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Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
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georgia_tech_swagger Offline
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Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
Chris Edwards is the Director for Tax Policy at the CATO Institute, the world's preeminent libertarian think tank.


12-20-2017 01:49 PM
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Owl 69/70/75 Offline
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RE: Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
Did the territorial system actually make it into the final bill as passed?
12-20-2017 01:59 PM
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georgia_tech_swagger Offline
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RE: Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
(12-20-2017 01:59 PM)Owl 69/70/75 Wrote:  Did the territorial system actually make it into the final bill as passed?

Last I heard, yes.
12-20-2017 02:05 PM
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georgia_tech_swagger Offline
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RE: Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
Policy Analysis: 80% of people will receive a tax cut.

https://townhall.com/tipsheet/guybenson/...s-n2424201
12-20-2017 02:33 PM
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Owl 69/70/75 Offline
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RE: Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
(12-20-2017 02:05 PM)georgia_tech_swagger Wrote:  
(12-20-2017 01:59 PM)Owl 69/70/75 Wrote:  Did the territorial system actually make it into the final bill as passed?

Last I heard, yes.

So, basically, this is the Bowles-Simpson/Domenici-Rivlin approach except that on the individual side they didn't get rid of all the personal deductions and the rates are higher for higher incomes?
12-20-2017 02:44 PM
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RE: Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
(12-20-2017 02:33 PM)georgia_tech_swagger Wrote:  Policy Analysis: 80% of people will receive a tax cut.

https://townhall.com/tipsheet/guybenson/...s-n2424201

This article states that they've been saying for "weeks" that the bill will "slash taxes for the vast majority of Americans" when the finalized bill has been out for days. Under the original House plan many middle income filers would have seen their taxes increase, enough tweaks were made to make many filers (such as myself) go from a tax increase of less than $1,000 to a tax decrease of less than $1,000 (an increase in the CTC and slightly lower brackets). So it's a lot more politically palatable now and proponents have a lot better statistics to spin (as illustrated in this article). Personally, for my situation I saw it as a push before and it's still a push. Don't get me wrong I'll take an extra $800 but selling this as a middle-class tax cut is just not being honest.
12-20-2017 03:03 PM
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georgia_tech_swagger Offline
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RE: Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
(12-20-2017 02:44 PM)Owl 69/70/75 Wrote:  So, basically, this is the Bowles-Simpson/Domenici-Rivlin approach except that on the individual side they didn't get rid of all the personal deductions and the rates are higher for higher incomes?

It is hideous but progress. It actually makes the tax code slightly more progressive but reduces the overall burden while trying to broaden the base and simplify. Without spending cuts though it's of course irresponsible but if I have my choice of deficits from tax cuts or spending I'll choose tax cuts every time.
12-20-2017 03:33 PM
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RE: Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
(12-20-2017 03:33 PM)georgia_tech_swagger Wrote:  
(12-20-2017 02:44 PM)Owl 69/70/75 Wrote:  So, basically, this is the Bowles-Simpson/Domenici-Rivlin approach except that on the individual side they didn't get rid of all the personal deductions and the rates are higher for higher incomes?

It is hideous but progress. It actually makes the tax code slightly more progressive but reduces the overall burden while trying to broaden the base and simplify. Without spending cuts though it's of course irresponsible but if I have my choice of deficits from tax cuts or spending I'll choose tax cuts every time.

If this can help get (continue) the economy humming with real growth, we may never see the deficits that this projects, or at worst, minimal impact on the deficit. Now, if they could just hold the spending at least flat for a number of years, I'm thinking we could wind up better off than today.

Really, as much as I hate to say it, the pressure on the expenditure side likely won't ease much until the baby boomers start dying off at higher rates. It's coming.....just not there yet. Hoping for myself, I can cheat the grim reaper for a while.04-cheers
12-20-2017 04:30 PM
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RE: Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
(12-20-2017 03:33 PM)georgia_tech_swagger Wrote:  
(12-20-2017 02:44 PM)Owl 69/70/75 Wrote:  So, basically, this is the Bowles-Simpson/Domenici-Rivlin approach except that on the individual side they didn't get rid of all the personal deductions and the rates are higher for higher incomes?

It is hideous but progress. It actually makes the tax code slightly more progressive but reduces the overall burden while trying to broaden the base and simplify. Without spending cuts though it's of course irresponsible but if I have my choice of deficits from tax cuts or spending I'll choose tax cuts every time.

I think other than the fact that most Americans won't have to itemize their deductions anymore there's not a lot of simplification in this bill. Quite the contrary. I had to read the provisions regarding pass-through income three times and am still not sure of what it means. I'd have liked to have seen more reform to go along with the cuts. Ending preferential treatment for certain industries to make things more even across the board would have gone a long way to paying for a reduced corporate rate. They nickel and dimed, here and there not quite cutting anything, just reducing former benefits to offset the cuts enough to get under their magic 1.5 T number, which itself is a farce because whoever is in power in 2025 will extend the cuts for individuals thus increasing the true cost of the bill.
12-20-2017 04:41 PM
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RE: Sunday A/V Club - 12/23/17 - Chris Edwards on GOP tax reform
(12-20-2017 03:03 PM)mturn017 Wrote:  
(12-20-2017 02:33 PM)georgia_tech_swagger Wrote:  Policy Analysis: 80% of people will receive a tax cut.

https://townhall.com/tipsheet/guybenson/...s-n2424201

This article states that they've been saying for "weeks" that the bill will "slash taxes for the vast majority of Americans" when the finalized bill has been out for days. Under the original House plan many middle income filers would have seen their taxes increase, enough tweaks were made to make many filers (such as myself) go from a tax increase of less than $1,000 to a tax decrease of less than $1,000 (an increase in the CTC and slightly lower brackets). So it's a lot more politically palatable now and proponents have a lot better statistics to spin (as illustrated in this article). Personally, for my situation I saw it as a push before and it's still a push. Don't get me wrong I'll take an extra $800 but selling this as a middle-class tax cut is just not being honest.

Reducing the number of people itemizing deductions will be helpful just in time saved and improved compliance.
12-20-2017 05:41 PM
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