Proposed Tax Plan

[Dancing Fire]

It could be a wash for us or we pay more, we aren't getting any breaks, we won't be partaking in any run up at the BMW dealer.

I love it!.. more taxes on the rich so I don't have to work ...

 

[Tekate]

I thought you were retired.

I love it!.. more taxes on the rich so I don't have to work ...

 

[ksinger]

You want to see what is going to happen when the Republicans tax shenanigans become writ large? Watch how Oklahoma is doing it right now. Be sure to take notes.

Make it so taxes, once reduced, can pretty much not ever be raised again (earlier legislation), then give more and more breaks to corporations - in this case the oil industry. When you find out tax cuts don't actually pay for themselves (quelle horreur! aka - d'uhhhh) and don't provide enough to maintain even core services, affect a lot of insincere hand-wringing at the logical conclusion of your own actions, then immediately propose another unconstitutional sin tax on tats and an increase in cigarette taxes because that will generate SO much. But when that doesn't work either, just reduce core services to levels such that the people needing them will experience the greatest amount of suffering and die quickly, like decent drains on society are supposed to do. Congratulate yourselves in private that you've gotten a bunch of slackers off the government dole.

https://www.readfrontier.org/storie...otifying-of-elimination-of-home-care-program/

DHS sends letters to seniors, disabled adults notifying of home-care program elimination
By KASSIE MCCLUNG| NOVEMBER 1, 2017


"We sincerely regret this action," the letter states. "Should the state Legislature act to restore funding for the ADvantage Waiver before December 1, 2017, DHS will notify you as quickly as possible. "

The Oklahoma Department of Human Services lost $69 million of its budget due to a state budget shortfall. DYLAN GOFORTH/The Frontier
A program that provides home-based care to seniors and disabled adults will end Nov. 30, according to a letter sent to the program’s participants.

The Oklahoma Department of Human Services sent letters out to ADvantage participants on Tuesday, notifying them the program would be eliminated Nov. 30.

“We regret to inform you DHS must eliminate the ADvantage Waiver effective December 1, 2017,” the letter states. “Your participation in the ADvantage Waiver will be funded until November 30, 2017. Since elimination of the ADvantage Waiver affects everyone receiving services through it, there is no right to appeal this action.”


DHS sent a letter on Tuesday announcing the ADvantange program’s elimination. Courtesy
The ADvantage Waiver Program is designed to help seniors and adults with disabilities live at home, rather than in a nursing home or a similar type of adult care.

DHS reported the program serves more than 21,000 people and the loss will impact about 450 providers.

The agency estimated when the program is eliminated, about 10,000 of those served will be forced into nursing homes. DHS noted the state doesn’t have enough nursing homes to accommodate those people.

DHS lost $69 million of its state funding for Fiscal Year 2018. Last week, the agency submitted a revised budget to the Oklahoma Office of Management and Enterprise Services.

The revised budget included eliminations of DHS services, including the ADvantage program. It also would eliminate funding for adult day services for seniors and adults with disabilities and in-home services for seniors, including home-delivered meals and home-making services.

DHS spokesman Jeff Wagner said the agency will send additional letters to participants by Nov. 20 to tell them whether they are eligible for regular Medicaid benefits. If they are, they likely qualify for nursing-home care, he said.

“We sincerely regret this action,” the letter states. “Should the state Legislature act to restore funding for the ADvantage Waiver before December 1, 2017, DHS will notify you as quickly as possible. ”

On Monday, state lawmakers agreed to pull more than $100 million from the state’s Rainy Day Fund, to be sent to the Department of Humans Services, Oklahoma Health Care Authority and the Department of Mental Health and Substance Abuse Services. However, that would not fill the state’s $215 million budget shortfall.

DHS would receive about $29 million of the $69 million lost.

 

[Dancing Fire]

I thought you were retired.

I am, been mooching off my wife for the past 12 yrs...

 

[t-c]

I am, been mooching off my wife for the past 12 yrs...

Then that’s not retired; that’s unemployed.

 

[Dancing Fire]

Then that’s not retired; that’s unemployed.

To me it is...

 

[Allisonfaye]

To me it is...

In ny we would consider 5% to be a bargain. Our state taxes alone are about 7% and then we pay local taxes on top of that. Real estate taxes....they are out of control. If my husband didn't have licensure issues, we would be in Florida. Several friends of mine have already relocated from ny/nj/ct because of the tax burden. Florida is the big winner in this. This will continue and will exacerbate the problem.

The tax burden in NY is nuts. I only know because that's the one place we might have moved because my husband is in financial services and had some calls about jobs from there.

I am seeing more people than ever leaving Illinois. That last property tax increase really pi$$ed people off. Then the state tax increase on top of it was just the nail in the coffin. They also didn't really publicize the fact that higher earners will pay a lot more in state taxes than just the 4.95. They lose the property tax deduction and one other deduction (that was big) but I can't remember what it is now.

Our property assessment went up 42%. I was able to get it down after appealing 3 times but it's still higher. I was lucky because I live in a neighborhood where comps are easy to find and by some miracle, my neighbor across the street whose house is bigger and nicer than mine was way lower. I just kept using hers a a comp.

But my other neighbor who lives next door in a smaller house is paying more than I am. I am not sure why her appeal was unsuccessful.

Anyone who CAN leave, is leaving. Anyone who is forced to stay is coughing up the dough.

Ironically, my husband got a call about a job in Minneapolis which might be the one state that taxes as much or more than Illinois.

 

[Allisonfaye]

It could be a wash for us or we pay more, we aren't getting any breaks, we won't be partaking in any run up at the BMW dealer.

We will pay more, I think. High earner, blue state. Losing SALT is going to be the biggest killer, especially since our state taxes just pretty much doubled. What burns me up is how they keep saying it's a tax cut for the rich. The only way higher earners are going to benefit from this is if they are dead.

 

[Dancing Fire]

We will pay more, I think. High earner, blue state. Losing SALT is going to be the biggest killer, especially since our state taxes just pretty much doubled. What burns me up is how they keep saying it's a tax cut for the rich. The only way higher earners are going to benefit from this is if they are dead.

The Dems only narrative. All they do is to demonize the top 5% earners who is already paying most of the taxes in this country.

 

[cflutist]

We are screwed in CA.

 

[Allisonfaye]

We are screwed in CA.

Yes, especially if you are a high earner. 13.3% state taxes over $1m?

 

[Allisonfaye]

The Dems only narrative. All they do is to demonize the top 5% earners who is already paying most of the taxes in this country.

No one ever mentions the huge tax increases on high earners under Obama between the expiration of the Bush tax cuts and the Obamacare taxes. It was one of the biggest tax increases in history.

 

[t-c]

We will pay more, I think. High earner, blue state. Losing SALT is going to be the biggest killer, especially since our state taxes just pretty much doubled. What burns me up is how they keep saying it's a tax cut for the rich. The only way higher earners are going to benefit from this is if they are dead.

The GOP Tax Plan benefits “the rich”; you’re just not in that category. If you’re merely in the high-earner category — specially if you make over $1M/year — and you live in a blue high SALT state (the demographic that overwhelmingly voted against Trump), you will likely see your tax bill increase.

This tax plan benefits you if your income is primarily carried interest from private equity, hedge fund, or real estate development as you will only pay 23.8% tax on that money. This tax plan benefits you (and your heirs) if you and your spouse have assets well over the $11 Million when the current Estate Tax kicks in, because under the plan that exemption goes up to $22M next year. And if you and your spouse can avoid dying before 2024, your substantial estate can pass to your heirs tax free.

So this tax plan will benefit you if you’re a hedge fund manager, private equity investor, or real estate developer. Kind of like...Donald Trump! (Big surprise — NOT!)

 

[Dancing Fire]

Of course the rich should pay more taxes, but I wanna to see everyone else pitch in too.

 

[Tekate]

So let me get this right, rich people should pay the same percentage. I'm glad they pay 40% of the taxes, they should, they are still very rich.

http://www.pewresearch.org/fact-tan...-pay-most-income-taxes-but-enough-to-be-fair/

(I know you won't read the above but for anyone else who cares to understand the taxes in USA).

Who pays more sales tax?
/https://itep.org/wp-content/uploads/taxday2017.pdf

Why the poor, the 3 middle classes pay a LOT more sales tax. So the BS that rich pay more is just that BS.

The rich have passive income DF.. many to most reinvest in the stock market, they aren't going to the the local WalMart for some milk. Tax the rich.

https://wallethacks.com/7-income-sources-streams-of-millionaires/

The Dems only narrative. All they do is to demonize the top 5% earners who is already paying most of the taxes in this country.

 

[Tekate]

You may want to move to Texas but it's hotternhell there but I lived there for 17.5 years. No state income tax, but the school, local and state taxes are highernhell. It's a wash imho, of course we are not making any money anymore as we are retired and are living on assets/SSA/some pension thingy from IBM that is worth sh--.

The tax burden in NY is nuts. I only know because that's the one place we might have moved because my husband is in financial services and had some calls about jobs from there.

I am seeing more people than ever leaving Illinois. That last property tax increase really pi$$ed people off. Then the state tax increase on top of it was just the nail in the coffin. They also didn't really publicize the fact that higher earners will pay a lot more in state taxes than just the 4.95. They lose the property tax deduction and one other deduction (that was big) but I can't remember what it is now.

Our property assessment went up 42%. I was able to get it down after appealing 3 times but it's still higher. I was lucky because I live in a neighborhood where comps are easy to find and by some miracle, my neighbor across the street whose house is bigger and nicer than mine was way lower. I just kept using hers a a comp.

But my other neighbor who lives next door in a smaller house is paying more than I am. I am not sure why her appeal was unsuccessful.

Anyone who CAN leave, is leaving. Anyone who is forced to stay is coughing up the dough.

Ironically, my husband got a call about a job in Minneapolis which might be the one state that taxes as much or more than Illinois.

 

[nala]

If this reform goes through, I just lost a shit ton of deductions. So pissed. I don't see how it's fair that I have to pay fed taxes on money I give to my state! Wtf!!!
I will say that at least I'm savvy enough to project for the worst so that my big fact bill won't come as a surprise. I'm surrounded by a lot of financially illiterate people who will be in a world of pain and shock if and when this happens.

 

[Allisonfaye]

Yep, me too. But it's pretty complicated. As an example, they passed the huge Illinois tax increase effective July 1. So if you sold stock in March, do you pay the higher amount? Try to find someone who knows. Even accountants don't know.

We would move if we could. It would be a cutting off our nose to spite our face situation.

You may want to move to Texas but it's hotternhell there but I lived there for 17.5 years. No state income tax, but the school, local and state taxes are highernhell. It's a wash imho, of course we are not making any money anymore as we are retired and are living on assets/SSA/some pension thingy from IBM that is worth sh--.

If this reform goes through, I just lost a shit ton of deductions. So pissed. I don't see how it's fair that I have to pay fed taxes on money I give to my state! Wtf!!!
I will say that at least I'm savvy enough to project for the worst so that my big fact bill won't come as a surprise. I'm surrounded by a lot of financially illiterate people who will be in a world of pain and shock if and when this happens.

 

[Dee*Jay]

Allisonfaye, that is an interesting question. I've read quite a bit about the acceptable use of a blended rate of 4.35% for income for 2017 but I have not seen info on capital gains I've also seen mention of using the actual rates of 3.75 and 4.95 for income earned in the respective taxable periods, so one would *presume* you could use the applicable rate in effect at the time... but I am perhaps giving the State of Illinois taxing authorities far too much credit there for the application of logic. I did just search again for this info before replying to your post, but found nothing new or enlightening.

Other questions I have (as if we don't have enough...) are how software will be set up to handle the split period rates and how income will be reported on W-2 forms.

 

[t-c]

Yep, me too. But it's pretty complicated. As an example, they passed the huge Illinois tax increase effective July 1. So if you sold stock in March, do you pay the higher amount? Try to find someone who knows. Even accountants don't know.

We would move if we could. It would be a cutting off our nose to spite our face situation.

If the tax increase is effective July 1 and you sold stock before the effective date, then logic states you should pay the old tax rate (before the increase). This approach is Method 2 (Specific Accounting Method) described in the Illinois Income Tax Increase Guidance.

ETA: Ooops, sorry. What I posted applies to the 2016 tax year. The Tax Guidance said that it will publish addition guidance for 2017 in 2018.

 

[Dee*Jay]

And in the latest in the saga of the sick and middle class being further fvcked to benefit the rich, repeal of the Obamacare subsidies is being included in the proposed tax plan.

https://www.bloomberg.com/news/arti...-senate-as-house-nears-vote-tax-debate-update

Senate Majority Leader Mitch McConnell said GOP members are optimistic that including the repeal of the individual mandate imposed by the Obamacare law in a tax overhaul would be “helpful.”

Senate tax writers are considering including the provision in a revised tax proposal that’s set to be released later Tuesday, according to Senator John Thune of South Dakota and Majority Whip John Cornyn of Texas.

“It’s been a subject of discussion,” said Thune, the chamber’s third-ranking Republican leader and a member of the Finance Committee.

The Senate GOP conference discussed adding the repeal of the mandate that all individuals purchase health insurance to the tax proposal during lunch Tuesday. And the Finance Committee discussed the potential inclusion on Monday evening and now wants the full conference to approve the move, said Cornyn.

Making the change would produce an estimated $338 billion in savings over 10 years that would help tax writers meet fiscal targets. Those savings would come from reductions in government spending on health-coverage subsidies for an estimated 13 million Americans who would forgo coverage in 2027, according to an estimate from the Congressional Budget Office.

Including the repeal would allow the bill to become “as pro growth as possible” and ensure cuts are permanent instead of temporary, Cornyn said.

Reopening the politically painful Obamacare debate could cost the GOP crucial votes on a tax bill. A “skinny” repeal of Obamacare that scrapped the individual mandate failed in July to pass the Senate after defections by John McCain of Arizona, Susan Collins of Maine and Lisa Murkowski of Alaska.

McCain said Tuesday he’s leaning toward supporting the Senate GOP tax proposal, but he’ll have to evaluate any attempt to add a repeal of the individual mandate.

Collins said she thought including the mandate repeal would complicate the tax effort and would consider the bill when it comes out of the Senate Finance Committee.

Told Senate Republicans were weighing the idea, Murkowski said tax legislation was “complicated enough.”

Senate Minority Leader Chuck Schumer said the move would be tantamount to taking away people’s health care to give big tax cuts to the wealthy -- and predicted it would create problems for the tax effort.

“Thelma and Louise are warming up the car, preparing to drive it over the cliff,” he said.

Republican senators Tim Scott of South Carolina and Pat Toomey of Pennsylvania, members of the Finance Committee, said they would support including the repeal in tax legislation.

Senator Rand Paul also said he’ll push to amend the Senate tax bill to include repeal of the mandate.

“The mandate repeal is a promise we all made and we should keep. It also allows an additional $300 billion+ in tax cuts,” the Kentucky Republican said on Twitter.

Paul said he plans to change the bill to “provide bigger tax cuts for middle income taxpayers.”

Republican leaders aren’t taking Paul’s vote for granted, particularly after he scuttled a last-ditch effort in September to repeal Obamacare, complaining that it didn’t go far enough in slashing the health-care law.

Senator Ted Cruz said Republicans haven’t made a decision on including the mandate repeal in a tax bill, but he supports it as a way to lower middle-class rates and sees a “growing consensus” across the conference to do it.

President Donald Trump has called for repealing the mandate as part of tax legislation, but hasn’t demanded it. House leaders considered adding the repeal of the Obamacare individual mandate to their bill before ultimately keeping it out of the legislation.

The Republican Study Committee, a group of 160 conservative members, is drafting an amendment that would add the repeal of the individual mandate to the House bill before the floor vote expected for Thursday, according to a lawmaker and an aide who have been briefed on the plan.

The RSC amendment doesn’t include a specific proposal for what to do with the savings, the aide said.

Mark Meadows, the chairman of the Freedom Caucus, signed on as a co-sponsor of the amendment, said Ben Williamson, a spokesman for Meadows. -- Erik Wasson, Anna Edgerton, Sahil Kapur, Steven T. Dennis, Laura Litvan and Kaustuv Basu

 

[redwood66]

I wish the government did not have such a spending addiction. Perhaps then we could all keep more of our $.

 

[Dee*Jay]

I wish the government did not have such a spending addiction. Perhaps then we could all keep more of our $.

Amen!!!

 

[Calliecake]

Thank you for posting this Dee Jay. I hope this affects those who voted for the Republicans. Many people don't give a damn until it hurts them personally.

 

[nala]

Thank you for posting this Dee Jay. I hope this affects those who voted for the Republicans. Many people don't give a damn until it hurts them personally.

This is actually gonna be the only plus. When these idiots finally feel it in their pockets, they won't vote for Trump again! I guess my sacrifice will have a reward after all!

 

[House Cat]

GOP tax bill would spike Obamacare premiums nearly $2,000 for families, trigger Medicare cuts - CNBC https://apple.news/AaZIjqRVtTDmjmWSLcLS1uQ

 

[t-c]

All we need to know are that corporate tax cuts and the repeal of the estate tax are permanent, while the middle-class tax “cuts” expire after 10 years, and it becomes clear who the Republicans really want to benefit with this tax plan.

And talk about killing the future of the USA: Republicans’ tax policy is designed to discourage schooling by taxing school endowments, taxing grad students’ “free tuition” as income, and getting rid of the student loan interest deduction. Way to invest in the future and STEM. The only people who can easily afford to get MS and PhDs are the rich or foreign students with their government support. Make America Great Again by training other countries’ top prospects, but not ours? SMDH.

 

[Calliecake]

GOP tax bill would spike Obamacare premiums nearly $2,000 for families, trigger Medicare cuts - CNBC https://apple.news/AaZIjqRVtTDmjmWSLcLS1uQ

I hope his supporters premiums spike. Some people will only believe the facts when it hits their wallets.

 

[nala]

All we need to know are that corporate tax cuts and the repeal of the estate tax are permanent, while the middle-class tax “cuts” expire after 10 years, and it becomes clear who the Republicans really want to benefit with this tax plan.

And talk about killing the future of the USA: Republicans’ tax policy is designed to discourage schooling by taxing school endowments, taxing grad students’ “free tuition” as income, and getting rid of the student loan interest deduction. Way to invest in the future and STEM. The only people who can easily afford to get MS and PhDs are the rich or foreign students with their government support. Make America Great Again by training other countries’ top prospects, but not ours? SMDH.

What middle class tax cuts???

 

[Tekate]

I will be paying more under the senate plan. I see red on the ridiculousness of Trump supporters who think this will help them. Who buys more? the MIDDLE CLASS.. rich people reinvest. The republican party is the party of snakes.