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The winners and losers of the Republican tax plan — Democracy Challenged

09 Diciembre 2017, 09:53 | Gervasio Siguenza

Tax reform perplexing on many levels

Majority Leader Mitch McConnell R-Ky. Senate Finance Committee Chairman Orrin Hatch R-Utah and Treasury Secretary Steven Mnuchin speak to reporters Nov. 9 2017 on Capitol Hill in Washington

The Democrats' denunciation of the Republicans' tax cuts because they especially benefit the wealthy is a recyclable denunciation of any significant tax cut.

Based on these brackets, The Heritage Foundation provided the recommendation of "lower marginal tax rates for all Americans, including the top marginal tax bracket". Mr Trump's claim is easily disproved (see chart). More than 94 percent of farms are taxed under IRS provisions affecting individual taxpayers. How this works is that energy companies classified as "master limited partnerships" could be taxed under the reduced "pass-through" rate. Simple! But they did not do that.

There are three main differences between then and now. The deduction is currently slated to go up slightly for 2018, to $6,500 for single filers, $9,550 for heads of household, and $13,000 for married filing jointly. It's the content that counts. Both versions increase the expensing of capital asset purchases and increase the ability to use the cash method of accounting for businesses, which is a windfall for corporations.

The letter was orchestrated by Wisconsin Gov. Rick Walker (R), whose staff was tasked with gathering the signatures of GOP colleagues.

Johnson said Thursday he is still withholding support for the bill because he would like the deduction increased to 25 percent. By most accounts, this was the number Reagan cared about most.

Additionally, the new bill (s) introduce an increase in standard deduction. The EITC is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. This bill is merely a tax break for corporations and would add a trillion dollars to our deficit over ten years.

The services and programs Morial is referring to include Medicaid, the Supplemental Nutrition Assistance Program (food stamps), civil rights enforcement, housing assistance, public education, Social Security and Medicare. They can thank the Republicans' tax plans. That's what tax reform will do for farmers, for Iowans and for all Americans. "We've proven in our states that you can cut taxes, create jobs and generate budget surpluses all at the same time". If you pay estimated taxes, consider prepaying your state taxes by the end of the year to receive the federal benefit, unless you are in AMT. For banks and securities dealers, the figure would be 11 percent.

So the Senate bill actually encourages companies to replace workers even with unprofitable robots.

Such an about-turn is very unlikely on this occasion.

At least a handful object on policy grounds to parts of the legislation, while others appear to be sensitive to home-state politics - or some combination of both.

You're also in the wrong place if you want to hear about how Republicans are heartless monsters who hate the poor.

Republicans last passed temporary tax cuts under George W. Bush in 2001 and 2003. He is chairman of the Senate Judiciary Committee. However, they were not reversed.

The move would also worsen inequality by enabling wealthier parents to invest more in their children's schooling. If it does, their long-term costs will be greater.

Josh Gottheimer and Republican Rep. Leonard Lance launched a last-ditch effort this week to try to save the deduction for state and local taxes that many New Jersey residents rely on as the Senate and House work out the final version of the bill.

The bad news is that it contains language that could seriously undermine the investment in renewables by imposing "a new 100 percent tax" on those credits, as Gregory Wetstone, head of the American Council on Renewable Energy, explained in a statement. Republican representatives from California are mounting a last-ditch attempt to preserve the deduction, up to a limit.

Senate Majority Leader Mitch McConnell, R-Ky., had expressed confidence early in the day, but he has little margin for error with a 52-48 majority.

If merely having a bill was more important than what it contained, they will have succeeded. The Republicans purposely designed this bill to explode the deficit.

Myth 2. The tax bill will simplify taxation.



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