Current Events > Tax cuts to boost standard deduction to $12,000 for singles, $24,000 for couples

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meingott
04/26/17 12:20:49 PM
#1:


http://www.foxnews.com/politics/2017/04/26/mnuchin-vows-biggest-tax-cut-in-us-history-confirms-plan-to-slash-business-rate.html

Damn!
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emblem boy
04/26/17 12:23:42 PM
#2:


Tag
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voldothegr8
04/26/17 12:24:58 PM
#3:


Democrats love high taxes so the media will undoubtedly spin this into a bad thing.
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meingott
04/26/17 12:25:49 PM
#4:


voldothegr8 posted...
Democrats love high taxes so the media will undoubtedly spin this into a bad thing.


Raising the standard deduction like that would really benefit the lower and middle classes. I don't see why Democrats would be opposed to that.
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CruelBuffalo
04/26/17 12:26:41 PM
#5:


meingott posted...
voldothegr8 posted...
Democrats love high taxes so the media will undoubtedly spin this into a bad thing.


Raising the standard deduction like that would really benefit the lower and middle classes. I don't see why Democrats would be opposed to that.


Lowering corporate taxes to 15%.....ummm...I wonder how Reagan affected the budget
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CruelBuffalo
04/26/17 12:27:30 PM
#6:


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Hinakuluiau
04/26/17 12:27:58 PM
#7:


voldothegr8 posted...
Democrats love high taxes so the media will undoubtedly spin this into a bad thing.

I think most democrats are okay with the standard deduction being raised, it's the lowering taxes that is going along with it that is bad. Especially at a time when we're pushing our military and the wall, but cutting things like the EPA and regulations.
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nexigrams
04/26/17 12:31:42 PM
#8:


So that's fine or whatever, but neither $6k nor $12k is alot of money. If the taxes I pay in subsequent brackets are similar or greater than what I currenty pay in taxes, this doesn't really mean anything.
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#9
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SSMajinVegeta2
04/26/17 12:48:58 PM
#10:


fenderbender321 posted...
Is this confirmed or just speculation? $6,000 less in taxable income is pretty significant for a lot of people. That would put an extra $100-$150 dollars straight back into my pocket per month.


How do you figure that?
@fenderbender321 like how would this affect someone that's single that makes like 50k a year?
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stoltenberg11
04/26/17 12:50:02 PM
#11:


CruelBuffalo posted...
http://subjectlinesblog.com/wp/wp-content/uploads/2012/05/Federal-Deficit-Change-by-President.png


Oh yeah

republicans gameplan is to continue racking up debt by spending a bunch of money on military spending and then scare people off from collecting with said military
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#12
Post #12 was unavailable or deleted.
Caution999
04/26/17 12:55:15 PM
#13:


"but but but....my narrative!!!"
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lilORANG
04/26/17 12:57:06 PM
#14:


The standard deduction needs to be much higher. The reason for its existence is that everyone should have a minimum amount of untaxed income to live on. The current SD does not give you near enough to live on.
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sylverlolol
04/26/17 1:02:21 PM
#15:


All for a higher standard deduction.
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CruelBuffalo
04/26/17 1:11:32 PM
#16:


Caution999 posted...
"but but but....my narrative!!!"

Who are you mocking
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davyheinz
04/26/17 1:19:25 PM
#17:


CruelBuffalo posted...
Caution999 posted...
"but but but....my narrative!!!"

Who are you mocking

He's mocking LiberalFAQs.
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meingott
04/26/17 1:34:33 PM
#18:


Imagine being against this lmao
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These people are literally ignorant of the law. It's astounding. As the situation escalates I will come out victorious. - DawkinsNumber4
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lilORANG
04/26/17 1:35:18 PM
#19:


CruelBuffalo posted...
Caution999 posted...
"but but but....my narrative!!!"

Who are you mocking

someone who hates the lower and middle class....so Republicans?
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MangaFan462
04/26/17 1:36:11 PM
#20:


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ChromaticAngel
04/26/17 1:39:00 PM
#21:


voldothegr8 posted...
Democrats love high taxes so the media will undoubtedly spin this into a bad thing.

I am okay with raising the standard deduction. I am not okay with cutting corp tax to 15% that's fucking stupid.
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meingott
04/26/17 1:39:31 PM
#22:


ChromaticAngel posted...
voldothegr8 posted...
Democrats love high taxes so the media will undoubtedly spin this into a bad thing.

I am okay with raising the standard deduction. I am not okay with cutting corp tax to 15% that's fucking stupid.


It'll allow people to start their own businesses and keep more earnings, which will stimulate the economy
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Annihilated
04/26/17 1:41:31 PM
#23:


lilORANG posted...
CruelBuffalo posted...
Caution999 posted...
"but but but....my narrative!!!"

Who are you mocking

someone who hates the lower and middle class....so Republicans?


BZZZZZZT! Try again.
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Giant_Aspirin
04/26/17 1:43:24 PM
#24:


don't go getting all excited yet, this is just a proposal.
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meingott
04/26/17 2:03:45 PM
#25:


Giant_Aspirin posted...
don't go getting all excited yet, this is just a proposal.


Yeah but I think it'll go through unless Democrats decide that they don't want the lower and middle class to have more money in their pocket.
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These people are literally ignorant of the law. It's astounding. As the situation escalates I will come out victorious. - DawkinsNumber4
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That_Happened
04/26/17 2:11:00 PM
#26:


meingott posted...
Giant_Aspirin posted...
don't go getting all excited yet, this is just a proposal.


Yeah but I think it'll go through unless Democrats decide that they don't want the lower and middle class to have more money in their pocket.


So there's no reason the Democrats would vote against this other than "we don't want the lower and middle class to have more money?"
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ChromaticAngel
04/26/17 2:13:17 PM
#27:


meingott posted...
ChromaticAngel posted...
voldothegr8 posted...
Democrats love high taxes so the media will undoubtedly spin this into a bad thing.

I am okay with raising the standard deduction. I am not okay with cutting corp tax to 15% that's fucking stupid.


It'll allow people to start their own businesses and keep more earnings, which will stimulate the economy


No it won't. It'll benefit Trump's business and allow him to keep more money.
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_PandaMaster_
04/26/17 2:14:08 PM
#28:


Doesn't sound too bad.
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SK8T3R215
04/26/17 2:22:25 PM
#29:


ChromaticAngel posted...
meingott posted...
ChromaticAngel posted...
voldothegr8 posted...
Democrats love high taxes so the media will undoubtedly spin this into a bad thing.

I am okay with raising the standard deduction. I am not okay with cutting corp tax to 15% that's fucking stupid.


It'll allow people to start their own businesses and keep more earnings, which will stimulate the economy


No it won't. It'll benefit Trump's business and allow him to keep more money.


And also other people with businesses...?
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meingott
04/26/17 2:24:17 PM
#30:


That_Happened posted...
meingott posted...
Giant_Aspirin posted...
don't go getting all excited yet, this is just a proposal.


Yeah but I think it'll go through unless Democrats decide that they don't want the lower and middle class to have more money in their pocket.


So there's no reason the Democrats would vote against this other than "we don't want the lower and middle class to have more money?"


Exactly.
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These people are literally ignorant of the law. It's astounding. As the situation escalates I will come out victorious. - DawkinsNumber4
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Sativa_Rose
04/26/17 2:25:54 PM
#31:


I support lowering the corporate tax rate, but I am skeptical about these changes to individual taxes, especially given the direction Trump seems to be wanting to change federal spending (like increasing military spending)
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ChromaticAngel
04/26/17 2:25:54 PM
#32:


SK8T3R215 posted...
ChromaticAngel posted...
meingott posted...
ChromaticAngel posted...
voldothegr8 posted...
Democrats love high taxes so the media will undoubtedly spin this into a bad thing.

I am okay with raising the standard deduction. I am not okay with cutting corp tax to 15% that's fucking stupid.


It'll allow people to start their own businesses and keep more earnings, which will stimulate the economy


No it won't. It'll benefit Trump's business and allow him to keep more money.


And also other people with businesses...?


It's a percentage, not a flat amount. It disproportionately benefits those that don't need it and is chump change to small startups
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#33
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Giant_Aspirin
04/26/17 2:31:04 PM
#34:


meingott posted...
That_Happened posted...
meingott posted...
Giant_Aspirin posted...
don't go getting all excited yet, this is just a proposal.


Yeah but I think it'll go through unless Democrats decide that they don't want the lower and middle class to have more money in their pocket.


So there's no reason the Democrats would vote against this other than "we don't want the lower and middle class to have more money?"


Exactly.


literally no other possible reason eh? who knew politics was so cut and dry
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Drpooplol
04/26/17 2:31:44 PM
#35:


ChromaticAngel posted...
It's a percentage, not a flat amount. It disproportionately benefits those that don't need it and is chump change to small startups

trust me, every dollar counts to small startups.
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meingott
04/26/17 2:32:15 PM
#36:


fenderbender321 posted...
The vast majority of businesses file their taxes as an S-Corp or Partnership so that their business income is simply passed through to their personal taxes, and taxed at that rate, or as a Sole Prop which basically has the same effect.

It will be interesting to see how many businesses switch to filing as a C-Corp because of the new rate.


The more important difference is that all of the people who work as contractors / 1099 employees should see a reduction in their taxes if they file as an S-Corp or Sole Proprietorship. Which is a substantial portion of the country.
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These people are literally ignorant of the law. It's astounding. As the situation escalates I will come out victorious. - DawkinsNumber4
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meingott
04/26/17 2:32:29 PM
#37:


Drpooplol posted...
ChromaticAngel posted...
It's a percentage, not a flat amount. It disproportionately benefits those that don't need it and is chump change to small startups

trust me, every dollar counts to small startups.


Yeah, I don't think Chromatic has any idea what he's talking about.
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These people are literally ignorant of the law. It's astounding. As the situation escalates I will come out victorious. - DawkinsNumber4
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That_Happened
04/26/17 2:40:56 PM
#38:


meingott posted...
That_Happened posted...
meingott posted...
Giant_Aspirin posted...
don't go getting all excited yet, this is just a proposal.


Yeah but I think it'll go through unless Democrats decide that they don't want the lower and middle class to have more money in their pocket.


So there's no reason the Democrats would vote against this other than "we don't want the lower and middle class to have more money?"


Exactly.


You must be a very lonely man.
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#39
Post #39 was unavailable or deleted.
ChrisHansen59
04/26/17 4:46:35 PM
#40:


meingott posted...
It'll allow people to start their own businesses and keep more earnings, which will stimulate the economy


hahahahaha
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Balrog0
04/26/17 4:49:29 PM
#41:


lowering the corporate tax rate is a great idea, guys
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Ampelas
04/26/17 4:59:21 PM
#42:


Deficit is gonna be through the fucking roof. This reeks of Trump realizing he's done absolutely nothing in his first 100 days except golf and needs to push something through no matter the consequences
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spanky1
04/26/17 5:01:13 PM
#43:


That's a pretty damn big cut.
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Arcturus1121
04/26/17 5:12:38 PM
#44:


So we are increasing spending and cutting taxes? How exactly does this help the economy? I know everyone is for lower taxes but come on, you have to see how this is only going to hurt the Country in the long run. This many people can't be this dense right.
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fire_bolt
04/26/17 5:12:42 PM
#45:


>Cutting significant taxes
>Budget proposal includes increases to military spending

Guess we're getting more loans from China to fund that army we've been threatening them with, huh Donny?
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Ampelas
04/26/17 5:13:35 PM
#46:


Arcturus1121 posted...
This many people can't be this dense right.

Look who our president is. That should answer your question
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ChromaticAngel
04/26/17 5:13:53 PM
#47:


They can reject the tax proposal without rejecting the budget.
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UnholyMudcrab
04/26/17 5:14:14 PM
#48:


Yes, drastically lower corporate taxes are exactly what we need in order to drain the swamp.
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#49
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sktgamer_13dude
04/26/17 5:17:23 PM
#50:


"Let's raise spending and lower taxes."

This is why no one takes you seriously Proudclad.
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