OMFGWhatHaveWeDONE
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House Republicans passed their tax bill, which would cut taxes by $1.5 trillion over 10 years in a rewrite of the tax code. The bill also cuts the corporate tax rate to 20% from 35%, collapses the number of tax brackets from seven to four, and eliminates or scales back many popular deductions of individuals, including the state and local tax deduction, medical expenses deduction, and student loan deductions.
sDsnAlien
Cut cut cut! Nah mean
loki79four
CommentsAreDumb
I’m a proponent of a 0% tax rate for everyone and corporations.
OpieWinstonliveson
less taxes, smaller tax code
reanbean
Fake news
innagaddavidababy
Eat the rich
BrwnSgr
sweetfeetpete
And to be clear, that means increasing the deficit by 1.5 trillion over the next decade. Super awesome tax plan
WorldsSmallestMegaDick
Dang then you must've hated th e last decade
canadiancanadiancanadian84
I love how the left has just begun to hate deficits. It’s a brand new passion. Usually it’s spend spend spend.
thelostcarrot
It’s not over. Call your senator if you don’t agree with it. The senate is much more divided than the house. Be active.
OMFGWhatHaveWeDONE
Or better yet, since they are heading home for Thanksgiving, try to tell them in person.
NotGonnaSugarCoat
Making money from the vulnerable
TheManTheMythTheMildDissapointment
Could you put that in terms a teenager could understand?
sDsnAlien
This wont be passed without further modification, the federal government will lose to much money approx 1.4trillion according to some websit
sDsnAlien
Over the next decade
tortfeasor
We have a long way to go. The Senate has to pass their own bill, then the two need to be reconciled, and the new combined bill passed.
FredGarvinMaleProstitute
but gives you a much larger standard deduction so ?
tortfeasor
And larger child tax credits.
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FredGarvinMaleProstitute
No, rich people itemize so a standard deduction doesn't apply. going from $5K to $12K as a normie makes up for the loss of loan interest.
FredGarvinMaleProstitute
frankly I'd prefer a flat tax. fill in your income. multiply by X%. that will never happen because most don't actually pay taxes.
FredGarvinMaleProstitute
a spoonful of sugar might not help. http://www.washingtonexaminer.com/omb-top-20-pay-95-of-taxes-middle-class-single-digits/article/2638746
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Syrpynt
hahahahahaha, “hope”. You already know the answer. Evil never dies.
viila
Every day I'm just more glad I don't live in your country.
eleonidas
Me too.
letstalknews
YeH U cAN FUK OFF MATE
EaNasirsExcellentHighGradeCopper
At thi rate I'd rather fuckin live in cambodia.
eleonidas
Haha, ok.
EitherImRightOrYoureWrong
Don't let the door hit you on your way out
QUIBICUS
Is there a giant fucking door like Jurassic Park!!!!!
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tortfeasor
This is because multinationals can move globally but citizens can't. It's why Europe has lower corporate rates than the US but also a VAT.
tortfeasor
The average corporate rate globally last year was 22.5%. https://taxfoundation.org/corporate-income-tax-rates-around-world-2016/
tortfeasor
If any country wants to compete for jobs in a global economy, it has to offer a competitive tax structure.
Michaeljaxson
Yet people don't see that
tortfeasor
People rarely ever see beyond their own personal political zealotry, regardless of political affiliation.
ImFunnierThanYallGiveMeCreditFor
Don't forget that corporate tax deductions are permanent and civilian deductions have a sunset
tortfeasor
This is done as a gimmick and will likely be extended like the Bush tax cuts were. The sunset is required by the reconciliation process.
tortfeasor
I.E., they can't pass tax reform unless it only minimally reduces revenues over a number of years. So sunset provisions are required.
tortfeasor
Even when they fully intend not to let them go away.
Squanchers
So, is it to just make the balance sheets look better over 10 years or something?
tortfeasor
Exactly. To avoid needing 60 votes to bring it to a vote, they are using budget reclamation which requires the long term effects be small.
tortfeasor
Sorry, reconciliation, not reclamation.