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Thread: House tax plan released

  1. #1
    Senior Member Billyd's Avatar
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    Default House tax plan released

    How much of a tax cut will you get?

    House GOP unveils tax overhaul

    Is what is proposed worth a $1.5T increase in the national debt over 10 years worth what is being proposed? IMHO, given the past performance of GOP tax cut estimates, I'd have to say no.
    2 Peter 1:5 Because you have these blessings, do all you can to add to your life these things: to your faith add goodness; to your goodness add knowledge; 6 to your knowledge add self-control; to your self-control add patience; to your patience add devotion to God; 7 to your devotion add kindness toward your brothers and sisters in Christ, and to this kindness add love.

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    Senior Member Jenizona's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Billyd View Post
    How much of a tax cut will you get?

    House GOP unveils tax overhaul

    Is what is proposed worth a $1.5T increase in the national debt over 10 years worth what is being proposed? IMHO, given the past performance of GOP tax cut estimates, I'd have to say no.
    I just wanted a flat tax rate for everyone...

    zeroturbulence likes this.

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    Senior Member notuptome's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Jenizona View Post
    I just wanted a flat tax rate for everyone...

    OK is 100% acceptable to you?

    For the cause of Christ
    Roger
    The bible is a mirror not a magnifying glass
    use it to examine yourself not others.

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    Senior Member Jenizona's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by notuptome View Post
    OK is 100% acceptable to you?

    For the cause of Christ
    Roger
    Is that a serious suggestion? Are you planning on running for office any time soon?

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    Senior Member Ellsworth1943's Avatar
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    Default Re: House tax plan released

    One advantage to being on SS and poor, I have not paid income tax for 11 years now.

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    Senior Member Jenizona's Avatar
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    Default Re: House tax plan released

    Oh! Getting rid of the Estate Tax is in there!! Yeah, awesome!!! FINALLY!
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    Senior Member Billyd's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Jenizona View Post
    I just wanted a flat tax rate for everyone...

    IMHO, no.

    Remember, 90% of the current revenue is now generated by those now earning over $1M per year. They are now taxed at a rate of 36.5%.

    In order to generate the current revenue, the federal flat tax rate would be at least 27% (probably closer to 30%). Do you want to take 30% from those earning less than $10K, or $20K, or even $50K.

    If we really want to balance the budget and maintain the current spending levels., we would need a flat tax rate of at least 35%. (Probably closer to 40%.)
    2 Peter 1:5 Because you have these blessings, do all you can to add to your life these things: to your faith add goodness; to your goodness add knowledge; 6 to your knowledge add self-control; to your self-control add patience; to your patience add devotion to God; 7 to your devotion add kindness toward your brothers and sisters in Christ, and to this kindness add love.

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    Senior Member Jenizona's Avatar
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    Default Re: House tax plan released

    Or you could get rid of income tax altogether and just bump up the sales tax.

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    Senior Member Billyd's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Jenizona View Post
    Oh! Getting rid of the Estate Tax is in there!! Yeah, awesome!!! FINALLY!
    I know a several families that have passed large estates to their heirs. None have paid estate tax. Getting rid of that tax is just a "feel good" thing. If you have a large estate, get an estate attorney now.
    Jenizona likes this.
    2 Peter 1:5 Because you have these blessings, do all you can to add to your life these things: to your faith add goodness; to your goodness add knowledge; 6 to your knowledge add self-control; to your self-control add patience; to your patience add devotion to God; 7 to your devotion add kindness toward your brothers and sisters in Christ, and to this kindness add love.

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    Senior Member Billyd's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Jenizona View Post
    Or you could get rid of income tax altogether and just bump up the sales tax.
    Since those now controlling 90% of the nations income, spend a tiny portion of their income on taxable goods and services, the sales tax rate would need to be close to 50%.

    I like the rate structure of the proposed bill. I would like to see closing loop holes and deductions (all of them), and exempt the first $25K ($50K for families) from taxes. All should come together into a balanced budget.
    Huckleberry and notmyown like this.
    2 Peter 1:5 Because you have these blessings, do all you can to add to your life these things: to your faith add goodness; to your goodness add knowledge; 6 to your knowledge add self-control; to your self-control add patience; to your patience add devotion to God; 7 to your devotion add kindness toward your brothers and sisters in Christ, and to this kindness add love.

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    Default Re: House tax plan released

    Quote Originally Posted by Jenizona View Post
    Oh! Getting rid of the Estate Tax is in there!! Yeah, awesome!!! FINALLY!
    Finally the very wealthy are getting a break in the USA.

  12. #12
    Senior Member Jenizona's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Society View Post
    Finally the very wealthy are getting a break in the USA.
    Finally the farmers and ranchers won't lose their land to the government when they die.
    Shamrocker likes this.

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    Default Re: House tax plan released

    Quote Originally Posted by Jenizona View Post
    Finally the farmers and ranchers won't lose their land to the government when they die.
    Do you even have a clue what the estate tax is or who it applies to? it effects families that are worth other 10 million or more. Only 2 out of every 1000 estates are even affected by it.

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    Senior Member Jenizona's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Society View Post
    Do you even have a clue what the estate tax is or who it applies to? it effects families that are worth other 10 million or more. Only 2 out of every 1000 estates are even affected by it.
    Yes, I do, actually... and it applies to ranches and farms as well, whether or not the family has enough assets to cover the outrageous taxes assessed at the ranch owner's death. Don't you think it should go to the children instead of to the government? I do.

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    Senior Member Jenizona's Avatar
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    Default Re: House tax plan released


  16. #16
    Senior Member Jenizona's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Society View Post
    Do you even have a clue what the estate tax is or who it applies to? it effects families that are worth other 10 million or more. Only 2 out of every 1000 estates are even affected by it.
    Hmm, it seems your numbers are wrong... it applies to estates worth more than 5.6 million or more. Not "10 million or more." According to the IRS website. If I'm wrong, please send a link with the correct information! Thank you!

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    Senior Member zeroturbulence's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Billyd View Post
    How much of a tax cut will you get?

    House GOP unveils tax overhaul
    I would take any article by Yahoo Finance with a big grain of salt. Yahoo is very anti-trump biased.
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    Senior Member Tommy379's Avatar
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    Default Re: House tax plan released

    If you got rid of all the spending on legislation the constitution doesn't authorize congress to legislate, the federal government wouldn't need but a quarter of the revenue it currently takes in.
    Oncefallen, Susanna and notmyown like this.

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    Default Re: House tax plan released

    Quote Originally Posted by Tommy379 View Post
    If you got rid of all the spending on legislation the constitution doesn't authorize congress to legislate, the federal government wouldn't need but a quarter of the revenue it currently takes in.
    What a debbie downer you are. Imagine all the lawmakers that will be losing their income over this?

    We can't have a Constitution that is preventing the lawmakers from passing any law they like.

    Ludicrous.

    That would be...CONSTITUTIONAL!

    LOL.
    notmyown likes this.
    AWV

  20. #20
    Senior Member notuptome's Avatar
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    Default Re: House tax plan released

    Quote Originally Posted by Jenizona View Post
    Is that a serious suggestion? Are you planning on running for office any time soon?
    As a basket of deplorable's you cannot manage your money. You need to give it all to the wiser elites of our great society and permit them to do the good and honorable thing with it. If any is left over they might let you have some to fritter away on some meaningless enterprise. Only the government is able to care for you and look out for your best interests.

    You must trust the government. Believe in Santa? Just kidding.

    Pr 21:1 The king’s heart is in the hand of the LORD, as the rivers of water: he turneth it whithersoever he will.

    We have the government God has established for us. We are over taxed because we have withheld from God that which is His first. Judgment begins at the house of God.


    For the cause of Christ
    Roger
    The bible is a mirror not a magnifying glass
    use it to examine yourself not others.

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