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Senates Turn: Proposed Tax Brackets

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  • Senates Turn: Proposed Tax Brackets

    https://imgur.com/kEOd1iF

    https://imgur.com/hxwBtj6

  • #2
    Ugh

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    • #3
      Bleh

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      • #4
        The most offensive thing with any of the proposals is the lack of fiscal discipline.  These brackets look better for my family, and I'm a fan of a corporate rate reduction, but not at the expense of increasing our national debt.  What's equally troubling is that neither party seems to care about the debt or promoting efficient use of taxpayer dollars.  A consulting report came out last year showing that we could save $500+ billion over 10 years in the DOD alone with efficiency improvements.  That report is currently with Jimmy Hoffa.

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        • #5
          Want to cut the debt, cut federal spending, and big time.

          US has a overspending problem, not an undertaxing problem.

          Almost every year we set new records for tax revenue collected.

          Never forget. It’s our hard earned money, not the governments money. Never feel guilty for keeping it.

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          • #6
            Well actually the senate version is a little better than the house version for me.

            For someone making 350,000 in taxable income without any deductions married filing jointly, the tax bill would be:

            House Brackets: 84800

            Senate Brackets: 80492

            Since both versions eliminate SALT income deductions, I would be stuck with the standard deduction, so the Senate version is looking better.

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            • #7




              The most offensive thing with any of the proposals is the lack of fiscal discipline.  These brackets look better for my family, and I’m a fan of a corporate rate reduction, but not at the expense of increasing our national debt.  What’s equally troubling is that neither party seems to care about the debt or promoting efficient use of taxpayer dollars.  A consulting report came out last year showing that we could save $500+ billion over 10 years in the DOD alone with efficiency improvements.  That report is currently with Jimmy Hoffa.
              Click to expand...


              Exactly.  This bothers me the most as well.  The GOP has for as long as I can remember criticized the democrats for "bankrupting" the country and spending too much, driving up the deficit, etc, etc...But now that they have control of the government they are doing exactly that...putting us into a bad financial spot.  1.5 trillion dollars or more added to the deficit that hardworking, tax paying citizens will have to pay for.

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              • #8
                I can predict the final version of a tax bill, when it passes, will make everyone unhappy. Both the rich and the poor will feel that they have been treated unfairly. And life will still go on.

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                • #9
                  King of Debt is in the WH.  Even the fiscal conservative hawks are drinking the lemonade and preaching sustained 3.5% growth to even come within a trillion on debt load.  Crazy.

                   

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                  • #10
                    If they wanted to specifically target upper middle class professionals, they could not have crafted it any better!

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                    • #11




                      If they wanted to specifically target upper middle class professionals, they could not have crafted it any better!
                      Click to expand...


                      you mean target as in victimize or as in "provide relief to?"

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                      • #12







                        If they wanted to specifically target upper middle class professionals, they could not have crafted it any better!
                        Click to expand…


                        you mean target as in victimize or as in “provide relief to?”
                        Click to expand...


                        I am not going to portray us as victims, but we seem to be in the position to have the highest likelihood of paying more tax, given that many of us are primarily W-2 earners, live in higher value homes in better school districts, pay higher state and local tax, etc.

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                        • #13
                          QED

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                          • #14
                            Still [bad] but not as [bad] as the house brackets.  Based on my back of the envelope arithmetic, the senate bill would probably save me a few grand a year over the current system, even losing the state income tax deduction.  So I guess that's something.

                            I just don't understand why there is still a marriage penalty.

                            Well I guess I understand it, it's to keep revenues up.  But that was a clearly stated promise of the current administration and scores of republican congressmen.

                            If we get something that looks more like the senate bill, I'll be happier, but still disappointed.

                            I guess really I should be happy with any result that actually lowers my tax liability.  But it just seems like a wasted opportunity.

                            Again better than the house brackets.  House brackets literally hand money out to everyone except people like us WCI forum readers.

                            Moderated by WCI. Remember profanity is not permitted on the forum.

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                            • #15
                              Anyone know what the senate is proposing for 401k plans etc?

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