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#61 Atossa

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Posted 01 October 2017 - 11:31 PM

We live in a time where everything is controversial, truth is arguable, facts are relative to political agendas, and the smell of b.s. arises from all directions.




Fortunately for me, Jesus Christ has saved me from this evil demented perverted end time jew/nwo.


If you were of the world, the world would love his own. But because you are not of the world, but I have chosen you out of the world, therefore the world hates you.

John 15

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#62 Atossa

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Posted 02 October 2017 - 04:36 AM


Here is a problem... most people today use professional tax experts and/or similar internet programs to do their annual income taxes.

I bet most of those who are now touting the GOP's "tax reform" have no personal clue how to figure their own taxes much less how it might affect different demographic groups. A White House spokesman basically said they can't promise no one will be hurt. They can't promise because they have no clue. The blind are leading the blind... and ironically, in their blindness, they have eliminated the extra standard deduction for the blind.

Btw... I have always personally and manually done by own taxes. Granted I have always been lower middle class and my taxes are simple. But it educated me and kept me informed of IRS procedures, rules and changes. I've learned enough to know that with tax reform like everything else in life, it's best not to buy a pig in a poke.






Can't guarantee tax cut for entire middle class: Mnuchin


" U.S. Treasury Secretary Steven Mnuchin on Sunday said one of the top goals of the Trump administrations tax plan is to help the middle class, but he could not guarantee that every middle-class family would receive a tax cut.

"It is our objective that the entire middle class will get a tax cut," Mnuchin said on ABC's "This Week" program. "You cannot make guarantees because every single person's taxes are different, people take advantage of different things."


https://www.reuters....n-idUSKCN1C61EG


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#63 Atossa

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Posted 02 October 2017 - 04:46 AM




GOP's 'tax cuts for rich oligarchs' needs to go down in flames !!


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Edited by Atossa, 02 October 2017 - 04:46 AM.

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#64 Atossa

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Posted 02 October 2017 - 05:38 AM



Things that make you go, hummmm...


Remember when Trump called NK leader, "Rocket Man" ??

http://www.businessi...catapult-2017-9


Now Trump is calling his 'tax cut for the rich' abomination, "rocket fuel."

https://www.nytimes....ts.html?mcubz=0

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#65 Atossa

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Posted 03 October 2017 - 01:27 AM



This year [2017] a single senior gets a total of $11,950 tax exempt [$6350 + $4050 + $1550.] Trade that for a lumped $12,000 and the single senior gets $50 until he has to pay the increased 12% tax rate. The projected increases in all three for next year totals $12,250.00... so the GOP's $12,000 is less. This brings up another question. Why $12,000 ? Why not double the standard deduction which usually will increase each year due to inflation and is projected to increase to $6500 next year [double $6500 is $13,000.] Will the GOP's $12,000 be tied to inflation ??





Rand Paul is not happy with Republican leaders current tax reform plan

"Possibly 30% of middle class gets a tax hike?" Paul tweeted.



[...]


" But it's clear that Paul finds what's already in the framework troubling enough. He links to a Tax Policy Center report that finds that according to what we know is in the plan so far, "by 2027, taxes would rise for roughly one-quarter of taxpayers, including nearly 30 percent of those with incomes between about $50,000 and $150,000."

Part of this is because the GOP plan would repeal the current deduction for state and local taxes. But part of it, per the TPC, is because the framework "would replace personal exemptions, which are indexed for inflation," with other new credits that are not indexed for inflation. As a result, they write, "the number of taxpayers with a tax increase rises over time."


more at link

https://www.vox.com/...paul-tax-reform


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#66 Atossa

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Posted 03 October 2017 - 01:59 AM




The devil is in the details !!


The GOP "says" it will replace personal exemptions with an increase in the child tax credit.
But seniors will also lose their personal exemptions... and the child tax credit is phased out
at higher incomes.

Unlike personal exemptions that usually increase every year due to inflation, tax credits do NOT
increase every year due to inflation... so any increase the GOP "might" make in the child tax credit
will erode over time.

Also the current standard deduction usually goes up every year due to inflation... and the projected
increase in 2018 for the single standard deduction is $6500 [currently it's $6350.]... so where does
the GOP get the $12,000 replacement standard deduction for singles? It's NOT double the current
standard deduction. And will that $12,000 increase yearly for inflation ?!


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#67 Atossa

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Posted 03 October 2017 - 02:26 AM



The devil is in the details !!


The GOP "says" it will replace personal exemptions with an increase in the child tax credit.
But seniors will also lose their personal exemptions... and the child tax credit is phased out
at higher incomes.

Unlike personal exemptions that usually increase every year due to inflation, tax credits do NOT
increase every year due to inflation... so any increase the GOP "might" make in the child tax credit
will erode over time.

Also the current standard deduction usually goes up every year due to inflation... and the projected
increase in 2018 for the single standard deduction is $6500 [currently it's $6350.]... so where does
the GOP get the $12,000 replacement standard deduction for singles? It's NOT double the current
standard deduction. And will that $12,000 increase yearly for inflation ?!


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If the GOP really wanted to give the low and middle class a tax cut...
they would have KEPT the inflation-indexed personal exemptions
then doubled the inflation-indexed standard deduction.

But the reason the GOP targeted personal exemptions for extermination
in the first place was to free up a lot of money to give tax cuts to the rich.

You see... personal exemptions phase out at higher incomes so the rich
couldn't care less about them.


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Edited by Atossa, 03 October 2017 - 02:33 AM.

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#68 Atossa

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Posted 04 October 2017 - 02:28 AM



" Major Index Performance Since the Presidential Election:

S&P 500 (SPY): Up by 23%
DJIA (DIA): Up by 28%
Nasdaq 100 (QQQ): Up by 30%
Russell 2000 (IWM): Up by 32%
Financials (XLF) Up by 36%

These are exceptional 11 month returns and have been achieved in part due to the expectations for tax cuts. If any suggestions materialize that the tax initiative is in jeopardy the moves to the downside could be swift and violent, especially in the small caps index which is up by over 10% in the last few weeks alone. "

https://seekingalpha...e-huge-tax-cuts


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If the ill-conceived GOP tax plan is shot down in flames, it will affect the stock market
that has soared to record heights since Trump first promised over-the-top oligarch tax cuts.

If that happens the bigger question will be... why would Trump set such a thing in motion.


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#69 Atossa

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Posted 19 October 2017 - 10:41 PM

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Official IRS numbers for inflation adjusted 2018 standard deductions, personal exemptions, etc..

2018

Single deduction is $6500
Married deduction is $13,000
Head of household deduction is $9550

Personal exemption is $4150

No mention of an increase in the extra deduction for seniors over age 65 or blind.

https://www.irs.gov/...thers-unchanged


As you can see... the GOP's proposed tax plan [which eliminates personal exemptions]
does NOT "double" the standard deduction... as "Lying Ted" repeated once again in the
tax debate on CNN last night.



I posted this so you can compare what your tax exempt amount will be in 2018 verses the 'bait and switch' the GOP has been lying about when it says it "doubles" the standard deduction. The GOP proposed figures [$12,000 single/$24,000 married] is NOT "double" the standard deduction last year, this year or next year... they totally invented those numbers. Furthermore, the GOP wants to eliminate personal exemptions and eliminate both the head of household and extra over age 65 or blind standard deductions. And don't forget the GOP also wants to INCREASE the lowest tax rate from 10% to 12%.


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Edited by Atossa, 19 October 2017 - 11:38 PM.

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#70 Atossa

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Posted 31 October 2017 - 06:47 AM



This is interesting...

Apparently, Justin Muzinich who is one of the major players for Trump's tax plan...
was previously writing tax policy for Jeb Bush.


The Little-Known Pragmatist Who Is Shaping the Trump Tax Cuts

" On Capitol Hill, Mr. Muzinich is often paired with Mr. Cohn's top deputy, Shahira Knight, to convey the administration's views in big tax meetings. He speaks almost daily with Mr. Mnuchin and, according to congressional aides, it is apparent that he has the authority to speak on behalf of the secretary.

"Justin's leadership and expertise has been essential in advancing tax reform, which has been our administration's top domestic priority", Mr. Mnuchin said in a statement.

Mr. Muzinich, who holds an M.B.A. from Harvard and a law degree from Yale, was relatively unknown in tax policy circles before he was plucked from Wall Street to join the Treasury Department. His most notable prior experience in the world of policy came while working on the campaign of one of Mr. Trumps arch rivals: Jeb Bush..... Mr. Muzinich was busy overseeing a team that cranked out detailed proposals for Mr. Bush on taxes, education and health care. "

https://www.nytimes....p-tax-cuts.html


Congratulations, Deplorables -- You're Getting Jeb Bush's Tax Plan

" In fact, Muzinich put together a tax plan for Jeb's campaign, and that plan bears a striking resemblance to the Trump/GOP plan:

One of the earliest iterations of the tax framework unveiled by Mr. Trump and congressional Republicans last month was the one that Mr. Muzinich drafted for Mr. Bush in 2015. Like the current plan, that one would have collapsed the personal income tax brackets from seven to three and lowered the rates. It would have doubled the standard deduction, reduced the corporate tax rate to 20 percent from 35 percent, and switched the United States to a territorial tax system, as the current plan would also do."

http://crooksandliar...s-youre-getting


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#71 Atossa

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Posted 31 October 2017 - 07:12 AM




This is also interesting...

Since Justin Muzinich went to Yale, I was curious if he were Skull and Bones like the Bushes.

I didn't find any such info on Muzinich... but I did find out that Steve Mnuchin is Skull and Bones.

https://en.wikipedia...d_Bones_members


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#72 Atossa

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Posted 05 November 2017 - 03:08 AM

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The bait and switch continues... the GOP tax plan has morphed again since it was unveiled on Thursday.

Now the "Chained CPI" provision in the tax bill [a terrible way to figure inflation] will be effective immediately [instead of 2023.]


House GOP quietly revises tax bill to tax income at higher rates over time

Nov 4, 2017

" House Republicans on Friday quietly made changes to their far-reaching tax overhaul: Now its tax cuts would be less generous for many Americans.

A day after the GOP unveiled its plan promising middle-class relief, the House's top tax-writer, Rep. Kevin Brady, R-Texas, released a revised version of the bill that would impose a new, lower-inflation "chained CPI" adjustment for tax brackets immediately instead of in 2023. That means more income would be taxed at higher rates over time and less generous tax cuts for individuals and families.

The change, posted on the website of the Ways and Means Committee, reduces the value of the tax cuts for ordinary Americans by $89 billion over 10 years compared with the legislation released with fanfare Thursday.

As wages rise, middle-class taxpayers would have more of their income taxed at the 25 percent rate instead of at 12 percent, for instance. "

more at link

https://www.cbsnews....ates-over-time/




The GOP has also been advocating Chained CPI to figure Medicare's cost of living increases...
which would mean even lower cost of living raises in the future.


Here is Ron Paul quote about the GOP tax plan and Chained CPI :

" The framework also contains a stealth tax increase imposed via the chained consumer price index (chained CPI). Supporters of chained CPI clam the government is currently overstating inflation. The truth is exactly the opposite: government statistics are manipulated to understate inflation.

Chained CPI enhances the government's ability to lie about inflation. One way it does so is by claiming that inflation does not lower our standard of living if we can substitute cheaper goods for goods made unaffordable by inflation. So inflation does not harm you if you cant afford a steak dinner as long as you can still buy a cheeseburger.

Chained CPI allows the government to take maximum advantage of "bracket creep," where individuals are pushed into higher tax brackets not because they are actually earning more money, but because inflation creates the illusion they are wealthier. In fact, by decreasing their purchasing power, inflation makes most people poorer. The inflation tax thus raises taxes on declining incomes. It is hidden and regressive, making it the most insidious of all taxes. "

more at link

http://www.ronpaulin...-limit-liberty/


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#73 RobertD

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Posted 05 November 2017 - 07:20 PM

Atossa, on a one man crusade against Trump.

You sound like a Hillary libtard .



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Edited by RobertD, 05 November 2017 - 07:25 PM.

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#74 Atossa

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Posted 06 November 2017 - 07:40 AM


Atossa, on a one man crusade against Trump.

You sound like a Hillary libtard .

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I suspect Trump is Putin's "governor of Gutium."
I doubt either you or Hillary understand the analogy.

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