsibility wants to push through a $1.5 trillion debt increase.

Corporate tax cuts are permanent. Individual income tax cuts are temporary.

Yeah, Trump and his plutocrats want to fuck over everyone else. Terrible bill.

looks like I am going to save a shit ton! Get this thing passed NOW! #MAGA

Good for the pair of you. In contrast if I were in the states my tax bill would actually rise under the new plan, because of the proposed changes to the evaluation of graduate tuition waivers.

Under the current model my taxes are evaluated on 25000$ of income. (This is the money I actually live off of). With the changed system I'd be assessed taxes on 45000S of income because tuitions waivers count towards income under the new system and the changes to the standard deduction don't cover the change. Thankfully I don't live in the states, but if I did $3,636 would be my tax bill under the new plan, $2,331 under the current tax model. But that extra $1300 in taxes comes out of my $25000 of actual income. Which is basically 6 months food for me.

Point of this exercise is to show that not everyone is going to benefit from these changes. And I certainly don't qualify as the rich.

I can't fault you for being excited about changes to the tax code that will benefit you, however not everyone is going to benefit from these changes, so don't except everyone to be as jazzed as you are.

Especially since as Jeff mentioned these changes to individual taxes have a sunset clause.

would this affect cryptocurrencies in any way?

l like ND thinks Trump is getting another term because of this

I don't understand the liberal belly aching. If you want to support all of those entitlement programs they need to be paid for. If the middle class pays more then they are helping out the poor. Isn't that a good thing? If people are foolish enough to borrow money for a college degree they cannot afford then taxing them will get back some of the tax subsidies and guarantees when they default. And taking away he tax deduction for those blue high tax states helps pay for all of those liberal entitlements they support.

Mama, no one believed that trump would win his first term either.