December 19, 2017

House passes the tax bill.

Just now.

92 comments:

Drago said...

LLR Chuck hardest hit.

Bay Area Guy said...

Good. Paul Ryan has done his job. Also, the Obamacare tax/penalty goes bye-bye.

Hopefully, the Senate doesn't screw it up. It's probably a good thing McCain is in Arizona (although as a matter of health, I do wish him the best)

Gahrie said...

The big fight will be in the Senate.

Mac McConnell said...

Could Trump be Reagan's third term?

n.n said...

Obamacare tax/penalty goes bye-bye

Ah, you can live again, without penalty. Now if they can restore market function to control progressive costs... education reform as the first leg. A triage medical industry as the second leg. And financing schemes, public and private, to supplement and coordinate it all. A little revitalization wouldn't hurt.

Drago said...

Could Trump be Reagan's third term?

Apparently that is what a few commentators who haven't always been fans of Trump are saying: we are finally getting Reagan's 3rd term.

Again, LLR Chuck hardest hit.

Drago said...

BTW, LLR Chuck's lefty allies are calling the tax bill the worst bill in the history of the House!!

Just like LLR Chuck, these lefties cannot help but go over the moon with "the crazy".

Michael K said...

Could Trump be Reagan's third term?
Mark Levin, who was a NeverTrumper at first, said that last night.

The amusing thing is the left's meltdown as they can't seem to get it that people who don't pay income tax don't get a "Tax Cut."

They usually lump Social Security with Income Tax to fool the rubes.

Assrat said...

Fortunately I have purchased a set of corpse galoshes to Wade through the mountains of dead I have been promised.

Dust Bunny Queen said...

Was discussing this issue this morning with my husband.

The passage of the tax bill will require some quick calculating on the part of many and some decisions to be made BEFORE year end.... especially high earners, expensive property owners in the high tax states of California, NY etc.

If you have significant stock market gains this year.....and you most likely do and wish to reap 'some' of your profits or re-position. Which I would highly recommend. What to do?

The question would be...2017 or 2018 tax year. Realize LTCG or STCG Long term capital gains LTCG are taxed at a more favorable rate than ordinary income. Short Term Cap Gains STCG are taxed at ordinary income levels. Where are you going to be taxed next year as compared to this year for ordinary income. STCG next year? LTCG this year?

For the high tax states the loss or restriction of deductible State,Local Taxes and Mortgage Interest could really affect whether you realize the gains now.... or later and what kinds. If the deduction is grandfathered in (I don't know...is it? ) then those with large mortgages don't need to worry. You will still have a large deduction if you itemize. If it is capped at 10K then this could be a MAJOR consideration and you might not want to realize Cap Gains, especially STCGs in 2018 when the amount of deductions against income will be less.

Lots to think about and a good time to get with your CPA and Investment Pro to find out what your Cap Gains situation might be and where you may be tax-wise.

The Senate needs to get off their ASSES and get this done so people have some time to plan.!!!!

Jim at said...

Also, the Obamacare tax/penalty goes bye-bye.

That, right there, is worth passage.
Everything else is gravy.

Ignorance is Bliss said...

Mac McConnell said...

Could Trump be Reagan's third term?

Could well be, since Reagan would have been well into Alzheimer's by that point...

rehajm said...

The pants peeing is fear they might be right.

traditionalguy said...

Pelosi now wants a best 2 out of 3 votes.

Hunter said...

Even if the rest of the tax bill sucked, just cutting corporate taxes would make it worthwhile. And the rest of the tax bill doesn't suck.

MikeR said...

Good. I would feel more comfortable if they would start with a budget that actually cut spending, but we'll see. This is a good step.

Larry J said...

Democrats think their ideas are so great, they must be compulsory. That's why they're pitching fits about eliminating the ObamaCare mandate. No, it isn't denying a single person health insurance. All eliminating the mandate does is that a person who decides not to get health insurance won't be penalized by having to pay a tax. Imagine that - people getting to make up their own minds about whether or not to buy health insurance. I guess to Democrats, Freedom of Choice only applies to abortions.

dreams said...

It doubles the standard deduction but all the Dems made speeches about it was going to hurt working families. Crooked Democrats.

Drago said...

Paraphrasing Pelosi, leftists and their LLR allies: This bill does violence to the vision of our racist horrible founders!

bagoh20 said...

" Imagine that - people getting to make up their own minds about whether or not to buy health insurance."

Except that I don't get to decide whether or not I buy it for them. I have too if I want any for myself. It was like that before Obamacare too, but the rest of the ACA is what makes it so expensive now. I would love to go back the old system entirely. It was far from perfect, but it was also far from the disaster that Obamacare continues to be.

bagoh20 said...

As someone with substantial assets in California that I will be selling in 2018 on my way out, and with a huge CA tax bill, I will get screwed big time by this new tax law. I still like it. It's my own fault for not leaving that corrupt communist state earlier. When something stinks and you still hang around, don't be surprised if it ends up stuck on your shoe.

roesch/voltaire said...

This tread started by Ivan the K has an interesting discussion this starting with: My income taxes are going up. I wouldn't mind this if I felt that the incremental amount was going to the right people, not the wrong people. GOP is a party of scam artists serving the donors. Despicable.

Tommy Duncan said...

Blogger Larry J said...

"Democrats think their ideas are so great, they must be compulsory. That's why they're pitching fits about eliminating the ObamaCare mandate."

During a February broadcast of “Morning Joe,” co-host Mika Brzezinski chastised Trump for telling Americans to be skeptical of the press, worrying Americans may trust him over her media colleagues. “He could have undermined the messaging so much that he can actually control exactly what people think. And that, that is our job."

Gahrie said...

GOP is a party of scam artists serving the donors. Despicable.

You were giggling when you typed this weren't you?

eric said...

The Senate needs to get off their ASSES and get this done so people have some time to plan.!!!!

If you're in Pacific time, it'll be done before bed tonight. One way or the other, it'll be finished.

eric said...

I will get screwed big time by this new tax law.

I don't know about big time, but I think I'll lose out as well in this new tax bill.

We are a family of six. That's 24,000 in deductions that I'd have going in to my kids college years. The child tax credit will go away, or start going away, next year as my daughter turns 17.

I don't see how I'm not hurt by this.


Luke Lea said...

The Democrats argue that the cuts for ordinary families are temporary. Is eight years temporary? Sounds like a long time to me. It is two presidential elections and four elections for Congress from now. Who is to say those cuts won't be extended. Or ended by Democrats? Personally I think the doubled standard deduction is here to stay. It will do much to end the unfair subsidy of mortgages.

tcrosse said...

GOP is a party of scam artists serving the donors. Despicable.

Jim at said...

I wouldn't mind this if I felt that the incremental amount was going to the right people, not the wrong people.

I see. So, you get to decide who are and are not the 'right' people?

Doesn't work that way.

Darrell said...

Mark Levin, who was a NeverTrumper

No. He was a Trump skeptic. He fully supported Trump after he won the nomination, though.

buwaya said...

Being one of those high-ish income families in a high tax state, we will get hit somewhat.
Worse probably is will hit the now-absurd value of our San Francisco house.
Still, it is the right thing to do.
It is an incentive for CA to reform, not that it will.

buwaya said...

And as I have often asked, which Republican donors are those?
I'm serious here. The really big money is on the other side and has been for decades.
Is this a mental tic acquired in youth?

Now I Know! said...

If the economy stagnates or goes in a downturn in 2018 then the GOP will be finished for years to come.

Now I Know! said...

That will be true if the economy goes south in 2019 or 2020 as well.

tcrosse said...

If the economy stagnates or goes in a downturn in 2018 then Know I Know will be delighted.

Jim Howard said...

Eric child tax credit is increased, won’t you benefit from that?

Drago said...

Now I Know!: "If the economy stagnates or goes in a downturn in 2018 then the GOP will be finished for years to come"

3% GDP and rising. Cash sitting in foreign nations about to come streaming back. Business Capital investment rising. Consumer confidence at 20 year highs. Housing starts at a 10 year high. Black unemployment rate at 17 year lows.

Yeah, 2018 looks terrible.

Not even Yellen will be able to sabotage this with monetary policy prior to leaving her post.

NIK and LLR Chuck hardest hit.

Paul said...

I guess no democrats wanted to give their constituents a tax break.

Dust Bunny Queen said...

Eric: We are a family of six. That's 24,000 in deductions that I'd have going in to my kids college years. The child tax credit will go away, or start going away, next year as my daughter turns 17.

The elimination of the personal exemption and especially of dependent deductions is something that I thought was very wrong.

For larger families like yours, you end up with a negative because the increased standard deduction is not enough to compensate for the lost personal exemptions PLUS the children's exemption. In addition... not ALL dependent deductions are for children or will be replaced by a child tax credit. Your dependent may be Grandma, disabled adult brother or other adult person.

I do like the non refundable part of the child tax exemption. This would prevent people who are NOT paying income taxes from getting free money because they decided to have large families. The idea that ILLEGAL ALIENS can get free tax refunds for having children in the US is more than annoying.

The good news about any bill, is that it can later be amended. The bad news is that it takes Congress for effing ever to do anything.

Now I Know! said...

Trump can’t even blame the Fed (though he will try) for raising interest rates because he just appointed his guy to be chairman.

Now I Know! said...

Drago, the 2017 economy was built by President Obama. Going forward it is all Trump and the GOP.

FullMoon said...

Now I Know! said...

Drago, the 2017 economy was built by President Obama. Going forward it is all Trump and the GOP.
12/19/17, 4:14 PM

Hilarious. You were beat down so bad after continually predicting financial collapse in 2017 that you disappeared for awhile, then changed your name and came back with more stupidity.

rehajm said...

Static scoring is fake science.

buwaya said...

"If the economy stagnates or goes in a downturn in 2018 then the GOP will be finished for years to come."

Very likely.
That is a very very bad outcome but highly probable.
The biggest global economic risk is US political instability.
The world is pretty much betting on Trump to turn the US around, away from its degenerate course. Its an immensely difficult job, and success is unlikely.

rehajm said...

Oops. Do over.

Stopi it or you’re gonna scare Collins.

Rusty said...

Is Now I Know Paul Krugman?

Now I Know! said...

Well if there is not an economic downturn over the next three years then Trump and the GOP will be fine. But if the economy does stagnates then Dems will rightfully say that it is due to this Republican tax break to the rich that drove us into the ditch.

rehajm said...

Althousians have correctly predicted 500 of the last none recesions.

AZ Bob said...

SALT deduction was a loophole for the rich.

eric said...

The elimination of the personal exemption and especially of dependent deductions is something that I thought was very wrong.

I realize I'm unique in many ways and that 80% will get tax cuts. Therefore I support the reform.

Plus, for many years the Federal government actually paid me money. Now I'll probably have to pay some. Which is ok. Everyone should have to pay some taxes. Puts skin in the game.

buwaya said...

"Drago, the 2017 economy was built by President Obama. "

Not really. The 2016 economy was also "built by Obama" and it was rather static, especially in employment growth.

The economy from 2009-2016 was not good, extremely weak by US historical standards.

The Trump phenomenon is a matter of psychology - Trump is encouraging to investors.
The punterss EXPECT something good from Trump, as they learned not to from the previous administration. TBD, who knows what the malicious US political-bureaucratic system will do.

Now I Know! said...

Same with healthcare. Republicans now own that as well.

Molly said...

the fact that the stock market has risen so much during the first year of Trump (and especially during the last month-sixweeks when the tax bill began to look like a done deal) means that a lot of the investing class believed that the economy was going to get better in the near term future, and they were willing to back that opinion by putting their own money (and that of their clients) at risk.

That doesn't mean that the investor class experts are right: a lot of experts thought Hillary would win, and betting markets favored Hillary. But I do put more reliance on opinions that are backed with money at risk than opinions intended to show off cleverness or Trump hatred virtue signals.

FullMoon said...

Trumpit said...
.....................
It is a fact that Trump and his cronies will give billions in tax breaks to the wealthy. A policy of reverse Robin Hood that we haven't seen since Dubya.

That theft is the real goal of his administration. Mark my words.

1/4/17, 1:31 PM


OK, happy now?

buwaya said...

The tax bill hits pretty much the 1-5%.

There are fewer tax breaks for the wealthy.

There is a significant break for corporations, but they still have to distribute earnings. There is incentive to recognize and distribute earnings, so the dynamic models may be vindicated. This was seen in the 2000's with the reduction in capital gains rates.

Original Mike said...

"Is Now I Know Paul Krugman?"

Well, he did predict the market was going to crater. That was 5,000 points ago.

So yeah, he may well be Krugman.

buwaya said...

To expand on Now I know's points -
Any future misfortune of any sort will be the Republicans fault.
Even down to acts of God.

That goes without saying.

We have a growing drought in California. The "ridiculously resilient ridge" is back with a vengeance, and the Pineapple Express is blocked. There are already politicians blaming Trump for the drought.

Original Mike said...

Blogger Now I Know! said..."Same with healthcare. Republicans now own that as well."

But I thought ObamaCare was awesome. Why are you disavowing it?

Jim at said...

the 2017 economy was built by President Obama.

Nope. To borrow a phrase, he didn't build that.

Francisco D said...

"It's my own fault for not leaving that corrupt communist state earlier. "

Bravo!

I like it when people take personable responsibility. They usually do better in the long run.

Victimhood is so ... so ... fashionable. I only like fashionable when it comes to ... well nothing.

n.n said...

I only like fashionable when it comes to...

Women's clothing; but, it's her choice.

Republicans fault... Even down to acts of God.

Hurricanes, pestilence, even rising waters. Republicans are Aaron. Trump is Moses. The deplorables are the chosen People and our Posterity.

Although, progressive rites for the first born, and select others... that's a Democrat Choice.

Drago said...

Now I Know!: "Drago, the 2017 economy was built by President Obama."

Lol

History begins anew today and we are supposed to have forgotten the entire left told us that 1.5 to 2% GDP growth was all that could be expected, the new normal just like Europe, and nothing could be done about it.

Which is exactly the same story the lefties were peddling in '79 and '80 with Carter!

All that on top of telling us on election night that our economy would NEVER recover from Trumps election!

But this time, THIS time, the lefties and their LLR allies are totally right! Lol

Michael said...

The only thing lefties would like more than seeing Trump dead or in jail would be to see the stock market crash and our growth to be stalled. Lefties hate success. Fucking hate it.

Now I know believes we are enjoying the Obama boom. LOL. Consumer sentiment and business sentiment went through the roof when HRC was not elected. Bizarre person Now I know.

cubanbob said...

Going to be interesting how the real estate markets are going to get affected. I suspect in places like NYC the tax bill is going to be a big downer for co-ops and a boon for rentals.

The Toothless Revolutionary said...

Republicans sure are gonna be scratching their empty heads wondering what to do when this plutocrat/oligarch/corporatist giveaway backfires on the proles as badly as W's equally lopsided tax policies did.

Rt1 Rebel said...

Giving Obama credit for this economy is ridiculous. Hillary sparked the economy when she should have won, and she drives it still higher with hopes that Trump is impeached and she will be coronated to replace him.

The Toothless Revolutionary said...

I don't see how I'm not hurt by this.

Trump doesn't care about you, or anyone not like him. Neither do the rest of the Republicans.

They only care about you if you're living inside a woman's uterus or have a net worth greater than about $5 million.

That's their constituency. You'll notice that not all of them can even vote and that not together they can never form a majority - let alone a popular majority.

This is why Republicans need to lie and use every bit of their power to keep others marginalized.

Birkel said...

I like how sophisticated the arguments of the Leftist Collectivists are. All the facts and figures. All the relevant historical analogies.

One blushes when one considers the measured affect of the modern Leftist Collectivists. They never resort to name calling or fear mongering.

Government needs to reduce its own compositions and expand the personal sphere of freedom by recognizing that individual freedom is a net good. Leftist Collectivists who wish yo exercise power and control must limit personal freedom.

Greater peraonal freedom for Leftists to say stupid things is a net good.

Birkel said...

Impositions

Birkel said...

I like how sophisticated the arguments of the Leftist Collectivists are. All the facts and figures. All the relevant historical analogies.

One blushes when one considers the measured affect of the modern Leftist Collectivists. They never resort to name calling or fear mongering.

Government needs to reduce its own impositions and expand the personal sphere of freedom by recognizing that individual freedom is a net good. Leftist Collectivists who wish yo exercise power and control must limit personal freedom.

Greater peraonal freedom for Leftists to say stupid things is a net good.

Bill, Republic of Texas said...

Paul Ryan has done his job.

The Republican clown car rolls on. Now they have to revote.

I hope this thing passes. I don't itemize so I'll get a big tax cut and that will really help.

And fuck those rich assholes in high tax states. I'm glad I'm not subsidizing them anymore. Now let's take away tax deduction for mortgages.

Politics of envy is fun. Thanks Dem for teaching us.

Rt1 Rebel said...

"They only care about you if you're living inside a woman's uterus or have a net worth greater than about $5 million.

That's their constituency. You'll notice that not all of them can even vote and that not together they can never form a majority - let alone a popular majority. "

304-227
239-193
52-46-2

There aren't that many 5 Millionaires in the US, I assume that the Fetus vote really turned out last year.

FullMoon said...
This comment has been removed by the author.
The Toothless Revolutionary said...

There aren't that many 5 Millionaires in the US, I assume that the Fetus vote really turned out last year.

I assume that you were never taught the difference between the electoral college and the popular vote.

I assume you never learned that not voting doesn't mean your voice in an election was heard.

And it seems I have every reason to assume you'd like to erect as many barriers to voting as possible.

buwaya said...

"And fuck those rich assholes in high tax states. "

Thank you for your kind words!

Rt1 Rebel said...

I assume nothing except that you are an idiot.

Dickin'Bimbos@Home said...

The left love the punitive. The left love pain and theft.

Birkel said...

The problem with the various deductions was in their adoption, not in their repeal. The idea of incentivizing people to act as government deems appropriate is perverse.

Naturally, people adapted to the perverse rules. Those behaviors resulted in wasteful and economically unsound decisions. Unwinding those poor decisions will be painful.

FullMoon said...

Over 80% will enjoy a tax cut. Winning !

FullMoon said...

Rt1 Rebel said...

I assume nothing except that you are an idiot.

12/19/17, 7:44 PM


Stick around, you will get plenty of proof.

Original Mike said...

The best way to deal with Ritmo is not to make eye contact.

Dickin'Bimbos@Home said...

O-care is still 100% Democratic Fascism. Now - people won't be forced to pay a penalty if they don't guy it.


Now - Sessions must be fired. He is a disaster.

n.n said...

The progressive liberals demand monopolies to force prices higher, which will be compensated through redistributive change. So, a "born alive" penalty for anyone not Planned as a selective-child or recycled-child under the liberal rite of abortion. Inflated costs settled through decadal resets, social justice adventures (e.g. wars, diversity rackets), refugee crises (e.g. trail of tears), immigration reform (in collusion with foreign sovereigns) to disenfranchise Americans, and labor and environmental arbitrage. Hopefully, the leftists in the Republican Party will chart a fairer course, or the rest of the Party will keep them from running amuck.

n.n said...

Denying early human evolution and lives deemed unworthy, inconvenient, or profitable. Denigrating individual dignity throughout human evolution until a natural or elected death. Redistributing the product of toil throughout. We can do better than wicked solutions, monolithic creations, and political congruence.

Drago said...

TTR: "I assume that you were never taught the difference between the electoral college and the popular vote."

You have no right to lump him in with the left.

The Toothless Revolutionary said...

The left love the punitive. The left love pain and theft.

The right love fighting for a class of people that has done nothing for them.

If you love the corporations and billionaires so much then cut them a check on your own dime, loser.

Bruce Hayden said...

“Drago, the 2017 economy was built by President Obama. Going forward it is all Trump and the GOP.”

Slowest recovery since at least the Great Depression, thanks to the brain dead economic policies of Obama and Pelosi. He, of course, was an economic illiterate who idealized his communist father. She, not as smart maybe, kept postulating higher and higher Keynesian Multipliers, despite such having been debunked at least 30 years earlier. They seemed to think that they could spend time their way out of the Obama Recession, by borrowing trillions of dollars. But she seemed to believ3 that it didn’t matter how the money was spent, so might as well send it to their political cronies and family members. So, mostly the only people who did well during that time were the cronies, friends, and all the new govt workers hired. So, sure, after 7 years of stagnant growth, when the economy should have turned around within one or two, if counterproductive economic policies hadn’t been so vigorously pursued, we were maybe finally come out of the record long Obama Recession. Not sure why you think that anyone would want you to brag about that.

stlcdr said...

With regards commentary on the child tax credit, if you have 4 children with college in the near future, the child tax credit changes are really the least of your problems. While every little bit counts, kids are way more expensive than what the credit provides. It is, and should be, designed to help those at the lowest income brackets.

Also, taking advantage of past/current - legal - tax loop holes (sic) does put one in danger of having an increase in taxes, based on this bill.

I am just stunned that so many really cannot be bothered to do the math, and rely on the lying media to tell them how bad it’s going to be for them. Further, that it’s not fair because rich peoples are gonna get more! The horror! At what point did envy become a mainstream trait?

Rusty said...

Bill passed the senate 52 to 48.
We own it.
I like it when Vicki and Inga agonize over the deficit. Which Obama cavalierly doubled. They weren't troubled then.

Rusty said...

I see the usual public sector employees are invoking the "Scrooge McDuck Theory of Economics:"
Just to make you feel better.
The room in the Koch brothers mansion where they keep their thousand dollar bills and Krugerands is enormous! There's a diving board and a Jacuzzi that that bubbles silver dimes.

brylun said...

Lefties like NIK and Toothless will tout Venezuela and its great socialist economy. If only the USA could emulate Venezuela... .

Rusty said...

brylun

No. They'll tout Denmark. Which a confiscatory tax system in order to provide all the "free" stuff.