Discover and read the best of Twitter Threads about #GOPTaxPlan

Most recents (8)

(1/3) Stop complaining about the average #TaxRefund being down nearly $200. This simply means, the taxes you paid to the govt last year outweighed the benefits you received from them by just $200.
(2/3) The #GOPTaxPlan reduced witholdings, which means you received MORE each paycheck, because the govt was taking less.
(3/3) If you were banking on a large #TaxRefund this year and are now finding yourself in a financial bind, I question how well you planned financially (maybe you should have been saving those extra earnings in each paycheck).
Read 3 tweets
#TrumpTaxPlan #GOPTaxPlan
- US population: 326766748 (2017 US census)
- Rounding UP: 330000000
- because we love math: 3.3*10^8
- One time bonus: $1000=10^3
- Cost of said bonus: 1.5 * 10^12/yr
- Govt mailing every american $1000 every year: 3.3*10^8*10^3= 3.3*10^11
So the "tax cut" is equivalent to every American getting $4545.45 every year from "uncle Sam". And this includes every living American: young or old, rich or poor, gainfully employed or otherwise, gay or straight, trans or not, black or white, male or female. EVERYONE!
IF you are not getting an equivalent of $4545.45 or more EVERY year as a result of this tax cut (remember, the tax cut is permanent), then you are getting a "VERY BAD DEAL".

Numbers do not lie. $1.50 does not cut it. Neither will $1000 unfortunately.
Read 5 tweets
After last night's initial pass, reading through the Tax Cuts and Jobs Act legislative text in deeper detail today. Full write-up coming to Nerd's Eye View blog on Monday morning.

In the meantime, will be sharing some (threaded) highlights here...
Original Tax Reform proposal from President Trump would have narrowed from 7 tax brackets down to 3. The House GOP proposal would have kept 4 brackets (plus a 5th phase-out bracket of 45.6% for upper income folks).

Final TCJA keeps the 7 tax bracket structure, but trims rates.
Top tax bracket for individuals comes down to 37% under TCJA (from 39.6%), but the removal of the Pease limitation (which was effectively a 1.2% income surtax on the top bracket) means the top rate cut is really from ~40.8% down to 37%.
Read 43 tweets
If you want to play along, here is the actual Full Text of Tax Plan aka #GOPTaxScam I am going to start reading and commenting follow if you want thread 1/? docs.house.gov/billsthisweek/…
If you acquire a new home, you can only deduct $750,000 in interest, compared to $1,000,000.00 before. This could impact many homes in California, NY, and in a lot of urban areas that vote Democrat. #TrumpTax Plan 2/?
The #StudentLoan interest deduction will remain. Because they did not repeal all of the #EstateTax they just raised the exemption from 5 million to 10 million. #GOPTaxPlan 3/?
Read 15 tweets
What’s the best explainer of #GOPTaxPlan that you’ve read?
This is a great detailed explanation of #GOPTaxPlan but is written for someone with more familiarity of the tax code than most people. Looking for something similar that actually explains each thing: money.cnn.com/2017/12/02/pf/…
This is a little better in giving you a sense of what it would be like for 5 different families under the new #GOPTaxPlan. Ideally, an interactive version would be best so people could see what it would mean for them: cbsnews.com/amp/news/senat…
Read 4 tweets
1. Listen up @GOP @HouseGOP @SenateGOP! My entire life, every time #GOP takes control they break the economy. Every. Time. Clearly you don't learn from your mistakes, or just cave to the disgusting 'party over country' battle cries. Pay attention - this is why you fail.
2. Two consistent platform features push diametrically against each other. An adherence to the failed 'Trickle Down Economics' model & Deregulation. Your core desire for small government will result in failure of your economic plan every time. The #GOPTaxScam will be disasterous.
3. Your model fails because you stack the deck for those at the top and then sit back touting your laissez-faire foundation, just hoping your 'plan' is going to magically happen in a socially beneficial way - and, repeatedly, it doesn't. Why not?
Read 15 tweets
1. Thread: a bunch of links to resources to help you take action to stop the #GOPTaxBill...
Are you calling Congress all the time? WHY NOT? Use call tools and tweetable Senator-specific graphics at @CAPaction’s microsite: trumptaxtoolkit.org
Are you in DC? Protest at the Capitol tomorrow! Learn more—plus a nat'l day of action Wed, march on Wall St Dec 2, & another Capitol Hill action Dec 5, at this coalition site:
stopgoptaxscam.com
Read 17 tweets
#MondayMotivaton

We have only days to kill the #GOPTaxScam

We must call, fax write & show up to our Senators & House Representatives. Relentlessly. 🔥

Here's a script and why. 1/x
#TheResistance #TaxScam
We know the House has passed their version of the #GOPTaxPlan. We have no time to lose. We are in a race to defeat this. The Senate will be trying to pass their version next, but we can’t just wait on that. We need to full on hit the House & Senate to defeat this NOW. 2/x
The ordinary process (rule of order) for a tax plan is:
1. House and Senate pass their separate versions.
2 .There is a "conference" on a compromise.
3. The final compromise through BOTH Senate and House again.
4. The President signs it into law. 3/x #GOPTaxScam
Read 12 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!