2017 GOP Tax Cut & Jobs Act EXPIRE on 12/31/25. UPDATE - 6/3/25: Elon Musk trashes bill while Johnson & Thune juelz

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Secure Da Bag

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So according to the CBO, the tariffs if kept in place are gonna bring in $2.8T and cause a recession and the tax cuts are gonna cost $2.4T. Both over 10 years.

So assuming both things hold --which they won't-- the country will make $400B over 10 years.
 
Wargames

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Secure Da Bag said:

So according to the CBO, the tariffs if kept in place are gonna bring in $2.8T and cause a recession and the tax cuts are gonna cost $2.4T. Both over 10 years.

So assuming both things hold --which they won't-- the country will make $400B over 10 years.
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That is nothing at all for a country over 10 years and basically means future presidents can’t do shyt without going into a deficit. If the Dems get the house and the White House they are going to repeal the fukk out of this if they are smart.
 
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mastermind said:
Got all that in 2020 and the Trump tax plan is still in place. :aicmon:
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https://www.nytimes.com/2025/06/09/us/politics/democrats-trump-tax-cuts.htmlDemocrats Hate Trump’s Policy Bill, but Love Some of Its Tax Cuts
It would be a familiar quandary for Democrats. Back in 2017, the last time Mr. Trump and Republicans passed temporary tax cuts, Democrats unanimously opposed the legislation. But by the time Democrats had full control of Washington in 2021, they had tacitly agreed to keep many of the tax cuts in place, with President Joseph R. Biden Jr. promising to not raise taxes on anyone making less than $400,000.
The party tried to raise taxes on the rich and corporations — and therefore unwind some of the 2017 tax cuts — but failed to win enough support from within its ranks to do so substantially. Democrats ultimately left the 2017 tax cuts intact when they had a chance to change them.
In 2028, Democrats may find themselves again continuing Mr. Trump’s tax cuts, even if continuing to do so could add significantly to the debt.
“They’re not ideal,” said Alex Jacquez, the chief of policy and advocacy at the Groundwork Collaborative, a progressive group. “But because these are the only efforts Republicans are willing to put forward to give relief to middle class families, these are things directionally Democrats would support.”
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CrimsonTider

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mastermind said:
Link to that law?
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:laff: you’re not even informed

The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion.
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IRS clarifies rules for corporate alternative minimum tax | Internal Revenue Service

IR-2023-241, Dec. 15, 2023 — The Department of Treasury and the Internal Revenue Service today issued Notice 2024-10 to provide additional interim guidance on the new corporate alternative minimum tax.
www.irs.gov www.irs.gov
 
mastermind

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CrimsonTider said:
:laff: you’re not even informed



IRS clarifies rules for corporate alternative minimum tax | Internal Revenue Service

IR-2023-241, Dec. 15, 2023 — The Department of Treasury and the Internal Revenue Service today issued Notice 2024-10 to provide additional interim guidance on the new corporate alternative minimum tax.
www.irs.gov www.irs.gov
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So the companies that make $1 billion in profits are the ones that have to pay the 15%.

That means companies like Amazon aren't paying this rate. And companies can start sham green initiatives to get around it. :dead:

The 15% corporate alternative minimum tax, also known as the CAMT, is supposed to serve as a tax backstop for companies averaging at least $1 billion in financial-statement profits over three years. The law set a floor under large companies’ tax rates by making them calculate taxes under both the regular system and CAMT and then pay whichever is higher.

It is also intentionally porous. Congress explicitly let companies offset both the CAMT and the regular corporate income tax with some breaks, including accelerated depreciation and renewable-energy tax credits. That means some profitable companies can still achieve very low tax rates.

“Just based on how it’s built, it’s not going to get companies up to the 15% minimum tax rate,” said Kyle Pomerleau, a senior fellow at the conservative-leaning American Enterprise Institute. “It’s going to fail to do that, but that was expected when it passed.”
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You can read more about it, but this ain't close to what you think it is:

The Wall Street Journal basically dismissed this as anything.
 
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CrimsonTider

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mastermind said:
So the companies that make $1 billion in profits are the ones that have to pay the 15%.

That means companies like Amazon aren't paying this rate. And companies can start sham green initiatives to get around it. :dead:



You can read more about it, but this ain't close to what you think it is:

The Wall Street Journal basically dismissed this as anything.
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Amazon made 60 billion dollars in income last year. wtf are you talking about

Did you just google the first article you can find about a law you didn’t even know about
 
mastermind

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CrimsonTider said:
Amazon made 60 billion dollars in income last year. wtf are you talking about

Did you just google the first article you can find about a law you didn’t even know about
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Its over a three year period

My issue with it is these companies will exploit the green credits and the like.

It's better, but this ain't moving any needle. I read they project to bring in 200 billion over ten years.

Again, this isn't what you think it is, which is why Biden wanted to raise the corporate tax rate last year when he was running for potus.

The bigger issue is Dems couldn't agree that the Trump tax plan was bad and they probably won't agree that this new one is bad after it's implemented.
 
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