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Thread: Roskam

  1. #121
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    So, if I get this right...Democrats are now the party representing the wealthy of Glen Ellyn? And somehow, suddenly, care a whit about deficits?

    Personally I think it makes for good public policy to not subsidize a handful of wealthy states via the clear moral hazard of SALT deductions. It was a terrible idea and I can't imagine it will ever really come back, I think it's almost, if not quite, in the proverbial dustbin of history.

  2. #122
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    Quote Originally Posted by Clamato View Post
    Doesn't seem worth it given what we will likely add to the deficit. My kids are ****ed.
    The Democratic Party's Nobel winning house economist Paul Krugman knows you're wrong:

    Debt Is Good

    the power of the deficit scolds was always a triumph of ideology over evidence...You can see that misunderstanding at work every time someone rails against deficits with slogans like “Stop stealing from our kids.” It sounds right, if you don’t think about it: Families who run up debts make themselves poorer, so isn’t that true when we look at overall national debt?

    No, it isn’t.

    Because debt is money we owe to ourselves, it does not directly make the economy poorer (and paying it off doesn’t make us richer).

    There was a time, not long ago, when deficit scolds were actively dangerous — when their huffing and puffing came quite close to stampeding Washington into really bad policies ...What’s so bad about this kind of deficit scolding? It’s deeply misleading on two levels: the problem it purports to lay out is far less clearly a major issue than the scolds claim, and the insistence that we need immediate action is just incoherent.

    So my message to the deficit scolds is this... your fear-mongering is distracting us... Therefore, I would respectfully request that you people just go away.
    US sovereign debt is a pretty dead issue politically, still it's awfully amusing to see Democrats suddenly pretend to care about fiscal responsibility. Krugman himself even became a scold in the week before Republicans took over...comedy of the highest order.

  3. #123
    Forum Hall of Famer DTM's Avatar
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    Glad to see salt limit. Tired of covering federal taxes for those high tax states.


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  4. #124
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    Quote Originally Posted by DTM View Post
    Glad to see salt limit. Tired of covering federal taxes for those high tax states.


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    Wallethub had an interesting survey of which states are most federally dependent

    https://wallethub.com/edu/states-mos...vernment/2700/

    Sure, there are a lot of reasons for why some states, like, oh, Illinois, appear to be donor states....

    I really do think Clam is right - this tax law has a lot of ramifications that may be more than distressing once a lot of people get over the, oh, look, an extra $200 this month.

    All I keep thinking is that even 25 years ago one never would have thought of Republicans pushing through a tax act in such a rushed manner.

  5. #125
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    Quote Originally Posted by Casper Milquetoast View Post
    I'm surprised that Roskam generally escaped media scrutiny for, not just supporting, but helping draft, the tax bill. The one obvious group that will be harmed by the tax bill are those who itemize, in particular because their combined state and local taxes and mortgage interest exceed the (admittedly increased) standard deduction. The $10,000 cap on SALT is less than half the SALT I pay, and I know that I'm not alone in Glen Ellyn. While media coverage has focused on California, New York and New Jersey as the high-SALT areas where the harm will fall, DuPage (and Glen Ellyn particularly) is right in the blast zone.

    Peter Roskam sold out his own constituents in favor of national Republican party donors. His political career should end in 2018.

    Lower Tax rates and and wider brackets will lead to LOWER federal income taxes for most people in DuPage County. From a national perspective, how is it fair that some people get a pay less federal tax than others with the same income?

    Make $100k net in Texas, pay federal income tax on $100k. In Illinois, make the same $100k and pay federal tax on $95k. No state income tax have been getting the federal shaft for years. Now we whine when some of,that is taken a way and we play on a more level playing field as not state income tax states.

  6. #126
    A point to consider in this argument that absolutely needs to be introduced and discussed is...

    As part of the tax plan, the repeal of the individual mandate will increase healhcare insurance premiums across the board, moreso for those on the individual exchanges. If the costs continue to rise at 10 percent, the premium hikes will eat up a larger and larger chunk of the tax “savings” over time.

  7. #127
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    No family of four making less than about $100K will see an increase.

  8. #128
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    Quote Originally Posted by jombl View Post
    No family of four making less than about $100K will see an increase.
    The Tax Policy Center (TPC), a liberal think tank, noted that more than 80% of Americans will get tax cuts under the plan just passed. And the benefits will go to every income group, not "billionaires." This, by the way, is bolstered by other recent analyses by Congress' Joint Committee on Taxation and by the widely respected nonpartisan Tax Foundation.

    TPC estimates an average tax cut of about $2,140 per person. By the way, some 16% of the richest Americans — those in the top 0.1% of incomes — will face an average tax increase of $387,610


    When paychecks show the difference in 2/2018, the frowns will be turned upside down and the media will look stupid again.

  9. #129
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    One thing I think we can all agree on is that none of us, regardless of what you do for a living, has any idea whatsoever what this plan will do for your paycheck or your neighbor's paycheck. Not even the 535 people who voted for or against it. Zero public input, zero input for "experts" in the field, just a bunch of guys literally toiling away behind closed/locked doors going out of their way to make our lives better. Because that's what the guys in Washington do. They run for public office to benefit us, the people.

    Link to TPC's assessment: http://www.taxpolicycenter.org/taxvo...ng-300000-plus

  10. #130
    Forum All Star Glenly Ellynby's Avatar
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    Quote Originally Posted by Clamato View Post
    One thing I think we can all agree on is that none of us, regardless of what you do for a living, has any idea whatsoever what this plan will do for your paycheck or your neighbor's paycheck. Not even the 535 people who voted for or against it. Zero public input, zero input for "experts" in the field, just a bunch of guys literally toiling away behind closed/locked doors going out of their way to make our lives better. Because that's what the guys in Washington do. They run for public office to benefit us, the people.

    Link to TPC's assessment: http://www.taxpolicycenter.org/taxvo...ng-300000-plus
    The simple fact that the tax cuts for individuals and families are phased out in seven years, while the much more significant corporate tax cuts are permanent, shows who this bill was really for. I calculate that my family may save hundreds of dollars the first year (big whoop), and then face significant tax increases over time if the cuts for individuals and families are allowed to sunset. It's a gamble that the GOP took, and it could sting badly.

    This is a corporate tax cut with a small pittance to the rest of us, and the benefits are particularly small to residents of Peter Roskam's district. He did not represent his constituents by voting for the limits on SALT deductions. He did nothing for us. And now he must be voted out. He has again and again shown that he is far more loyal to the GOP establishment and donors than he is to the residents of his district.
    Last edited by Glenly Ellynby; 01-02-2018 at 09:35 PM.

  11. #131
    Forum All Star Yossarian's Avatar
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    http://viewfromthewing.boardingarea....undefined.gbpl

    AA and SWA are sharing their tax break with their employees

  12. #132
    Administrator Clamato's Avatar
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    Quote Originally Posted by Glenly Ellynby View Post
    The simple fact that the tax cuts for individuals and families are phased out in seven years, while the much more significant corporate tax cuts are permanent, shows who this bill was really for. I calculate that my family may save hundreds of dollars the first year (big whoop), and then face significant tax increases over time if the cuts for individuals and families are allowed to sunset. It's a gamble that the GOP took, and it could sting badly.

    This is a corporate tax cut with a small pittance to the rest of us, and the benefits are particularly small to residents of Peter Roskam's district. He did not represent his constituents by voting for the limits on SALT deductions. He did nothing for us. And now he must be voted out. He has again and again shown that he is far more loyal to the GOP establishment and donors than he is to the residents of his district.
    A wise man recently told me, "You're nuts this morning. The tax bill math is what it is. It helps families making under $100k the most. When there are facts there is no need to give opinions or bad guesses. The tables and calculators don't lie."

    But I agree with you.

  13. #133
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    Quote Originally Posted by Glenly Ellynby View Post
    This is a corporate tax cut with a small pittance to the rest of us, and the benefits are particularly small to residents of Peter Roskam's district. He did not represent his constituents by voting for the limits on SALT deductions. He did nothing for us. And now he must be voted out. He has again and again shown that he is far more loyal to the GOP establishment and donors than he is to the residents of his district.
    Yes to all of this. I can't can't can't can't can't wait to vote against him. I'm almost salivating.

  14. #134
    Administrator Clamato's Avatar
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    Quote Originally Posted by GE Fan View Post
    Yes to all of this. I can't can't can't can't can't wait to vote against him. I'm almost salivating.
    Wanna split the cost of some Replace and Repeal Roskam signs?

  15. #135
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    Quote Originally Posted by Clamato View Post
    Wanna split the cost of some Replace and Repeal Roskam signs?
    Yes. And feel free to write that on my car as well.

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