https://www.msn.com/en-us/news/politics/house-passes-massive-tax-package-senate-to-vote-next/ar-BBH0UCm?OCID=ansmsnnews11

The House voted to approve the new tax bill.

One down, one to go with the Senate...and it'll be a much harder battle.

Harder battle? Every Republican Senator is on board. McCain will miss the vote though due to his illness. It's game over.

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Hawaii (fuck) You

"What Happened to the Post Card?"

The same thing that happened to providing Americans the same health insurance available to Federal Government employees.

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That is really the fix on the personal side. Nearly everyone will be pushed into the standard deduction. As such, your return should be two pages. They dumped the personal exemptions, and schedule A should be a relic for most.

They tried to get rid of nearly all deductions, but political forces (SALT!) left those in there. It's all noise though because the high standard deduction will keep you from itemizing.

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Hawaii (fuck) You

I had no idea that the carried interest loophole was going to be saved. It was one of the main talking points of the Trump campaign that he claimed to be a populist on.

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There are only two examples of infinity: The universe and human stupidity and I'm not sure about the universe.

We write a lot of private equity and hedge fund business. The entire business is quite interesting with carried interest being one of those facets. At its core it falls into a category of compensation that looks a lot like incentive stock options (ISO's) which are a staple of the corporate world. Now I don't know all the intricacies of how those carried interest is taxed. But with ISO's, there is preferential treatment if you exercise and hold those securities. However, the dreaded AMT took those advantages away.

In the private equity world, that carried interest is basically a reward to managers for earnings a return above the hurdle rate (say 7%), and aligns the manager with the investors.

But I tend to agree that carried interest should be taxed like regular wage income because it really is just a bonus under another name.

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Hawaii (fuck) You

Dennis, I really appreciate your rational and clear discussion of this matter and learn quite a bit from your analysis. It's just a shame that the only discussion of how this benefits middle income people focus on modest and temporary cuts which are likely to be offset in other areas or a continuing attempt to convince people that this time (damnit) supply side/trickle down will work for the first time in history

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There are only two examples of infinity: The universe and human stupidity and I'm not sure about the universe.

We're all going to be rich. Now Trump can tell us aliens exist and he becomes arguably a top 10 President.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

While it is clear this will benefit the Corporate world and the wealthy the most, I'm reserving judgement until see the results in real-time. I'm not thrilled with the bill, but I don't think the end of the world is coming either. I do believe all will see a benefit of some kind.

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I agree with this take. If you really think about it what other tax reform can you give to people that make less than 50k? Just make it no tax or withholding whatsoever?

As this thing goes many people really should be happy not to bother having to itemize and bunch of stupid ass shit to squeak a little more. Also, not having to pay HR Block et all saves anther $50 or whatever.

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Elections have consequences.

the history of the universe

I told everyone that Trump was The Man.

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I like thinking big. . . If you're going to be thinking anything, you might as well think big.
-Donald J. Trump, BPE

Seeing as how the fee was deductible previously, I didn't mind paying a bit more to save more.

Also, let's not forget that all of the corporate love is permanent, while the "benefit" for little old us expires in a few years.

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Try but do you think whoever holds power in 2027 wants to raise taxes on us?

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Elections have consequences.

Try but do you think whoever holds power in 2027 wants to raise taxes on us?

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Elections have consequences.

This is why we need to keep Republicans on power forever.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

If the tax cuts expire, isn't it the republicans that are raising taxes? They are the ones that wrote the bill.

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Who ever is in charge in 2027 will get blamed if they expire.

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I guess it depends on how things go, but it’s been done before...

The Death of Kansas's Conservative Experiment
The nation’s most aggressive experiment in conservative economic policy is dead.

Republican majorities in the Kansas legislature on Tuesday night voted to reverse the deep tax cuts engineered by Governor Sam Brownback five years ago, blaming them for blowing a hole in the state’s budget that threatened the viability of its schools and infrastructure. Brownback, a conservative first elected in 2010 on a platform of phasing out Kansas’s income tax entirely, stood by his vision even in spite of an electoral backlash last year. But a coalition of Democrats and newly-elected Republicans overrode his veto of legislation to raise $1.2 billion in revenue by hiking personal income taxes and repealing a widely-criticized exemption for small-business owners. Tax rates will now go up to levels near where they were before Brownback took office.

For Brownback, a former senator and one-time presidential hopeful, the vote was nothing less than a humiliation. He had hailed his tax cuts as “a real live experiment” in conservative governance and offered them up as a model for other states and the Trump administration. Instead, they left him as the most unpopular governor in the country, who was reportedly casting about for a federal posting that would allow him to escape Topeka before the legislature could eviscerate his legacy.
https://www.theatlantic.com/politics/archive/2017/06/kansass-conservative-tax-experiment-is-dead/529551/

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Mr. Trump is unfit for our nation’s highest office.- JD Vance
If you committed violence on that day, obviously, you shouldn’t be pardoned.- JD Vance on the J-6 insurrectionists

this really is a HUGE boost to business in america

and we were already riding a high wave

but it also means a ton of federal programs will be cut, because there simply wont be the money there to pay for them.

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the world will always the world. your entire existence is defined by your response.

The corporat tax rate reduction is not some huge benefit for only the rich. It will make America much more competitive globally.

There are a lot of people that don’t understand the global economy. Thanks for confirming it.

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Mr. Trump is unfit for our nation’s highest office.- JD Vance
If you committed violence on that day, obviously, you shouldn’t be pardoned.- JD Vance on the J-6 insurrectionists

Anyone that says they know what's going to happen with any certainty is a liar or a fool.

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In typical left wing fashion, you attack me rather than addressing the (correct) point I made. But it’s easier to just yell about how it only benefits the rich.

In typical right wing fashion, you couldn't even spell corporate (correctly).

Your point was an overly-simplistic one...barely even a point really. Good one though. My comment wasn’t really about the rich... It was about competitiveness. I’ll refrain from labels used as insults out of respect for those on the other side that provide intelligent posts.

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Mr. Trump is unfit for our nation’s highest office.- JD Vance
If you committed violence on that day, obviously, you shouldn’t be pardoned.- JD Vance on the J-6 insurrectionists

I’m not right wing, but pointing out a typo rather than providing some sort of argument is certainly typical of modern leftists, and it is why people are moving away from them.

Then state your point! It’s an open discussion, right?

It was a joke, you over sensitive douchebag, which is certainly typical of modern wingnuts, and it is why literal nazis are embracing them.

See how stupid you sound when you make idiotic generalizations? You probably don't because that's typical of modern trumpets, they're all morons. It's okay, because in typical right-wing fashion all you can do is label someone left-wing as an insult, which is certainly typical of cuckservatives, because they can't spell, love nazis, have no sense of humor, are morons, and love to label people. All of them. Every single one. There's no exceptions. Literally. Especially you.

Look at this open-minded Liberal, everyone!

This is the disease of the modern Left. Absolutely none of your posts has actually addressed why the corporate tax cut is bad. Instead, you’ve called me an “idiot,” a “moron,” a “cuckservative,” a “Nazi lover,” and a bad speller.

Aren’t you the one who paints his fingernails? Maybe fix yourself and then talk shit to others, homo.