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Republican Tax Bill Defined





The Property Republicans have discovered their tax reform invoice. Cenk Uygur and John Iadarola, the hosts of The Youthful Turks, inform you what’s in it. Inform us what you believe in the remark area underneath. Sign up for TYT:

“After months, even a long time, of outlines and blueprints and “frameworks,” Republicans in the Property of Associates eventually released their initial attempt at an true tax reform invoice on Thursday.

While the wide strokes of the Tax Cuts and Jobs Act had been telegraphed weeks, if not months, in advance, this is the initial time Republicans in any department of the federal federal government have described their tax plan in sufficient detail that it can actually be debated, scored by the Congressional Funds Workplace so its expense and consequences on the loaded and weak are acknowledged, and voted on by the Property and Senate.

The laws seeks to substantially cut taxes on organizations and consolidate gains like individual exemptions, the normal deduction, and the boy or girl credit score for people. It would reduce the different bare minimum tax and estate tax, and pare back selected individual deductions. It would also present a new low tax price for entrepreneurs of “pass-through” companies like LLCs and partnerships, whose earnings from their companies is taxed as individual earnings.

The invoice in its present kind would just about unquestionably give disproportionate gains to rich Us citizens, who are likely to reward from corporate tax cuts much more than non-rich Us citizens and who could very likely exploit the pass-via price by placing up dummy organizations. Persons earning involving $400,000 and $one million would facial area a considerably lower top earnings tax price.

But the invoice will just about unquestionably not stay in its present kind. As written, it is just about guaranteed to increase the spending plan deficit by trillions in excess of 10 a long time, and pretty quite possibly keep growing the deficit just after 10 a long time are up.”

Read through much more here:

Hosts: Cenk Uygur, John Iadarola

Solid: Cenk Uygur, John Iadarola

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42 comments

  1. People we could end up only paying 12 cents in taxes, a big tax cut, how u like them apples.

    Reply
  2. trump is all about trump and those who have done him favors.

    (1) trump is not about to sign a tax bill that takes money out of his kid's trustfunds for 1,

    (2) Wasn't it just reported that rich billionaires and universities are stashing cash to avoid paying taxes? So why do these individuals, businesses and universities need tax cuts?

    (3) If billionaires are stashing their cash, how the hell are they going to create jobs?

    (4) The last time I checked, Americans not only need jobs, but more importantly, we need wage increases. The cost of living continues to climb, but minimum wage isn't covering rent, groceries, clothes, medical bills and so on, but businesses are getting cuts that they aren't obligated to create jobs with!

    (5) The last time I checked, giving businesses tax breaks doesn't create jobs. Workers nor those who are looking for jobs are being rewarded.

    The republicants need to start telling the truth about the bill. trump has over 500 business entities that qualifies for deep tax cuts. He will personally move from 39% to the top 25%.

    Business will no longer get extra benefits for hiring Veterans in this bill. This means that businesses aren't going to be seeking out veterans for jobs.

    Congress is straight B.S.!!!

    Reply
  3. Why are the recent mass shootings not taking aim at the Trump family?
    If anyone needs to be murdered in cold blood then it is members of the Trump family. They are pure evil.

    Reply
  4. What about the people in poverty y'all ain't worried about them it will work out better for the people in poor neighborhoods because they won't have to pay no taxes but y'all hate that right

    Reply
  5. They don't like the new tax cut bill because it will work for the people in poverty and the rich will have to pay more Texas and they don't like the idea of that

    Reply
  6. The republican plan in a nutshell: Cut taxes for the rich and corporations and the rest of us will pay for it. Cut all government services, including Medicare, Medicaid, and Social Security, Increase government budget for defense to use in never-ending wars, bring back the draft to provide people for never-ending wars, no funding for public education, or science, or the environment, do nothing to curb gun violence, hold a moment of silence while mass shootings go from dozens to hundreds or even thousands. Did I leave anything out?

    Reply
  7. This video is pure trash. Everything stated can be argued the other way. Who cares how much Trump is paying in taxes, and if the richer people are paying less taxes. However, he has paid more than you, your children, and their children will pay their entire lives in a single year, and not to mention, employed much more people that paid taxes because of his entrepreneurship.

    Reply
  8. Tax bill is bad for the poor! Reconsider

    Reply
  9. Way to really misinform the people. Wait until the loop holes that will be cut are proposed.

    And taxes on the middle class are actually being cut. My parents will save about 10-15k per year. So im not sure what you guys are getting at? Please report honestly, fairly, and without bias toward the left. This is why I hate most media sources.

    Reply
  10. The ones getting a real tax break are the ultra rich and the ultra poor.

    Reply
  11. This tax plan will make me pay taxes on my graduate school tuition waiver. My taxes will quadruple to an effective rate of 32%!!! How is this tax relief?!

    Reply
  12. You are telling me that dems cannot do any thing to stop this, this is bull shit, whats the point, they have bought these polititions and political races and stacked the deck, so this is what you broke ass hill billy mother fuckers wanted, i guess when you dont have shit you want every one else to be broke like you, misery loves company., you stupid racist ass holes.

    Reply
  13. Tax breaks for the rich and corporations DO NOT equal "Pro Growth" and "Job Creation."
    Let's keep LOUDLY callin' that out as bullshit whenever they're dumb enough to recite it.
    REPLY

    Reply
  14. Correct me if I'm wrong. I really know nothing about economics/politics, but if the major corporations receive a tax cut, isn't it a possibility that they could in turn invest more into America by bringing manufacturing back to the mainland which would in turn build the middle class and alleviate unemployment? I mean, are all corporations evil and want Americans to be impoverished? Will the only line their pockets with this extra money? I'm just trying to look for another point of view. Also, is this the point of view of the President?

    Reply
  15. Trickle down effect of Reagan and Bush tax cuts did not work! The economy crashed under Bush. Short memories! Republicans, you own this bullshit!!

    Reply
  16. Have we forgot about the national debt? Did Obama get it paid off? If he did why are went talking about it, if he did r did not.

    If the country is massively in debt to cover military expenses and these tax breaks go through then where is the money going come from. The middle class can not afford the bill

    Reply
  17. Republican voters love the rich.

    Reply
  18. Solution: Vote Democrats on mass… We need a 2/3 majority in the house and senate of Democrats and the President can fix this mess…

    Reply
  19. So based on this data Trump just gave Cenk and TYT a huge tax break. Right?

    Reply
  20. They steal from us.We all should steal from them.

    Reply
  21. Hmm it seems like America might become an investors heaven. Prepare for bulks of European and China money.

    Reply
  22. It is a bit disingenuous to leave out the portions of the tax bill that would potentially aid the middle class. The justification given by advocates of the plan for the removal of a number of those deductions is that the standard deduction is being doubled, which TYT left out of this video. For most middle class and poor people this will result in a wash or slightly lowered tax. The few who really get screwed are those with very high medical bills, high value homes with big mortgages, or those in high property tax states (like MD, CT, NJ, DC, MA, VA, UT, etc). The plan is still a mess, but can we please avoid intentionally misleading people by leaving out crucial information?

    Reply
  23. Can republicans pass this on their own? Are we just majority rule now? What happened to needing 60 votes?

    Reply
  24. Economy is doing well and people getting back to work. The middle class will benefit from this tax plan by a healthier economy and job market. Class warfare arguments always say the rich are benefiting, but just bcuz a rich person benefits doesn't make something bad. Don't envy another person's life, just try and better yours. Leftist want to raise the corporate tax rate so every company will leave the country like they've been doing.

    Reply
  25. This tax cut bill is for the little guys like Baron von Trump. No one benefits more from this tax plan than Donald J. Crook.

    Reply
  26. I know republicans are TERROSISTS

    Reply
  27. Republicans ONLY talk think dream of MONEY money is evIl

    Reply
  28. Bend over, America….

    Reply
  29. they are career criminals, this is a huge scam. All of them belong behind bars. trumps has numerous ties to organized crime and has never earned an honest nickel in his sordid life

    Reply
  30. OK American taxes are extremely complicated? In my country, you pay taxes every pay cheque. Which means you have to ask for money from your government. By the way our taxes pay our Medicare

    Reply
  31. Young Turk's, Australia loves you 💓

    Reply
  32. TYT: "We want the USA to be more like the 'socialist' countries of europe!"
    GOP: Wants to lower corporate taxes to a similar rate of Europe's
    TYT: "How dare they!!"

    Reply
  33. umm Socialism for the wealth.

    Reply
  34. It's simple. Outlaw corporations.

    Reply
  35. a poor american voting for trump is like a jew asking a nazi to look after his family

    Reply
  36. What happened to the whole Trump campaign promises of couples making 50K or less and single people making 25K or less per year just not paying taxes?

    Reply
  37. We need a revolution.

    Reply
  38. Time to reintroduce the Guillotine

    Reply
  39. Libtards…… Idiots…… Waste of time watching this video.

    Reply
  40. The way the current tax deductions for state income and property taxes works now is states with low or no state income or property taxes (which is a percentage of property value in most places they are imposed) are subsidizing states with high taxes.

    This literally removes those subsidies and is more fair in every way. California may experience a net tax increase but it becomes incumbent upon those residents to get their state and local taxes reduced, such as with Brown's newest gas tax that went into effect. This is where a population has the most control over their taxation. Don't vote for people who want to take more of your money. The same people against these deduction cuts are the same people who vote to increase state and local taxes. Appose them both in both state and federal level. Reduce your taxation, don't just make it look like it isn't so much despite the fact that it is.

    Reply
  41. Misinformation running riots. This will be tax cut to middle class and low income who does not itemize deductions, which is about 70% of population. This tax plan will bring investments and jobs back which is important. 90% of total taxes are paid by the top 20%. This will not change.

    Reply
  42. The estate tax is a bullshit tax that should've never been enacted.

    Reply

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