sophie
Break My Heart
As little as I want to see any of these "tax reforms" go through, bringing the deductions back in for tuition deferrals is a significant game changer for me.
[RD] Getting SALTy
- Thread starter BvBPL
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Why?
They are demanding a free ride for their kids at the expense of a lower living standard for 90% of the people in the country in the future.
hobbsyoyo
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If they are not bringing back the state and local tax exemptions back then people in high taxed states are still going to be hurt. Particularly in California where the high cost of housing means a lot more people don't own property they can write down.
So a Republican talking point is saying that corporate tax cuts will mean a $4,000 raise for American workers. Why not condition the corporate tax cuts on the corporation wanting the cut giving a minimum of a $4,000 raise to each and every employee?
hobbsyoyo
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Yeah. Or better yet, raise the minimum wage to ensure workers get a raise since the corporations are getting a massive give-away.
onejayhawk
Afflicted with reason
Whatever else happens, the tax bill is moving quickly. It has already passed the House and an early vote is set in the Senate, which likely means leadership expects it to pass. Since one of the no votes on ACA repeal, Lisa Murkowsky, is on board, that is possible. Debate is set full bore after the Thanksgiving break this week.
The House bill is different than the Senate bill in a number of ways. The Senate bill has the much talk about repeal of the personal mandate of ACA. This is a selling point, despite the fact that it guts ACA funding. The Senate bill goes further in the eliminating the SaLT deductions. The House plan preserves an up to $10K deduction for property tax, while the Senate plan wipes clean.
https://www.bloomberg.com/news/arti...-to-a-tax-overhaul-public-votes-private-talks
J
The House bill is different than the Senate bill in a number of ways. The Senate bill has the much talk about repeal of the personal mandate of ACA. This is a selling point, despite the fact that it guts ACA funding. The Senate bill goes further in the eliminating the SaLT deductions. The House plan preserves an up to $10K deduction for property tax, while the Senate plan wipes clean.
https://www.bloomberg.com/news/arti...-to-a-tax-overhaul-public-votes-private-talks
J
hobbsyoyo
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Just because it is moving quickly doesn't mean it will pass. Remember how fast the House moved to repeal Obamacare? There are enough structural and procedural problems with this effort that it's likely to be torpedo'd by a few Republican Senators.
civvver
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Yeah that is not going to happen. Once hired you never get anything significant. What it might do is if it really does spur the economy it will increasing expenditures for hiring so you can switch jobs and get more money. But that seems dubious as well as it's basically corporate trickle down. Companies are already hiring and barely meeting workforce demand in many industries like tech ones where we have to import a ton of labor. I don't see anyone saying we just can't hire cus there's no money.
hobbsyoyo
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Not to forget that many companies (particularly in tech) are withholding hiring because they claim they can't find people with the right skills. Well that happens when your job postings are for unicorns.
In reality they put up unrealistic unicorn postings so that they can claim they need more H-1B visas to hire cheap foreign labor. As with just about everything to do with corporations and public policy, the corporations have learned to play the system like a fiddle to suppress wages and increase shareholder profits.
In reality they put up unrealistic unicorn postings so that they can claim they need more H-1B visas to hire cheap foreign labor. As with just about everything to do with corporations and public policy, the corporations have learned to play the system like a fiddle to suppress wages and increase shareholder profits.
hobbsyoyo
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Trump properties are notorious for this actually. They will post obscure help needed ads in papers no one reads so that no one will apply (and those that do are turned down without reason) to comply with the laws regarding hiring foreign workers. Basically they are required to attempt to hire citizens but the reauirement is lax and Trump properties do the absolute minimum to pass the requirement threshold and then hires a ton of foreign workers at minimum wage.
civvver
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YMMV but my company does not save any money by hiring h1bs over us citizens. The salaries are the same and in the case of contractors which many of the h1bs are they might cost more because of a contracted rate. However my company pays on the lower end of the spectrum so I think part of why we have so many h1bs is because the citizens are applying for higher paying jobs while a visa worker just wants to get a foot in the door at first.
Moving quickly? According to a thread you posted, there has been a bill since this Spring. Why has the bill languished this long?
onejayhawk
Afflicted with reason
True, but that is a red herring. Moving quickly indicates that the leadership believes they have sufficient support. McCain switched the day of the vote.
What you talk? That is quick, from concept to vote.
J
Concept? Your thread title said bill. Plus, the concept has been around for decades.
hobbsyoyo
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Translation: Anything that confronts my worldview is Fake News because reasons. Your counterpoint doesn't change the fact that moving 'fast' does not guarantee passage.
BvBPL
Pour Decision Maker
The alacrity of the senate to pass this bill is more likely a reflection of self-imposed deadlines and the pending Alabama senate election than of the whip’s confidence in his party’s votes.
onejayhawk
Afflicted with reason
Not close. You need more time in the language lab.
The Alabama election is indeed an issue. Given the furor last week over Al Franken, Alabama is probably closer than either side would wish. That said, it was a GOP seat so only the Democrats can win.
That said, the deadline is also an indication of the bulk of the votes being counted as secure. Even if they reach the 50 that they need, nothing is certain, as we saw with ACA repeal One wonder what McCain would have done if he did not have the deciding vote.
J
"After paying the bills, my plan reduces the national debt, and fast. So fast, in fact, that economists worry that we're going to run out of debt to retire. That would be a good worry to have." - the last great tax cutter, George W. Bush
onejayhawk
Afflicted with reason
Sen. Lisa Murkowsky of Alaska has endorsed the Tax bill. She was one of the three votes that sank ACA repeal.
http://thehill.com/policy/healthcar...ling-obamacare-mandate-in-boost-to-tax-reform
It is beginning to look like bill will pass the Senate. After that, a reconciliation with the House bill will be made and voted. This may all happen in the next three weeks.
J
http://thehill.com/policy/healthcar...ling-obamacare-mandate-in-boost-to-tax-reform
It is beginning to look like bill will pass the Senate. After that, a reconciliation with the House bill will be made and voted. This may all happen in the next three weeks.
You don't want to go there. There are similar statements about the Stimulus Bill. Obama had seven deficits larger than Bush's worst. Obama had five deficits larger than either of Bush's four year terms. Cutting taxes worked better than stimulus.
J
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