Not sure there is a standard American definition of 'commie'???

Not sure the definition of 'hard capitalist' is either.

The US new corporate tax rate comes in line with Europe, eg UK 19%, Ireland 12.5%.

Sorry Penge, but I just figured my taxes under the new law and instead of getting a refund i will actually have to pay several hundred. Seeing as I'm not made of money and I would to travel to London and Selhurst Park one more time before I go toes up to the sky, this new law is nothing short of an unmitigated disaster.

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Not from what i've read tbh.
This is purely more 'wealth confiscation' of the middle/working classes to those at the top who already have far more than they will ever need.
The same as in the UK.

Buy Litecoin.

And as always, the voting public will just sit back and accept it............from their 'representatives'.

Go figure.

Buy Litecoin.

Tax Policy Center's forecasts are totally unrealistic, and ignore things like the tax wedge and impact of foreign owners of capital which take income out of the country so reduce the domestic impact of any tax cuts.

[Link]

The bill has been a shocking piece of legislation from it's lack of preparation, scrutiny and debate to the gaping holes which will allow considerable aggressive avoidance. This is added to the fact that it provides backwards incentives and penalises those who work for a living in favour of those who inherit and live off wealth. It's massively unpopular and represents nothing but vested interests.

The modest tax cuts for middles classes all expire after a few years and can't be re-enacted as the huge deficit creation won't allow it. The bill will also be used down the line to slash medicare/medicaid and social security. It's a truly awful piece of legislation.

All the while the GOP have been holding back Obama legislation which brings overtime legislation into line with inflation and resets the base from what it was in 1970. Legislation that massively benefits lower and middle income families. Legislation that would have significant positive impact on the economy and productivity.

Companies are giving "windfall" raises or bonuses to employees because of the embarrassment of riches just dumped on them by Republicans. AT&T's bonus scheme is a tiny amount compared to its projected annual tax saving. The lie about the corporate tax rate was that it was high - at 35% - but this ignored the fact that there were so many loopholes that the effective tax rate - i.e. what businesses actually paid - was less than 20%.

The argument for lowering the rate was that it should be done in concert with closing the loopholes. This tax bill lowered the rate by a 1/3rd, but actually added new loopholes while closing none (for businesses). The effective rate has yet to be seen, but if it's proportionately even the same, the effective tax rate for businesses will be closer to 13%. For example,. the Corker-Kickback - a provision to expand the pass-through loophole specifically for large real estate investments like those held by Trump and Corker - will cost the Treasury over 400 billion dollars. That's 400,000,000,000!!! One new loophole!

Meanwhile, under the tax calculator you posted, my tax rate will be 20%. That doesn't take into account the suppression of my house value due to the lack of deductibility of property taxes (which are high in Texas), nor the increase in my health insurance that will be 10% compounding going forward now that they've blown a giant hole in Obamacare. Also, personal tax rate reductions have a sunset clause while the corporate tax rate slash is permanent, and the personal tax brackets (all 7 of them) are set up to rise more slowly than inflation, so I will end up paying even more in tax after a few years.

And let's not forget - for the deficit hawks on the right side of the aisle who screamed about Obama exploding the debt - this tax bill will explode the debt and deficit in record amounts. 1.5 trillion. That's 1,500,000,000,000, added to the debt over ten years. How does that make any sense? Even the most rosy prediction - using Republicans preferred magic calculation of dynamic scoring - says that the increased debt will be 1 trillion.

The top 10% of income earners in the U.S. own more than 90% of the country's total wealth. This tax bill is so surgically targeted that it somehow manages to focus 83% of the benefits on only the top 1%. For the remaining 99% of us, tax remains neutral at best, but will actually increase for about 60% of Americans, me included. Oh, and 13 million people will lose their health insurance.

Oh, and the Children's Health Insurance Program remains unrenewed since it expired in September. It costs 14 billion and insures 9 million kids. Those kids are starting to lose coverage, which will be particularly problematic for any of them in the middle of treatment for, say, cancer.

Oh, and we still may have a government shut-down because Republicans can't get their s*** together to pass a spending bill despite not needing a single Democrat's vote to pass it. Apparently, we're broke.

Edited by Ray in Houston (21 Dec 2017 3.16pm)

We don't do possession; we do defense and attack. Everything else is just wa**ing with a football.