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Treasury Department releases analysis of GOP tax plan. It’s only one page long.

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 The Treasury Department on Monday released a brief one-page analysis of the Republican tax plan — despite Secretary Steve Mnuchin’s earlier claims that “over 100 people” within the department were working on a detailed analysis.

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The analysis, from the department's Office of Tax Policy, found that the GOP plan would raise $1.8 trillion over the next decade — though that projection was dismissed in a statement Monday as "nothing more than one page of fake math" by Senate Minority Leader Chuck Schumer, D-N.Y., and is at odds with estimates from Congress’ own non-partisan Joint Committee on Taxation.

https://www.nbcnews.com/politics/politics-news/treasury-department-releases-analysis-gop-tax-plan-it-s-only-n828581

 

 

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1 hour ago, Cooked Crack said:

Treasury Department releases analysis of GOP tax plan. It’s only one page long.

https://www.nbcnews.com/politics/politics-news/treasury-department-releases-analysis-gop-tax-plan-it-s-only-n828581

 

 

 

Well, it was 60 pagers long.  But the political appointee at the top of the pyramid redacted every part that didn't fit their message.  

 

(A;though, I have to confess that I have a problem with just blindly assuming that the CBO is all the be all-end all of analysis, too.  "Non-partisan" and "Congressional" being antonyms and all.)  

 

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15 minutes ago, LadySkinsFan said:

So much bull****.

 

Even worse, it's the SAME bull**** that the country has been through before. 

 

At some point the American people are going to have to stop associating their political party as their team. We can likely go down the list of things Trump has signed into law via executive order and any legislation that has passed (including the tax bill which is imminent) and it is pretty much guaranteed none of it is popular with the American people, however they keep voting for the same people who push the same nonsense policy.  

 

It's pretty amazing just how unpopular everything Trump is trying to get passed into law ends up being, yet it presses on in the absolute defiance of his own constituency, let alone the American people as a collective.

 

Drain the Swamp?  Yeah right, the Swamp has just been given more keys into the legislative process, again.

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Well some good news from the reconciliation of the Tax Bill.

 

The 10K SALT deduction now includes state income and sales taxes (improved from just property taxes).

It fixes the Corporate alternate minimum problem that the Senate botched (it has been rescinded).

Agreed to keep the Senate's approach to provide deductions on pass through companies (which primarily helps small businesses and yes I know this one bugs the hell out of most of you but it really does primarily help small businesses).

 

Edited by nonniey
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1 hour ago, nonniey said:

 

Agreed to keep the Senate's approach to provide deductions on pass through companies (which primarily helps small businesses and yes I know this one bugs the hell out of most of you but it really does primarily help small businesses).

 

 

Why does a small business owner need more help then a w2 employee?  And as pointed out by another poster, why wouldn't everyone set up a pass through entity to shield 20 percent of their income from taxes?  How about a flat 20% break for all income below a certain threshold regardless of method of earning it?  

 

It's a bad loophole because 500k income limit is extremely high.  It doesn't target just small business owners.  If you are making close to 500k net profit per year, you probably aren't hurting for additional tax break compared to the average w2 wage earners.  House version did a better job tying the break to capital investments (though it did favor large pass throughs vs small pass throughs).  

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14 hours ago, nonniey said:

Well some good news from the reconciliation of the Tax Bill.

 

The 10K SALT deduction now includes state income and sales taxes (improved from just property taxes).

It fixes the Corporate alternate minimum problem that the Senate botched (it has been rescinded).

Agreed to keep the Senate's approach to provide deductions on pass through companies (which primarily helps small businesses and yes I know this one bugs the hell out of most of you but it really does primarily help small businesses).

 

How do they intend to increase revenue to offset these though?  All three of these lower federal government revenue and I think the Senate bill was right at the allowable line for using 50 votes.

 

I mean, I suppose they could further screw the poor and middle class, but besides doing that, how can they handle the revenue problem?  The corporate AMT thing, for example, was added back in because they couldn't make the numbers work, is my understanding.

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6 hours ago, LadySkinsFan said:

Didn't you hear? Ryan has a big plan to cut Social Security, Medicare, and Medicaid right after the New Year! A bonus Christmas present so to speak. Belated Scrooges these Republicans.  :(

 

It's a nice evil scheme they have going. Cut taxes on the rich --> blow up the deficit --> oh no, deficit is out of control! Damn Obama! Really sorry about this, but I guess we're going to have to cut SS and Medicare. 

 

 

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6 minutes ago, bearrock said:

Corker, Rubio, Flake, and Collins should be in a back room playing rock, paper, scissor on who gets to cast that third no.  I vote Rubio.  He should say "Who's little now, Donny boy?"  

Rubio is ALL talk. 

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