Epic fail of Kansas' tax-cut plan offers a lesson for us all

[PostmodernProphet]

No, it still represents a whole lot of revenue for our Treasury.

if you are talking about estate taxes, no......it doesn't...... it is .6% of federal revenue.....
https://taxfoundation.org/estate-tax-provides-less-one-percent-federal-revenue/

 

[Mott the Hoople]

Naturally you neglected to explain why your opinion should be taken seriously.

Can you?

I'll understand if you can't.

Sure. I ignore you Lesion....that gives me instant credibility.

 

[Mott the Hoople]

How's that working so far?

Ignore? Just fine!

 

[Mott the Hoople]

which would be a wonderful concept, if a majority of idiot dem and rep voters wouldn't keep voting for these wealthy families running for office, thinking they are going to do something not to their benefit.

Yea....that kind of reminds me of what Mark Twain asked "How comes those who know the least, know it the loudest?".

 

[SmarterthanYou]

Yea....that kind of reminds me of what Mark Twain asked "How comes those who know the least, know it the loudest?".

 

[Русский агент]

Since Moot can't refute, away he'll scoot.

Fun fact: Ignorance is the result of "ignoring".

 

[Rune]

*The key part of the Republican tax reform plan isn't the individual or even the corporate tax rates.
*The big news is that it doubles the standard deduction and provides significant relief and simplicity for most taxpayers.
*This should be the focus of the tax reform debate, not the endless old argument about benefits for the rich.
https://www.cnbc.com/2017/09/27/gop...assive-cut-for-most-taxpayers-commentary.html

The Trump/GOP tax reform plan is out.
And it includes what could be the most significant tax relief in modern U.S. history for Americans who really need it.

That would be the plan to double the standard deduction for federal tax filers to$12,000 for individuals and $24,000 for married couples.

This is about as far as you can get from tax plans that supposedly only favor the"1 percent" or rely on "trickle down" theories to boost the overall economy.

Now just to be clear, this doubling of the standard deduction would not really amount to a 100-percent increase in deductions for everyone. Personal exemptions are being eliminated and consolidated into that bigger standard deduction. For someone taking the current standard deduction of$6,350 and one personal exemption of $4,050, this plan offers as"little" as 15 percent net increase in the deduction. But here's anews flash: that's still a massive tax break. What would you do with 15 percent more money?

Butwhile 15 percent is nothing to sneeze at, how is this such a major game-changer overall?

First off, it's important to remember that about 70 percent of federal tax filers don't itemize according to the Tax Policy Center.That may sound crazy to homeowners and people who live in highly-taxed blue states, but it's true.

"When 70 percent of American taxpayers stand to gain such a significant increase in their tax deductions, and a significant number of the other 30 percent has a new incentive to a simpler filing process, that's where the main focus should be."

This plan sends relief to some of the more challenged segments of the American population that don't qualify for welfare protections but are still falling behind. It will likely result in more people with low income paying no taxes at all.

Let'snot forget the stubborn segment of the population that cannot or simply will not buy a home. Homeownership in America is stuck in the low 60 percent range, according to the latest U.S. Census Bureau reports. That's basically the lowest it's been since 1967, and it means millions of Americans are missing out on the massive tax deductions homeowners enjoy for mortgage interest and property tax costs.

It also means that more Americans are missing out on the benefits of holding what has historically been one of the most solid investments in history. Sure we had a major housing crash just eight years ago or so, but no one can deny that was the exception as opposed to the rule. Perhaps with a massive standard deduction boost, millions of Americans will now be more able to raise the cash for a downpayment and get into the homeownership club. In any case, it gets more money into the hands of people who need it.

Another large and growing group of American taxpayers are so-called "gig economy" workers who do not hold traditional salaried jobs with one employer. Itemized tax forms are a major hurdle for these workers and are fraught with easy pitfalls that could lead to overpayment or underpayment of taxes. We've known for years that the complexity of itemizing taxes often leads people to choose not to itemize and take what they can get with the standard deduction even if that loses them some tax-refund money in the end. Now add the super complexity gig economy workers face in their returns and the chances they won't itemize is even greater.Boosting the standard deduction should be a big boon for a lot of them.

Of course, anything that makes the tax code simpler will almost always benefit the middle and lower middle class. Richer Americans can and do hire accountants,lawyers, and other staffers to help them swim through the dizzying laws and find the loopholes and caveats that help them. Most pundits are probably going to focus on how this plan simplifies taxes by going from seven tax rates to three.

But this boost in the standard deduction might actually do more to simplify the tax-filing process for a lot more people than any change to the rates. Not itemizing your taxes makes doing your taxes easier, period. And now there could be a much bigger incentive to not only make filing easier, but also reduce your tax bill.

Earlier this year, I noted how difficult it is to find some way to give middle and lower middle class Americans any level of federal tax relief because they don't pay much of the overall taxes anyway. In other words, what they do pay is probably a big deal for them, but there aren't many ways to cut their burden. But along comes this plan and it does that in a big way.

Other pundits will likely spend most of their time wringing their hands over the plan's call to reduce the highest tax rate of 39.6 percent to 35 percent and increasing the lowest tax rate from 10 percent to 12 percent. But much or all of that is offset by closing loopholes. Proof will be the lobbyists who want these arcane loopholes will squeal the loudest

Too much of our tax debate in this country and all over the Western world has for decades been dominated by a push to punish the rich over all else. As the late British Prime Minister Margaret Thatcher once loudly pointed out, these critics would rather see the poor get poorer than the rich get richer.

We should reject that old obsession and look at the numbers. When 70 percent of American taxpayers stand to gain such a significant increase in their tax deductions, and a significant number of the other 30 percent has a new incentive to a simpler filing process, that's where the main focus should be.Otherwise, we'll just be arguing about or for that 1 percent forever.

You don't get 15% more money, fool.

 

[crowonapost]

Let's make the whole nation be that.

Then liberals like you can cite opinion editorials like the one you cited penned by other liberals like Loomis endlessly while I enjoy keeping more of my own money.

BAHAHAHA You mean the Chicago Tribune? Is... bahaha liberal. We got's us another winner folks.

Don't worry yur' lil' self those of us that have seen first hand what has happened to cities like Wichita are fine facing reality and showing others in this country what head up assim is all about. While you go bunker down in your underground money pit hoarding from all the 'takers'. Please be sure and build your own roads, hire your own police and fire department. Since you don't need nun that 'guvment' crap. Mmmkkayy

 

[Русский агент]

BAHAHAHA You mean the Chicago Tribune? Is... bahaha liberal. We got's us another winner folks.

Don't worry yur' lil' self those of us that have seen first hand what has happened to cities like Wichita are fine facing reality and showing others in this country what head up assim is all about. While you go bunker down in your underground money pit hoarding from all the 'takers'. Please be sure and build your own roads, hire your own police and fire department. Since you don't need nun that 'guvment' crap. Mmmkkayy

Poor birdie.

Did I say the Chicago Tribune is liberal?

Ask your mommy to explain the big words to you, have a good cry, and then you can lie down and have a nap.

Unfortunately, when you wake up, Hillary will still be hawking her books at Costco, and Donald J. Trump will still be the leader of the free world.

 

[Русский агент]

You don't get 15% more money, fool.

Can you explain? I doubt it. Have another drink.

 

[Truth Detector]

"This failure probably cost us $4 billion," said Burdett Loomis, a University of Kansas political scientist who has written extensively about the Brownback years. "It absolutely should put an end to the theory that tax cuts for the rich end up helping everybody, but you can't kill it. It's a vampire idea. No matter how many times it's proven wrong, it keeps coming back."

Reality check:

Insanity is doing the same thing over & over and expecting different results.
Kansas is that insanity.

Let's not make the whole nation be that.

Yeah dumbfuck; because everyone knows that allowing people to keep more of what they earn is repugnant. You leftists are the most ignorant assholes on the planet. Do tell me how the Party of the Jackass and it's continued claims to others incomes is not doing the same thing expecting different results.

Dumbass.

 

[Truth Detector]

Reverse socialism simply doesn’t work. The attacks on the Estate tax would be funny except for the ignorance of the American public as to why the estate tax was created in the first place and the consequences of eliminating it.

The Estate Tax is an abomination to anyone with a brain. Those estates have been taxed numerous times. The notion that now the state is entitled to your wealth after you die is repugnant.

So tell me, how does the state's confiscation of wealth help the poor? Has the $20 trillion war on poverty the Party of the Jackass has engaged in since Johnson resulted in less poverty? Dunce.

 

[Русский агент]

LOL, it occurs to me that a birdbrain like COAP trying to discern the meaning in a sentence is like his namesake bringing a knife to a gun fight.

Don't feel bad, Crow, baby. Liberals have to get the crow they eat from somewhere.

 

[Truth Detector]

I'm conflicted over the estate tax. If, like trump's family, the estate was built using taxpayer money, or via multiple bankruptcies and billions in depreciation credits, then it should be taxed.

If an estate is built with post tax dollars, and slow accrual of property, etc., I don't necessarily agree with making it impossible for heirs to keep real estate without having to liquidate in order to come up with 40%

You truly are a leftist idiot on steroids.

 

[Truth Detector]

The whole idea of the estate tax is to prevent to much inherited wealth accumulating to too few families. It is an important device to prevent an oligarchy of a handful of wealthy families from controlling our political and socioeconomic system.

Really? So it is the Governments job to ensure that not too much wealth falls into the hands of a few? Can you please find that clause in the Constitution?

And you leftist twits wonder why we call you idiots.

 

[Truth Detector]

Tell us, just who is taking someone else's property, and how do you go about doing this?

 

[crowonapost]

Poor birdie.

Did I say the Chicago Tribune is liberal?

Ask your mommy to explain the big words to you, have a good cry, and then you can lie down and have a nap.

Unfortunately, when you wake up, Hillary will still be hawking her books at Costco, and Donald J. Trump will still be the leader of the free world.

You did not say this?
Then liberals like you can cite opinion editorials like the one you cited penned by other liberals like Loomis endlessly while I enjoy keeping more of my own money.

I cited from an article in the Chicago Tribune. Walking and chewing gum are hard for you aren't they. Poor lil' thing.

 

[Truth Detector]

Should we eliminate all taxes, local, state and Fed?

Yes we should; and supplant it with the FAIR TAX. Should we give everyone free healthcare, education and housing? Idiot.

 

[Phantasmal]

You did not say this?
Then liberals like you can cite opinion editorials like the one you cited penned by other liberals like Loomis endlessly while I enjoy keeping more of my own money.

I cited from an article in the Chicago Tribune. Walking and chewing gum are hard for you aren't they. Poor lil' thing.

He always gets it in his hair, it's sad.

 

[Truth Detector]

But the same thing happened when your hero George Dumbya Bush kept implementing tax cut after tax cut benefiting mainly the wealthy. The country went from budget surpluses, to massive budget deficits and then ultimately a Great Republican Recession.

So, it is not an isolated incident.

Dear idiot; those massive deficits had NOTHING to do with Tax cuts. After those tax cuts were passed, revenue increased. The problem is that our Government spent those increases at a higher rate than the incoming revenue.

This asinine notion that tax cuts cost the Government revenue is idiotic and not fact based. It takes a modicum of research to find the historic reality of this.

We don't have a REVENUE problem; but rather, a SPENDING problem.