Minor upside: it still has to go through reconciliation and this Congress has proven itself expert in snatching defeat from the jaws of victory. But yeah, this is an economic dumpster fire.
US Senate passes sweeping tax overhaul bill
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Re: US Senate passes sweeping tax overhaul bill
#12What a horrible process. You don't get good legislation written by ramming it through without time to evaluate the consequences of the law.
Re: US Senate passes sweeping tax overhaul bill
#13I have been watching comments on NYTimes and Fox News and what surprised was not a single person (out of couple of thousands) actually estimated their tax bill and compared. There is one calculator out here (which might not be accurate because of changes): https://www.calcxml.com/calculators/trump-tax-reform-calcula... I used it to arrive at following numbers. If this tax calculator is right then there is indeed ~$10…
The reality is that no-one really understand the consequences of the bill. It's a gigantic shit-pile of hastily written hacks crammed together at the last minute and rushed through without any opportunity for anyone to actually evaluate it.
Re: US Senate passes sweeping tax overhaul bill
#14I have been watching comments on NYTimes and Fox News and what surprised was not a single person (out of couple of thousands) actually estimated their tax bill and compared. There is one calculator out here (which might not be accurate because of changes): https://www.calcxml.com/calculators/trump-tax-reform-calcula... I used it to arrive at following numbers. If this tax calculator is right then there is indeed ~$10…
You’re missing the big picture. Our country will have a larger deficit and the burden on a percent share basis is heavier on the middle class.
Re: US Senate passes sweeping tax overhaul bill
#15I have been watching comments on NYTimes and Fox News and what surprised was not a single person (out of couple of thousands) actually estimated their tax bill and compared. There is one calculator out here (which might not be accurate because of changes): https://www.calcxml.com/calculators/trump-tax-reform-calcula... I used it to arrive at following numbers. If this tax calculator is right then there is indeed ~$10…
Those numbers you posted are probably inaccurate. The true numbers really depend on whether you itemize your deductions, and how much. This particular tax bill substantially raises taxes for people who itemize, in particular states with high local taxes like California.
I don’t know about Fox News but The NY Times had a good analysis of this: https://www.nytimes.com/interactive/2017/11/28/upshot/what-t...
Obviously many families and individuals will see their taxes go up.
Re: US Senate passes sweeping tax overhaul bill
#16I think Mitch McConnell will go down as a historically terrible senator. He has an absolutely single-minded focus on winning legislative "victories" without any consideration of the actual merits of what he's corralling votes for or agaisnt.
Re: US Senate passes sweeping tax overhaul bill
#17[deleted]
Re: US Senate passes sweeping tax overhaul bill
#18The law making process is so clearly broken. I see this as a contributing factor to the long gradual decline of the role of the USA in the world. The reemergence of China should be engendering a positive spirit of lifting the game, not a money grabbing exercise. If you can’t make evidence based laws for the people then society will be warped into some dysfunctional dystopian end game.
Following your logic, China is better off because instead of having one party protesting but failing to reject a law promoted by the elections-winning other party, it's just better to have one single party control everything.
Sorry but I find this just mindblowing.
Re: US Senate passes sweeping tax overhaul bill
#19The law making process is so clearly broken. I see this as a contributing factor to the long gradual decline of the role of the USA in the world. The reemergence of China should be engendering a positive spirit of lifting the game, not a money grabbing exercise. If you can’t make evidence based laws for the people then society will be warped into some dysfunctional dystopian end game.
To a large extent, the broken parts of US politics stem from the lack of actual written rules. Many things that should be codified are actually "gentlemen's agreements", where people agree to act in good faith. Today's show on the Senate floor was the logical conclusion of an entire political party deciding to break every aspect of that unstated agreement,
Re: US Senate passes sweeping tax overhaul bill
#20For those who didn't watch the proceedings, https://pbs.twimg.com/media/DQAYbwpU8AELZa0.jpg was one of the actual pages of the bill, quite literally handwritten scribbled margin notes.
Source?