Haven't been keeping up with the tax discussion

[133743Hokie]

Time to cut back on the butter to make up the difference.

Maybe they can pinch some pennies so as to avoid going over 1.5 Trillion in increased deficit spending. 1.5T in increased deficit to our children is the beat case scenario.

Ending public radio subsidies should do the trick.


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Or fewer people on the public dole

[awesome guy]

Time to cut back on the butter to make up the difference.

Maybe they can pinch some pennies so as to avoid going over 1.5 Trillion in increased deficit spending. 1.5T in increased deficit to our children is the beat case scenario.

Ending public radio subsidies should do the trick.


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Are we back to deficits being bad?

[ip_law-hokie]

Time to cut back on the butter to make up the difference.

Maybe they can pinch some pennies so as to avoid going over 1.5 Trillion in increased deficit spending. 1.5T in increased deficit to our children is the beat case scenario.

Ending public radio subsidies should do the trick.


Sent from my iPhone using Tapatalk

Are we back to deficits being bad?

Not on here.


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[awesome guy]

Time to cut back on the butter to make up the difference.

Maybe they can pinch some pennies so as to avoid going over 1.5 Trillion in increased deficit spending. 1.5T in increased deficit to our children is the beat case scenario.

Ending public radio subsidies should do the trick.


Sent from my iPhone using Tapatalk

Are we back to deficits being bad?

Not on here.


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So for libtards it is, got it.

[cwtcr hokie]

Spending should absolutely NOT be cut dollar for dollar with tax cuts.

Rather, spending should be cut far in excess of the amount of the proposed puny tax cuts.

I agree. In the absence of meaningful spending cuts, I don’t think we should be cutting taxes.


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it is complete stupidity to have a high corp. rate. Corporations do not pay any income tax, the buyers of their products do as any taxes are baked into the selling price of the product. And all having one of the highest corp. tax rates does is make big companies jump thru lots of questionable loopholes to have income taxed in other foreign countries with more reasonable tax rates

I was referring to personal income tax rates. I agree that corporate taxes are another issue.




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In that regard they are just making fewer tax brackets, some folks will get a cut and some will pay more, the big cut is proposed in corp tax rate

1.5 Trillion seems like a big cut to me. Does the deficit concern you?

House Republicans pass GOP budget with $1.5-trillion deficit increase to fund Trump's tax cuts - Los Angeles Times
https://apple.news/AfkRv_wGOT2KpWYtPm-c ... WYtPm-cxdg


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there is a whole lot of negotiations to go yet. The problem with the projections is they are usually so far off to be laughable. Sorry if I beleive that giving the gov. less of the hard earned dollars I earn is a bad thing, if you want to give them more then me by guest, stroke the IRS a check. As for deficits and the debt. All levels of gov. are wasteful to the max and are involved in way more than they should be, cut the stuff out. We both know that will not happen tho so my advice is cut my taxes now and realize that by the time the debt wipes out the USA global warming will kill us all anyways

[ip_law-hokie]

I agree. In the absence of meaningful spending cuts, I don’t think we should be cutting taxes.


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it is complete stupidity to have a high corp. rate. Corporations do not pay any income tax, the buyers of their products do as any taxes are baked into the selling price of the product. And all having one of the highest corp. tax rates does is make big companies jump thru lots of questionable loopholes to have income taxed in other foreign countries with more reasonable tax rates

I was referring to personal income tax rates. I agree that corporate taxes are another issue.




Sent from my iPhone using Tapatalk

In that regard they are just making fewer tax brackets, some folks will get a cut and some will pay more, the big cut is proposed in corp tax rate

1.5 Trillion seems like a big cut to me. Does the deficit concern you?

House Republicans pass GOP budget with $1.5-trillion deficit increase to fund Trump's tax cuts - Los Angeles Times
https://apple.news/AfkRv_wGOT2KpWYtPm-c ... WYtPm-cxdg


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there is a whole lot of negotiations to go yet. The problem with the projections is they are usually so far off to be laughable. Sorry if I beleive that giving the gov. less of the hard earned dollars I earn is a bad thing, if you want to give them more then me by guest, stroke the IRS a check. As for deficits and the debt. All levels of gov. are wasteful to the max and are involved in way more than they should be, cut the stuff out. We both know that will not happen tho so my advice is cut my taxes now and realize that by the time the debt wipes out the USA global warming will kill us all anyways

I’m somewhat with you on the last part, but due to being an ex-Patriot, not global warming.

I think that global warming will cause a lot of pain down the road, but not in our lifetimes. **** it.




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[USN_Hokie]

Time to cut back on the butter to make up the difference.

Maybe they can pinch some pennies so as to avoid going over 1.5 Trillion in increased deficit spending. 1.5T in increased deficit to our children is the beat case scenario.

Ending public radio subsidies should do the trick.


Sent from my iPhone using Tapatalk

Are we back to deficits being bad?

Yep. Only when they don't increase the size of government. If congress budgeted $1.5T for single payer, IP would be masturbating right now.

[ip_law-hokie]

Time to cut back on the butter to make up the difference.

Maybe they can pinch some pennies so as to avoid going over 1.5 Trillion in increased deficit spending. 1.5T in increased deficit to our children is the beat case scenario.

Ending public radio subsidies should do the trick.


Sent from my iPhone using Tapatalk

Are we back to deficits being bad?

Yep. Only when they don't increase the size of government. If congress budgeted $1.5T for single payer, IP would be masturbating right now.

I believe that 1.5T to single payer would be a great start. But unlike most Republicans, I’d want to pay for it with tax increases and/or spending cuts.

But this is not a priority to Republicans, and based on the responses to this thread, not a priority to “conservatives” on this board (except BigDave).

And whereas the 1.5T would go to helping us all if allocated to single payer, the benefits of this deficit spending will accrue only to a select few.




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[USN_Hokie]

Time to cut back on the butter to make up the difference.

Maybe they can pinch some pennies so as to avoid going over 1.5 Trillion in increased deficit spending. 1.5T in increased deficit to our children is the beat case scenario.

Ending public radio subsidies should do the trick.


Sent from my iPhone using Tapatalk

Are we back to deficits being bad?

Yep. Only when they don't increase the size of government. If congress budgeted $1.5T for single payer, IP would be masturbating right now.

I believe that 1.5T to single payer would be a great start. But unlike most Republicans, I’d want to pay for it with tax increases and/or spending cuts.

But this is not a priority to Republicans, and based on the responses to this thread, not a priority to “conservatives” on this board (except BigDave).

And whereas the 1.5T would go to helping us all if allocated to single payer, the benefits of this deficit spending will accrue only to a select few.




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Excuse my ignorance as I've been busy this week - we don't even have the details yet, do we? They budgeted to allow for tax cut negotiations in the Senate without tripping the (can't remember the name) rule for deficit spending, did they not? I'm going to wait for the final scoring and allocations on the budget before getting upset.

[Hokie CPA]

I just saw where a Democrat (I forget which) complained that the plan would immensely benefit the wealthy while killing the poor with tax increases. I don't see how.

Let's look at a married couple with two children. Currently, the standard deduction and personal exemption shelters $29,000 from any income tax. The new plan would raise the lowest rate from 10% to 12%, but would shelter an additional $12,600 from tax. So that family of 4 could have $41,600 of income and pay $0 in federal income tax. Under the current setup, that same family would have a federal tax liability of $1,263.

If I set the two systems equal to one another [0.1 * (x-29,000) = 0.12 * (x-41,600)] and solve for x, x= $104,600. Now, that doesn't account for when the new brackets start in, and that number isn't currently available. If I were to venture a guess, It would seem the brackets would be:

Taxable Income
$0 - 125,000 = 12%
125,001 - 250,000 = 25%
Over $250,000 = 35%

When you consider that, by the time married taxpayers have $125,000 of taxable income, they're in the 25% bracket with a tax bill of $22,793 under the current system and it would only be $13,500 under the new plan, the actual taxable income point at which the new plan becomes more expensive to the taxpayer is MUCH higher.


What about a single taxpayer with no children? Currently, they have $10,400 sheltered from tax and the new plan would raise that by $6,300 to $16,700. A single taxpayer with no kids has a tax liability of $630 if they earn $16,700, and would owe nothing under the new plan. Set the two plans equal and solve for x... [0.1 * (x-10,400) = 0.12 * (x-16,700)] and you get x=$31,500. I don't know whether they would cut the brackets in half or adjust them some other way, but if the new bracket increases to 25% at around $60,000 taxable income, then a single taxpayer with $60,000 taxable income under the new rules would have a liability of $7,200. Under the current rules, that taxpayer would owe $12,345.

[Bay_area_Hokie]

Spending will never be cut in our lifetime, so don't hold your breath. It's the big lie.

The way out of the problem is simply massive devaluing of the currently. If a $1 goes down to $.1 in value, then the $20 T in debt is in effect only $2T. Again, assets keep going up in value. Those without assets suffer. Those with assets are fine. The rich get richer. Deficits simply don't matter

I wonder if you had a real country, that didn't spend like crazy but ran itself well.....I would think the dollar and all the other currencies would fall through the floor relative to this currency and the people holding that currency in mass would become the global rich. However, a made up war would result where they were bombed into oblivion. I probably need to check out the Swiss Franc.

Anyway, this is all a giant game. The losers get their Obama phone and section 8 housing so they don't complain.

[Hokie CPA]

Spending will never be cut in our lifetime, so don't hold your breath. It's the big lie.

The way out of the problem is simply massive devaluing of the currently. If a $1 goes down to $.1 in value, then the $20 T in debt is in effect only $2T. Again, assets keep going up in value. Those without assets suffer. Those with assets are fine. The rich get richer. Deficits simply don't matter

I wonder if you had a real country, that didn't spend like crazy but ran itself well.....I would think the dollar and all the other currencies would fall through the floor relative to this currency and the people holding that currency in mass would become the global rich. However, a made up war would result where they were bombed into oblivion. I probably need to check out the Swiss Franc.

Anyway, this is all a giant game. The losers get their Obama phone and section 8 housing so they don't complain.

Future spending can be cut without actually cutting anything. You just freeze spending levels. If the budget is projected to grow by 3% per year for 10 years, you're looking at growing the annual budget from $4T to $5.4T in 10 years. If spending is frozen, then in 10 years, the spending is still $4T... you've effectively cut spending by $1.4T over 10 years. And let's be honest: that's the only way it's ever going to happen.

[awesome guy]

Spending will never be cut in our lifetime, so don't hold your breath. It's the big lie.

The way out of the problem is simply massive devaluing of the currently. If a $1 goes down to $.1 in value, then the $20 T in debt is in effect only $2T. Again, assets keep going up in value. Those without assets suffer. Those with assets are fine. The rich get richer. Deficits simply don't matter

I wonder if you had a real country, that didn't spend like crazy but ran itself well.....I would think the dollar and all the other currencies would fall through the floor relative to this currency and the people holding that currency in mass would become the global rich. However, a made up war would result where they were bombed into oblivion. I probably need to check out the Swiss Franc.

Anyway, this is all a giant game. The losers get their Obama phone and section 8 housing so they don't complain.

Future spending can be cut without actually cutting anything. You just freeze spending levels. If the budget is projected to grow by 3% per year for 10 years, you're looking at growing the annual budget from $4T to $5.4T in 10 years. If spending is frozen, then in 10 years, the spending is still $4T... you've effectively cut spending by $1.4T over 10 years. And let's be honest: that's the only way it's ever going to happen.

And so isn't going to happen.

[HokieHam]

Spending will never be cut in our lifetime, so don't hold your breath. It's the big lie.

The way out of the problem is simply massive devaluing of the currently. If a $1 goes down to $.1 in value, then the $20 T in debt is in effect only $2T. Again, assets keep going up in value. Those without assets suffer. Those with assets are fine. The rich get richer. Deficits simply don't matter

I wonder if you had a real country, that didn't spend like crazy but ran itself well.....I would think the dollar and all the other currencies would fall through the floor relative to this currency and the people holding that currency in mass would become the global rich. However, a made up war would result where they were bombed into oblivion. I probably need to check out the Swiss Franc.

Anyway, this is all a giant game. The losers get their Obama phone and section 8 housing so they don't complain.

Future spending can be cut without actually cutting anything. You just freeze spending levels. If the budget is projected to grow by 3% per year for 10 years, you're looking at growing the annual budget from $4T to $5.4T in 10 years. If spending is frozen, then in 10 years, the spending is still $4T... you've effectively cut spending by $1.4T over 10 years. And let's be honest: that's the only way it's ever going to happen.

And so isn't going to happen.

Yup.......we have crack addicts for reps, except their crack is wasting our dough.....