We have to be enrolled at least half time so we can keep our loans in deferment and still qualify for university insurance.
Ah, forgot about the insurance. Yes, that is also true for my kid.
Not a “doubter” (whatever that means), but definitely a cynic: the bolded has been true for decades. (The promises made under the ACA were just the most recent mega scam.)
Their primary job is to get re-elected. Why should it be any different now?
The House themselves says this will raise $5.4 billion in revenue over 10 year if the waivers are taxed
Shameful. Just shameful.
I am so beside myself these days. I just cannot believe what is happening. So many steps backward. I feel like the robber baron era has returned.
It smells so rotten. No wonder we lost the #1 spot to Germany.
What spot did we lose to Germany? If it’s corporations, Germany has a 22% corporate tax rate. We have 35% corporate tax rate. Both parties seems to agree on lowering the corporate tax rate. We could lower the rate to 22% not 20%. That would limit the loss of revenue from 8.5% to 6.5%. We still have to make up 6.5%. We could drop lowering the tax on the wealthy except taking SALT deductions hit them harder since AMT doesn’t apply to them. Most of them pay more than AMT. What would you rather do? Leave tax as is and let companies leave the US in droves? Although the exit tax may have slowed the flow, it is always better to give them incentives to stay rather than forbid them from leaving.
^ International image/global opinion.
Has nothing to do with corporate tax rate.
http://www.newsweek.com/trump-effect-ranking-germany-study-international-image-714030
Then why bring it up in a tax discussion? Would it get better if we leave the tax as is?
There is an opinion piece in Forbes magazine against the tax plan
https://www.forbes.com/sites/stancollender/2017/11/19/gop-tax-bill-is-the-end-of-all-economic-sanity-in-washington/#4e509ee577ef
It ends with this cheerful thought:
“…In other words, if the GOP tax bill is enacted, Congress and the president this year will give up almost all ability to deal with the U.S. economy for at least a decade even when, as almost certainly will happen, there’s a downturn. No one else will be able to fulfill this role.”
From the link,
Experts were saying the economy and stock markets have already priced in some kind of the tax reform. Is it not the case? Some guy was on a video the other day claiming companies are expanding counting on some revision in tax code. He specifically mentioned capital investment is retroactively deductible as of September or October and you see the effect of it now. I have no idea he is right or wrong. For every opinion, there seems to be a counter opinion except that corporate tax rate. Obama was also trying to lower corporate tax during his last years as far as I understand. He had to impose exit tax to stop the outflow of corporations, didn’t he? I am no economist but I would have thought removing deduction and lowering tax should be done when unemployment is low. Lowering tax will more likely translate into higher pay since they have to compete for workers.
For context, are you referring to this?
However, it does not have anything specifically to do with the tax bill.
There are plenty of counter opinions against lowering the corporate tax rate far enough to greatly increase the deficit.
Lowering the corporate tax rate from 35% to 28% in a revenue-neutral exchange for removing various deductions and credits is unlikely to be that controversial (except among the heaviest users of the various deductions and credits) compared to lowering it an additional 8% to 20% that would greatly increase the deficit and require taxes to be raised elsewhere to counter even a small part of the added deficit.
The estate tax saved by the DeVos family is being offset by the loss of the teachers’ tax deduction for paying out of pocket for $250 worth of school supplies. One family will save 2.1 billion dollars and this is how we are paying for it!
Even most corporate CEO’s have said they are not going to expand/invest more in their businesses. They are going to use the money for stock buy backs (just like they did in 2004 when they got huge tax break on repatriated money.)
Essentially all major science and engineering organizations have come out against the tax grad students out of their programs provision: https://www.aaas.org/sites/default/files/AAAS%20Multisociety%20Letter%20on%20Tax%20Reform.pdf?D1fnCM0H.C.qegz_Yo2wJwPV7IWBzuGy
It’s also the top story on reddit so it is gaining steam, thankfully.
“However, it does not have anything specifically to do with the tax bill.”
You are right. We already lost our number one spot. Decimation of our higher ed does not matter.
And the estate tax savings of the Koch brothers, 38 Billion, pays for 1/2 the higher impact and the 6 x’s the grad school impact.
I wonder how something this unpopular passes.
Family 2016 Political Contributions Potential Estate Tax Savings
Koch 11.2 Million 38.6 Billion
Adelson 82.5 Million 14.6 Billion
Griffin 13.6 Million 3.4 Billion
Devos 3.8 Million 2.0 Billion
I wonder…
Parent of special needs kid with big bills? You’ll pay more, medical expense deduction gone.
Grad student? Sorry, we will double your taxes. Or more.
Buy insurance without subsidies in the individual market? We’re raising your premiums EVEN MORE.
Have a student loan? No deduction for you.
Live in California or New York? You’re screwed.
Have a private jet, or child of a multimillionaire, or own a golf course? Got ya covered!
Oh, and did I mention they’re cutting all deductions/exemptions for any kind of renewable energy, but making sure they keep all the lucrative deduction/exemptions for fossil fuel? Because coal is the future, I guess.
Totally agree with post 1037. Disgusting.