Shake Appeal
Member
This is the best driveby post, though. It should be posted in every sober WSJ editorial/analysis thread, forever.
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WSJ: Winners and Losers Under the Trump Tax Plan
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PepsimanVsJoe
Member
Yeah this plan is shit.
I work in Pizza Delivery and make less than $30k a year.
If I lose my Earned Income Credit and the ability to claim mileage, that's nearly $1,000 off of my tax return.
I work in Pizza Delivery and make less than $30k a year.
If I lose my Earned Income Credit and the ability to claim mileage, that's nearly $1,000 off of my tax return.
As an LLC owner who doesn't have a mortgage or children, or any other deductions, and who lives in a low tax state, this is going to save me a shitload of money.
I do not need to save a shitload of money. I pay too little taxes if anything. This is going to absolutely explode the deficit.
I do not need to save a shitload of money. I pay too little taxes if anything. This is going to absolutely explode the deficit.
No, this is just a ridiculous image that focused on very high earners & tried to present them as 'middle class' suffering under proposed changes.
It's a great example of how the very rich often still consider themselves middle-class.
BoogieWoogie
Banned
When it stops being relevant, people will stop posting it.
The majority of folks in the US don't make anywhere near this. This picture was basically created by someone completely out of touch with reality, to attempt to convey the image of how "downtrodden" the rich are and how unfair tax increases are to people that make over half a million dollars a year.
Why the hell is a woman who makes $230k per year looking so despondent?
Abstrusity
Member
To be fair, I only babysit for my sister and I feel pretty damn despondent after about an hour with the little hellion.
But pretty much, they want you to feel sorry for them so you'll vote against your own interests, in the interest of helping others. This is appealing to the best side of people before stabbing them in the back.
Raylan Targaryen
Member
Ive seen that image dozens of times and always thought the people were making 5 digits, not 6
This is like the top 5% of salaries here, so dont think its a representatation of average incomes.
As a homeowner in NY who pays $6000 a year in property taxes, pretty sure this new setup would fuck us. Will be interesting to see how the NY Republican house members we have here react to this, might be the House Republicans in rich states that end up getting this tweaked.
Yeah this will be a hard ass sell even in Nebraska. The average numbers of the SALT deduction are sort of misleading for that state in particular. The graph shows that the state average deduction is like $3K, but in the non-rural, most populous areas, the average deduction is like $13-14k because the property and income taxes are pretty high. Thats going to easily wipe out the bigger standard deduction if even for childless couples.
Even Senators will realize that raising taxes on a large plurality of the residents of their state will be electoral suicide. And a lot of representatives for upper middle income districts will also realize this.
There is no way this makes it into law edit: without significant changes
Give War A Chance
Member
I think most people have little to no faith that their tax dollars are being spent responsibly, which makes them want to pay as little in taxes as possible.
Vanillalite
Ask me about the GAF Notebook
Some people want more money for themselves. Some people hate big government. Some people hate "big government" aka they don't want to share with blacks or latinos or poor people ect. Some people just don't feel they are getting anything for their payment in.
Sounds like the plan they've always been outlining in slightly less broad strokes.
Doubling the standard deduction is a good idea but eliminating personal exemptions will hose any household with more than 1-2 children.
Lowering the tax rate for passthrough entities is a giveaway primarily to wealthy earners who don't get the majority of their income from wages.
Eliminating the estate tax is a transparent giveaway to the 1%.
I wouldn't lament the loss of the MID but it'll be a shock to some folks, as will the sudden loss of some other deductions.
Doubling the standard deduction is a good idea but eliminating personal exemptions will hose any household with more than 1-2 children.
Lowering the tax rate for passthrough entities is a giveaway primarily to wealthy earners who don't get the majority of their income from wages.
Eliminating the estate tax is a transparent giveaway to the 1%.
I wouldn't lament the loss of the MID but it'll be a shock to some folks, as will the sudden loss of some other deductions.
PanicFreak
Member
They said that the *possibility* of having a higher rate than 35% (which is currently not in the tax plan) *could* hurt high wage earners. Pretty shoddy analysis IMO.
Saint Gregory
Member
It's pretty clear that the original plan was to pay for tax cuts for the super wealthy by repealing the ACA. Since that failed they're going to squeeze the last few drops out of the middle class instead.
Thanks again embarrassed millionaires for voting these guys into office. It will sure pay off one day when you finally get rich though!
Thanks again embarrassed millionaires for voting these guys into office. It will sure pay off one day when you finally get rich though!
how can any rich parasite argue for tax cuts being beneficial when one of their main goals is getting rid of the estate tax, which benefits 90% of rich parasites
that is in addition to lowering the corp tax rate with no actual intentions to get rid of any tax loopholes whatsoever
that is in addition to lowering the corp tax rate with no actual intentions to get rid of any tax loopholes whatsoever
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