“I don’t know why the Kansas senators voted in favor either. They have a real example in Kansas of what happens when you cut taxes.”
They don’t care. It’s all about their donors.
There is not turning back now. Once they unlock all those foreign funds and pay the tax on it at the cheap rate, subsequent law changes will have little effect.
We all know a recession is due and that is when the true austerity cuts begin to happen. This is going to blow up the deficit. Where will the money come from for a stimulus during the next recession? Where are we going to be if another 2008 crisis hits? The money is being squandered away by giving the money to people who have the means to flee the US when it gets bad.
We could be looking at 30 Trillion in Debt once Trump leaves office.
In another Great Depression.
@TatinG - no estate tax means no gift tax. It is presently $14,000 and if yiu exceed that the donor files a gift tax firm so that it counts towards their lifetime exclusion. Repeal the estate tax and the issue disappears - no more $14,000 limit or gift tax forms.
You quoted one of my posts and I have never mentioned tax returns fitting on a postcard. And I have seen your “complexity is in the definition of income” mantra many times on this board in response to other posters (none of them talking about tax returns on postcards that I recall). So at least with respect to those posts you are contesting a point that isn’t being argued.
We have a representative form of government. So that isn’t how it works.
My guess would be from debt.
Based on trajectory, that seems like it may be low. Last three 8-year periods have seen $1.4 trillion, $5.8 trillion and $7.9 trillion added to the debt respectively.
I haven’t followed the Senate version. In the House version, the life time gift tax limit was kept as is at $5.5M. Repealing estate tax didn’t affect it. I found that interesting and I was relieved. While you are alive, you can’t benefit from the new estate tax law.
So many different versions. I was going off something I read about the estate tax elimination.
Why can’t we just look at the bill text and see how it deals with gift tax?
Oh, yeah-- BECAUSE THE BILL IS A SECRET. This is no way to legislate.
I’m aware that we have a representative government. We should have a time period to weigh in on legislation. You know, so they can represent us.
A tweet from the common app twitter feed. Or is it?
Yes, the estate tax is being eliminated and that would usually mean lifetime gift becomes unlimited. I think that’s how it was during the year when the estate tax was repealed. Was it 2010? Not this time. It’s not lockstep this time in the House version. They didn’t even increase the limit to $11M. I applaud House keeping that.
Claire McCaskill just tweeted all of the amendments written by lobbyists. Smdh. Can we post twitter links?
@partyof5 just read those. Yep. Helping out middle America. We know who is in charge.
I have $875 in company points redeemable for gift cards and movie tickets amongst other things. I’d better cash them in before they’re taken away from me.
@partyof5, and if you looked closely, she had to get the list from lobbyists. She could not get the information from the United States Senate, a formerly esteemed body to which she belongs.
Today is a good day to stretch the vocabulary. My wife and children say I swear too much.
Incredulous, Orwellian, or Kafkaesque? Kafkaesque, I think.
I just read McCaskill’s tweets.
I just feel so defeated. I don’t know what else to feel.
Here is how we simplify the tax code:
Exempt mortgage service rights from new income inclusion rule
Provide pass-through deduction for distributions from publicly traded partnerships
Allow full deductibility for motor vehicle floor plan financing interest costs
Special rules for the timing of inclusion of income for original issue discount
Etc. etc. etc.
Simple. So simple. I’m positive that the guy who gets pass-through income from a publicly traded partnership is going to be able to file his tax returns on a postcard, right?
@Dave_N lol! I already had a potty mouth, it’s has increased tenfold.
Word is that Corker is now a no vote.
From article in The Hill:
“If you like laws and sausages, you should never watch either one being made.” - Otto Bismark
I do like this one though:
Ernst #1588 - Eliminate deduction for member of Congress living expenses
I bet that amendment doesn’t survive.