MUScoop

MUScoop => The Superbar => Topic started by: Tugg Speedman on November 20, 2017, 07:58:30 AM

Title: GOP Tax Proposal To Hit MU Boosters
Post by: Tugg Speedman on November 20, 2017, 07:58:30 AM
If this passes then donations toward "points" will no longer be tax deductible.

Your College Football Team Is Very Worried About GOP Tax Reform
https://www.bloomberg.com/news/articles/2017-11-17/your-college-football-team-is-very-worried-about-gop-tax-reform
Donations tied to tickets would no longer be tax-deductible
Change could chill giving by 20 to 30 percent, economist says

The issue revolves around donations that confer the right to buy top-tier football and basketball tickets. Modeled after seat licenses in pro sports, these “contributions” have historically been 80 percent tax deductible and have become one of the three main revenue streams in college sports. Ticket sales and money earned from media rights are the other two.

The bill approved by the House Thursday would remove the tax incentive tied to those donations. Congressional tax writers say other kinds of tax relief in the bill are more important. “If seat license revenue is important to state-based colleges and universities, then states themselves can provide this tax benefit rather than federal taxpayers,” a House Ways and Means Committee spokesperson said in an email.

Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on November 20, 2017, 11:18:31 AM
No big deal. Bye-bye student loan deductions, teachers buying school supply deductions, mortgage deductions...

As long as I still have my private jet deduction, I'm set.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Jockey on November 20, 2017, 11:24:17 AM
Sultan started the same thread 2 weeks ago. We don't need a duplicate.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 20, 2017, 11:28:37 AM
In before the lock.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GGGG on November 20, 2017, 11:37:53 AM
To make the math easy, let's say you make a $1,000 donation for the right to buy $2,000 worth of tickets (total of $3,000) and that you are in the 25% marginal tax bracket.

Now you are able to claim $800 of the $1,000 as a charitable deduction.  25% of $800 = $200.  That means your true cost was actually $2,800...not $3,000.

What this would mean for the future is that the school would likely collect around $2,800 instead of $3,000.  (But likely more than $2,800 depending on the elasticity of the demand for tickets.)

Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 20, 2017, 01:16:13 PM
Very possibly the least odious provision in the tax bill.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: #UnleashSean on November 20, 2017, 02:38:22 PM
Is this the same bill thats going to unnatural carnal knowledge grad students like me?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: reinko on November 20, 2017, 04:55:14 PM
Is this the same bill thats going to unnatural carnal knowledge grad students like me?

Yup.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Hards Alumni on November 20, 2017, 06:09:27 PM
Not going to make it through the senate.  Who cares.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 20, 2017, 06:17:20 PM
Not going to make it through the senate.  Who cares.
Thoughts and prays to the bill
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MUBurrow on November 20, 2017, 06:35:29 PM
Thoughts and prays to the bill

this is the good post.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Plaque Lives Matter! on November 20, 2017, 07:16:58 PM
Inspiring to see some relief for the long struggling coal miners and their private jets.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Jay Bee on November 20, 2017, 07:17:56 PM
Obama administration tried to nix the 80/20 rule as well. Went nowhere fast. Yawn.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GGGG on November 20, 2017, 07:20:00 PM
That's because the GOP Congress wouldn't pass anything during the Obama administration.  It's an easy way to generate revenue that isn't going to get a lot of people excited.  I am pretty sure this will be part of a final bill.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Herman Cain on November 20, 2017, 07:24:45 PM
If the tax proposals go through my tax bill will increase by approximately a net of $80,000. The state and local tax will hit hard and more than offset any benefit from rate changes.

Also I get hosed if I sell my residence as I will no longer benefit from the 500,000 cap gains exclusion.

Some day my kids will benefit from the estate tax changes .
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: mu03eng on November 20, 2017, 07:37:45 PM
If the tax proposals go through my tax bill will increase by approximately a net of $80,000. The state and local tax will hit hard and more than offset any benefit from rate changes.

Also I get hosed if I sell my residence as I will no longer benefit from the 500,000 cap gains exclusion.

Some day my kids will benefit from the estate tax changes .

(https://img.buzzfeed.com/buzzfeed-static/static/2014-10/28/5/enhanced/webdr08/anigif_enhanced-21305-1414489999-1.gif)
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: 4everwarriors on November 20, 2017, 08:11:58 PM
Honeycrisp moment, ai na?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: warriorchick on November 20, 2017, 08:19:33 PM
If the tax proposals go through my tax bill will increase by approximately a net of $80,000. The state and local tax will hit hard and more than offset any benefit from rate changes.

Also I get hosed if I sell my residence as I will no longer benefit from the 500,000 cap gains exclusion.

Some day my kids will benefit from the estate tax changes .

I wish I made enough money for it to be possible for my taxes to go up by 80 grand at a top rate of 39.6%.
A nice fat donation to Marquette with no strings attached could help matters for you.

Also,  I wish I could sell my house for a half million more than what I paid for it.

Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MUBurrow on November 20, 2017, 08:34:58 PM
If the tax proposals go through my tax bill will increase by approximately a net of $80,000. The state and local tax will hit hard and more than offset any benefit from rate changes.

Also I get hosed if I sell my residence as I will no longer benefit from the 500,000 cap gains exclusion.

Some day my kids will benefit from the estate tax changes .

Its almost like there's a connection between the location of the houses people want to buy and the blue states hit hardest by eliminating the SALT deduction.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: warriorchick on November 20, 2017, 08:40:18 PM
Its almost like there's a connection between the location of the houses people want to buy and the blue states hit hardest by eliminating the SALT deduction.

Gotta keep blue people in the blue states.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: reinko on November 20, 2017, 08:58:24 PM
If the tax proposals go through my tax bill will increase by approximately a net of $80,000. The state and local tax will hit hard and more than offset any benefit from rate changes.

Also I get hosed if I sell my residence as I will no longer benefit from the 500,000 cap gains exclusion.

Some day my kids will benefit from the estate tax changes .

The estate tax is one of the easiest taxes to avoid, that's why I know you are full of shat.  No rich person worries about it, because it is joke, and not much more than  a conservative rallying cry about a death tax.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Herman Cain on November 20, 2017, 09:18:55 PM
The estate tax is one of the easiest taxes to avoid, that's why I know you are full of shat.  No rich person worries about it, because it is joke, and not much more than  a conservative rallying cry about a death tax.
Uninformed people say that the estate tax is easy to avoid. At certain levels that is true. As you can create trust structures to use each spousal exclusion. Currently that can get you around 11 million. The house and senate plan extend that to 22 million , with the house plan having a complete phase out in 6 years. Above the exclusion amounts it gets tricky as you have to do things like create Family limited partnerships to transfer ownership and spend a fortune on life insurance trusts etc. Of course you can create a foundation and completely avoid the estate tax as as well, but in that case your heirs are just controlling which charities your wealth goes to rather than govt directing it.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 20, 2017, 09:33:34 PM
GOP tax cuts are always based on the premise that massive tax relief for rich people will spur dramatic economic growth. The Bush tax cuts led to sluggish growth and then a precipitous crash. Companies did not use the money saved from tax cuts to hire workers; most increased their shareholders’ dividends and bought back their own stock.

Trump’s chief economic adviser, Gary Cohn, was speaking at a CEO forum last week. He asked the executives to raise their hands if they would increase their capital investment if the tax cuts go through. Only a few hands went up.

“Why aren’t the other hands up?” Cohn asked, seemingly surprised. He should not have been surprised. Tax cuts rarely ignite investment and hiring. They mostly make the rich executives richer.

And as a bonus, they add to both the deficit and the debt.

Republicans hate legislation that adds to the deficit ... unless they're the ones pushing such legislation. Then, it's "deficits no matta."
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Jay Bee on November 20, 2017, 09:39:35 PM
GOP tax cuts are always based on the premise that massive tax relief for rich people will spur dramatic economic growth. The Bush tax cuts led to sluggish growth and then a precipitous crash. Companies did not use the money saved from tax cuts to hire workers; most increased their shareholders’ dividends and bought back their own stock.

Trump’s chief economic adviser, Gary Cohn, was speaking at a CEO forum last week. He asked the executives to raise their hands if they would increase their capital investment if the tax cuts go through. Only a few hands went up.

“Why aren’t the other hands up?” Cohn asked, seemingly surprised. He should not have been surprised. Tax cuts rarely ignite investment and hiring. They mostly make the rich executives richer.

And as a bonus, they add to both the deficit and the debt.

Republicans hate legislation that adds to the deficit ... unless they're the ones pushing such legislation. Then, it's "deficits no matta."

^^^^ ban dis guy
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 20, 2017, 09:50:16 PM
^^^^ ban dis guy

JB, curious why you didn't advocate banning the previous posters. I waited to say a single word related to politics in this obviously political thread until numerous other posters - including you - did.

I'm sure you haven't noticed, but that's been my modus operandi for quite awhile now: Say nothing political unless others do.

I know you don't like me for some reason, but it's become so transparent lately. Seriously, what did I ever do to you? Feel free to PM me if you'd like.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jsglow on November 20, 2017, 09:50:57 PM
In before the lock
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GGGG on November 20, 2017, 09:52:06 PM
Uninformed people say that the estate tax is easy to avoid. At certain levels that is true. As you can create trust structures to use each spousal exclusion. Currently that can get you around 11 million. The house and senate plan extend that to 22 million , with the house plan having a complete phase out in 6 years. Above the exclusion amounts it gets tricky as you have to do things like create Family limited partnerships to transfer ownership and spend a fortune on life insurance trusts etc. Of course you can create a foundation and completely avoid the estate tax as as well, but in that case your heirs are just controlling which charities your wealth goes to rather than govt directing it.


I think Herman can be full of it at times, but he is spot on here. Especially if your assets are tied up in something illiquid like a family business.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GB Warrior on November 20, 2017, 10:14:49 PM
This bill is likely to slam the upper (kinda sorta but not really wealthy) class*, and as others have said, it's no surprise that most of those folks (yours truly) live in urban and conveniently liberal areas.

*One of the hardest thing for Americans to agree on with tax reform is where the class demarcation point is. I would imagine we are in the upper middle if you consider top line income, but take out student loans and daycare that enables that income, and my wife and I are looking at a much different scenario. It continues to bother me that the tax code takes a rather backwards view of education expenses in that respect, and this bill makes it worse (don't even get started on the tuition benefits taxation changes)

This bill discentivizes a lot of what we've been taught to invest in by getting rid of student loan interest and education in general, housing (albeit mostly in very high tax areas only, or the truly wealthy in rural areas).

Getting rid of personal deductions slams families with more kids, since all you get is the 12k for filing single or 24k for MFJ. The reduction in deductions makes it very difficult for us itemize, unless we withhold donations to a lump sum every few years. There is the child tax credit, but I BELIEVE we'd continue to phase out of that.  Failure to expand the childcare savings incentive makes me think that ivanka isn't actually doing anything.

I'm all for reducing the corporate tax rate  (28 seemed reasonable), but the hikes on the individual level should make it no secret who the beneficiaries are supposed to be. Reasonable, bipartisan tax cuts would have been possible without such an aggressive target that disregards the working class.

So I hope that the wealthy can enjoy all of their perks at the expense of people like me, both in life and in death (with stepped up basis!)
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: forgetful on November 20, 2017, 11:19:03 PM
This bill is likely to slam the upper (kinda sorta but not really wealthy) class*, and as others have said, it's no surprise that most of those folks (yours truly) live in urban and conveniently liberal areas.

*One of the hardest thing for Americans to agree on with tax reform is where the class demarcation point is. I would imagine we are in the upper middle if you consider top line income, but take out student loans and daycare that enables that income, and my wife and I are looking at a much different scenario. It continues to bother me that the tax code takes a rather backwards view of education expenses in that respect, and this bill makes it worse (don't even get started on the tuition benefits taxation changes)

This bill discentivizes a lot of what we've been taught to invest in by getting rid of student loan interest and education in general, housing (albeit mostly in very high tax areas only, or the truly wealthy in rural areas).

Getting rid of personal deductions slams families with more kids, since all you get is the 12k for filing single or 24k for MFJ. The reduction in deductions makes it very difficult for us itemize, unless we withhold donations to a lump sum every few years. There is the child tax credit, but I BELIEVE we'd continue to phase out of that.  Failure to expand the childcare savings incentive makes me think that ivanka isn't actually doing anything.

I'm all for reducing the corporate tax rate  (28 seemed reasonable), but the hikes on the individual level should make it no secret who the beneficiaries are supposed to be. Reasonable, bipartisan tax cuts would have been possible without such an aggressive target that disregards the working class.

So I hope that the wealthy can enjoy all of their perks at the expense of people like me, both in life and in death (with stepped up basis!)

So if mr. 999 is correct, his taxes and the wealthy people's taxes go up.  I've ran the numbers for myself, and most of my friends that are middle, to middle-upper class all have their taxes going up.   Granted, most people I know live in high tax states. 

So who exactly are these people that are benefitting from this? 

Private Universities lose big time.  So do graduate students.  So do many of the poor.  Why are people supporting this bill?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: #UnleashSean on November 20, 2017, 11:31:35 PM
Yup.

Shame I'll probably have to drop out of grad school when/if this bill comes into effect. I rely heavily on the tuition credits.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: forgetful on November 20, 2017, 11:38:07 PM
Shame I'll probably have to drop out of grad school when/if this bill comes into effect. I rely heavily on the tuition credits.

Yeah, grad students taxes are going up an average of 300%.  Some I know will have there annual taxes almost equal their entire take home pay. 

Brilliant!
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Jockey on November 21, 2017, 12:55:20 AM
So if mr. 999 is correct, his taxes and the wealthy people's taxes go up.  I've ran the numbers for myself, and most of my friends that are middle, to middle-upper class all have their taxes going up.   Granted, most people I know live in high tax states. 

So who exactly are these people that are benefitting from this? 

Private Universities lose big time.  So do graduate students.  So do many of the poor.  Why are people supporting this bill?

They're not.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 21, 2017, 08:07:49 AM
So if mr. 999 is correct, his taxes and the wealthy people's taxes go up.  I've ran the numbers for myself, and most of my friends that are middle, to middle-upper class all have their taxes going up.   Granted, most people I know live in high tax states. 

So who exactly are these people that are benefitting from this? 

Private Universities lose big time.  So do graduate students.  So do many of the poor.  Why are people supporting this bill?

It is easy to see who is supporting this bill -- just follow the money:

“My donors are basically saying, ‘Get it done or don’t ever call me again,’” Rep. Chris Collins (R-N.Y.), himself a millionaire, said on Tuesday.

“(Donors) would be mortified if we didn’t live up to what we’ve committed to on tax reform,” Steven Law, the head of Senate Leadership Fund, a super PAC affiliated with Senate Majority Leader Mitch McConnell (R-Ky.), told the New York Post.

Those big donors are already trying to push the tax cut legislation across the finish line by spending tens of millions of dollars on political advertising. Nonprofit groups that do not disclose their donors, like 45Committee, American Action Network, America First, Americans for Prosperity, and Freedom Partners, plan to spend at least $43 million on a campaign to pressure specific members of Congress to pass the bill, according to the The Wall Street Journal.

45Committee was founded by Sheldon Adelson, the billionaire casino oligarch, and Joe Ricketts, the billionaire owner of the Chicago Cubs who recently shuttered multiple news organizations he ran after the workers voted to unionize.

https://www.huffingtonpost.com/entry/gary-cohn-tax-cut-ceos-donors_us_5a049571e4b0f76b05c4249e?ncid=inblnkushpmg00000009

Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: LloydsLegs on November 21, 2017, 08:10:16 AM

I think Herman can be full of it at times, but he is spot on here. Especially if your assets are tied up in something illiquid like a family business.

I disagree.  Insurance trusts do not cost a fortune to set up and maintain.  Tax avoidance planning for those with $20 million plus is not at all difficult.  And it is easier to avoid taxes with an operating family business than it is with a liquid investment portfolio. And for the "super rich" ($100 million plus, let's say), even easier.

It is simply a question of whether you want to play the game or not (and pay a relatively small amount to accountants and lawyers to do so).

The folks who tend to pay the most relative to their net worth are those who are in the $5 (if unmarried) to $20 million range.  Harder to plan with these "small" estates - people are less willing to give up putative control etc.

The lesser known concern I have with the House version is that it eliminates the Estate Tax AND keeps in place the step up in basis on death.  Prior versions of bills eliminating the Estate Tax have generally either eliminated the step up in basis or treated death like a realization event and caused a tax on the "gain" at death. Say Herman Cain dies with a $100 million portfolio of highly appreciated stocks, with a cost basis of just $10 million. There would be no estate tax, and his heirs could sell the stock right after his death and owe no capital gains taxes on the $90 million gain.

 

Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU Fan in Connecticut on November 21, 2017, 08:21:15 AM
Not going to make it through the senate.  Who cares.

So we hope.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU Fan in Connecticut on November 21, 2017, 08:24:24 AM
If the tax proposals go through my tax bill will increase by approximately a net of $80,000. The state and local tax will hit hard and more than offset any benefit from rate changes.

Also I get hosed if I sell my residence as I will no longer benefit from the 500,000 cap gains exclusion.

Some day my kids will benefit from the estate tax changes .

My tax bill will go up also, and no where even remotely close this, but it will go up mostly due to SALT elimination.  Kill this bill!
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU Fan in Connecticut on November 21, 2017, 08:27:57 AM
They're not.

Was just going to say this.  The plans floated have like a 22% approval.  I saw a poll that said like 68% people think corporations and the super-wealthy already pay too little taxes.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MUBurrow on November 21, 2017, 09:18:25 AM
UNPOPULAR OPINION PUFFIN ALERT
(http://i0.kym-cdn.com/photos/images/original/000/627/495/589.jpg)

Though Trump's motivations for eliminating the SALT deduction are gross, the SALT deduction at best excuses and at worst encourages fiscal irresponsibility in local government and should be eliminated to force us to have a more honest conversation about the connection between tax rates and standards of living.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 21, 2017, 09:19:17 AM
This poll, released last week (most recent I could find), says 52% of Americans disapprove while 25% approve of GOP tax plans:

http://time.com/5026846/gop-tax-reform-plan-poll-disapproval/

The biggest surprise for me was that only 60% of Republicans polled approve; I would have thought it would have been much higher.

This poll says vast majority believe Trump is lying when he claims that he and his family would not be major beneficiaries of the tax proposals:

https://www.usnews.com/news/politics/articles/2017-11-15/poll-shows-voters-think-tax-reform-would-benefit-trump

I have played with the numbers and I actually think I'd come out a little ahead if most of the stuff proposed in both the House and Senate passes. (I do not have student loans, I have a decent amount of investment income, I would get great benefit from the doubling of the standard deduction because I don't itemize.) But like the majority of Americans, I think it's a bad plan for America, one that would hurt those who can least afford it and push us ever closer to being a plutocracy.

So, trying to be an optimist, I'm looking it this way: If it doesn't pass, good for America (and good for me, by extension, as a patriotic American); and if it does pass, I'll do fine personally.

I'd rather do a little less fine personally, however, than see so many of my fellow Americans get hurt by horrible, deficit-growing policy driven by political donors.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: #UnleashSean on November 21, 2017, 09:28:29 AM
This poll, released last week (most recent I could find), says 52% of Americans disapprove while 25% approve of GOP tax plans:

The biggest surprise for me was that only 60% of Republicans polled approve; I would have thought it would have been much higher.
I think a lot of those republicans are middle~upper middle class who have kids going into graduate studies and it will absolutely trash the children forcing the parents to pay.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: forgetful on November 21, 2017, 09:54:14 AM
Had Brunch with a family that were strong Trump supporters.  They are very against this plan.  Mostly because of a combination of SALT and property tax changes (one of them works in the real estate industry).

Was very interesting to hear them tear this bill to shreds. 
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Herman Cain on November 21, 2017, 10:09:11 AM
I disagree.  Insurance trusts do not cost a fortune to set up and maintain.  Tax avoidance planning for those with $20 million plus is not at all difficult.  And it is easier to avoid taxes with an operating family business than it is with a liquid investment portfolio. And for the "super rich" ($100 million plus, let's say), even easier.

It is simply a question of whether you want to play the game or not (and pay a relatively small amount to accountants and lawyers to do so).

The folks who tend to pay the most relative to their net worth are those who are in the $5 (if unmarried) to $20 million range.  Harder to plan with these "small" estates - people are less willing to give up putative control etc.

The lesser known concern I have with the House version is that it eliminates the Estate Tax AND keeps in place the step up in basis on death.  Prior versions of bills eliminating the Estate Tax have generally either eliminated the step up in basis or treated death like a realization event and caused a tax on the "gain" at death. Say Herman Cain dies with a $100 million portfolio of highly appreciated stocks, with a cost basis of just $10 million. There would be no estate tax, and his heirs could sell the stock right after his death and owe no capital gains taxes on the $90 million gain.
You have a good point it's the willingness to play the game . Price of admission is lawyers accountants and insurance.  Then relocating to no state estate tax domicile.

You are correct it's the losing of control of a good asset that makes it tricky.  The step up issue is also a big one. That is one of the good aspects of the house bill.

One of the reason the estate tax is onerous is it disencentives long term thinking in businessman of a certain age and wealth . Why take the chance , and invest not only money but time on a transformational deal or Big project when the govt takes most upside and you are saddled with downside? At a certain stage you run out of years.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 21, 2017, 10:13:44 AM
According to a 2015 report from Congress's Joint Committee on Taxation, 4,700 estate tax returns reporting tax liability were filed in 2013, out of 2.6 million total deaths in the United States. That means the estate tax hits roughly 0.2% of Americans.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Chili on November 21, 2017, 10:16:36 AM
You have a good point it's the willingness to play the game . Price of admission is lawyers accountants and insurance.  Then relocating to no state estate tax domicile.

You are correct it's the losing of control of a good asset that makes it tricky.  The step up issue is also a big one. That is one of the good aspects of the house bill.

One of the reason the estate tax is onerous is it disencentives long term thinking in businessman of a certain age and wealth . Why take the chance , and invest not only money but time on a transformational deal or Big project when the govt takes most upside and you are saddled with downside? At a certain stage you run out of years.

Why? The estate tax doesn't hit the person making the money it but rather the person receiving money without working for it (usually). It's a misconception. The person would be better off spending every last penny because then the money is actually used in the economy rather than hoarded by a few.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 21, 2017, 10:22:02 AM
Why? The estate tax doesn't hit the person making the money it but rather the person receiving money without working for it (usually). It's a misconception. The person would be better off spending every last penny because then the money is actually used in the economy rather than hoarded by a few.

Excellent point!

Do what Buffett, Gates and a few other billionaires are doing: Designate charities that will receive most of the money upon death, all the while donating significant capital while alive.

That's how the 0.2% can leave a real legacy for America and the human race.

It's no easier to feel sorry for recipients of a $15 million estate who will get taxed on a few million of their haul than it is to feel sorry for lottery winners who get taxed on their windfalls. At least the lottery winners had to drive to the Quik Trip and plunk down a few of their own hard-earned bucks for the ticket!
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Juan Anderson's Mixtape on November 21, 2017, 10:26:35 AM
I don't quite understand why big donors spend so much money on donations, lobbying, and political ads.  Wouldn't it be more efficient to just hold onto that money in the first place? I guess not since otherwise why do it.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 21, 2017, 10:29:12 AM
I don't quite understand why big donors spend so much money on donations, lobbying, and political ads.  Wouldn't it be more efficient to just hold onto that money in the first place? I guess not since otherwise why do it.
No, not at all.  They are expecting HUGE payoffs on their investments.  A few million up front for literally billions as a result?  Easy decision.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: forgetful on November 21, 2017, 10:48:10 AM
I don't quite understand why big donors spend so much money on donations, lobbying, and political ads.  Wouldn't it be more efficient to just hold onto that money in the first place? I guess not since otherwise why do it.

I think your question is your answer.  It is not more efficient to hold onto that money.  They get way richer through lobbying.  It is one of the many reasons the rich get richer in this country...they control policy and make sure it benefits them.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Golden Avalanche on November 21, 2017, 10:48:59 AM
Had Brunch with a family that were strong Trump supporters.  They are very against this plan.  Mostly because of a combination of SALT and property tax changes (one of them works in the real estate industry).

Was very interesting to hear them tear this bill to shreds.

Voting for trump was an implicit endorsement of Paul Ryan's tax beliefs which have been widely known for nearly a decade. He has always disliked NJ/NY subsidizing their state tax burden on the back of the Federal Government.

The guy in White House only asked that golf club ownership and commercial real estate retain their break. Every other break was in line to be chopped. This corporate tax cut legislation being drafted was common knowledge if you've paid some attention to the only reason Paul Ryan wakes up in the morning.

This is what they voted for last November.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: forgetful on November 21, 2017, 11:02:37 AM
Though Trump's motivations for eliminating the SALT deduction are gross, the SALT deduction at best excuses and at worst encourages fiscal irresponsibility in local government and should be eliminated to force us to have a more honest conversation about the connection between tax rates and standards of living.

This just doesn't make sense.  The states that have high local and state taxes offer more services, and are net payers into the federal tax system.  Those states get less money back than they put in. 

The states with low local and state taxes offer fewer services, that are largely financed by federal tax dollars.  Meaning the people in high-tax states are funding the low tax states. 

That would make the low tax states less fiscally responsible as they are taking money from others just to get by.  This rewards them even more for doing that.  Your's is not an unpopular opinion, its just a very inaccurate one.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 21, 2017, 11:03:15 AM
Voting for trump was an implicit endorsement of Paul Ryan's tax beliefs which have been widely known for nearly a decade. He has always disliked NJ/NY subsidizing their state tax burden on the back of the Federal Government.
Which of course is an intentional deception on his part.  NJ and NY pay far more in Federal taxes than they receive back.

Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Pakuni on November 21, 2017, 11:05:35 AM
Voting for trump was an implicit endorsement of Paul Ryan's tax beliefs which have been widely known for nearly a decade. He has always disliked NJ/NY subsidizing their state tax burden on the back of the Federal Government.

The guy in White House only asked that golf club ownership and commercial real estate retain their break. Every other break was in line to be chopped. This corporate tax cut legislation being drafted was common knowledge if you've paid some attention to the only reason Paul Ryan wakes up in the morning.

This is what they voted for last November.

I very much doubt the average Trump voter is/was aware of Paul Ryan's tax beliefs, much less considered them for one iota when voting last November.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Golden Avalanche on November 21, 2017, 11:07:03 AM
Which of course is an intentional deception on his part.  NJ and NY pay far more in Federal taxes than they receive back.

Paul Ryan leaving out critical details to demonize a segment of America so that he can pass tax cuts?!?!

I'm shocked, shocked, that there is gambling taking place in this establishment.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 21, 2017, 11:10:33 AM
I very much doubt the average Trump voter is/was aware of Paul Ryan's tax beliefs, much less considered them for one iota when voting last November.
^This
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Golden Avalanche on November 21, 2017, 11:17:12 AM
I very much doubt the average Trump voter is/was aware of Paul Ryan's tax beliefs, much less considered them for one iota when voting last November.

You will not find me disagreeing with the notion that the American electorate is resoundingly ignorant.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MUBurrow on November 21, 2017, 11:21:46 AM
This just doesn't make sense.  The states that have high local and state taxes offer more services, and are net payers into the federal tax system.  Those states get less money back than they put in. 

The states with low local and state taxes offer fewer services, that are largely financed by federal tax dollars.  Meaning the people in high-tax states are funding the low tax states. 

That would make the low tax states less fiscally responsible as they are taking money from others just to get by.  This rewards them even more for doing that.  Your's is not an unpopular opinion, its just a very inaccurate one.

At a practical level I can acknowledge that you're correct. My argument for eliminating the SALT deduction is akin to the argument we'd be better off decoupling health insurance from employment. It would lead to a more straightforward cost/benefit analysis in the long run, and shine a light on a lot of the dark corners and political hiding spots in our system - but good luck actually doing it.

The downside to the current system is that as you said, it allows states to operate programs that are subsidized by the federal tax base, that provide services its own local tax base can't afford/doesn't want to pay for. Then it uses the SALT deduction as a wink and a nod to the higher payers into that federal base, to ostensibly allow them to pay for nice stuff at home. My frustration, I suppose, is that whole system clouds how governments at all levels actually pay for things, making the connections between taxing and spending even more tenuous and confusing for the common person.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Pakuni on November 21, 2017, 11:47:15 AM
You will not find me disagreeing with the notion that the American electorate is resoundingly ignorant.

It's not so much a matter of ignorance - though undoubtedly a lot of voters are that - but rather that tax policy was not an issue that drove voters to the polls last November, Trump voters in particular. They were driven by immigration, economic/trade protectionism and opposition to Obamacare and Hillary Clinton.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 21, 2017, 12:08:39 PM
NM
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Herman Cain on November 21, 2017, 12:22:36 PM
Why? The estate tax doesn't hit the person making the money it but rather the person receiving money without working for it (usually). It's a misconception. The person would be better off spending every last penny because then the money is actually used in the economy rather than hoarded by a few.
That doesn’t take into the risk it takes to make an outsized gain.  Guys who build valuable enterprises look at risk reward and then decide what posture to take , aggressive or conservative. Every case is different .  The business builder sees the govt as the ultimate no risk beneficiary of everything he/she does. At a certain point one just stops creating new value if the risk/reward posture is skewed. At a certain stage time is not in your favor.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on November 21, 2017, 05:14:30 PM
https://www.bloomberg.com/amp/news/articles/2017-11-21/tax-loopholes-for-wall-street-s-wealthiest-loom-in-house-bill
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on November 21, 2017, 06:43:02 PM
i will let this speak for itself-and he(44) didn't even give us a "tax cut"

  "President Obama may talk a big game about economic fairness, but his record on the issue doesn’t quite match up."

  "In other words, inequality has been even more pronounced under Obama than it was under George W. Bush."

https://www.huffingtonpost.com/2012/04/11/income-inequality-obama-bush_n_1419008.html
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: tower912 on November 21, 2017, 06:44:57 PM
Which has nothing to do with the discussion of this tax proposal.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Jay Bee on November 21, 2017, 06:47:20 PM
JB, curious why you didn't advocate banning the previous posters. I waited to say a single word related to politics in this obviously political thread until numerous other posters - including you - did.

No. I stated a fact. That Obama's budget included the same thing as this topic is discussing. It's been brought forth before, including by the most recent President's regime.

What you do is stuff like this: "GOP tax cuts are always based on the premise that massive tax relief for rich people will spur dramatic economic growth.

Republicans hate legislation that adds to the deficit"

You're directing hyperbole and lies at a particular party (which I am not a member of, btw). It's obviously against the rules of the board and you know it. Yet love it, and try to equate it with someone noting that trying to remove the 80/20 rule has been done before and very recently.

Sad!
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 21, 2017, 09:12:45 PM
No. I stated a fact. That Obama's budget included the same thing as this topic is discussing. It's been brought forth before, including by the most recent President's regime.

What you do is stuff like this: "GOP tax cuts are always based on the premise that massive tax relief for rich people will spur dramatic economic growth.

Republicans hate legislation that adds to the deficit"

You're directing hyperbole and lies at a particular party (which I am not a member of, btw). It's obviously against the rules of the board and you know it. Yet love it, and try to equate it with someone noting that trying to remove the 80/20 rule has been done before and very recently.

Sad!

OK, you disagree with me. And you don't like politics here. I get it. I still don't get the general hostility toward me, even when the subject isn't politics. I'm a pretty good guy, a fellow alum, I'm not a troll, and I've certainly got nothing against you.

As for this thread, I clearly was not the initiator of the political discussion here. There were 21 comments before mine (not including my "in before the lock" post high up in the thread). Of those 21, at least a dozen were purely political. So I chimed in. And that is typical of the only times I have chimed in for quite some time now.

But you know what? I will try to show even more restraint in the future. For you, JB.

If we don't talk again, have a great Thanksgiving. Ring out Aloha! (trademark pending)
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: #TheThing on November 21, 2017, 10:10:21 PM
OK, you disagree with me. And you don't like politics here. I get it. I still don't get the general hostility toward me, even when the subject isn't politics. I'm a pretty good guy, a fellow alum, I'm not a troll, and I've certainly got nothing against you.

As for this thread, I clearly was not the initiator of the political discussion here. There were 21 comments before mine (not including my "in before the lock" post high up in the thread). Of those 21, at least a dozen were purely political. So I chimed in. And that is typical of the only times I have chimed in for quite some time now.

But you know what? I will try to show even more restraint in the future. For you, JB.

If we don't talk again, have a great Thanksgiving. Ring out Aloha! (trademark pending)

Aren't politics not supposed to happen here.  Very inconsistent it appears.  Is there a rule or is there not a rule?  Inquiring minds want to know.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 21, 2017, 10:18:21 PM
Aren't politics not supposed to happen here.  Very inconsistent it appears.  Is there a rule or is there not a rule?  Inquiring minds want to know.

I wasn't talking to you. You've been banned.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: #TheThing on November 21, 2017, 10:25:01 PM
I wasn't talking to you. You've been banned.

What are you talking about? 

Says here, POLITICS FREE ZONE   http://www.muscoop.com/index.php?topic=51888.0

Is it a free zone or isn't it?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 22, 2017, 07:52:04 AM
What are you talking about? 

Says here, POLITICS FREE ZONE   http://www.muscoop.com/index.php?topic=51888.0

Is it a free zone or isn't it?

Adios, McBannerson.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: mu03eng on November 22, 2017, 08:01:02 AM
Question about the SALT discussion, why is it assumed that higher SALT states are providing higher services? Additionally, if that logic is correct should that not make that state more attractive so why should a state that is already more attractive than a low SALT state also need a federal carve out on tax deduction?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: warriorchick on November 22, 2017, 08:07:18 AM
Question about the SALT discussion, why is it assumed that higher SALT states are providing higher services? Additionally, if that logic is correct should that not make that state more attractive so why should a state that is already more attractive than a low SALT state also need a federal carve out on tax deduction?

Exactly. 

Just because a state or a city spends more money than another one, that doesn't necessarily mean that it is providing more value to its residents.

Pretty sure the folks in Nashville are getting just as much "stuff" from the government as the ones in Chicago (if not more), and while they have a similar sales tax rate, they have no state income tax and property taxes that are a fraction of those in Chicago. 
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MUBurrow on November 22, 2017, 09:16:22 AM
Additionally, if that logic is correct should that not make that state more attractive so why should a state that is already more attractive than a low SALT state also need a federal carve out on tax deduction?

So this is my real axe to grind on this, as well. Let's have an honest discussion about how much it costs to have nice things. And lets also be as transparent as possible about which of those nice things are coming from the federal tax base, and which are coming from SALT.  I think we have a lot of self-contained races to the bottom going on that have huge effects on standards of living, and the confusing morass of how things are paid for/administered between the feds and states has a lot to do with it.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Golden Avalanche on November 22, 2017, 09:37:06 AM
i will let this speak for itself-and he(44) didn't even give us a "tax cut"

  "President Obama may talk a big game about economic fairness, but his record on the issue doesn’t quite match up."

  "In other words, inequality has been even more pronounced under Obama than it was under George W. Bush."

https://www.huffingtonpost.com/2012/04/11/income-inequality-obama-bush_n_1419008.html

Inequality has been steadily rising for the last 25 years. It will rise under trump. It will rise under his successor. And it will rise under his successor's successor even higher.

If you equate tax cuts as economic fairness the three Presidents who enacted the largest tax cuts in modern American history are Reagan, Truman, and Obama. So they must be economic warriors, right?

When you repeatedly go about lying it hampers any attempt to take you seriously as an individual.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: mu03eng on November 22, 2017, 11:33:45 AM
So this is my real axe to grind on this, as well. Let's have an honest discussion about how much it costs to have nice things. And lets also be as transparent as possible about which of those nice things are coming from the federal tax base, and which are coming from SALT.  I think we have a lot of self-contained races to the bottom going on that have huge effects on standards of living, and the confusing morass of how things are paid for/administered between the feds and states has a lot to do with it.

It's almost as if governments(i.e. politicians) have incentive to not be forthcoming with their constituents. Weird
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GB Warrior on November 22, 2017, 11:37:52 AM
It's almost as if governments(i.e. politicians) have incentive to not be forthcoming with their constituents. Weird

+1984
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Jockey on November 22, 2017, 12:47:10 PM
Exactly. 

Just because a state or a city spends more money than another one, that doesn't necessarily mean that it is providing more value to its residents.

Pretty sure the folks in Nashville are getting just as much "stuff" from the government as the ones in Chicago (if not more), and while they have a similar sales tax rate, they have no state income tax and property taxes that are a fraction of those in Chicago.

Generally, those in red states get more "stuff" from the Feds while those in blue states get more from state government.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: mu03eng on November 22, 2017, 01:21:14 PM
Generally, those in red states get more "stuff" from the Feds while those in blue states get more from state government.

Why is that? Is that something that should continue? Is this good or bad?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: forgetful on November 22, 2017, 03:20:49 PM
Question about the SALT discussion, why is it assumed that higher SALT states are providing higher services? Additionally, if that logic is correct should that not make that state more attractive so why should a state that is already more attractive than a low SALT state also need a federal carve out on tax deduction?

There is a reason that poverty, poor schools and poor health are much more prevalent in the states that are low SALT states.  They provide fewer services. 

It doesn't necessarily make states less attractive.  Wealthy people get different access to healthcare, pay for private schools, and then feel less of a pinch.  It is the poor that suffer from these policies. 

So the question becomes, do you think we should take care of all americans, or just the ones that have lots of money?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GB Warrior on November 22, 2017, 03:42:11 PM
There is a reason that poverty, poor schools and poor health are much more prevalent in the states that are low SALT states.  They provide fewer services. 

It doesn't necessarily make states less attractive.  Wealthy people get different access to healthcare, pay for private schools, and then feel less of a pinch.  It is the poor that suffer from these policies. 

So the question becomes, do you think we should take care of all americans, or just the ones that have lots of money?

Conceptually, "let the states decide" makes sense when you consider the socioeconomic differences in regions. One size fits isn't always scalable (unless we're talking about insurance, then people just really don't understand what scalability means). The problem is that these are often states that vote for small federal government, vote for small state government with lean services and then have to fall back on the federal government to remedy some of these discrepancies (healthcare being the preeminent example, but there are others).
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on November 22, 2017, 03:54:18 PM
  "When you repeatedly go about lying it hampers any attempt to take you seriously as an individual."

  was this directed at me?  not sure where the lying is as the article is from huffpo and all i did was grab a few quotes out of it to illustrate my point.  it seems people(media) squeal the loudest when the one party wants to cut taxes and play the class warfare game.  but when nearly a $trillion$ stimulus is enacted and the dude's cronies are laughing all the way to the bank-crickets?  shovel ready jobs?
  "“But the problem is,” he continued, “is that spending it out takes a long time, because there’s really nothing — there’s no such thing as shovel-ready projects."
 
 we'll put this one right up there with ya wanna keep your doc, etc etc

now this is lying
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: #TheThing on November 22, 2017, 04:23:08 PM
Inequality has been steadily rising for the last 25 years. It will rise under trump. It will rise under his successor. And it will rise under his successor's successor even higher.

If you equate tax cuts as economic fairness the three Presidents who enacted the largest tax cuts in modern American history are Reagan, Truman, and Obama. So they must be economic warriors, right?

When you repeatedly go about lying it hampers any attempt to take you seriously as an individual.

How are you measuring inequality? Income or wealth or some other measurement?  I'm in agreement that the gap at the very top has expanded tremendously in the last 25 years, but it does depend on what measurement and the more complex question, why is it happening.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Jockey on November 22, 2017, 05:16:15 PM
Why is that? Is that something that should continue? Is this good or bad?

Why? Because their congresspeople have gotten it done for them.

Should it continue? I think no. They should not be subsidized by high tax states.

Is it good or bad? It's good for them - bad for those of us subsidizing people who generally feel the gov't shouldn't be in the handout business.


Your thoughts?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Golden Avalanche on November 22, 2017, 09:43:38 PM
  "When you repeatedly go about lying it hampers any attempt to take you seriously as an individual."

  was this directed at me?  not sure where the lying is as the article is from huffpo and all i did was grab a few quotes out of it to illustrate my point.  it seems people(media) squeal the loudest when the one party wants to cut taxes and play the class warfare game.  but when nearly a $trillion$ stimulus is enacted and the dude's cronies are laughing all the way to the bank-crickets?  shovel ready jobs?
  "“But the problem is,” he continued, “is that spending it out takes a long time, because there’s really nothing — there’s no such thing as shovel-ready projects."
 
 we'll put this one right up there with ya wanna keep your doc, etc etc

now this is lying

i will let this speak for itself-and he(44) didn't even give us a "tax cut"


The bolded is a lie claiming that Obama didn't pass tax cuts legislation during his eight years. In fact, he passed two pieces of legislation that cut taxes.

You wrote this lie in message #60 of this thread. It is a lie. And you know it is a lie. Yet you wrote the lie because that's how you roll. I understand that now. And I accept this inadequacy.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on November 22, 2017, 10:41:02 PM
i will let this speak for itself-and he(44) didn't even give us a "tax cut"


The bolded is a lie claiming that Obama didn't pass tax cuts legislation during his eight years. In fact, he passed two pieces of legislation that cut taxes.

You wrote this lie in message #60 of this thread. It is a lie. And you know it is a lie. Yet you wrote the lie because that's how you roll. I understand that now. And I accept this inadequacy.

  ok, wait...if i was wrong re:tax cuts obama proposed during his presidency, my bad and i stand corrected.  i was referring to my post from huffpo  you seemed to refer to as a lie which confused me

  one thing now, if i was lying, it was inadvertent.   ok, i'll just go ahead and say it-ignorance.  just please don't throw the term "lie" out so cavalierly.   a more political term would be "untruth, ein'a?  if i were to try to stand by my remarks re: "tax cut"-yes, that would be a form of being purposely disingenuous and provocative to say the least.   then, to double down on it would be lying i guess.  it is NOT how i roll by the way 
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Golden Avalanche on November 23, 2017, 11:41:58 AM
  ok, wait...if i was wrong re:tax cuts obama proposed during his presidency, my bad and i stand corrected.  i was referring to my post from huffpo  you seemed to refer to as a lie which confused me

  one thing now, if i was lying, it was inadvertent.   ok, i'll just go ahead and say it-ignorance.  just please don't throw the term "lie" out so cavalierly.   a more political term would be "untruth, ein'a?  if i were to try to stand by my remarks re: "tax cut"-yes, that would be a form of being purposely disingenuous and provocative to say the least.   then, to double down on it would be lying i guess.  it is NOT how i roll by the way

If you are genuinely uneducated as it relates to Obama's legislative record 10 months after his eight year administration finished I suggest you refrain from posting about what he did (and didn't) achieve until your level of knowledge is sufficient enough to be taken seriously. It will also help you gain much needed perspective as to the current tax cuts legislation being proposed.

It's a holiday weekend so there's plenty of time to fill in the gaps.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on November 23, 2017, 06:50:29 PM
If you are genuinely uneducated as it relates to Obama's legislative record 10 months after his eight year administration finished I suggest you refrain from posting about what he did (and didn't) achieve until your level of knowledge is sufficient enough to be taken seriously. It will also help you gain much needed perspective as to the current tax cuts legislation being proposed.

It's a holiday weekend so there's plenty of time to fill in the gaps.

Classic.  Have a good one ?-(
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 30, 2017, 10:12:39 AM
Well, at least this tax plan will properly penalize those slacker grad students for all the hoards of benefits-in-lieu they get.  Education, who needs it?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: forgetful on November 30, 2017, 11:51:38 AM
What's interesting is I've talked with 6 Trump supporters in the last week about this tax plan.  All agree it is horrible, but say that it has zero chance of passing so its not a big deal.

What happens when/if this passes, with only 25% of americans approving of the plan?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MUBurrow on November 30, 2017, 12:26:51 PM
What's interesting is I've talked with 6 Trump supporters in the last week about this tax plan.  All agree it is horrible, but say that it has zero chance of passing so its not a big deal.

What happens when/if this passes, with only 25% of americans approving of the plan?

Nothing. The rich will get richer, the poor will get poorer, and the 75% will continue to talk past each other. We are in a post accountability world.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 30, 2017, 12:29:35 PM
This is a historically unpopular plan.

In polls of the day, even the George H.W. Bush tax HIKE was not as unpopular as this tax cut.

https://fivethirtyeight.com/features/the-gop-tax-cuts-are-even-more-unpopular-than-past-tax-hikes/

McCain just announced he was "in," too, so he won't be the hero this time.

https://www.cnbc.com/2017/11/30/mccain-will-support-senate-tax-bill-boosting-chances-of-passage.html
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 30, 2017, 12:31:03 PM
What's interesting is I've talked with 6 Trump supporters in the last week about this tax plan.  All agree it is horrible, but say that it has zero chance of passing so its not a big deal.

What happens when/if this passes, with only 25% of americans approving of the plan?

It seems to me like there is a high probability it passes.  There were only 6 Senators that expressed vague reservations, and they appear to be getting bought off one-by-one.  I hope I am wrong.  This is an incredibly atrocious bill.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on November 30, 2017, 12:35:35 PM
It will pass. They will not wait for treasury or JCT analysis. Sham
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Cooby Snacks on November 30, 2017, 12:50:22 PM
Incredible return on investment for the political donor class, at the expense of pretty much everyone else. Yay, oligarchy.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GGGG on November 30, 2017, 01:41:44 PM
https://www.nytimes.com/2017/11/29/business/republican-tax-cut.html
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on November 30, 2017, 03:24:47 PM
the stock market seems to like it...anyone's 401k down this year?  i think the dow is up about 30% since last nov. 4.  doubt it would be up 10% if the alternative occured-oh well eyn'er?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GGGG on November 30, 2017, 03:26:11 PM
Well of course the stock market likes it.  It benefits corporations.  And yeah while I would agree that it also benefits those who own stock, much of that benefit is going to be whittled away via tax increases.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Hards Alumni on November 30, 2017, 03:51:57 PM
Well of course the stock market likes it.  It benefits corporations.  And yeah while I would agree that it also benefits those who own stock, much of that benefit is going to be whittled away via tax increases.

to add to that, 52% of Americans don't own stock.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on November 30, 2017, 03:52:43 PM
guess we're just gonna have to read it to find out what's in it-'ey?  wait, where have i heard that one before ;)
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on November 30, 2017, 03:53:17 PM
to add to that, 52% of Americans don't own stock.

well what the...that's no fair ::)
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Hards Alumni on November 30, 2017, 03:55:59 PM
well what the...that's no fair ::)

Its not a complaint, I own plenty.

But you have to realize that this bill is awful for the average American, and will add 1.7 trillion to the national debt.

Sure, I'll be fine, but that doesn't mean I like the bill.  Its hot garbage.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GGGG on November 30, 2017, 03:57:43 PM
guess we're just gonna have to read it to find out what's in it-'ey?  wait, where have i heard that one before ;)

I have no idea.  This is nothing like anything I have seen before.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: warriorchick on November 30, 2017, 04:15:40 PM
to add to that, 52% of Americans don't own stock.

They don't pay income tax, either.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MUBurrow on November 30, 2017, 04:36:28 PM
They don't pay income tax, either.

And this bill helps ensure they won't ever be able to.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on November 30, 2017, 04:38:31 PM
guess we're just gonna have to read it to find out what's in it-'ey?  wait, where have i heard that one before ;)

I don't understand this whataboutism.

So because it happened before (and I'm sure you didn't like it then), you're okay with it happening this time? Even if you support the tax proposal, shouldn't you (or anyone) have the same stance now as then?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Pakuni on November 30, 2017, 04:39:13 PM
Well, this keeps getting better:

The Joint Committee on Taxation, the Congressional scorekeeper for tax bills, estimates that the Senate tax bill could generate enough growth to create nearly $408 billion in new revenue over a decade. But even with that additional revenue, the bill would still add an estimated $1 trillion to deficits.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 30, 2017, 04:55:46 PM
the stock market seems to like it...anyone's 401k down this year?  i think the dow is up about 30% since last nov. 4.  doubt it would be up 10% if the alternative occured-oh well eyn'er?
Gee, ya think?  You think shoving massive gobs of borrowed cash to corporations -- whose CEO's overwhelming say they won't use it to expand or create jobs--might cause valuations to go up?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 30, 2017, 05:01:25 PM
They don't pay income tax, either.
Do you think this is a good tax bill?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on November 30, 2017, 05:02:48 PM
guess we're just gonna have to read it to find out what's in it-'ey?  wait, where have i heard that one before ;)
You've distorted the quote even further than I typically see.  Here, perhaps read this: https://www.mediaite.com/tv/the-context-behind-nancy-pelosis-famous-we-have-to-pass-the-bill-quote/
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: warriorchick on November 30, 2017, 05:08:30 PM
Do you think this is a good tax bill?

No. I like some parts, but overall, I hope it doesn't pass.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on November 30, 2017, 07:14:02 PM
I don't understand this whataboutism.

So because it happened before (and I'm sure you didn't like it then), you're okay with it happening this time? Even if you support the tax proposal, shouldn't you (or anyone) have the same stance now as then?

absolutely not-i still don't know enough about it to even have my own personal opinion(like or dislike)  just like many other things i have an opinion on, i don't think my congress people really care. yes, i do vote, but really? you have reached the office of...listen closely as our messages have recently changed.  this call may be recorded for training purposes,  press 1 for... blah blah
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on November 30, 2017, 07:39:04 PM
absolutely not-i still don't know enough about it to even have my own personal opinion(like or dislike)  just like many other things i have an opinion on, i don't think my congress people really care. yes, i do vote, but really? you have reached the office of...listen closely as our messages have recently changed.  this call may be recorded for training purposes,  press 1 for... blah blah

Thanks for the response
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on November 30, 2017, 08:25:42 PM
the stock market seems to like it...anyone's 401k down this year?  i think the dow is up about 30% since last nov. 4.  doubt it would be up 10% if the alternative occured-oh well eyn'er?

Yeah, rocket, the market has had an amazing rise since Trump was elected president - with the S&P 500 Index up 25.2% in that year+ a month.

And hey, that's only 4 points less than its gain during the same amount of time after the previous presidential election!

That's right. The S&P 500 Index went up 29.5% in the exact same number of days (387) after Obama was re-elected on Nov. 6, 2012.

Facts are fun, aye'nahey'na?!?!

Although I have a feeling that President Factless would take credit for the post-2012-election gain, too, if one of his aides told him about it.

(I used the calculator and DividendChannel.com; gain is with dividends reinvested. https://www.dividendchannel.com/drip-returns-calculator/)
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on December 01, 2017, 05:08:19 AM
Yeah, rocket, the market has had an amazing rise since Trump was elected president - with the S&P 500 Index up 25.2% in that year+ a month.

And hey, that's only 4 points less than its gain during the same amount of time after the previous presidential election!

That's right. The S&P 500 Index went up 29.5% in the exact same number of days (387) after Obama was re-elected on Nov. 6, 2012.

Facts are fun, aye'nahey'na?!?!

Although I have a feeling that President Factless would take credit for the post-2012-election gain, too, if one of his aides told him about it.

(I used the calculator and DividendChannel.com; gain is with dividends reinvested. https://www.dividendchannel.com/drip-returns-calculator/)

one of my portfolios-from 2012 to nov. 2016 shows 30% increase.

    nov. 2016-nov. 2017...ummm, 84% increase!!

    my brother in law who votes the other way is making a $hit ton of $$ i mean think buy a really really nice house money...in one year!  yes. i realize it's a long way to 2020-2024, but some of these gains can be realized in safer havens to lock in the gains if one is concerned about chill
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on December 01, 2017, 07:24:41 AM
one of my portfolios-from 2012 to nov. 2016 shows 30% increase.

    nov. 2016-nov. 2017...ummm, 84% increase!!

    my brother in law who votes the other way is making a $hit ton of $$ i mean think buy a really really nice house money...in one year!  yes. i realize it's a long way to 2020-2024, but some of these gains can be realized in safer havens to lock in the gains if one is concerned about chill

I'm not arguing about your portfolio or your brother-in-law's or what the market did over any 4-year period. I am merely presenting facts.

The current president and his supporters crow about how the stock market has done in the year+month since he was elected. And it has done great. It simply did better in the first year+month after his predecessor was re-elected.

That's math. It's a fact. A fact is a fact.

Maybe the Trump presidency will prove to be exactly what America needed and he will go on to be the best president ever to grab a wet cat. But that's all opinion.

Most economists believe a president - any president - has negligible effect on the stock market. They also believe Wall Street does not really represent how Main Street is doing financially, as most of the market's wealth goes to those who already had wealth.

I am certain that when this giveaway to billionaires is finalized, you and I will come out of it A-OK. We have some money. We'd come out A-OK either way.

But let's stick to facts about things like stock market gains when those facts are so readily available.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: mu03eng on December 01, 2017, 07:57:38 AM
Heres the problem, partisanship...from both sides. Neither side actually has the right answer on stuff like tax reform, if they were compromising with each other we might get somewhere that is practically useful. However because we've entered this period of "if you're for it, I'm against it" and a lot of whataboutism we are getting only one sides ideas out and they tend to be more extreme because this environment gives power to the extremes of each party.

Don't know what the answer is, but burn it down and start over is sure feeling more and more relevant these days.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on December 01, 2017, 09:13:06 AM
Heres the problem, partisanship...from both sides.
With all due respect mu03eng, I disagree.  I think the "both sides" argument is a cop-out.  Both sides certainly do not do, at least not whatsoever to the same degree.

Example: During the passage of the ACA, 188 amendments proposed by Republicans were adopted into the final bill.  During both the attempt to repeal and the current tax bill, 0 Democratic amendments have been included.  The final ACA had 25 days of debate on the floor.  There will be zero for the tax bill.

I disagree that both sides are (equally) to blame when it is clearly an asymmetrical issue.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Pakuni on December 01, 2017, 10:17:24 AM
With all due respect mu03eng, I disagree.  I think the "both sides" argument is a cop-out.  Both sides certainly do not do, at least not whatsoever to the same degree.

Example: During the passage of the ACA, 188 amendments proposed by Republicans were adopted into the final bill.  During both the attempt to repeal and the current tax bill, 0 Democratic amendments have been included.  The final ACA had 25 days of debate on the floor.  There will be zero for the tax bill.

I disagree that both sides are (equally) to blame when it is clearly an asymmetrical issue.

Exactly correct.
To say both sides are deeply flawed and bear some responsibility would be accurate. To say both sides are equally to blame for the state of Washington today is the kind whataboutism that mu03eng derides.
It's like comparing Al Franken to Roy Moore. Yeah, both are guilty of skeezy behavior toward females, but they're not the same.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: mu03eng on December 01, 2017, 10:21:22 AM
With all due respect mu03eng, I disagree.  I think the "both sides" argument is a cop-out.  Both sides certainly do not do, at least not whatsoever to the same degree.

Example: During the passage of the ACA, 188 amendments proposed by Republicans were adopted into the final bill.  During both the attempt to repeal and the current tax bill, 0 Democratic amendments have been included.  The final ACA had 25 days of debate on the floor.  There will be zero for the tax bill.

I disagree that both sides are (equally) to blame when it is clearly an asymmetrical issue.

http://www.politifact.com/truth-o-meter/statements/2017/mar/16/luis-gutierrez/rep-gutierrez-says-hundreds-republican-amendments-/ (http://www.politifact.com/truth-o-meter/statements/2017/mar/16/luis-gutierrez/rep-gutierrez-says-hundreds-republican-amendments-/)
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: mu03eng on December 01, 2017, 10:26:21 AM
Exactly correct.
To say both sides are deeply flawed and bear some responsibility would be accurate. To say both sides are equally to blame for the state of Washington today is the kind whataboutism that mu03eng derides.
It's like comparing Al Franken to Roy Moore. Yeah, both are guilty of skeezy behavior toward females, but they're not the same.

Care to point where I said the sides were equally to blame? Much like the Franken/Moore example.....both can be awful and inexcusable but I can also be madder about one then the other, we are capable as human beings of the complexity of thought. Saying "I'm bad but not as bad as them" is part of the whataboutism. Both parties are obstructive, partisan, and beholden to special interests...what degree that is true or who is worse is somewhat irrelevant.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU Fan in Connecticut on December 01, 2017, 10:48:40 AM
Then there's this.
Maybe it needs to go in the Daily Dose of Doom Thread?


I’m a Depression historian. The GOP tax bill is straight out of 1929.

https://www.washingtonpost.com/news/posteverything/wp/2017/11/30/im-a-depression-historian-the-gop-tax-bill-is-straight-out-of-1929/?utm_term=.16d5fdb8b50a
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on December 01, 2017, 11:02:39 AM
Care to point where I said the sides were equally to blame? Much like the Franken/Moore example.....both can be awful and inexcusable but I can also be madder about one then the other, we are capable as human beings of the complexity of thought. Saying "I'm bad but not as bad as them" is part of the whataboutism. Both parties are obstructive, partisan, and beholden to special interests...what degree that is true or who is worse is somewhat irrelevant.
You did not explicitly say "they are equally to blame", I agree.  When you say "Heres the problem, partisanship...from both sides", however, it is easy to draw that conclusion.

And, again, I disagree with you that "what degree that is true or who is worse is somewhat irrelevant."  If it is 90-10, it is highly relevant IMO.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on December 01, 2017, 11:04:25 AM
http://www.politifact.com/truth-o-meter/statements/2017/mar/16/luis-gutierrez/rep-gutierrez-says-hundreds-republican-amendments-/ (http://www.politifact.com/truth-o-meter/statements/2017/mar/16/luis-gutierrez/rep-gutierrez-says-hundreds-republican-amendments-/)
Here is what I pulled from:
https://www.nytimes.com/interactive/2017/07/21/us/health-care-amendments.html
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Spotcheck Billy on December 01, 2017, 11:16:01 AM
They don't pay income tax, either.

I sure as hell do
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: mu03eng on December 01, 2017, 11:35:34 AM
Here is what I pulled from:
https://www.nytimes.com/interactive/2017/07/21/us/health-care-amendments.html

I'm not disagreeing with the numbers, I'm just speaking pragmatically and certainly am not a parliamentarian. If those amendments were impactful to the legislation as opposed to "technical" in nature I'm 100% willing to conceded the point.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on December 01, 2017, 01:04:24 PM
So much for the hard-line stance on not increasing deficit, eh?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: mu03eng on December 01, 2017, 01:21:46 PM
So much for the hard-line stance on not increasing deficit, eh?

It's a convenient talking point when you want to say no to something....otherwise it's just inconvenient.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on December 01, 2017, 03:21:04 PM
 honest question-

    if the decrease in the corp. tax rate from 35% to 20% becomes law, will that bring corp. money from overseas?  and if so, would that not affect the deficit?  some of the money coming back would be taxed at differing rates i believe.  there may be windows, incentives, etc. also, if this were to occur regardless, there will be a flood of money back circulation which should indirectly affect the deficit, no?

would have been really really nice to see the corp. rate be retroactive cuz daddy's got a sweet tooth tonight ;D
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GGGG on December 01, 2017, 03:27:02 PM
honest question-

    if the decrease in the corp. tax rate from 35% to 20% becomes law, will that bring corp. money from overseas?  and if so, would that not affect the deficit?  some of the money coming back would be taxed at differing rates i believe.  there may be windows, incentives, etc. also, if this were to occur regardless, there will be a flood of money back circulation which should indirectly affect the deficit, no?

would have been really really nice to see the corp. rate be retroactive cuz daddy's got a sweet tooth tonight ;D


https://www.cnbc.com/2017/04/26/what-happened-the-last-time-companies-got-a-break-on-overseas-profits.html

"Back in 2004, Congress approved a plan to "repatriate" such overseas funds that companies could bring back home at a reduced rate.

The program was part of the American Jobs Creation Act. The hope then, as now, was that companies would shovel that money back into the economy in the form of investment and job creation.

It didn't quite work out that way.

Contrary to the intent, the benefits skewed toward a select few companies in a select few industries. Rather than use the money for hiring and capital purchases, companies plowed the cash into share buybacks and dividends, and many of the biggest beneficiaries actually cut American jobs in the years after the repatriation.

"While empirical evidence is clear that this provision resulted in a significant increase in repatriated earnings, empirical evidence is unable to show a corresponding increase in domestic investment or employment," the Congressional Research Service, Congress' nonpartisan think tank, said in a report.

The CRS cited a series of reports into the benefits of repatriation, with a common theme that the 2004 program was "an ineffective means of increasing economic growth."
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on December 01, 2017, 03:43:15 PM

https://www.cnbc.com/2017/04/26/what-happened-the-last-time-companies-got-a-break-on-overseas-profits.html

"Back in 2004, Congress approved a plan to "repatriate" such overseas funds that companies could bring back home at a reduced rate.

The program was part of the American Jobs Creation Act. The hope then, as now, was that companies would shovel that money back into the economy in the form of investment and job creation.

It didn't quite work out that way.

Contrary to the intent, the benefits skewed toward a select few companies in a select few industries. Rather than use the money for hiring and capital purchases, companies plowed the cash into share buybacks and dividends, and many of the biggest beneficiaries actually cut American jobs in the years after the repatriation.

"While empirical evidence is clear that this provision resulted in a significant increase in repatriated earnings, empirical evidence is unable to show a corresponding increase in domestic investment or employment," the Congressional Research Service, Congress' nonpartisan think tank, said in a report.

The CRS cited a series of reports into the benefits of repatriation, with a common theme that the 2004 program was "an ineffective means of increasing economic growth."

Corporations are not evil.  They do exactly what they are supposed to do - look out for their own self-interest.

But they're also rarely going to be benevolent.

I'm done being shocked when they are given a break by our government and turn around and stab those same people in the back.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on December 01, 2017, 04:02:16 PM
Corporations are not evil.  They do exactly what they are supposed to do - look out for their own self-interest.

But they're also rarely going to be benevolent.

I'm done being shocked when they are given a break by our government and turn around and stab those same people in the back.

yes

they do sponsor A LOT of events that encourage a beneficence that would not otherwise happen.  yes, there is a tax benefit as well, but hey, ya gotta feed the beast, ein'er?

the government ain't no enemy of corporations and vicey versey.  with enemies like those... ;)
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on December 01, 2017, 06:35:48 PM
It's a convenient talking point when you want to say no to something....otherwise it's just inconvenient.

I have little doubt that after this is passed, they'll do a about-face and claim they need to gut services (Medicare, etc) to try and control the deficit again.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on December 01, 2017, 06:50:29 PM
I have little doubt that after this is passed, they'll do a about-face and claim they need to gut services (Medicare, etc) to try and control the deficit again.

  little doubt? really?

 who is they?  only if they hate their day job-one of the 3rd rails of politics.  but i'd love to see a little more
                         pragmatism and discipline(ok, excuse me while i catch my breath from laughing)

 
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on December 01, 2017, 07:08:51 PM
So much for the hard-line stance on not increasing deficit, eh?

One truth about American politics: Only the party out of power whines about increasing the deficit.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: rocket surgeon on December 01, 2017, 07:36:46 PM
One truth about American politics: Only the party out of power whines about increasing the deficit.

i had to look twice to see if that was you MU.  you sure one of your kids ain't messing around on your computer? 

  funny thing, well not LOL funny, but have we ever made a payment off of our debt?  like we have to with ours?  i realize we can run an occasional deficit, but debt?  try not paying your taxes for a few years.  just ask mr. capone
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Jockey on December 01, 2017, 07:47:19 PM
I have little doubt that after this is passed, they'll do a about-face and claim they need to gut services (Medicare, etc) to try and control the deficit again.

Completely correct, Jes. Except it won't be an "about-face". This has long been Ryan's goal. Medicare, Social Security, and Medicaid will be 1st on the chopping block.

Priority #1 is feeding the billionaire donors so that the $$$ keep flowing in. Those who use the government's social services are not handing money out to politicians, so ......
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on December 01, 2017, 09:07:17 PM
  little doubt? really?

 who is they?  only if they hate their day job-one of the 3rd rails of politics.  but i'd love to see a little more
                         pragmatism and discipline(ok, excuse me while i catch my breath from laughing)

....

https://twitter.com/washingtonpost/status/936658792904822784
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on December 01, 2017, 09:34:12 PM
I have little doubt that after this is passed, they'll do a about-face and claim they need to gut services (Medicare, etc) to try and control the deficit again.
Rubio admitted it two days ago.

“I analyze this very differently than most,” Rubio told the crowd. “Many argue that you can’t cut taxes because it will drive up the deficit. But we have to do two things. We have to generate economic growth which generates revenue, while reducing spending. That will mean instituting structural changes to Social Security and Medicare for the future,” the senator said.

https://www.fa-mag.com/news/rubio--offset-tax-cuts-by-reducing-social-security--medicare-benefits-35928.html
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on December 01, 2017, 09:39:11 PM
  funny thing, well not LOL funny, but have we ever made a payment off of our debt?  like we have to with ours?  i realize we can run an occasional deficit, but debt?  try not paying your taxes for a few years.  just ask mr. capone
It depends on which accounting rules you use, but Clinton kinda sorta did. 
http://www.politifact.com/truth-o-meter/statements/2010/sep/23/bill-clinton/bill-clinton-says-his-administration-paid-down-deb/

He did run a $236B budget surplus his final year in office. 
http://www.factcheck.org/2008/02/the-budget-and-deficit-under-clinton/
He did it by raising taxes (and pretty slow increases in spending), and contrary to Republican orthodoxy it didn't crash the economy.

Bush then cut taxes and blew up the deficit again.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on December 01, 2017, 09:56:13 PM
i had to look twice to see if that was you MU.  you sure one of your kids ain't messing around on your computer? 

I don't understand this. Seriously.

Then again, I often don't know what you're saying.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on December 01, 2017, 10:06:05 PM
Then there's this.
Maybe it needs to go in the Daily Dose of Doom Thread?


I’m a Depression historian. The GOP tax bill is straight out of 1929.

https://www.washingtonpost.com/news/posteverything/wp/2017/11/30/im-a-depression-historian-the-gop-tax-bill-is-straight-out-of-1929/?utm_term=.16d5fdb8b50a

I thought this was a good article.

It is pretty incredible how many times "trickle down" is tried and repeatedly fails to succeed
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GGGG on December 02, 2017, 06:31:48 AM
Trickle down isn’t meant to succeed. It’s meant to be an excuse to cut the taxes of the upper class. I doubt most of the supporters of this plan truly think it will spur economic activity.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: brewcity77 on December 02, 2017, 07:08:38 AM
My wife's response was "well, this is exactly what everyone who wanted Trump voted for, might as well let them have it."
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Eldon on December 02, 2017, 08:05:44 AM
I thought this was a good article.

It is pretty incredible how many times "trickle down" is tried and repeatedly fails to succeed

What was good about it?
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: GooooMarquette on December 02, 2017, 08:22:50 AM
My wife's response was "well, this is exactly what everyone who wanted Trump voted for, might as well let them have it."

I guess that's true.  In the long run though, it's gonna end up being a cold, hard slap in the face for the unemployed factory workers in the rust belt and coal miners in Appalachia....
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Vander Blue Man Group on December 02, 2017, 08:53:22 AM
The passing of the bill and the circumstances it was passed under are shameful.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: jesmu84 on December 02, 2017, 09:46:04 AM
Don't forget these things that were snuck in the "tax plan":

-Life is considered to have begun at conception

-Churches can publicly endorse candidates

-Phd students must pay taxes on waived tuition

-ACA mandate pulled, 13 million people will lose insurance, premiums up 10%
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: Hards Alumni on December 02, 2017, 10:24:40 AM
I don't understand this. Seriously.

Then again, I often don't know what you're saying.

His assumption is that all liberals are the same.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: MU82 on December 02, 2017, 11:11:34 AM
Don't forget these things that were snuck in the "tax plan":

-Life is considered to have begun at conception

-Churches can publicly endorse candidates

-Phd students must pay taxes on waived tuition

-ACA mandate pulled, 13 million people will lose insurance, premiums up 10%

Yep. It's a con job that the Con Master will not just appreciate but celebrate. Hell, I'd celebrate if I were him, too. This tax scam added hundreds of millions to his coffers, if not billions.

It's still the Dems' fault, though, and I tell this to my most liberal friends all the time when they start whining.

All they had to do was come out to vote for their presidential candidate instead of bickering amongst themselves. If they got out the vote as they did in 2008 and 2012, or even if they simply voted for the Dem candidate instead of pouting that Bernie wasn't on the ballot and/or wasting votes on Stein, they would have saved America a lot of grief now. Maybe they learned a lesson for 2020 (though probably not), but even so, it will be very difficult to get this genie back in the bottle.
Title: Re: GOP Tax Proposal To Hit MU Boosters
Post by: TSmith34, Inc. on December 02, 2017, 11:25:31 AM

Kim Jong Un Fears That G.O.P. Tax Bill Makes His Plan to Destroy U.S. Redundant

PYONGYANG (The Borowitz Report)—Kim Jong Un is concerned that his long-standing plan to destroy the United States has been made totally irrelevant by the Republican tax bill moving through the Senate, a source close to the North Korean dictator said on Friday.

The source, who spoke on the condition of anonymity, said that Kim fears that his scheme to turn the United States into an uninhabitable hellhole has been to a large extent upstaged by a similar proposal from congressional Republicans.

“You have to understand, destroying America is something that Kim and his family have been plotting for decades,” the source said. “To see the Republicans swoop in at the last second and basically steal that idea—it’s got to hurt.”

According to the source, Kim has been watching C-span non-stop, praying that the Republicans’ plan to end life as Americans know it might come undone at the last moment, but he is “not getting his hopes up.”

https://www.newyorker.com/humor/borowitz-report/kim-jong-un-fears-that-gop-tax-bill-makes-his-plan-to-destroy-us-redundant