Drudge Retort: The Other Side of the News
Tuesday, November 21, 2017

Lawmakers who sped a bill through the U.S. House last week may have handed a few more goodies to Wall Street's wealthiest than they realize. Investors in billion-dollar hedge funds might be able to take advantage of a new, lower tax rate touted as a break for small businesses. Private equity fund managers might be able to sidestep a new tax on their earnings. And a combination of proposed changes might allow the children and grandchildren of the very wealthy to avoid income taxes in perpetuity. ... [Attorney Richard] Levine helps wealthy individuals with tax planning, and he said the House proposal is "very welcome for my clients." "As a matter of tax policy it's completely indefensible," he said. "It permits income that is obviously income, in a constitutional sense, to go entirely untaxed."

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Meanwhile, taxes on the working class will increase.

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They are creating a total disaster for America which will last for decades and that is their plan. It is the end of the middle class, social safety net, and the beginning of the aristocracy which is what they envy about Russian oligarchs. Trump and the Republicans love Putin more than Americans.

#1 | Posted by danni at 2017-11-21 10:38 AM | Reply


 

The article seems to imply that these loopholes were somehow unintentional on the part of the House lawmakers. I have difficulty swallowing that assertion, especially given Spkr Ryan's long-term unbridled enthusiasm for tax cuts for the wealthy.

I think the bill does exactly what Spkr Ryan and the House lawmakers desired it to do. --- take from the middle class and poor, and give to the wealthy.

#2 | Posted by LampLighter at 2017-11-21 10:54 AM | Reply | Newsworthy 1

"Meanwhile, taxes on the working class will increase"

So! We get to do our taxes on a bubblegum wrapper

Sincerely
Mustangtoecentre

#3 | Posted by ChiefTutMoses at 2017-11-21 10:58 AM | Reply | Funny: 2

...anybody note the quality reporting? The quoted excerpt has "may" or "might" in it 4 times.

Don't worry, Chuffles. I'm sure your mom will still be able to use you as a dependent.

#4 | Posted by MUSTANG at 2017-11-21 11:36 AM | Reply | Newsworthy 1

Anyone supporting this bill is a shill. This will not help the middle and lower class and it's been proven by CEO's own admission they won't increase jobs or wages.

#5 | Posted by gavaster at 2017-11-21 12:16 PM | Reply | Newsworthy 3

"...anybody note the quality reporting? The quoted excerpt has "may" or "might" in it 4 times."

So, Mustang is defending this garbage. I'll remember that Mustang.

#6 | Posted by danni at 2017-11-21 12:22 PM | Reply

Anyone supporting this bill is a shill. This will not help the middle and lower class and it's been proven by CEO's own admission they won't increase jobs or wages.

#5 | POSTED BY GAVASTER

Why would they? Businesses hire people when they need more workers to meet demand. I never heard of a company hiring or increasing wages just because they got a tax cut. That would just be stupid.

#7 | Posted by WhoDaMan at 2017-11-21 12:22 PM | Reply | Newsworthy 2

#7 - WHODAMAN

Precisely. So the tax burden for our government will be shift down to the lower and middle class with no increase in wages. This bill screws low income families.

#8 | Posted by gavaster at 2017-11-21 12:26 PM | Reply | Newsworthy 1

Obama's tax plans were going to destroy the low and middle classes and help the rich. W's tax plans were going to destroy low and middle classes and help the rich. Clinton's tax plans were going to destroy low and middle classes and help the rich. And on and on and on. Same news just from different parties, every...single...term...

#9 | Posted by humtake at 2017-11-21 12:28 PM | Reply

#9 HUMTAKE

Except....math. Do some in regards to this bill.

#10 | Posted by gavaster at 2017-11-21 12:29 PM | Reply | Newsworthy 2

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Obama's tax plans were going to destroy the low and middle classes and help the rich. W's tax plans were going to destroy low and middle classes and help the rich. Clinton's tax plans were going to destroy low and middle classes and help the rich.
#9 | POSTED BY HUMTAKE

Since when?

#11 | Posted by Sycophant at 2017-11-21 12:31 PM | Reply

People prefer to buy things that benefit themselves rather than pay taxes. If you tax businesses at a higher rate they tend to invest more into their company. There is a balance, but big corporations especially need a bit of a tax hike. That's not happening with this tax bill.

#12 | Posted by gavaster at 2017-11-21 12:42 PM | Reply

#2 | Posted by LampLighter

Understand this - law makers no longer write the laws. Who do you think wrote the pieces to this bill?

#13 | Posted by GalaxiePete at 2017-11-21 01:04 PM | Reply

#4 | Posted by MUSTANG

May or Might because this isn't law yet and nobody has done it perhaps?

#14 | Posted by GalaxiePete at 2017-11-21 01:07 PM | Reply

A report shows the Senate GOP tax bill ultimately raises taxes on 50 percent of people. That's a problem.

www.washingtonpost.com

Or it should be a problem for anyone concerned with economic inequality.

#15 | Posted by Gal_Tuesday at 2017-11-21 01:19 PM | Reply

So much for Trump's campaign promises to not touch Medicare and Medicaid. Too many people believed him, and if this tax bill goes through, they will finally realize they go bilked just like the folks who enrolled in Trump U:

GOP Tax Plan Puts Lawmakers in Bind Over Medicare Spending Cuts

Senate Republicans may face a political problem in the final push for their tax-cut plan, and they might need Democrats to help fix it.

The Congressional Budget Office says the $1.5 trillion tax-cut proposal would trigger $25 billion in automatic spending cuts next year to Medicare, plus another $111 billion in reductions to other programs, including farm subsidies. That's because of a law known as Paygo.

While some conservative Republicans would welcome the cuts, moderates in the party are likely to balk -- and President Donald Trump has promised repeatedly not to cut Medicare.

www.bloomberg.com

AARP will make sure seniors know who to blame for the cuts to these programs that are so vital to many of them.

#16 | Posted by Gal_Tuesday at 2017-11-21 01:29 PM | Reply | Newsworthy 1

#9 | Posted by humtake

I don't recall that about Obama's tax plans? I just recall a tax on the wealthy for "Obamacare" so many were up in arms over.

It's kind of funny that congress puts these together and passes them for the President to sign but that said... Reagan, Bush, Bush and this latest disaster did/do pretty much that. Except for the Low income families part, now over 50% of the population is officially "too poor" to pay taxes. Look at how wealth of the 1% has sky rocketed since Reagan but yet wages have stalled and in fact declined in many areas. Trickle-down doesn't work. The wealthy and corporations don't just go on spending sprees because they pay less in taxes. Instead they hoard the money.

#17 | Posted by GalaxiePete at 2017-11-21 01:30 PM | Reply

#16 | Posted by Gal_Tuesday

Too many seniors are too delusional to understand unfortunately - most of them I know have either Fox or the Bible channel on TV 90% of the time.

#18 | Posted by GalaxiePete at 2017-11-21 01:31 PM | Reply

...anybody note the quality reporting? The quoted excerpt has "may" or "might" in it 4 times.

Don't worry, Chuffles. I'm sure your mom will still be able to use you as a dependent.

#4 | Posted by MUSTANG

So you doubt that the GOP is going to look out for the interests of the rich over the poor?

Please tell me what part of their record in the past 4 decades gives you such doubt?

#19 | Posted by SpeakSoftly at 2017-11-21 01:34 PM | Reply

Obama's tax plans were going to destroy the low and middle classes and help the rich. W's tax plans were going to destroy low and middle classes and help the rich. Clinton's tax plans were going to destroy low and middle classes and help the rich. And on and on and on. Same news just from different parties, every...single...term...

#9 | Posted by humtake

If one party is going to cut taxes on the rich MORE than the other party, then they are not the same as the other party, stupid.

You false-equivalency-addicts need to look up the definition of the word "SAME".

#20 | Posted by SpeakSoftly at 2017-11-21 01:35 PM | Reply | Newsworthy 4

You false-equivalency-addicts need to look up the definition of the word "SAME".

#20 | Posted by SpeakSoftly at 2017-11-21 01:35 PM | Reply | Flag:
| Newsworthy 3

Ironically, Shawn would agree with Humtake -- even though they're on different ends of the political spectrum.

Look, we all know both parties can be unduly tied to special interests, or the wealthy, or whatever. But as is usually the case, no matter the topic, there are degrees of ill effect. I don't remember Democrats fighting to repeal the estate tax, for example, because they know that virtually everyone who will benefit is already rich.

I appreciate the move toward simplification of our tax system. But the reason it's complicated is because we as a society determined over the years that we wanted to incentivize certain activities -- home ownership, college education, aid for people drowning in healthcare debt, and so on. If those deductions go away, many individuals will suffer.

And if the point of this reform was simplification, why are there so many loopholes?

#21 | Posted by cbob at 2017-11-21 03:13 PM | Reply

Government operates by the wealthy and for the wealthy. One party with two branches to give an appearance of competition. The wealthy party.
You libs can whine all you want. You might as well be barking at the moon.

#22 | Posted by Ray at 2017-11-21 03:18 PM | Reply | Newsworthy 1

Government operates by the wealthy and for the wealthy. One party with two branches to give an appearance of competition. The wealthy party.
You libs can whine all you want. You might as well be barking at the moon.

#22 | Posted by Ray

You're the one whining the same thing in every post, demonstrating how stupid you are to anyone interested.

If you were to say, the bankers and corporations own ALL of the republicans and MANY of the dems, you'd have a point.

If you were to admit that there are significant differences between the parties on subjects such as taxes, pollution, and healthcare, you might be worth listening to.

But as long as you sound like stupid wind up doll bleating "they're the same they're the same!" you just look and think like an idiot.

#23 | Posted by SpeakSoftly at 2017-11-21 03:28 PM | Reply

#23 | POSTED BY SPEAKSOFTLY

You have an anger problem.

If you were to admit that there are significant differences between the parties on subjects such as taxes, pollution, and healthcare, you might be worth listening to.

That's meaningless --------. Whether government expands on the left or on the right, it still expands.

#24 | Posted by Ray at 2017-11-21 04:01 PM | Reply

That's meaningless --------. Whether government expands on the left or on the right, it still expands.

#24 | Posted by Ray

Go swim in a stream that republicans allowed coal companies to dump toxic waste into, then come back and tell me it's meaningless --------.

Idiot.

#25 | Posted by SpeakSoftly at 2017-11-21 04:55 PM | Reply

That's meaningless --------. Whether government expands on the left or on the right, it still expands.

#24 | POSTED BY RAY AT 2017-11-21 04:01 PM | REPLY

expands how? Government has not expanded any time in recent history. There are fewer federal employees now than there were when Reagan was president and the population has doubled.

expanding government is a government myth created by people who don't think there should be a government, the "drown it in a bathtub" people

Everything is case by case. Shrinking government is a meme past its time. If we can grow the government by $500,000,000 and save the taxpayers $500,000,001 then grow baby grow.

I'm ok with paying $25 more in taxes to fix the roads and avoid paying $800 for new suspension from all the potholes.

#26 | Posted by hatter5183 at 2017-11-21 04:56 PM | Reply | Newsworthy 1

expanding government is a government myth

One only needs to look at government spending and unfunded liabilities to know that government is expanding.

#27 | Posted by JeffJ at 2017-11-21 05:24 PM | Reply | Funny: 1 | Newsworthy 1

One only needs to look at government spending and unfunded liabilities to know that government is expanding.

#27 | Posted by JeffJ

Having to pay for more retirees is not EXPANDING.

#28 | Posted by SpeakSoftly at 2017-11-21 06:07 PM | Reply

#26 - Hatter

"fewer government employees"

Are you sure you're including independent contractors government is using to do government work? I wonder if the story would be the same then.

#29 | Posted by gavaster at 2017-11-21 06:10 PM | Reply

#6, #14, #19

I'm not defending it and I'm certainly not disagreeing with the statement that Republicans aim their tax cuts at the wealthy. My statement was EXCLUSIVELY directed at the ------ reporting "they may have done this and people might be able to do such and such and they may be able to do this or that". It was entirely comprised of statements the author would say they don't have to defend because it was "conjecture", and yet it still hooked all SORTS of bottom feeders eager to slurp up whatever crap hit the ground in front of them.

#30 | Posted by MUSTANG at 2017-11-22 09:38 AM | Reply

#30 This kind of reporting is more accurate and truthful. If they are a micro-percent off on one predicted detail, then their work is immediately discounted by the wingnuts. These statements are far closer to the truth. There is also the matter of how the policies play out in real life. What the final law will look like. The unintended consequences of the law. etc...

You are used to fake claims of truth from conservative lie factories.

#31 | Posted by BruceBanner at 2017-11-22 02:32 PM | Reply

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