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Topic: this 401(k) shit (Read 1627 times) previous topic - next topic

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  • MikeS
Re: this 401(k) shit
Reply #75
The GOP writers are just casting for any and all types of revenue vehicles in the tax code to finance their cuts for rich people.  There's probably a ledger somewhere showing each type of potential income stream from whatever specific or general source that is not taxed today or has some tax avoidance language in the tax code, and the bean counters are saying "I got $35 billion here, that means I need to find $84 billion more to keep the bill under the promised $1.5 trillion over ten years."

It's government by making a list.

  • el jefe
  • asleep till 2020 or 2024
Re: this 401(k) shit
Reply #76
a soft no from a deficit hawk.  wants less addition to the deficit and debt, and is signaling that he doesn't believe (or isn't willing to pretend to believe) dynamic scoring alone fills the hole.  and since significant spending cuts look unrealistic, the only way to win his vote would be less tax cutting.  i.e., water down the package.

http://thehill.com/homenews/sunday-talk-shows/358845-gop-senator-i-am-a-no-if-tax-plan-increases-debt-too-much

  • el jefe
  • asleep till 2020 or 2024
Re: this 401(k) shit
Reply #77
http://thehill.com/homenews/senate/358712-tax-bill-raises-red-flags-for-senate-gop

complaints by various gop senators about the house tax bill.  I see three categories to put the complaints into:
1) it raises the deficit too much, and dynamic scoring is not a get-out-of-math-free card
2) it's unacceptable how it screws such-and-such demographic or industry to make up the lost revenue.  we need to get rid of that pay-for.
3) hey wait, I want bigger cuts over here, for this particular thing

these vectors all point in different directions.  liking my theory that to get this bill through the senate they will need to severely scale it back.  the bill that is, not the senate.

Re: this 401(k) shit
Reply #78
Funny how none of the objections point to the huge stinking white (very, very white) elephant in that room....that all these tax cuts are really only for a tiny minority of wealthy people at the expense of the rest of the population.

Cuz fuck the little people, right?

Re: this 401(k) shit
Reply #79
NPR's reporting has been pretty typical.

"The GOP tax reform plan, which Republicans say is the biggest middle class tax cut in history, is expected to be debated in [blah blah blah bunch of stuff about procedure]"

Uncritically repeating the bullshit claims about what this bill does helps to sell it. The media always uncritically repeats "[X] says [y]" even when it's blatant bullshit. At least at the headline level, which is what most people see, even if there's refutation buried eight paragraphs deep.

  • el jefe
  • asleep till 2020 or 2024
Re: this 401(k) shit
Reply #80
the mini story involving Ron johnson was typically digusting.  the house bill lowers the tax rate for "pass-through" corporations, essentially opening up a new loophole for rich people and big business to get some chunk of their income taxed at half the normal rate.  Ron johnson says the language on this is totally unacceptable.  so for half a second I dared to be guaptimistic, and wondered if he was starting to sour on helping rich people dodge taxes.  but then he explained that, due to the details, small businesses won't benefit enough from it, and we need to open it up to them too.

while small businesses are an important and relatively less evil part of our economy, they are not the "little guy" the gop makes them out to be.  half the time, the owners are multimillionaires.

Re: this 401(k) shit
Reply #81
Funny how none of the objections point to the huge stinking white (very, very white) elephant in that room....that all these tax cuts are really only for a tiny minority of wealthy people at the expense of the rest of the population.

Cuz fuck the little people, right?

Let's be real. White people are willing to shit in their own cornflakes every morning if it means that a brown person might have to smell their breath later. That's what we're seeing with this tax bullshit.

Re: this 401(k) shit
Reply #82

  • ksen
Re: this 401(k) shit
Reply #83
college is for suckers.  all they teach you is a bunch of politically correct bolesheeyit anyhow.  you wanna know how to get ahead?  learn to fix air conditioners.

tbf that last part is probably true

Re: this 401(k) shit
Reply #84
nah more like "learn to suffer the heat"

at this rate only the ultra-rich will be able to afford air conditioners, so get used to it suckas

  • el jefe
  • asleep till 2020 or 2024
Re: this 401(k) shit
Reply #85
college is for suckers.  all they teach you is a bunch of politically correct bolesheeyit anyhow.  you wanna know how to get ahead?  learn to fix air conditioners.

tbf that last part is probably true
no, no it isn't

  • el jefe
  • asleep till 2020 or 2024

  • ksen
Re: this 401(k) shit
Reply #87
Hahaha, I saw that article earlier.

  • ksen

Re: this 401(k) shit
Reply #89
Holy moley this bill absolutely destroys graduate education

Graduate Students Say GOP Tax Plan Could Increase Their Taxes by Nearly 300%

Quote
The change would be dramatically higher for students at private universities or those receiving waivers for out-of-state tuition, according to the estimates made by Velan. An MIT research assistant, who receives a $37,000 annual stipend and has about $49,000 in tuition waived, would see an estimated 240% increase in federal income taxes, to $13,577.

At Carnegie Mellon's college of science, a graduate student's annual taxes could rise from $2,384 under current tax law to $9,459 under the proposed tax plan -- an increase of 297%. After-tax income would fall from $27,000 to less than $20,000.

  • el jefe
  • asleep till 2020 or 2024
Re: this 401(k) shit
Reply #90
it's not a bug, it's a feature.  they dislike and distrust education and educated people.

  • meepmeep
  • Administrator
  • zombiecat queen
Re: this 401(k) shit
Reply #91
Holy moley this bill absolutely destroys graduate education

Graduate Students Say GOP Tax Plan Could Increase Their Taxes by Nearly 300%

Quote
The change would be dramatically higher for students at private universities or those receiving waivers for out-of-state tuition, according to the estimates made by Velan. An MIT research assistant, who receives a $37,000 annual stipend and has about $49,000 in tuition waived, would see an estimated 240% increase in federal income taxes, to $13,577.

At Carnegie Mellon's college of science, a graduate student's annual taxes could rise from $2,384 under current tax law to $9,459 under the proposed tax plan -- an increase of 297%. After-tax income would fall from $27,000 to less than $20,000.

welcome to the discussion we had like a week ago :v:

  • el jefe
  • asleep till 2020 or 2024
Re: this 401(k) shit
Reply #92
Steve daines (r-mt) joins Ron johnson as a negotiable no, because of the pass-through corporation stuff.

that's two no votes that sound negotiable, but should not be considered soft no's, because accommodating them won't be easy, and may lose votes elsewhere.  even better, neither of these guys was on anyone's radar as a potential source of trouble for the bill.  murkowski, collins, mccain, flake, and corker haven't decided yet.  ....   only mitigating factor here, for the bill's supporters, is that daines' objection is the same as johnson's, so they can be accomodated together without pulling the bill in different directions.

wsj identifies three groups of holdout senators, each with different hangups.  they include James Lankford (r-ok), who hadn't been on many people's radar.

https://politicalwire.com/2017/11/28/three-groups-wavering-senators/

Lankford has a proposal which he says would bring him, corker, and flake on board.

https://www.axios.com/what-lankford-flake-corker-want-to-get-their-vote-on-the-tax-bill-2513217217.html?utm_medium=linkshare&utm_campaign=organic

....include a mechanism where the tax rates revert upward, if, after 5 years, the cuts don't generate the promised growth and deficits rise.  actually sounds like a halfway - reasonable proposal by people who are sincere about controlling the deficit.  one could almost call it responsible.  which is why I'm sure the gop will reject it.  they know the magic of reaganomics will not make up the difference.  transferring wealth back to the wealthy is the whole point.  and, with this proposal included, their wealthy donors would only get a 5 year tax vacation, not a permanent holiday.

Re: this 401(k) shit
Reply #93
transferring even more wealth back to the wealthy is the whole point. 
fify

Re: this 401(k) shit
Reply #94
the pass-through corporation stuff is hilarious because it's just more giveaways for the rich and tax preparers because it creates gigantic loopholes they can tax advantage of

  • el jefe
  • asleep till 2020 or 2024
Re: this 401(k) shit
Reply #95
it's the kind of thing tax reform was supposed to get rid of.   to the extent an earnest belief in sensibly reforming the tax code actually exists among these guys.

Re: this 401(k) shit
Reply #96
they want to reform taxes so that their rich donors pay less. that's the start and end of it.

Re: this 401(k) shit
Reply #97


this absurdly dumb bill is going to pass


who knows what the hell happens when they try to reconcile it with the House bill though

  • el jefe
  • asleep till 2020 or 2024
Re: this 401(k) shit
Reply #98
trump reportedly told gop senators today that he supports alexander-murray in exchange for mandate repeal.  if that particular combination of things happens, it might actually sort of be a step toward single-payer.

Re: this 401(k) shit
Reply #99
A-M is just funding CSR's, how is that a step towards single payer?