Tax Reform catastrophy

[oldno7]

When will all this insanity end?

https://townhall.com/tipsheet/guyben...n2431606/print


Trump's fault.....

[rockgremlin]

Crazy.

Every time I point to something like this article to almost everyone all I get are sneers and a sassy comment something to the effect that "Trump is only benefiting his bloated, fat-cat corporate constituencies, while the middle/lower class folks get shafted."

[Brian in SLC]

Crazy.

Every time I point to something like this article to almost everyone all I get are sneers and a sassy comment something to the effect that "Trump is only benefiting his bloated, fat-cat corporate constituencies, while the middle/lower class folks get shafted."

It is crazy, and, very politicized.

I'm try to have an open mind to it. Really. My bet is that my taxes, at least in the short term, will be reduced. But, I worry about this (from the CBO):

Effects on the Federal Budget

CBO and JCT estimate that enacting the legislation would reduce revenues by about $1,649 billion and decrease outlays by $194 billion over the 2018-2027 period. As a result, the bill is estimated to increase the deficit by $1,455 billion over the next 10 years, excluding effects from macroeconomic feedback. A portion of the changes in revenues would be from Social Security payroll taxes, which are off-budget. Excluding the estimated $27 billion increase in off-budget revenues over the next 10 years, the legislation would increase on-budget deficits by about $1,482 billion over the period from 2018 to 2027. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues.



My hope is that we can get the deficit under control before the ill effects of it impact other areas.

Given that I'm closer to further from SS and Medicare, I'd prefer that we not raid those NON-entitlements as well.

We'll see how she goes...

[oldno7]

It is crazy, and, very politicized.

I'm try to have an open mind to it. Really. My bet is that my taxes, at least in the short term, will be reduced. But, I worry about this (from the CBO):

Effects on the Federal Budget

CBO and JCT estimate that enacting the legislation would reduce revenues by about $1,649 billion and decrease outlays by $194 billion over the 2018-2027 period. As a result, the bill is estimated to increase the deficit by $1,455 billion over the next 10 years, excluding effects from macroeconomic feedback. A portion of the changes in revenues would be from Social Security payroll taxes, which are off-budget. Excluding the estimated $27 billion increase in off-budget revenues over the next 10 years, the legislation would increase on-budget deficits by about $1,482 billion over the period from 2018 to 2027. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues.



My hope is that we can get the deficit under control before the ill effects of it impact other areas.

Given that I'm closer to further from SS and Medicare, I'd prefer that we not raid those NON-entitlements as well.

We'll see how she goes...

just curious----were you worried about the national debt in 2008?

Enjoy your extra money....

[Brian in SLC]

just curious----were you worried about the national debt in 2008?

Enjoy your extra money....

Absolutely, especially after Clinton got it under control following Reagan/Bush 1.0.

Barry inherited a heck of a mess, didn't he, following Bush 2.0? Look how long it took to get that starting to turn around...

I'll enjoy it while I can...but, I worry about the horizon...

Was interesting how much this tax change played over my holidaze. Folks rushing to pre-pay property tax and the like. Prompted an "interesting" discussion over who is in the middle class.

Do I not meet the definition? Wow.

[Iceaxe]

More insanity....

Wal-Mart employees just got a huge surprise.

https://www.cnbc.com/2018/01/11/walm...-tax-bill.html

[rockgremlin]

More insanity....

Wal-Mart employees just got a huge surprise.

https://www.cnbc.com/2018/01/11/walm...-tax-bill.html

Yeah I saw that. That's yuge. $11 bucks an hour is a big pay raise for many folks on Wal-mart's payroll.

[Sombeech]

More insanity....

Wal-Mart employees just got a huge surprise.

https://www.cnbc.com/2018/01/11/walm...-tax-bill.html

You KNOW there are people that will complain about this.

[Iceaxe]

...

[tallsteve]

More: https://finance.yahoo.com/news/81-co...171148283.html

[Sombeech]

...

Just how old is Sean Spicer?

[Iceaxe]

Just how old is Sean Spicer?

Funny, but in my head I read it in a Red Foreman voice.

[Iceaxe]

More insanity courtesy of Donald Trump...

Fiat Chrysler to invest $1 billion in new Michigan plant and pay workers a $2000 bonus.

http://www.chicagotribune.com/busine...112-story.html

[oldno7]

More insanity courtesy of Donald Trump...

Fiat Chrysler to invest $1 billion in new Michigan plant and pay workers a $2000 bonus.

http://www.chicagotribune.com/busine...112-story.html

Dang--That sucks, now a bunch of folks will start buying houses and spending money===f in trump.

[Iceaxe]

Trump led US forced to accept the creation of 20,000 new jobs by Apple. But the news gets even worse! Apple is about to dump $38 billion dollars into the US economy and build a second campus in the states.

These 20,000 jobs are the exact same jobs that the beloved Obama said were never coming back.

https://www.usatoday.com/story/tech/...hq/1041261001/

[rockgremlin]

Trump led US forced to accept the creation of 20,000 new jobs by Apple. But the news gets even worse! Apple is about to dump $38 billion dollars into the US economy and build a second campus in the states.

These 20,000 jobs are the exact same jobs that the beloved Obama said were never coming back.

https://www.usatoday.com/story/tech/...hq/1041261001/

Oh SNAP!!!

BTW, your link re-directs to a shopping site...

[Iceaxe]

And the sky just keeps falling....

Starbucks to boost pay and benefits after tax cuts. The enhanced compensation is worth $250 million.

https://www.cnbc.com/2018/01/24/star...ate-taxes.html

Waiting for @Brian in SLC and @DirkHammergate to explain to us how this is a bad thing.

[oldno7]

Yea, this catastrophe is getting much worse--now Disney is involved...

https://www.cnbc.com/video/2018/01/2...nbcembedplayer

[oldno7]

wasserman--big deal--$1000 doesn't go very far....

http://thehill.com/policy/finance/37...nt-go-very-far

[oldno7]

,.,.