'There You Have It': McConnell Says He 'Misspoke' When He Promised No Tax Hike on Middle Class

a reply to: dragonridr

Though doubling personal deductions and still giving us deductions is a win win for most people.

Your say your tax bracket would change. Mine would not.
You don't understand taxes and you didn't read your source.

If you take the standard deduction (which is what would double), you can't itemize your deductions. You don't get it both ways.

You will also be losing personal exemptions (which you are calling personal deductions?) either way.

a reply to: Phage

Im sorryyou dont get a tax break making over 1 million a year assuming your married but i do. You get standard deduction doubled you still get your mortgage and my IrA. And through in the 3 percent decrease saves me money without personal exemptions

a reply to: dragonridr

Im sorryyou dont get a tax break making over 1 million a year assuming your married but i do.

Yes, I'm sorry I don't make over 1 million a year too. I said my tax bracket would not change. Is 25%, would be 25%.

You get standard deduction doubled you still get your mortgage and my IrA.

False. If you take the standard deduction that's the only deduction you get. No mortgage interest deduction. No charitable contribution deduction. No property tax deduction. No medical deduction. No other deductions. That's what the standard deduction is. If you take it you do not itemize. You don't get both.

Nor do you get a "deduction" for IRA contributions. For standard IRAs the income tax is deferred on your contribution (up to $5,500). There is no deduction, it is deferred income. There was talk of further limiting that for 401Ks (which are not IRAs and have a limit of $18,500) but that was just a "negotiating" card.

He said he misspoke when he said EVERY middle class family would get a cut. As I understand it some won't due to reduced tax deductions, but the vast majority will.

a reply to: UKTruth

Did Trump also "misspeak?" You reckon?

"My accountant called me and said 'you're going to get killed in this bill,'"

They do a pretty good job at not raising rich people's taxes .

a reply to: Phage


Is this just another "if you like you doctor" moment for Trump, you think?
___________________________________________________________________________________________

All politicians lie. It's really just a matter of voting for the ones that tell the lies we like.

Republicans lie and say "we are going to take less money from everyone" and Democrats lie and say "don't worry we are going to spend more of other peoples money". Which side tells the best lie is a matter of personal opinion and that is what wins elections. Hence, elections have consequences.

a reply to: 200Plus

Republicans lie and say "we are going to take less money from everyone" and Democrats lie and say "don't worry we are going to spend more of other peoples money".

Yeah. But Republicans are supposed to be all about a balanced budget. No?
How does this, do that? They are increasing the deficit, bigly, which means they will have to go to a full vote which means it's dead in its tracks.

a reply to: FyreByrd



*Misspoke* the new sugar coated softer word for *Lying*

originally posted by: intrptr

How many pages thick is that 'tax relief' bill?

Lawyers wrote it so taxpayers won't understand it.

When was the last time taxes went down?

Well our tax code sits around 75,000 pages...a bit extreme, right?
source

Would be nice to just trim it down, rule out a ton of exemptions and make it simple enough that everyone can do their own taxes, easily, affordably and accurately.

a reply to: FyreByrd

Most families get a cut. Never 100%. Dumb thread.

a reply to: carewemust

At the end of the day, nobody in the middle class is going to get a tax increase

McConnell

You may proceed to waffle, as he did.

originally posted by: Phage
a reply to: 200Plus

Republicans lie and say "we are going to take less money from everyone" and Democrats lie and say "don't worry we are going to spend more of other peoples money".

Yeah. But Republicans are supposed to be all about a balanced budget. No?
How does this, do that? They are increasing the deficit, bigly, which means they will have to go to a full vote which means it's dead in its tracks.

The deficit depends on growth too - economists have been proven wrong so consistently it's hardly worth paying any attention to their forecasts.

a reply to: UKTruth

So, just wing it so no one knows.
OK, corporations will use their tax savings to benefit everyone.


Meanwhile, not everyone in the middle class is guaranteed a tax cut.

originally posted by: Phage
a reply to: carewemust

At the end of the day, nobody in the middle class is going to get a tax increase

McConnell

You may proceed to waffle, as he did.

The link you provided shows that the vast majority of households get a cut.

a reply to: UKTruth

I know. But that's not what McConnell said. Is it?

a reply to: Phage


Wing it? No. Just don't build narratives on the basis of commentary from people who are almost always wrong.

Meanwhile, the vast majority of households will get a tax cut.

originally posted by: Phage
a reply to: UKTruth

I know. But that's not what McConnell said. Is it?

True.

a reply to: UKTruth

Just don't build narratives on the basis of commentary from people who are almost always wrong.

Yeah. Wrong. How did that Reagan trickle down thing work out for wages and stuff.

originally posted by: Phage
a reply to: UKTruth

Just don't build narratives on the basis of commentary from people who are almost always wrong.

Yeah. Wrong. How did that Reagan trickle down thing work out for wages and stuff.

Your point is unrelated.