GOP tax document reveals plan for massive tax cuts, preserves key deductions

[DonViejo]

Source: The Washington Post




By Damian Paletta and Mike DeBonis September 27 at 10:19 AM

Republicans on Wednesday will propose slashing tax rates for the wealthy, middle class and businesses, while also preserving popular tax deductions that encourage buying homes and giving to charity, according to a 9-page document obtained by The Washington Post. But the document, titled “Unified Framework For Fixing Our Broken Tax Code,” leaves many key questions unanswered. In it, the White House and Republican congressional leaders do not identify the numerous tax breaks that they say will be removed in order to offset some of the trillions of dollars in revenue lost by cutting tax rates.

The framework is being presented to Republicans and the public Wednesday as a starting point for negotiations on revamping the U.S. tax code. Congress must vote the changes into law, and Republican leaders are now tasked with resolving controversial questions to unite their party — and possibly some Democrats — behind tax legislation.

The tax framework would:

* roughly double the standard deduction to $24,000 for married families and $12,000 for individuals

-snip-



Read more: https://www.washingtonpost.com/business/economy/gop-tax-document-reveals-plan-for-massive-tax-cuts-preserves-key-deductions/2017/09/27/684ea40e-a387-11e7-ade1-76d061d56efa_story.html

[elehhhhna]

1. Where is the CBO report

[louis-t]

2. Repugs own this.

I 've been telling the idiots in my office to watch for the new budget and whatever happens, they own it. Up until Saturday, it's all Obama. After that, it's republican everything. They will still blame Dems when everything crashes again.

[hibbing]

3. How many Democrats will vote for this?

That's been my concern from the get go, how can you go back to your constituents after voting against a tax cut? Even if it is only for the ruling class under the euphemism of "tax reform" as always.


Peace

[Grins]

4. ...and there it is!

"eliminate the estate tax and alternative-minimum tax"

The tongue-bath to Trump's tiny balls! From Trump's leaked tax return we saw that the ONLY reason the orange demagogue paid anything in taxes was because of the alternative-minimum tax.

So it has to go. The "Popular-vote-loser™" will see that ONE line item and will grab onto it like it was sweet, sweet cover-girl pussy and never let go, and never see the damage from the other line items because he won't give a shit.

[muriel_volestrangler]

6. That is, I suspect, the centerpiece of their plan - no estate or alternative minimum tax

That's what the billionaires want - Kochs, Mercers, Trump ... They have all sorts of ways around "normal" income tax, so they need the alternative abolished. And they're sick of having to use elaborate ways around the estate tax, when they think they can get is past their dumb base by calling it "death tax".

[CatMor]

7. He wants to eliminate the estate tax....

with the estate tax his heirs would probably get next to nothing when they have to pay the tax. I think the elimination of the estate tax is his main goal.

[DK504]

5. No matter what BS line

these politicians puke out, these personal tax cuts do absolutely NOTHING to create jobs. They don't hire any household staff, more housekeepers or landscaping guys. All these breaks do is allow them to squirrel away more money while you and I have to pay for their tennis club fees, private trips abroad or new yachts sales. (There's no sales tax on yachts BTW).

'Cause Steve Allen, Mak Cuban, Zukerberg, all of them get tax breaks, exactly who will pay for the DOD's $700 Billion new windfall.

People making the average income of $50K will pay more for everything, taxes, gas, food, insurance.

[briv1016]

8. Until Donald releases his taxes (which he promised to do) this is a non-starter.

When Reagan and Bush cut taxes we at least knew how it would personally affect them. Until Donald releases his taxes every Republican surrogate needs to be asked these 3 questions when they make any public appearance.

1) When will Donald release his taxes?

2) Have you seen Donald's taxes?

3) How much money will Donald save due to this tax plan?

The audit excuse is dead because every president for the past 40 years has been audited every year they were in office and every year they still released there taxes.