115th United States Congress

[Day]

cut cut cut boys

[Tyrath]

More like kut kut kut boys.

[archibaldcrane]

tax rollout has begun. I am frustrated by the many good things in it. Markup next week is going to be fucking lit.

Items of note that will prob affect BGers:


I'm a big fan of doubling standard deduction, SALT deduction up to 10k, leaving pre-tax retirement untouched.

I've the full talking points that have been circulated along with various other propaganda but idk the best place to host PDFs. Maybe someone else that has come across them can link?

So they're just monstrously inflating the deficit then?

9 year phaseout required to do this with reconciliation, I assume they're ignoring that for now.

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[archibaldcrane]

Also with the standard deduction doubled, that really neuters the SALT and home interest deduction for most people, right?

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[Aerin]

So they're just monstrously inflating the deficit then?

9 year phaseout required to do this with reconciliation, I assume they're ignoring that for now.

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That’s what I was wondering. I mean, I like those cuts for me personally of course. But these are the fiscal conservatives and if anyone can help balance a budget they can? Being fiscally conservative means more than just less revenue for the government, right?

[Day]

Mulvaney will explain it to you

https://twitter.com/MickMulvaneyOMB/...16193055989761

maganomics baby

[tyven]

So they're just monstrously inflating the deficit then?

9 year phaseout required to do this with reconciliation, I assume they're ignoring that for now.

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Monstrously is probably an understatement

[tyven]

Also with the standard deduction doubled, that really neuters the SALT and home interest deduction for most people, right?

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yea, Mortgage interest and SALT will skew even more heavily toward high earners but considering this is a republican tax bill I'm just pleased that Joe the plumber gets a higher standard deduction. I don't like mortgage interest and SALT as much as doubling standard deduction but I believe it will benefit middle class earners in the early years of their mortgage that live in an expensive area. Originally there was talk of turning State and Local taxes into a tax credit. Now that would have been fucking lit.

[Roranora]

we're aspiring to Brownback our revenue streams, say Democrats

I dunno, I'll take the doubled standard deduction

[archibaldcrane]

Sounds like, as with health care, wonk genius Paul Ryan doesn't care about what can pass under reconciliation and is just trying to get something through the House. This bill will have to change a ton to pass in the Senate.

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[TsingTao]

yea, Mortgage interest and SALT will skew even more heavily toward high earners but considering this is a republican tax bill I'm just pleased that Joe the plumber gets a higher standard deduction. I don't like mortgage interest and SALT as much as doubling standard deduction but I believe it will benefit middle class earners in the early years of their mortgage that live in an expensive area. Originally there was talk of turning State and Local taxes into a tax credit. Now that would have been fucking lit.

It's a revenue increase over the current code, and it leaves the tax breaks in place for those that need/benefit from it the most. I rather like the compromise.

[tyven]

Sounds like, as with health care, wonk genius Paul Ryan doesn't care about what can pass under reconciliation and is just trying to get something through the House. This bill will have to change a ton to pass in the Senate.

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Markup set to begin Monday. Will be interesting for sure as some of this stuff has to be bargaining chips. There had been a ton of talk in the recent weeks of abandoning estate tax repeal, so we'll see if that is one of them.

I've not talked to a single person who thinks tax reform gets done, let alone in this form.

[archibaldcrane]

I assume the passthrough changes won't help my "professional services" S-corp at all. Doubled standard deduction won't matter to me much, just wipes out the mortgage interest benefit.

I want to see a breakdown of tax brackets.

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[archibaldcrane]

I've not talked to a single person who thinks tax reform gets done, let alone in this form.

Man, the "Republicans fall in line" conventional wisdom has really fallen apart eh?

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[Aerin]

Mulvaney will explain it to you

https://twitter.com/MickMulvaneyOMB/...16193055989761

maganomics baby

The mythical 3% GDP growth ... They told you and me that that 2%, 2.1% growth in the Obama years was the best that we could do. The administration was doing the very best they could do under the circumstances, and it was just too hard and impossible now for us to get back to 3% growth. They were wrong.

https://www.bea.gov/newsreleases/nat...gdp_glance.htm

[tyven]

I assume the passthrough changes won't help my "professional services" S-corp at all. Doubled standard deduction won't matter to me much, just wipes out the mortgage interest benefit.

I want to see a breakdown of tax brackets.

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I’m mobile but Ctrl f bracket and you should find it https://waysandmeansforms.house.gov/.../bill_text.pdf

[archibaldcrane]

Bitch I'm not cntrl-fing a 400 page document

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[Kaslo]

Bitch I'm not cntrl-fing a 400 page document

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Welcome to the practice of law.

[Aerin]

I’m mobile but Ctrl f bracket and you should find it https://waysandmeansforms.house.gov/.../bill_text.pdf

25% - $90,000 for joint return, $67,500 for Head of Household, $2,550 for estate or trust, individual is $45,000??? "an amount equal to 1⁄2 of the amount in effect for the tax-able year under subparagraph (A)"
35% - $260,000 for joint return, $200,000 for individual (not for married filing separately), $9,150 for estate or trust, individual is $130,000??? "an amount equal to 1⁄2 of the amount in effect for the tax-able year under subparagraph (A)"
39% - $1,000,000 for joint return, $12,500 for estate or trust, individual is $500,000??? "an amount equal to 1⁄2 of the amount in effect for the tax-able year under subparagraph (A)"

[Day]

Please let Trump's reaction to this guy be video taped, please god I don't ask for too much.

https://amp.theguardian.com/world/20...ple-pen-singer