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Wednesday, December 06, 2017

Limo libs will "pay" for tax cuts

Republicans devised a way to get rich Democrats to "pay" for the tax cuts -- by making limo liberals pay more in taxes.

The tax cuts strip the tax deductions liberals enjoy.

Boy are they mad.



From Bloomberg:
Some of the biggest losers under the Republican tax overhaul include upper-middle class families in high-tax areas like New York City, graduate students, government workers and public school teachers.
The one thing they have in common? They’re mostly Democrats.
President Donald Trump and GOP leaders have promised that the two main goals of a tax code revamp are to benefit middle-class families and to slash the corporate tax rate. But paying for those changes has come in large part at the expense of breaks that are important to residents of high-tax states, which tend to be Democratic.
Benefits used by universities and graduate students are also on the chopping block. And the repeal of the Obamacare individual mandate to buy insurance -- a centerpiece of Democrats’ biggest achievement in a generation -- is estimated to generate some $300 billion to pay for tax cuts.
“It’s death to Democrats,” said conservative economist Stephen Moore, who advised Trump’s campaign on tax policy.
“They go after state and local taxes, which weakens public employee unions. They go after university endowments, and universities have become play pens of the left. And getting rid of the mandate is to eventually dismantle Obamacare,” Moore said in an interview, arguing that it would accelerate “a death spiral” in the health-care law’s marketplaces.
Republicans are making them put their money where their mouths are.

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10 comments:

  1. That is totally unfair! Republicans are supposed to target their own supporters, not their political foes'!

    -Mikey NTH

    ReplyDelete
  2. They love big government. Let them pay for big government. And I don't recall tears from them when Obamacare hammered middle class and upper middle class Americans to pay for the health insurance of Democrat client groups. I know people paying 1500+ a month for garbage insurance through Obamacare.

    ReplyDelete
  3. Taxes is taxes. Who's the genius that came up with the lousy idea that you can deduct your state and local tax liabilities from your federal income tax liability? (Never mind - rhetorical question.) And who does that hit the hardest? The poorer deplorables, that's who.

    I make less than $25K and can't itemize, so I pay my full state and local tax liabilities. Someone making $250K can itemize their state and local tax liabilities and deduct the amount from their federal taxes and get every penny back from Uncle Sam - subsidized by my payment. Who is most able to cover the total tax liability? The person making $250K, that's who. How is this fair and equitable? It isn't.

    Eliminate the state and local tax deductions.

    - Elric

    ReplyDelete
    Replies
    1. It's a convoluted set of concepts. Double taxation is embedded upon appreciation of physical assets and capital gains.

      They still will probably have the ability (eventually via conference) to write off more than double what the average U.S. homeowner can.

      Whatever.

      The best payment will come due in 2018 when the fact that zero Dhimms voted for tax relief is put on an endless loop 4 track cartridge.

      Delete
    2. "I make less than $25K and can't itemize" "If you're like most taxpayers, you don't itemize. This is because the standard deduction exceeds the value of all of your itemized deductions. You should itemize if your total itemized deductions are worth more than the standard deduction. About two-thirds of all taxpayers take the standard deduction. Check the IRS website for annual inflation-adjusted standard deduction amounts."

      Delete
  4. It's why Lefty Califonians moved to NV and AZ and people from Baastan move to NH and VT.

    ReplyDelete
  5. I have been wondering about the way things are taxed lately, and this thread seems to be a good place to ask: How many times is oil/gasoline taxed from being taken from the ground to the time it gets in my gas tank? I have a feeling that it is taxed many, many times before I get it in my tank.

    ReplyDelete
    Replies
    1. https://www.eia.gov/tools/faqs/faq.php?id=10&t=10

      Don't know how accurately this answers your question.

      Delete
    2. My 16 year-old just did a speech on it and I believe he said, depending on the state, that gas was taxed between 38 to 46 cents a gallon (I might be off +-2 each way), and I had him point out the actual producers of the product only made 7 cents per gallon.

      Delete
  6. Another great source of revenue source of revenue could and should be the outrageous endowments of many universities, virtually all of which are now leftist indoctrination centers.

    ReplyDelete