Trump 2024 Run Thread

It, no doubt, was a fast and easy process to go through 34 counts deciding all as guilty even if they thought Cohen was lying and saw more of the truth from other witnesses.
 
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JTOSU said:
I don’t think you understand at all what is permanent and what expires for TCJA in 2025. The tax rates will increase for all but the lowest tax bracket in 2025/2026. (Vakarian/JD scrambling to google TCJA now).

Btw, I am confident Steross knows — which was why I was asking his thoughts.
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And I'm confident that you also know EXACTLY what I am pointing to when I say that the tax rules that are more beneficial the wealthy do not expire and those that are more beneficial to the middle class do. "More beneficial" does not mean "all." But, you know that.

Since you seem to be in favor of this act, why did they make the personal tax cuts expire if they are a good thing?
 
steross said:
What I was speaking about was the fact that the tax cuts that target the middle class expire and those that target the wealthy do not. How are you having trouble understanding this?

Furthermore, a more specific example of how the TC&J act was crappily written was the pass through small business rules. The gave a 20% break form pass-through entities. Great, help small business. But, that of course costs money so they stop it from going to service industries (why?)

Here is the list:

Are You a Specified Service Business?​

First, you need to determine whether your business falls within one of the following service provider categories:

  • health (doctors, dentists, and other health fields)
  • law
  • accounting
  • actuarial science
  • performing arts
  • consulting
  • athletics
  • financial services
  • brokerage services (not including real estate or insurance brokers)
  • investing and investment management (not including property managers), or
  • trading and dealing in securities or commodities.
A final catchall category includes any business where the principal asset is the reputation or skill of one or more of its owners or employees. IRS regulations narrowly define this catchall category to include only cases where a person:

  • receives fees or other income for endorsing products or services
  • licenses his or her image, likeness, name, signature, voice, or trademark, or
  • receives fees or other income for appearing at an event or on radio, television, or another media format.
Architecture and engineering services are expressly not included in the list of personal services.

Pass-through owners who provide personal services aren't favored under the pass-through deduction. Indeed, they lose the deduction entirely at certain income levels. No such limitations apply to pass-through owners who don't provide personal services.

Note, the real estate tycoon kept "real estate agent" and landlord or any other real estate services out of the list of service industries.

  • Real estate agents--unlike doctors, lawyers, financial planners and professional athletes--are not considered a service industry profession and therefore are exempt from the limit in their pass-through deductions if their income is higher than $207,500 or $415,000 for a couple.
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I understand the tax code and the provisions in the TCJA. And as I said above, I was confident you understand it also.

My question is why you expressed the opinion that tax changes went to the wrong people. I am assuming by wrong people is you feel certain groups should be taxed more…why?

And to answer the question you added to your previous post, I don’t want any of the tax changes to expire.
 
JTOSU said:
I understand the tax code and the provisions in the TCJA. And as I said above, I was confident you understand it also.

My question is why tax changes went to the wrong people. I am assuming by wrong people is you feel certain groups should be taxed more…why?

And to answer the question you added to your previous post, I don’t want any of the tax changes to expire.
Click to expand...

But they do. Not the corporate ones, only the personal ones. Why do they expire?
 
JTOSU said:
It was how it was passed. Due to Reconciliation and Byrd Rule.
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Why so vague?

The fact is that it caused a massive increase in our debt. They wanted a corporate tax cut. They knew that would not go well to pass one by itself. So they added a personal tax cut. But, then with a huge corp cut and a personal cut they blew out the budget forecast since Trump was a flagrant spender. So, they had to put an arbitrary stop on the part of the tax cut that did not help the elite to get it passed.

Want a big tax cut? Cut spending to the point that the tax cut would not break the rules. Instead, they pulled this scam on our children.
 
steross said:
Why so vague?

The fact is that it caused a massive increase in our debt. They wanted a corporate tax cut. They knew that would not go well to pass one by itself. So they added a personal tax cut. But, then with a huge corp cut and a personal cut they blew out the budget forecast since Trump was a flagrant spender. So, they had to put an arbitrary stop on the part of the tax cut that did not help the elite to get it passed.

Want a big tax cut? Cut spending to the point that the tax cut would not break the rules. Instead, they pulled this scam on our children.
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Scam on our children?

Would love to cut spending. We have a spending problem not a revenue problem. Name one Dem that will sign off on that.

BTW, revenues increased the year after TCJA. But sure, ignore that.

But our revenues do have an upside with people paying back their debts they incurred…oh wait.
 
Excuse Me Wow GIF by Mashable

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JTOSU said:
Scam on our children?

Would love to cut spending. We have a spending problem not a revenue problem. Name one Dem that will sign off on that.

BTW, revenues increased the year after TCJA. But sure, ignore that.
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Yes, adding huge debt is a scam on our children. Where do you think debt goes?

Here is what the CBO says, $1.4 Trillion in new debt:
The staff of the Joint Committee on Taxation (JCT) estimates that enacting the bill would reduce revenues by about $1,438 billion over the 2018-2027 period, and decrease outlays by $2 billion over the same period, leading to an increase in the deficit of $1,437 billion over the next 10 years. A portion of the changes in revenues would be from Social Security payroll taxes, which are off-budget. Excluding the estimated $19 billion increase in off-budget revenues over the next 10 years, JCT estimates that H.R. 1 would increase on-budget deficits by about $1,456 billion over the period from 2018 to 2027. Pay-as- you-go procedures apply because enacting the legislation would affect direct spending and revenues.

OOOOH, they should replace the CBO with you! I mean, you figured out that revenues increased for one year and those silly people all projected that the TC&J act would cause more debt. With such a huge relegation why would you worry about one guy on a message board "ignoring" your find? You need to go to congress and set them straight!
 
steross said:
Yes, adding huge debt is a scam on our children. Where do you think debt goes?

Here is what the CBO says, $1.4 Trillion in new debt:
The staff of the Joint Committee on Taxation (JCT) estimates that enacting the bill would reduce revenues by about $1,438 billion over the 2018-2027 period, and decrease outlays by $2 billion over the same period, leading to an increase in the deficit of $1,437 billion over the next 10 years. A portion of the changes in revenues would be from Social Security payroll taxes, which are off-budget. Excluding the estimated $19 billion increase in off-budget revenues over the next 10 years, JCT estimates that H.R. 1 would increase on-budget deficits by about $1,456 billion over the period from 2018 to 2027. Pay-as- you-go procedures apply because enacting the legislation would affect direct spending and revenues.

OOOOH, they should replace the CBO with you! I mean, you figured out that revenues increased for one year and those silly people all projected that the TC&J act would cause more debt. With such a huge relegation why would you worry about one guy on a message board "ignoring" your find? You need to go to congress and set them straight!
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Interesting. You want lower debt, but want to take even more money from those that earned it (and those “wrong people” who already pay a disproportionate percentage of taxes)…but also yawn at hundreds of billions being used to “forgive” those that actually incurred the expense.

And tax revenues did not just increase for one year (but nice try). They increased in 2017, then again in 2018, and 19, and 20, and 21, and 22.
But what increased more? Spending!
 
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