Tax Cut Bonanza for 1%, Oil, Wall Street & Banks

By NCD on Sun, 12/03/2017 - 10:32am |

Ends the "working class $25 gift card from your boss" loophole...! Populism...Republican Style..!

While wealthy investors and business would receive numerous tax cuts — including eliminating the estate tax for all but a tiny sliver of the country’s wealthiest households — the Senate moved to tighten deductions for lower- and middle-income wage earners. The bill, for example, prohibits employers from rewarding employees with gift cards so that a reward of, say, $25 or $50 in the form of a gift card doesn’t escape being taxed.

URL:

https://www.nytimes.com/2017/12/02/business/tax-bill-offers-last-minute-breaks-for-developers-banks-and-oil-industry.html

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Oops, deductions repealed - haste makes waste(d opportunity to scam even more).

Paid lackeys are occasionally iincompetent idiots as well.

by PeraclesPlease on Tue, 12/05/2017 - 2:25am

Goldman Sachs sez 'meh'.

by PeraclesPlease on Tue, 12/05/2017 - 3:12am

Seems to prove these corporations weren't under current law paying even a 20% tax rate after deductions. They want the low rate and the deductions to take it closer to 0% tax.

by NCD on Tue, 12/05/2017 - 10:44am

David Dayen @ The New Republic, Dec. 5:

The Republican Tax Plan Is a Gift to the Next Democratic Majority

The bill will become a powerful tool for Democrats to enact big ideas like free college and universal health care.

by artappraiser on Tue, 12/05/2017 - 11:46pm

DDay seems to be hallucinating fantasies about some other reality. Projecting a Clintonite majority because of a tax bill is a bit premature and wishful thinking. Free college is a big idea but it's also a big lie, someone has to pay for free education and afflunt Clintonites should know that someone includes them. The single-payer/UHC frenzy seems to have passes when again the reality of who would have to pay for that fantasy sunk in. Affluent Clintonites can do the simple math that shows they will have to pay directly a lot of money for lower quality coverage when they now recieve high quality coverage free or heavily subsidized by their employer. Even Jerry Brown the california commie rejected his state's plan so his legacy and state would survive.

by Peter (not verified) on Wed, 12/06/2017 - 10:27am

The conservatives rejected paying for education with Prop whatever that avoids most tax. Swing and a miss, but thanks for playing

by PeraclesPlease on Wed, 12/06/2017 - 1:03pm

The G.O.P. Tax Scam Isn’t Quite A Done Deal

Though the House and Senate bills are broadly similar, they differ in a number of significant details. Drafting final legislation is far from a mere technicality.

By John Cassidy @ NewYorker.com, Dec. 5

by artappraiser on Wed, 12/06/2017 - 1:13am

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