President Trump Meets With Republican Leaders and Ways/Means Committee…

Earlier today President Trump met with Republican leadership and representative from the House Ways and Means Committee.   The overarching backdrop is the tax reform proposal [Full Plan Outline HERE], and there is a MASSIVE group of lobbyists aligned to eliminate the threat to their carve-outs within the proposed tax plan.

The UniParty is against President Trump.  The UniParty is against “America-First”. The UniParty is against MAGAnomics.  The UniParty supports lobbyists and the financial indulgences provided by K-Street to build their affluence.

One of the more common maneuvers for the UniParty to eliminate the threat from President Trump is to create a toxic legislative product that holds no hope of passage (See ObamaCare replacement).  Be wary of this strategy, it’s obviously in play.

[Transcript] 1:56 P.M. EDT – THE PRESIDENT: Well, thank you very much. I’d like to thank the Republican members of the House Ways and Means Committee who are here today to discuss the incredible plan to cut taxes. Now, it’s reform and it’s lots of other things, but we’re cutting taxes. It’ll be the biggest tax cut in our history.

There’s nothing more important to our economy. We see what’s happening with our economy and how well it’s doing. This is going to really bring it to the next level.

Before we begin, I want to make a very brief announcement. I had an excellent meeting today with Chairman Grassley and other lawmakers on immigration reform following the terrorist attack in New York. I’m calling on Congress to immediately terminate the diversity visa lottery program. It’s a disaster for our country.

This program grants visas not on a basis of merit, but simply because applicants are randomly selected in an annual lottery. And the people put in that lottery are not that country’s finest. We know that the program presents significant vulnerabilities to our national security. It’s a very unsafe program for our country, and we’re not going to allow it to happen, and end that program. So I think Congress will take that up very quickly.

Additionally, Congress must end chain migration so that we can have a system that is security-based, not the way it is now. And we want a system, ultimately, that’s merit-based so we can bring in people that will help our country, grow our country, and be safe for our country. We want to select people based on their ability to contribute to our country, not choose people randomly — we have no idea who they are — or based on extended family connections. You have people bringing in 24, 25, 26 people when they come in. We have to end chain migration.

With that being said, this is a big tax cut day, and I want to thank some of the people. Naturally, Paul, great press conference you just had — fantastic job.

SPEAKER RYAN: Thank you, appreciate it.

THE PRESIDENT: Paul Ryan has really led an effort and he had some awfully good help. He said, “Do you mind calling Diane Black?” I called Diane Black, and you came through, Diane. (Laughter.) Although let’s wait about a month and a half — (laughter) or less. It could be less.

And Peter — where’s Peter? I saw you on television. Peter, you were fantastic today, and we appreciate it very much. I know how hard you work.

Kevin McCarthy — we just did one where Broadcom is moving back to the United States — into the United States — one of the top companies; it’s a Fortune 100 company. And we just had a news conference with Kevin McCarthy and — hello, Kevin.

MAJORITY LEADER MCCARTHY: Hello.

THE PRESIDENT: It’s been a long time.

MAJORITY LEADER MCCARTHY: I know. (Laughter.)

THE PRESIDENT: But, Kevin, you were — really have been fantastic. And a man named Kevin Brady — boy oh boy.

CHAIRMAN BRADY: Thank you, Mr. President.

THE PRESIDENT: He doesn’t stop. He doesn’t stop. And there’s nobody like him, and we really appreciate it, I have to tell you.

But it’s really a great team. We have a great team. And it’s a team that loves what they’re doing, they love the American people, they love this country, and they’re going to get it done. It’s tax cuts, it’s tax reform, and we added the word “jobs” because it’s all about jobs. We’re going to have tremendous numbers of jobs pouring in.

So in a few days I’ll be traveling to Asia to advance America’s economic and national security priorities. I will miss you folks. (Laughter.) I will miss everyone at this table. (Laughter.) I’ll be back in 11 days, but I know things will go well because there really is — there’s a great spirit, there’s a great popularity for what we’re doing in this country. They want it, they need it, they have to have it. So it’s been terrific.

But I’m counting on all of you to help maintain a momentum on the tax cuts and tax reform during that time. I have no doubt you’ll be able to do it.

While I’m in Asia, members of the Cabinet will be traveling around the country talking directly to taxpayers and focusing on the regional media, which I actually find to be a very, very honorable media. We do very nicely with the regional — I love regional media — these folks. (Laughter.)

Of course, Secretary Mnuchin, Director Cohn, and my entire economic team will remain totally focused on tax reform and will continue to work closely with all of you. And I think for all, they’ve been working extremely closely. The relationship, Kevin, has been terrific.

CHAIRMAN BRADY: Absolutely.

THE PRESIDENT: We’ll be with you all the way, 100 percent.

want to also have a bill on my desk, hopefully, Kevin, by Thanksgiving. If that’s possible. And I want everybody in this room standing by my me, and we’ll add some others, as we sign.

thank you, again, for the incredible job you’ve all done. Some of the tax cuts and simplification work that we’re going to be doing for families, they include a doubling of the standard deduction, so more income is taxed at the zero rate. The first $24,000 for a married couple and $12,000 for singles, will be completely income or tax free.

So, that’s something. That’s a tremendous thing right there. So, we’re going to be having a big zero in front of a lot of people who are working very hard and they can’t make ends meet.

We’re going to reduce income tax rates for individuals, increase the child tax credit, and extend it to more middle-income families — a far larger group; repeal the alternative minimum tax; end the estate tax, or the death tax as it’s commonly called; retain tax incentives for mortgages, charitable contributions, work, higher education, retirements. We have a lot things that are the important generators in our economy.

Most Americans will be able to file taxes on a single sheet of paper. What do you think about that, Kevin? You still there, or is it going to be a paper and a half?

CHAIRMAN BRADY: — start with (inaudible).

President is given a document.)

THE PRESIDENT: Oh. (Laughter.) Great job. Thank you. I didn’t know I was going to be given a prop. (Laughter.)

CHAIRMAN BRADY: Sorry about that. Sorry, Mr. President. It’s yours, it’s yours. (Laughter.)

THE PRESIDENT: Thank you. But we think we’re going to be able to do that. And if we have it the way it is now, as of this moment, that’s what we’re going to be having.

CHAIRMAN BRADY: Yes, sir.

THE PRESIDENT: It’s going to make life very simple. The only people that aren’t going to like this is H&R Block, they’re not going to be very happy. That’s probably one of the only companies in the country that’s not going to be thrilled.

We’re going to make America globally competitive, again. Our corporate tax rate is 60 percent higher than our average competition. We’ll slash the corporate rate from 35 percent to no more than 20 percent. That’s truly one of the big things in the bill. What that’s going to do is create tremendous success for companies and jobs. It’s about jobs.

five years, expense the full cost of new equipment in the year you buy it. Something that, personally, I’ve never heard about in terms of when I was a businessman. In fact, that’s a great incentive for everybody to want to be business people. I think that’s going to be one of the great — you know when people talk about the different elements, Paul, that’s — they don’t’ talk about that. That’s going to be one of the great sleepers in this bill — expense in one year.

We’re going to move from a worldwide system to a territorial system — tremendous change. In 2016, American multinational companies kept 71 percent of their foreign-earned profits overseas. We’re imposing a one-time low tax to bring back all of that corporate money.

Now, we think it’s probably in the neighborhood of $4 trillion will be brought back into our economy, into our country. And that’ll produce tremendous growth, and jobs, and lots of other things.

The Council of Economic Advisers estimates that the corporate tax reforms would increase average household income by $4,000. We’re reducing tax rates for S corporations, partnerships and sole proprietors, which really affects a large percentage of our people and our taxpayers.

the growth rate of real GDP increases by just 1 percent, we’re talking about $2.5 trillion and millions of jobs. So if we go up to 4, as an example, we’re talking about $2.5 trillion. And I personally think we can go higher. Last quarter we did 3, and that took off, I think you can figure, at least a point for hurricanes. We had five hurricanes, essentially. And we actually hit the 3 number. The quarter before we hit 3.2. When we started we were at 1 — a little bit more than 1. And now we’re at 3, 3.2, and I think we would have hit 4. People are predicting 4 for next quarter. We’ll see, but I’ve always said that it could be quite a bit higher than that.

A lot of that is rules, regulations. In the history of our country, no President, during their entire term, has cut more regulations than we’ve cut. We’ve cut that in 10 months, and we have a lot more to do. We have some statutory requirements we have to give notice. And you know what this is, Diane. You give a 30-day, then a 90-day, you have 120-day notice, and then you can start thinking about it. Well, we’ve given those notices, and we have a lot of cutting left. But we’ve probably cut out about 48 percent, and we’re going to be quite a bit higher than that. And it’s one of the reasons that we’re doing as well as we’re doing.

The stock market has hit a new high close to 60 times during the course of this presidency, this administration, this group of people sitting around this table. We’re close to 60. And that’s something that’s very special, and I haven’t looked today, but perhaps we’ll make it an extra one because I hear we’re doing very well today.

But a lot of that is having to do with optimism. There’s tremendous optimism. The highest they’ve had — business and manufacturing optimism is the highest it’s been since the chart.

So I think what’s going to happen is the one element that’s missing is taxes. We’re one of the highest-taxed countries in the world. And we’re going to get really down to be one of the lower taxed. We won’t be the lowest, but we’ll get that maybe the next time. But we’re going to be one of the lowest taxed, and we will be competitive again with the rest of the world.

You look at China, they’re at 15 percent. You look at some countries, they’re quite a bit lower than that. But at 20 percent, we’re very, very competitive with the rest of the world. And so we’re going to be — you’re going to see numbers and you’re going to see growth, and you’re going to see jobs, and you’re going to see, really, wages going up. And something we’re seeing now is, for the first time in a long time, wages are starting to rise for people. In some cases, they’ve been 18 to 21 years without a real salary increase or a wage increase.

So a lot of good things are happening, but this is the final element — tax cuts and tax reform. And it’s an honor to work with my fellow Republicans. I think we’re going to actually have some Democrat support. I think it’s going to be very, very hard for them not to support it.

There was a certain newspaper that wrote today that your competition was out there trying to say, “It’s for the rich, it’s for the rich,” which they, of course, say repeatedly. It turned out that they weren’t telling the truth, and the paper actually called them on it, which was shocking to me. Shocking. (Laughter.) They were called — they said they’re not telling the truth because this is a middle-income tax reduction, and it’s a very big one. It will be the biggest tax reduction in the history of our country.

Thank you very much everybody. Appreciate it. Thank you.  END

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This entry was posted in Election 2017, Election 2018, Legislation, media bias, Paul Ryan, President Trump, Taxes, Uncategorized. Bookmark the permalink.

131 Responses to President Trump Meets With Republican Leaders and Ways/Means Committee…

  1. Katie says:

    I hate that “smile” Paul Ryan always gives President Trump when they’re sitting at things together in front of the press. Makes me shudder.

    Liked by 26 people

  2. sundance says:

    Liked by 26 people

    • yucki says:

      _END_ chain-migration!
      Set it to music!
      Put it on T-Shirts.
      Yes!

      Liked by 5 people

    • Nonlocality says:

      Good, SD. I like DJT. But I am sick and tired of D.C./Congressional/lobbyist kabuki theater players/actors. Our great Constitution has been under attack for a long time. So has our Divine Judeo-Christian foundation. So has our brave and wise Founding Fathers. So have our brave soldiers, Marines(!), sailors, airmen, Coast Guard, First Responders, LEO’s(!), citizen-patriots, and everybody who loves this country – everybody who who will refuse to kneel unless it they can kneel before Christ Jesus.

      “We will overcome.”

      Liked by 9 people

  3. Sporty says:

    I hate the fact they have decided to let us keep some of our hard earned money when they haven’t addressed spending. I’m not impressed

    Liked by 2 people

  4. trialbytruth says:

    Sundance is it your opinion that this will not pass and Trump will once again hang this around the necks of the disfunctional Congress

    Liked by 1 person

    • Deborah @UnTamedInSD says:

      The Brilliance of Trump
      1. put taxes off to the fall so that it would be done by Christmas
      2. Call it a “Great Big CHRISTMAS PRESENT To The American People” while stressing people live paycheck to paycheck and “NEED” this.
      3. IF they go against it, don’t pass it they wear “GRINCH” & “Scrooge” around their necks going into 2018 elections.

      Liked by 12 people

      • fleporeblog says:

        Deborah you are absolutely right! The other thing that our President, Sarah, Mick Mulvaney etc. have been doing is telling the Americans that the 3.2% (2nd Quarter) and 3% (3rd Quarter) is because of our President and his cutting regulations and unleashing our Energy. The Republicans can’t jump on that wagon because they have had nothing to do with the Economic Train 🚂.

        They are screwed! They absolutely know it! For those reasons, it will get done!

        Liked by 6 people

      • backwoodsgirl123 says:

        Except for something I just thought of tonight. There is no mention at all of Soc. Sec. Taxable Income levels. Currently the taxable income levels are:

        https://www.disabilitybenefitscenter.org/how-to/social-security-disability-taxes
        Taxable Amount

        The first thing you need to understand is that Social Security Disability payments aren’t always taxable. If you do not make more than $25,000 a year and file as an individual or your household income is less than $32,000 per year and you file jointly, you will not have to pay taxes on your Social Security Disability benefits. If your income exceeds those limits, a portion of your disability payments may indeed be taxable.

        The bad news is that, you may have to pay taxes on your disability benefits if your income exceeds a certain amount. The good news is that you will never have to pay tax on all of your disability benefits. In fact, no matter how much you make, you will never have to pay taxes on more than 85 percent of your Social Security Disability income. The limits are as follows:

        If you earn more than $25,000 but less than $34,000 and file as an individual or more than $32,000 but less than $44,000 and file jointly, then fifty percent of your disability income will be taxable.
        If you earn more than $34,000 if filing as an individual or more than $44,000 if filing jointly, then you will need to pay taxes on eighty-five percent of your disability income.

        _____________

        Trump hasn’t addressed how his tax reform will affect those that receive Soc. Security Benefits.

        Now, I’m married, but if I were single, I would be paying taxes under Trump’s plan.

        I am used to thinking in terms of, “I make $998 a month” because they take out for Medicare before I see my check.

        However, in reality, I draw $1106.00 a month and they take out $108 for Medicare.

        At $1,106 a month, that makes ME taxable. $13,272.00 a year.

        And even IF they take the Medicare payments into account…$11,976.00 a year, a cost of living increase of $24 will make me taxable.

        I sure hope and pray that Trump doesn’t forget about us!

        Liked by 3 people

        • Just for the record, that tax structure applies to SSA (Social Security Retirement) as well.

          In my house, our taxes will go up. Since you are married (I am taken, but not married) you guys will get the $24,000 deduction. I will get only $12,000.

          There are many who will pay less taxes, but those people are families with a few children they can use for deductions. There are a whole bunch of us who will be paying more…..

          Liked by 1 person

  5. VegasGuy says:

    This Tax Plan is going to need lots of work….In its’ present stage it is not going to live up to expectations.

    The Standard Deduction, even at $12,000 ($24,000 for married ) does not off set the loss of State & local tax in those States where the rates are incredibly high….

    And remember, ANY deduction taken away will never be re-instated. Right now special interests groups are already attempting to “lock in” loop holes. This Tax plan was never intended to be self supporting. It was intended to be a Tax REDUCTION…. For all, if not most. Congress is already attempting to merely shift around the revenues to “pay” for the Tax plan…Not what Pres. Trump intended

    Liked by 1 person

    • WSB says:

      Because they will not get rid of their stupid rules, on purpose, IMHO.

      Liked by 2 people

    • Bec74 says:

      I agree. I have itemized for years because of the high taxes I pay to the state and local governments. Even with the elimination of the AMT, which is horrible hidden tax, the proposed tax plan is likely going to be a tax increase for me here in New York. Property costs are very high in Westchester County. I am grandfathered in on the mortgage interest deduction. Property taxes are very high in Westchester County. Capping at $10,000 per year does not even cover 1/2 of what I pay in property taxes. And I certainly do not live in a mansion. Removing my ability to deduct any of my state income taxes is not helpful. I totally support tax reform, but I am currently deducting more than $24,000 per year for married couples on my taxes. It is not feasible at this point to move to a low tax, low cost-of-living state.

      Liked by 1 person

      • Bec74, I am with you but in Dutchess County. While slightly cheaper than Westchester, they a had quadrupled until Cuomo put in the tax cap (the one good thing he HAS done IMHO). We have our own swamp to drain in Albany it seems.

        Like

        • Bec74 says:

          Dutchess County is very nice. I go up to Poughkeepsie and Rhinebeck a fair amount.

          Albany is a sesspool (lots of corruption). It needs to be drained completely. I am voting “no” on Constitutional Convention next week because I don’t need any more of mandated taxes and special interest pet projects levied upon me.

          I agree the tax cap is the only good thing out of Albany. I think Cuomo’s arm was twisted on it. With this said, our taxes continue to go up, though. I can’t tell you how many disagreements I have had with the town tax officials over their re-valuations (i.e. code for putting your taxes up). At least Rob Astorino has held the line on the county tax bill.

          Like

    • M. Mueller says:

      The rest of the country does not want to subsidize state & local taxes in those states where the rates are incredibly high. Those states have to get themselves under control like the rest of us have.

      Liked by 4 people

      • I understand your point of view.

        NYS is incredibly corrupt and Albany is a swamp as deep as DC even if it is not as big. We need a Trump for NY and I am not that person.

        I wish Rudi had run for Governor instead of POTUS that time, he would have won.

        Like

      • William F Buckley's Ghost says:

        Then businesses should not be able to deduct state and local taxes either!

        Like

        • trialbytruth says:

          Not true a business must be able to deduct all of the expenses one spends to make a profit and then tax on profit or salary. If I could not deduct all my expenses I would not make money I would close my employees would not have paychecks and my suppliers would take cuts in income. think of all the personal income lost.

          If people honestly thought this through, there would be no taxes on business. Taxes would be collected on the income derived from it, in this case mine and my employees.

          Liked by 1 person

      • RJ says:

        I agree. Free college tuition is an example. Half the state universities in PA could be eliminated because of redundancy and dysfunctional degree offerings. Make them accountable to the taxpayers and not the well-payed tenured professors and administrators.

        Liked by 3 people

      • Tegan says:

        Unfortunately, for those of you in high local tax areas, this is one of the realities and what M Mueller says is correct. It’s not unlike men having to pay for OB/GYN care in Obamacare….or being forced to pay huge cable costs for hundreds of stations who don’t watch. Or, like us…no children but paying for schools for the past 45 years because we are home owners, etc, etc. Let’s be honest, there is no perfect bill. No perfect solution for everyone.

        Like

      • As a Long Island NY Republican I agree with you, lets stop subsidizing stats that dont pull their weight. Although to be clear NY is one of the few states that actually sends more money to the federal government then they receive back. Most states in this great country are actually welfare states as far as federal taxes are concerned. All should pay theirfar share, stop the pork!

        Like

    • booger71 says:

      Just like the Reagan tax cuts, this cut will raise my taxes.

      Liked by 2 people

  6. Publius2016 says:

    He really is all about the positive! If the DEMs would get in the game, we’d have a really great plan to include state and local taxes, dependent exemptions, higher mortgage interest and an end to the death Tax…the only reason it’s not as generous is that we have to stay within 10 year CBO score For reconciliation…

    Liked by 1 person

    • WeThePeople2016 says:

      That 10-year mark needs to be changed with the Senate. My hunch is that when we gain more Senators in 2018, Trump is going to push for them to change it. He is not going to bring all of these companies back to America to turn around and have it undone after the 10-year mark when the RINO and Dems vote to put undo all that has been accomplished by Trump.

      Liked by 5 people

  7. Niagara Frontier says:

    I honestly don’t know what’s worse: that they create a bill that has no hopes of passing leaving the existing tax scheme in place, or that they pass an awful tax bill that the President signs because he wants to have something.

    Liked by 1 person

    • citizen817 says:

      I doubt President Trump will sign something
      “just to have something”. My guess is that this is where “the Art of the Deal” negotiations start when he returns from
      his trip.

      Liked by 10 people

      • I highly doubt that he will sign just anything. He has already stood up to them on screwing with our retirement accounts….. I think you’re right……The art of the deal will kick in.

        People spoke too quickly when he offered DACA to Schmuk and Pelosi. Why the heck did he promise that?

        Only because he knew he was trading DACA for full wall funding, ending chain migration and deporting anyone else he wants to deport except for law-abiding DACA people.

        I’ll jump on that deal…..Because the problem is then solved.

        Like

    • Grandma Covfefe says:

      No, President Trump will not sign anything that doesn’t meet his promises. Not to worry. I’ll warn everyone-the tax reform will not pass. After hearing Tom Donohue the other day, he still thinks he is the president-such arrogance. SPIT on Donohue.

      Did Congress repeal and replace BOCare? Did Congress help FULLY fund the WALL? Did Congress delete DACA completely? Did Congress reform immigration rules/laws? Did Congress finish up confirming President Trump’s nominees? etc. etc. No to all of this. I don’t expect Congress to pass tax reform the way President Trump wants it for the American People. Donohue will make sure of that–it has to be Donohue’s way or leave it be.

      All this Tax Reform action is nothing more than another round of drama for Americans to watch–President Trump knows that. This time, it is about timing. PTrump knows that should nothing happens the way PTrump wants it, then Americans will be mad enough over the holidays that they’ll turn out to vote out Dems and Rinos in 2018. With his cabinets and staff going around the country talking about tax reform, this clever trick will get people talking about it at holiday dinner tables and making others aware of what is really going on–muliple exposures.

      It’s about exposing Fake Congress’ ongoing Anti-American corruption and building up another monster movement for 2018 election. We need a super majority in both House and Senate which will put a stop to these scripted voting showboatings being played out in Congress, esp in Senate. John McCain really put on this dramatic last act, and many senators dropped their heads in a dramatic but fake way.

      Did I read from one of the Trepeers recently that Senate passed something banning PTrump from confirming appts while Senate was out at recess in August? Did I read this correctly: Final vote 99-0? If true, then SPIT on Senate, who do not care about us. This is the same Senate that let BO do it, but not PTrump. Traitors

      Liked by 2 people

  8. youme says:

    Tax reform is a dog whistle to get their campaign coffers replenished

    Hedge fund guys celebrating tonight

    Carried Interest Loophole Preserved in House Republican Tax Bill

    https://www.bloomberg.com/news/articles/2017-11-02/carried-interest-loophole-preserved-in-house-republican-tax-bill

    Liked by 2 people

    • starfcker says:

      Ryan and Brady certainly know who they work for. Left to their own devices, they would simply rape us and give it all away to big business. Let’s hope Trump does what he said he’s going to do. Ultimately he controls this. I have not seen him agree to do anything stupid yet. I am skeptical that Ryan and Brady have our best interest in mind

      Liked by 2 people

    • Bec74 says:

      Let’s do away with the carried interest loophole. Allowing hedge fund managers to pay 20% doesn’t seem right when this is really their “income”. They should be taxed at the individual rate. Maybe doing away with this loophole will be enought to allow people in high tax states to be able to deduct more of their property taxes from their federal income taxes.

      Liked by 2 people

  9. Apfelcobbler says:

    Romney is running for Senate and his mouth was flapping today.. Every two-bit billionaire feels compelled to publicly play with the idea of running and are jealously nipping at PT’s heels. If PT has legislative success with this tax bill, it’ll take the wind out of their opportunistic sails.

    Liked by 2 people

    • Chickficshun says:

      Maybe some of them are cottoning on to the fact they might inherit a booming economy if Trump decideds to only go one term or even has two terms. Now that they know their base is going after scalps, and primaring him isnt going to happen.

      Liked by 1 person

  10. citizen817 says:

    Liked by 5 people

  11. Howie says:

    The way to win is to put Hillary and Barak behind bars.

    Liked by 4 people

  12. President Trump signed another important Executive Order today, just for SJW’s and Libs…

    Liked by 10 people

  13. fleporeblog says:

    This Tax Reform Bill will help out many Americans and especially seniors. Will it help everyone; NO! The more money you earn, the less likely you will see the savings compared to the folks that earn less. I can use myself as an example.

    Many of you know that I reside and work in NYC. My wife and youngest reside in Jacksonville, FL. Each of the 3 past years my wife and I would file Head of Household. With this proposal that is gone. Meaning we have to file Married filing a Joint Return.

    We only have one daughter under 17. I have two mortgages and pay property tax in NY (state and local taxes in NY only) and FL. We will be able to itemize because the total of what I described is a few thousand dollars more than 24K (Standard Deduction).

    Knowing the brackets thanks to NickTheDeplorable

    Our income would be taxed as following:

    – $0 to $90K at 12% tax

    – >90K to $$$ at 25% tax

    Under the Old Tax System:

    – $0 to $38,650 at 10% tax

    – >$38,650 to $75,900 at 15% tax

    – >$75,900 to $153,100 at 25% tax

    – >$153,100 to $$$ at 28% tax

    Will I get the same return given what I described above, probably not. Will it be a large loss; No.

    However, I do benefit elsewhere! I will see Cheaper and most importantly durable items Made In America as corporations come back. My kids and one day grandkids will have a brighter future in a country that is once again providing plentiful opportunities.

    Also if society is beginning to succeed, crime and lawlessness is also reduced. For me that is a win win in my book!

    Liked by 6 people

    • tony5460 says:

      I have the same tax bracket as you are. I apply new tax proposals to my 2016 return and . Taking into account of the deductibles and other credits, my effective tax rate will be worse by 0.1% (tax divided by AGI)

      Liked by 1 person

    • LBB says:

      I am in the “won’t change that much for me” category too. I don’t think some people define themselves as upper middle class when they should.
      I wouldn’t put my household in the needy category, though we only have HS education , we have been blessed in so many ways. Willing to pay, so some might not have to.

      Liked by 2 people

    • Ditch Mitch says:

      Nick did a great job earlier and I didn’t get a chance to give him kudos for all that work. Kudos Nick!

      When I have the chance today I have listed to responses to the plan. I put great faith in the Freedom Caucus members and both Meadows and Brett praise the plan. Not perfect but very good.

      Charles Payne of FBN brought up two shortcomings in the bill. Marriage penalty actually increases and the carry interest deduction remains. This proposed bill is a good start.

      Liked by 2 people

  14. covfefe999 says:

    I’m in a high state tax state but I’m OK with getting rid of the state tax deduction because it’s just not right that the people in states like mine get to take such large deductions. And yes I’m in a blue state, I’m sure you could have guessed. I’m hoping this will get state residents to think about who they vote for. Candidates for the next round of governor elections should focus hard on reducing state taxes now.

    Liked by 6 people

    • Deborah @UnTamedInSD says:

      EXACTLY!

      Liked by 1 person

    • William F Buckley's Ghost says:

      I completely disagree! Corporations get to deduct all of the taxes and interest expense of running the business why can’t individuals get the same benefit?

      Like

      • Tom says:

        The more taxes paid by corporations, the more they have to charge for their products. You pay their taxes. Now, do you want them to have low taxes or not ?

        Liked by 2 people

        • 4sure says:

          Not necessarily. All costs are not passed to the consumer. Employees pay some of the costs through lower wages. Investors pay some of the tax through lower profits.

          Like

          • Risa says:

            I agree. People like to assume all costs and expenses can simply be passed through in the price of a product or service, but that is definitely not always the case.

            Like

      • covfefe999 says:

        People in the low state tax states are effectively subsidizing those of us who live in the high state tax states. That’s not fair. The Democrats have taken advantage of it too, and I’m offended by that. Now they’ll be pressured to lower the state tax rates.

        Liked by 2 people

        • Bec74 says:

          I don’t necessarily feel that people in lower taxed states are subsidizing my income. I pay a fortune in taxes every year. My cost of living is high and as a result my salary higher than someone in a lower taxed state. I pay close around 50% on my income in taxes (tens of thousands of dollars). I see the tax bill every year prepared by the accountant and it is shocking how much federal, state and local taxes I pay. It is likely my taxes are subsidizing people who do not pay any taxes in the United States. I am not in favor of the House plan that removes my deductions for the taxes I pay. This was NOT was President Trump proposed to do for tax reform and lower rates. Rates will not remain low for all groups after the removal of all deductions, but will start to creep back up years from now. Recall, income tax started out at 2% when the Amendment to the Bill of Rights was passed. Now look at it.

          Like

          • Lindenlee says:

            You are right. They lower rates TEMPORARILY, AND remove deductions, and then tthe jack the rates up again, and never restore the deducttions. It is a racket. They should reduce the federal budget immediately to take out the 2009 ARRA (stimulus), almost $1 trillion, that was supposed to be a one-time expenditure, a 25% increase inmthe budget, and yet has been spent every year thereafter, with no budget. AND IT ISN’T ENOUGH FOR THESE ADDICTS.

            Like

  15. tax2much says:

    If those high tax states would quit providing generous welfare to illegals, then they could cut their taxes down to what the other states get by on.

    Liked by 4 people

  16. Coast says:

    I want tax reform, but what’s going on is not my idea of real reform. About half of the US population doesn’t pay federal taxes, and that is dead wrong. I want everyone to pay, regardless of income. Even if it’s only $50 I want people to pay. That way they have “skin in the game” rather than just being takers. I want more rate equality for all levels of income, rather than such a drastic difference in rates. Why should income change your tax rate…it shouldn’t. And I want our government to start taxing according to THEIR actual spending, rather than running deficits year after year. That way, their out of control spending would stop when all Americans got the “catch-up bill” in the mail. Yeah, that would be reform.

    Liked by 1 person

    • covfefe999 says:

      In a way I agree with your logic. But the cost of living isn’t much lower for someone who makes little compared to someone who makes much. The rents and house prices only go so low. basic food costs are the same for all. Likewise electricity, natural gas, and gasoline. A person making a low wage needs to be able to live decently and not have to stop turning on lights or not run the heat in the winter because they cannot afford to. I am willing to help those people by paying a higher rate.

      Liked by 1 person

    • Deborah @UnTamedInSD says:

      Maybe you’ve never been a single mom making minimum wage and don’t understand how there isn’t one spare dollar in the budget. Unfortunately I have been that mom. with the extremely high cost of living today I can imagine how much worse the struggle is.

      Liked by 6 people

      • Coast says:

        And if you think that’s bad, wait till we actually try to pay down $20T. The subject of taxes needs to be taken away from the politician. Taxes need to be fair and reasonable, which mean govt spending needs to be reasonable. I know I being unrealistic, politicians will never give up “taxes” as an issue. But our tax structure and our debt position is totally wrong. Our young son who just moved out is counting his pennies.

        Liked by 2 people

        • Tegan says:

          Coast…as most of us did when we “moved out.” My husband didn’t own a car until after college, graduate school and military obligation. (He bought his first car through the PX while still stationed in Europe and it was waiting for him at the Brooklyn Naval Yard on his return.)
          When I was in college my food budget was $10 a week. It might have been the thinnest period in my life! 😉

          Like

        • It would have been impossible to pay down the $20T under the Obama economy. There is only about $1.6T of cash in circulation in the entire U.S. economy. The stark reality lies right here–and it becomes obvious what GW Bush and Obama have done to us over the past 16 years.

          There are only 3 ways to fix it:

          1) Massively raise taxes. Although the Dems and RINOs would be glad to do that, P Trump ain’t gonna go there.

          2) Drastically cut spending. Although P Trump has tried to do this, the Dems and RINOs have fought him and insisted on giving his departments MORE money than they have asked for. So this is not going to happen anytime soon.

          3) A massive infusion of more cash to circulate in our economy. In a fractional banking system such as we have, a healthy economy as we are seeing come into fruition under P Trump’s leadership, bleeds over to our banking system.

          By law, U.S. banks have to keep 10% of deposits and they try to loan out the rest…..this is the way they make their money. So I get a new job, I make $1,000, I put it in my checking account. And my bank loans out $900 of it. The borrower can now spend his $900 but I still have my deposit of $1000. My money just suddenly and mysteriously almost doubled as circulation cash in our economy. Ahhhhh….fractional banking…..it is NOT real money.

          It is money on bank ledgers. That $20T is just computer strokes in the world banking system–PDJT gets this!

          He’s on it–and now if you will think of his attempts to cut taxes and his insisting on cutting spending, and his attempts to rein in free but unfair trade and get that GDP up to 4 or 5%, it will all make sense…..

          This President and his administration are all over it……Not to worry.

          Liked by 1 person

    • backwoodsgirl123 says:

      I’ll be sure to pass on your request of $50 to the homeless people that live in the woods nearby. I’m sure they’ll be happy to anti up to help you with your delusions that all people need to have “skin” in the game!

      Just send me the address to your 4 BR 2 BA house in that nice neighborhood you live in and if you have a swimming pool, I’m sure the homeless could really use a nice dip so that they can get the stench of being homeless off of them. Perhaps, if you would be kind enough to loan them a bar of soap they could also do their laundry!

      Like

      • Coast says:

        I’m talking about people who have an income…no matter how small. Even someone who is making only $10K per year should pay “something”. Right now we have a population where almost 50% pay zero. That’s wrong, no matter how you look at it.

        Like

        • backwoodsgirl123 says:

          I think you need a reality check!

          There are homeless people that are on Soc. Sec. and VA benefits. Those checks do not allow them enough income to rent a a place to live.

          The woods in Oregon were full of VETS who were homeless until a couple of years ago because someone up that way finally raised a stink about it.

          But there are homeless old people, homeless disabled people and homeless VETS all over the place.

          Yes, they get a government check. But they don’t get enough to put a roof over their heads.

          Do you know that it is ILLEGAL to live in an apartment or house without electricity or running water/plumbing?

          So, you not only have to have the money for the rent, but you also have to have the money for the utilities that go along with it. And NO, you can’t depend on getting help with that, because the programs are only temporary.

          The Missions that allow homeless people to stay there have a limited amount of time that they allow you to stay.

          And there are limited numbers of beds and the likelihood that you get ripped off, mugged or beaten up if you stay in one, is high.

          Once you get into that position, it is difficult to get out.

          There used to be a hotel downtown Orlando. If you were homeless, two people could afford the weekly rent and you could work out of the labor pools and possibly save enough over years to finally get out of it, but they tore it down because of “blight”.

          So, someone that makes $800 a month should be taxed.

          I hope and pray that you find out what it is like to have to live on that!

          Like

  17. William F Buckley's Ghost says:

    Elimination of personal exemptions at $4,075 each is definitely a poison pill.

    Like

    • Bec74 says:

      Were the personal exemptions removed as well in the new tax proposal? Is there any exemption to account for children as dependents? I was never eligible for the child tax credits. I am assuming the proposed $1,600 credit per child I would not be entitled to either.

      Like

    • tony5460 says:

      Well, every situation is different. For a family of 4 making medium household income and using standard deduction, the new plan should be better off despite the elimination of personal exemption.

      Like

    • I agree WFB’sG. I’m trying to figure out how a married couple with 4 kids making 75000 a year is better off with $24000 standard deduction but no personal exemptions (4050 in 2016). It’s simple math. 6 people 4050×6=24300PE+12000SD=36300. 75000-36300=38700×15%=5805 vs 75000-24000SD=51000×12%=6120 6120>5805 by +315

      Like

      • tony5460 says:

        You forget about child tax credit. Child care credit will increase from $1000 to $1600. So for 4 kides, you can subtract 2400 tax (600×4). So in total, you are better off by $2,085 (2400-315).

        Like

        • backwoodsgirl123 says:

          That’s assuming the people drop their kids off at daycare instead of taking care of them and homeschooling them.

          Liked by 1 person

        • I’m confused by what backwoodsgirl said below about if they drop their kids off at daycare or homeschool. Is the child tax credit only for kids who go to daycare? or is it any child you have who is under age 16 whether they go to daycare or not. For instance, I have three children. Only 2 are going to be 16 or under this year. They go to public school. Does that mean a credit a of $1600 for each of them plus a dependent care credit for my 17 year old of $300 because she is a senior in high school? According to our income and her math above, our taxes will be about the same under the new plan but if we can get these credits, it will be a difference of a few thousand dollars like you demonstrated in your reply. If you’re right, we really will get some much needed relief in the budget.

          Like

  18. Sedanka says:

    Ryan should be escorted out of the building by security staff.

    Liked by 2 people

  19. jeans2nd says:

    We shall see…

    U.S. Chamber President and CEO Applauds Congress for Taking Important Step Forward on Tax Reform
    ““We applaud the House and the Senate for passing the legislative vehicle that clears the way for historic tax reform that will simplify the code, lower rates for all businesses, and improve the economy. Our current tax code is complex and antiquated, holding back innovation, discouraging investment, and breeding uncertainty.”

    ““Failure is not an option; and in fact, failing to reform the outdated tax code will actually halt recent economic improvements.”
    more – https://www.uschamber.com/press-release/us-chamber-president-and-ceo-applauds-congress-taking-important-step-forward-tax

    Recall last week Donohue said the CoC and the Congress will be working on this while POTUS is in China.

    Like

  20. jeans2nd says:

    The unions are – strangely – mostly silent. Only found 3 tweets so far.

    We shall see.

    Like

  21. William F Buckley's Ghost says:

    Give business the tax cut but eliminate the H1B VISA SCAM completely. No beating around the bush, either. Just send the 800,000 foreign STEM workers back to where they came from! Over 50% of American STEM graduates don’t have professional STEM jobs and they never will unless President Trump ends the scam completely…as he promised!

    Liked by 2 people

  22. William F Buckley's Ghost says:

    FOR IMMEDIATE RELEASE: THURSDAY, JULY 10, 2014:
    Census Bureau Reports Majority of STEM College Graduates Do Not Work in STEM Occupations
    https://www.census.gov/newsroom/press-releases/2014/cb14-130.html
    You can quite a few articles. Most are employed in Non-STEM jobs. Very Sad!!! In fact, a major university came out against the H1B Visa Program because so manyof their grads couldn’t get “real” jobs after graduation.

    Like

  23. William F Buckley's Ghost says:

    Only one-third of native-born Americans with an undergraduate STEM degree holding a job actually work in a STEM occupation.
    https://cis.org/There-STEM-Worker-Shortage

    Liked by 1 person

  24. Bitcoin & Stock Market Timing says:

    Christians must pray if any good is to come to America.

    Liked by 1 person

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