Thune Discusses Senate Tax Reform Plan on Fox Business, Bloomberg, and Senate Floor
WASHINGTON — U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, this week discussed the Senate’s tax reform plan on Fox Business, Bloomberg, and the Senate Floor.
To learn more about Thune’s work on tax reform, please visit the tax reform section on www.thune.senate.gov.
Thune on Fox Business:
“We need to get this across the finish line and put a bill on the president’s desk that will bring much-needed relief to middle-income families, allow them to keep more of what they earn, but just as importantly, get this economy growing at a faster rate.”
Thune on Bloomberg:
“What we’re trying to accomplish with this is to create certainty and predictability for businesses to invest and expand and grow. There are a number of things in the bill – the reduction of rates, the accelerated cost recovery, the immediate and full expensing – is something I think that businesses will take full advantage of.”
Thune on the Senate Floor:
“The average family in this country under this legislation that we will consider (when I say average family, a typical family of four with a combined average income of $73,000) will receive a $2,200 tax cut as a result of this tax legislation. That’s a 60 percent tax cut over what they are paying today under current law. So Mr. President, if you look at the way this impacts middle-income families in this country, doubling the standard deduction, doubling the child tax credit, lowering rates, are all policies that will all benefit middle-income families in this country.”
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Time must be wrong, huh, or not? Time claims a household income of $ 73000 will see a $ 949 tax cut with the Senate version and not a $ 2200 cut. What gives here?
http://time.com/5030046/how-would-the-senate-tax-bill-affect-you-find-out-with-this-simple-calculator/
#WhatDon’tIGetHere?
What you don’t get is that Time is a liberal rag that will twist words and numbers to fit the leftwing narrative. Simple enough?
How do you twist numbers? Numbers do not lie, but words can deceive. Time explained their methodology, where is the Senator’s?
I have noticed that the people opposed to it keep telling us that “ordinary people will lose their deductions.”
The trouble with that argument is that Ordinary people don’t itemize their deductions. Only a third or so of the wealthiest households itemize deductions, getting the benefit of being able to deduct their state and local taxes, their charitable donations, their mortgage interest, etc.
One year we thought we would have enough deductible expenses that it would work for us to itemize. We were paying Georgia state income taxes, property taxes, interest on a mortgage and our student loans, and had child care and a lot of out of pocket medical expenses.
And it still didn’t work for us.
For years politicians have been telling us that letting us deduct certain expenses is the same thing as a tax cut, but it’s only a tax cut if you itemize, and most of us don’t. Increasing the standard deduction really is a tax cut, which is why the CBO has dire predictions about what it will do to the national debt.
Only a third or so of the wealthiest households itemize deductions,
Those living in a highly taxed states often itemize as the state income tax alone is more than the standard deduction. That plus a mortgage makes itemizing a no-brainer. In South Dakota, not so much.
Apparently only Maryland, where they have county income taxes, do the itemized returns outnumber the standard deductions.
Thune is looking a lot older.
It’s been a tough year for decent Republicans. Enabling guilt is perhaps a toll on one’s soul….
Then all the Democrats who are still in office from the Teddy pass-me-another-martini-honey Kennedy days must all be looking 50 years older than they are. However, the Republicans who called him a good friend (Orrin Hatch) should also look in the mirror and ask themselves why they are friends with scumbags like that.
Enabling guilt? I think he’s carrying some, possibly for not pushing to Defund PP, Repealing ACA, or all his votes for the Democratic agenda?
On a side note…have you listened to any of Calvin Coolidge’s speeches about taxing the American people? It’s pretty good, I know you like that old-timer stuff;)
KM,
Here is some “old-timer stuff” for you. Did you know that during the summer of ’27, when Coolidge stayed in the Black Hills for the entire summer, that he used the old Central High School Building as the administrative White House…. Just a little historical tidbit for you…. just for you KM…
Oh, and speaking of Coolidge, I think he said the “Business of America is Business,” then soon after he left office (six months to be exact) the stock market laid an egg.
You’re too good to me;) Thanks for tidbits, I love history and politics.
Wish I could help clear up your confusion with tax/numbers question. You’re definitely not going to get much help from Congress. I don’t think they actually understand what’s happening either, they’re focused on other issues. I’m impressed with your source, staying away from “fake news” outlets is a good move, but Times is Left leaning so…
I’ve got my opinions and think taxes should be lowered for all. I want to keep more of the money I earn, bet you do too. If there’s something we could agree on it would be the tax rates socialist Europe places on corporations;)
Except that Republicans in Washington claim that tax rates on corporations in Europe are lower……???
You’re too good to me. Thanks for tidbits, I love history and politics.
Wish I could help clear up your confusion with tax/numbers question. You’re definitely not going to get much help from Congress. I don’t think they actually understand what’s happening either, they’re focused on other issues. I’m impressed with your source, staying away from “fake news” outlets is a good move. But Times is Left leaning so…
I’ve got my opinions and think taxes should be lowered for all. I want to keep more of the money I earn, bet you do too. If there’s something we could agree on it would be the tax rates socialist Europe places on corporations;)
If this tax bill passes, it will be so easy to fill everything out on a post card, right.
Tara, if the standard deduction and child credit are increased, and you don’t make changes to your W-4 form, you should see an immediate increase in your take home pay.
It’s easy to understand why democrats are so unglued by this. The public, the ordinary voters who pay no attention to anything, will notice THAT. And they will give Trump the credit.
It’s brilliant, really.
I don’t think taxes will ever be as easy as filling out a card, like Paul Ryan was campaigning on.