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  • Latest updates to GOP tax draft bill

    -401k pretax contribution limit to be lowered to ~10k
    -property taxes can be deducted
    -no state or local income tax deduction
    -repeal of estate tax

    http://abcnews.go.com/Politics/house-tax-plan-lowers-caps-401k-cuts-state/story?id=50861872

  • #2
    We'll see when it finally (if) drops. So far, looking more and more the usual Trump admin bill, lots of talk, little work and such a pile of garbage it cant catch a vote. Will be interesting indeed to see what it really is and if its enough to get congress to take it seriously, looking more and more unlikely.

    Comment


    • #3
      It really doesn't matter what gets introduced, voted on and possibly approved by the House.  The Senate is where it matters and last I saw they were short of 50 votes.  However, that was early this week so who knows by whenever this is actually introduced.

      Comment


      • #4
        Republican lawmakers in high tax states would sell out their constituents this way?

        Comment


        • #5
          I strongly suspect that many high income professionals have gone from "I voted for Trump b/c I thought he'd at least lower my taxes" to "I'm not worried b/c the GOP controlled congress that I voted for can't pass anything."

          You'll notice that this bill prioritizes the ultra-rich over the high earning, hard working doc. Might even give Trump himself a big tax cut, but we don't get to know that b/c he's been "under audit" since 2014.

          Think any of us will learn a lesson from this? Will anyone remember what they actually proposed when they had the chance? I have my doubts.

          Comment


          • #6
            Honestly have a hard time believing anything comes of this, whats being talked about the night before (after delay), I mean this basically is only a break on at most 5k tax filers, its insane.

            Comment


            • #7
              Sounds like there are still plenty of kinks that haven't been ironed out.

              http://thehill.com/policy/finance/358347-pressure-mounts-as-house-gop-wrestles-with-tax-bill-decisions

              That said, it's looking more likely that all the compromises they're making to get half the votes is going to result in a bunch of rearranged furniture instead of a leaner, more efficient tax code.  I always expected this to be a zero sum game in the end but was at least hoping I could take the 6-8 hours I spend doing taxes every March and go hiking instead.  Why don't they just get rid of something everyone (except H&R Block) hates, like the AMT, rather than fight over whose ox gets gored?

              I know I should probably save the gnashing of teeth for when the bill gets released, but I'm just trying to temper my expectations.

              Comment


              • #8




                Honestly have a hard time believing anything comes of this, whats being talked about the night before (after delay), I mean this basically is only a break on at most 5k tax filers, its insane.
                Click to expand...


                It's not insane at all, it's the logical endpoint of 4-5 decades of conservative economic thought.

                Massive tax cuts to the truly, truly wealthy will trickle down to the rest of us and cause explosive economic growth. Right?

                Comment


                • #9







                  Honestly have a hard time believing anything comes of this, whats being talked about the night before (after delay), I mean this basically is only a break on at most 5k tax filers, its insane.
                  Click to expand…


                  It’s not insane at all, it’s the logical endpoint of 4-5 decades of conservative economic thought.

                  Massive tax cuts to the truly, truly wealthy will trickle down to the rest of us and cause explosive economic growth. Right?
                  Click to expand...


                  I mean yes, in Paul Ryans dystopian wonderland, but you have to be super detached to think that can be sold to people. If you can, you better be ready for some serious blow back in a couple years when people rebel. Now you have the very distinct possibility that R's will not be wanting to side for Trump politically as he is in much more serious a position lawfully than they hoped just a week ago.

                  Comment


                  • #10




                    Sounds like there are still plenty of kinks that haven’t been ironed out.

                    http://thehill.com/policy/finance/358347-pressure-mounts-as-house-gop-wrestles-with-tax-bill-decisions

                    That said, it’s looking more likely that all the compromises they’re making to get half the votes is going to result in a bunch of rearranged furniture instead of a leaner, more efficient tax code.  I always expected this to be a zero sum game in the end but was at least hoping I could take the 6-8 hours I spend doing taxes every March and go hiking instead.  Why don’t they just get rid of something everyone hates, like the AMT, rather than fight over whose ox gets gored?

                    I know I should probably save the gnashing of teeth for when the bill gets released, but I’m just trying to temper my expectations.
                    Click to expand...


                    Its not meant for anything other than a big handout to large corporations and people with business/family setups like Trump has. Seriously as long as the Trump family gets a break I dont think he'd give a hoot about anything else in the bill.

                    Comment


                    • #11






                       
                      Click to expand…


                      I mean yes, in Paul Ryans dystopian wonderland, but you have to be super detached to think that can be sold to people. If you can, you better be ready for some serious blow back in a couple years when people rebel. Now you have the very distinct possibility that R’s will not be wanting to side for Trump politically as he is in much more serious a position lawfully than they hoped just a week ago.
                      Click to expand...


                       

                      They can sell anything to their base. They sold a war with Iraq in 2002 and then in 2016 sold a candidate who campaigned on how stupid that war was.

                      As far as Rs not wanting to side with him politically, they've swallowed everything so far including defense of Nazis. And now you see why -- it's b/c they want to do ************************ like repeal the estate tax. It really is pretty simple when you get down to it.

                      Comment


                      • #12









                         
                        Click to expand…


                        I mean yes, in Paul Ryans dystopian wonderland, but you have to be super detached to think that can be sold to people. If you can, you better be ready for some serious blow back in a couple years when people rebel. Now you have the very distinct possibility that R’s will not be wanting to side for Trump politically as he is in much more serious a position lawfully than they hoped just a week ago.
                        Click to expand…


                         

                        They can sell anything to their base. They sold a war with Iraq in 2002 and then in 2016 sold a candidate who campaigned on how stupid that war was.

                        As far as Rs not wanting to side with him politically, they’ve swallowed everything so far including defense of Nazis. And now you see why — it’s b/c they want to do ************************ like repeal the estate tax. It really is pretty simple when you get down to it.
                        Click to expand...


                        You've read the Papa confession/plea papers? Then he attacked him on twitter, a federal witness testifying in a case against him, that was a move that was magnitudes of stupidity above anything hes done before. Makes it hard to say hes fully cooperating and is an explicit attack on Mueller and the investigation.

                        Im sure some of the Rs that want to stay around know where things are heading and will start to disassociate. Yes, it will take months, but it does not look pretty rn and who knows what else they have. They had this dude and he was flipped for months, pled guilty, etc...and NO ONE knew about it. Hes not the only one either. Takes a while but the writing is on the wall.

                        Comment


                        • #13












                           
                          Click to expand…


                          I mean yes, in Paul Ryans dystopian wonderland, but you have to be super detached to think that can be sold to people. If you can, you better be ready for some serious blow back in a couple years when people rebel. Now you have the very distinct possibility that R’s will not be wanting to side for Trump politically as he is in much more serious a position lawfully than they hoped just a week ago.
                          Click to expand…


                           

                          They can sell anything to their base. They sold a war with Iraq in 2002 and then in 2016 sold a candidate who campaigned on how stupid that war was.

                          As far as Rs not wanting to side with him politically, they’ve swallowed everything so far including defense of Nazis. And now you see why — it’s b/c they want to do ************************ like repeal the estate tax. It really is pretty simple when you get down to it.
                          Click to expand…


                          You’ve read the Papa confession/plea papers? Then he attacked him on twitter, a federal witness testifying in a case against him, that was a move that was magnitudes of stupidity above anything hes done before. Makes it hard to say hes fully cooperating and is an explicit attack on Mueller and the investigation.

                          Im sure some of the Rs that want to stay around know where things are heading and will start to disassociate. Yes, it will take months, but it does not look pretty rn and who knows what else they have. They had this dude and he was flipped for months, pled guilty, etc…and NO ONE knew about it. Hes not the only one either. Takes a while but the writing is on the wall.
                          Click to expand...


                          Oh yes, I have been following this carefully for months.

                          One of 4 things is going to happen, I rank these in order of what I think is most likely:

                          1. Mueller is going to deliver a massive punch based on flipped witnesses in a relatively short timespan that will confirm our worst suspicions about what many of us have suspected since summer 2015. Trump will not be able to recover and will probably resign once he doesn't have a bunch of people worshiping him and he can no longer control the news cycle. That way he'll command a pardon from Pence and be able to avoid jail and claim it was all fake news. He'll take most of the GOP voter base with him and their electoral politics will get very weird for a few years. Interesting ramifications for the IC to have a deranged person with no impulse control running around the TV shows who has been briefed on the most sensitive secrets in the world.

                          2. Trump fires Mueller, after some grousing the GOP does nothing.

                          3. Mueller findings implicate Flynn, Manafort, Papa, Jared, Don Jr, etc in collusion with a foreign gov't and implicate Trump on obstruction of justice but can't tag him with ordering Russian cooperation. Trump pardons everyone. GOP does nothing at all in this scenario and 2018/2020 play out however they play out with what will likely be shockingly little consequence for Trump or the GOP.

                          4. Trump fires Mueller, GOP impeaches.

                          Comment


                          • #14















                             
                            Click to expand…


                            I mean yes, in Paul Ryans dystopian wonderland, but you have to be super detached to think that can be sold to people. If you can, you better be ready for some serious blow back in a couple years when people rebel. Now you have the very distinct possibility that R’s will not be wanting to side for Trump politically as he is in much more serious a position lawfully than they hoped just a week ago.
                            Click to expand…


                             

                            They can sell anything to their base. They sold a war with Iraq in 2002 and then in 2016 sold a candidate who campaigned on how stupid that war was.

                            As far as Rs not wanting to side with him politically, they’ve swallowed everything so far including defense of Nazis. And now you see why — it’s b/c they want to do ************************ like repeal the estate tax. It really is pretty simple when you get down to it.
                            Click to expand…


                            You’ve read the Papa confession/plea papers? Then he attacked him on twitter, a federal witness testifying in a case against him, that was a move that was magnitudes of stupidity above anything hes done before. Makes it hard to say hes fully cooperating and is an explicit attack on Mueller and the investigation.

                            Im sure some of the Rs that want to stay around know where things are heading and will start to disassociate. Yes, it will take months, but it does not look pretty rn and who knows what else they have. They had this dude and he was flipped for months, pled guilty, etc…and NO ONE knew about it. Hes not the only one either. Takes a while but the writing is on the wall.
                            Click to expand…


                            Oh yes, I have been following this carefully for months.

                            One of 4 things is going to happen, I rank these in order of what I think is most likely:

                            1. Mueller is going to deliver a massive punch based on flipped witnesses in a relatively short timespan that will confirm our worst suspicions about what many of us have suspected since summer 2015. Trump will not be able to recover and will probably resign once he doesn’t have a bunch of people worshiping him and he can no longer control the news cycle. That way he’ll command a pardon from Pence and be able to avoid jail and claim it was all fake news. He’ll take most of the GOP voter base with him and their electoral politics will get very weird for a few years. Interesting ramifications for the IC to have a deranged person with no impulse control running around the TV shows who has been briefed on the most sensitive secrets in the world.

                            2. Trump fires Mueller, after some grousing the GOP does nothing.

                            3. Mueller findings implicate Flynn, Manafort, Papa, Jared, Don Jr, etc in collusion with a foreign gov’t and implicate Trump on obstruction of justice but can’t tag him with ordering Russian cooperation. Trump pardons everyone. GOP does nothing at all in this scenario and 2018/2020 play out however they play out with what will likely be shockingly little consequence for Trump or the GOP.

                            4. Trump fires Mueller, GOP impeaches.
                            Click to expand...


                            1. Very possible at this point, so far its actually been true.

                            2. Think this is lower likelihood, but have been surprised by massive stupidity before.

                            3. I'd also add if they cant do that directly, remember taxes, they can probably sack trump/kushner on some kind of tax issues or investment bs.

                            4. This could totally happen. They should be prepping 25th if theyre smart, but who knows what pence knows, etc...

                            Its all bad even if it just turns out Trump is such a massive doofus that he was the easiest patsy for any intrepid foreign government.

                            Comment


                            • #15






                               
                              Click to expand…


                              1. Very possible at this point, so far its actually been true.

                              2. Think this is lower likelihood.

                              3. I’d also add if they cant do that directly, remember taxes, they can probably sack trump/kushner on some kind of tax issues or investment bs.

                              4. This could totally happen. They should be prepping 25th if theyre smart, but who knows what pence knows, etc…

                              Its all bad even if it just turns out Trump is such a massive doofus that he was the easiest patsy for any intrepid foreign government.
                              Click to expand...


                              Frankly the fact that there isn't more activity around impeachment/25th already as we head into 2018 w/ a 36% approval and no legislative accomplishments makes me think that the GOP power-brokers know that Pence isn't much cleaner, but that is pure speculation.

                              Comment

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