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Trump removing IRS commissioner Billy Long after serving just two months in role

Rexedgar

Rexedgar

Yo-Semite!
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Well that's good, since the IRS hasn't changed it's position of preying on individuals and families that don't have enough money to lawyer up like the big kahunas. I think the whole tax system needs an overhaul
 
Logophile said:
Well that's good, since the IRS hasn't changed it's position of preying on individuals and families that don't have enough money to lawyer up like the big kahunas. I think the whole tax system needs an overhaul
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don't disagree that the US tax code needs an overhaul.
The question remains if it gets a make over who will benefit the most. With Trump in Office, I do not expect the average American to be the big winner.
 
mike2810 said:
don't disagree that the US tax code needs an overhaul.
The question remains if it gets a make over who will benefit the most. With Trump in Office, I do not expect the average American to be the big winner.
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I'm not sure. I think average Americans would at least see some increase in benefits, as per the big beautiful bill. Average Americans that weren't gaming the system saw financial benefits in that bill
 
Logophile said:
Well that's good, since the IRS hasn't changed it's position of preying on individuals and families that don't have enough money to lawyer up like the big kahunas. I think the whole tax system needs an overhaul
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The system does need a complete overhaul. But that's not what's happening.
 
Loulit01 said:
You think a complete overhaul will happen under the a Trump administration? Get real.
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As I said, we'll see. You do understand the meaning of that very simple statement, don't you??
 
Logophile said:
I'm not sure. I think average Americans would at least see some increase in benefits, as per the big beautiful bill. Average Americans that weren't gaming the system saw financial benefits in that bill
Click to expand...
Have not read the BBB.
Wasn't it reported that the tax breaks for the "rich" were permanent and the ones for the average taxpayer expire in a few years?


"
he OBBBA provides a mix of permanent and temporary policies for taxpayers to wade through. The TCJA’s expiring individual provisions and business items like 100 percent bonus depreciation, domestic R&D expensing, and a more generous interest limitation are made permanent. The expansions to the standard deduction and child tax credit, and alterations to the alternative minimum tax (AMT) are also permanent.

The new income tax deductions for overtime, tips, seniors, and auto loans are temporarily in effect from 2025 through 2028. The $40,000 SALT deduction limit reverts to $10,000 in 2030, and the new 100 percent deduction for business investment in certain structures expires for structures with construction beginning after December 31, 2028, or placed in service after December 31, 2030.
taxfoundation.org

FAQ: The One Big Beautiful Bill Act Tax Changes

Our experts explain how this major tax legislation may affect you and how policymakers can better improve the tax code.
taxfoundation.org taxfoundation.org
 
mike2810 said:
Have not read the BBB.
Wasn't it reported that the tax breaks for the "rich" were permanent and the ones for the average taxpayer expire in a few years?
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It was reported, but the "rich" tax from what I've seen is largely business exemptions, so it's hard to call that a "rich" tax entirely. I think Trump is trying to encourage home manufacturing, and that means offering a good climate for big business and small, and giving tax exemptions encourages AI investment which in turn, limits UDS dependency on cheap labor
 
Logophile said:
It was reported, but the "rich" tax from what I've seen is largely business exemptions, so it's hard to call that a "rich" tax entirely. I think Trump is trying to encourage home manufacturing, and that means offering a good climate for big business and small, and giving tax exemptions encourages AI investment which in turn, limits UDS dependency on cheap labor
Click to expand...
I edited my post while you were posting to a link that explains the tax cuts.
"The OBBBA provides a mix of permanent and temporary policies for taxpayers to wade through. The TCJA’s expiring individual provisions and business items like 100 percent bonus depreciation, domestic R&D expensing, and a more generous interest limitation are made permanent. The expansions to the standard deduction and child tax credit, and alterations to the alternative minimum tax (AMT) are also permanent.

The new income tax deductions for overtime, tips, seniors, and auto loans are temporarily in effect from 2025 through 2028. The $40,000 SALT deduction limit reverts to $10,000 in 2030, and the new 100 percent deduction for business investment in certain structures expires for structures with construction beginning after December 31, 2028, or placed in service after December 31, 2030.
 
Loulit01 said:
That means you think it's possible. 🙄
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Yes, possible but I think a lot of things are possible. I think it's possible we get hit by an asteroid. I think it's also possible that you - or I - win the lottery next week. Not saying we will, but it's possible. See?? So maybe you should go buy a ticket to be on the safe side :) In the mean time, Trump's aspirations are pretty grand so do I think he's capable of demanding a tax overhaul?? Yeah, I do
 

Under the bill, the average family earning less than $50,000 would get under $300 in tax cuts in 2027, less than $1 a day, while the average tax filer earning $1 million or more a year would receive about $90,000 in tax breaks. That’s how tilted the bill is to those at the very top, with policies like an even bigger special deduction for wealthy business owners — millionaires get more than half of this break — and an estate tax-free exemption for wealthy heirs of $30 million per couple.

  • The benefits of the House Republican bill disappear for everyone except the wealthiest 10 percent when accounting for the rising consumer costs due to President Trump’s tariffs. The very same day the House Ways and Means Committee acted on its tax bill, while doing nothing to stop the tariffs, Walmart announced it will soon raise prices because of the Trump tariffs.
The 17 million children who currently don’t get the full $2,000 Child Tax Credit because their families’ incomes are too low get nothing from the $500-per-child increase in the Child Tax Credit in the bill. (See estimates by state and race/ethnicity here; congressional district estimates here.) In total, up to 20 million children are in working families that get no help at all or get less than the full $2,500 per child because they don’t earn enough.

  • A single parent with two children earning $16,000 a year as a home health aide would get no additional credit under the bill, while a married couple with two children earning $400,000 a year would receive an extra $1,000.
 
mike2810 said:
I edited my post while you were posting to a link that explains the tax cuts.
"The OBBBA provides a mix of permanent and temporary policies for taxpayers to wade through. The TCJA’s expiring individual provisions and business items like 100 percent bonus depreciation, domestic R&D expensing, and a more generous interest limitation are made permanent. The expansions to the standard deduction and child tax credit, and alterations to the alternative minimum tax (AMT) are also permanent.

The new income tax deductions for overtime, tips, seniors, and auto loans are temporarily in effect from 2025 through 2028. The $40,000 SALT deduction limit reverts to $10,000 in 2030, and the new 100 percent deduction for business investment in certain structures expires for structures with construction beginning after December 31, 2028, or placed in service after December 31, 2030.
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Well, that's politics for ya. If Americans want to keep all those deductions - and my guess is they will want to - then they'll have to keep voting Republican, right?? It's a cleverly designed bill
 
Logophile said:
Well, that's politics for ya. If Americans want to keep all those deductions - and my guess is they will want to - then they'll have to keep voting Republican, right?? It's a cleverly designed bill
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Only the wealthy are getting any real benefit. The bill adds trillions to the debt. No one should vote for republicans..
 
Logophile said:
Well, that's politics for ya. If Americans want to keep all those deductions - and my guess is they will want to - then they'll have to keep voting Republican, right?? It's a cleverly designed bill
Click to expand...
why Republican. they are the ones behind the BBB. They could have made the deductions permanent to begin. with.

True, its politics trying to pander to what they consider their base. Trump and his politics convinced me to leave the GOP after 50 or so years when they started labeling those who do not accept 100% of Trumps policies as a RINO. imo, Trump and some of his followers like Kari Lake are the RINO's.
 
mike2810 said:
why Republican. they are the ones behind the BBB. They could have made the deductions permanent to begin. with.

True, its politics trying to pander to what they consider their base. Trump and his politics convinced me to leave the GOP after 50 or so years when they started labeling those who do not accept 100% of Trumps policies as a RINO. imo, Trump and some of his followers like Kari Lake are the RINO's.
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I understand. Politics is an exercise in posturing, and assuring that tax exemptions are temporary also gives future Republicans a slam dunk to run on, by promising to make them permanent. Republicans give money back while Democrats want more, so there's no question that Democrats won't run on making tax breaks permanent. Republicans can be sure of it so it's a strategic move
 
Logophile said:
I understand. Politics is an exercise in posturing, and assuring that tax exemptions are temporary also gives future Republicans a slam dunk to run on, by promising to make them permanent. Republicans give money back while Democrats want more, so there's no question that Democrats won't run on making tax breaks permanent. Republicans can be sure of it so it's a strategic move
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- Not going to hold me breath on the GOP making anything permanent, except for their rich donners. :giggle:

What I see is Congress continues to run up the debt. They seem incapable of balancing the federal budget.
There is pork within the federal budget. Both sides R and D are guilty of pork spending.
While its been awhile it is not true that Democrats have never cut federal taxes.
www.cnbc.com

Recalling the days when Democrats cut taxes

JFK understood that high tax rates, even on the rich, bring inequities into the nation's political economy that do not befit America's traditions of liberty and constitutional rule.
www.cnbc.com www.cnbc.com

What is difficult for me to watch is the cuts in personnel in our natural resource agencies (Forest Service, Park Service, Bureau of Land Management , BIA, etc)
Many of those who lost their jobs there is really no good public sector job to apply and move to.
For me it will be interesting to see how the National Parks are doing. In mid September plan to visit 3 - 4 National Parks on a road trip.
 
Pyrite said:
Looks as if trump is tacitly acknowledging he made mistake when he appointed Long.

So much for trump's vaunted "gut" thinking....
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I wonder what Long did to piss Trump off.

I suspect he defied him in some way or said something Trump didn't like.

"I want you to open audits on every person who ever made me mad. Here's the list."

"Uh . . . sir . . . this list is thousands of names long . . . and some of them are dead."

"I don't give a flying ****! I want them audited NOW! Do it or I'll get someone who will!"
 
Logophile said:
It was reported, but the "rich" tax from what I've seen is largely business exemptions, so it's hard to call that a "rich" tax entirely. I think Trump is trying to encourage home manufacturing, and that means offering a good climate for big business and small, and giving tax exemptions encourages AI investment which in turn, limits UDS dependency on cheap labor
Click to expand...
He's not encouraging anything. Our economy is swirling the drain. You don't encourage manufacturing by killing America companies with additional taxes.
 
mike2810 said:
- Not going to hold me breath on the GOP making anything permanent, except for their rich donners. :giggle:

What I see is Congress continues to run up the debt. They seem incapable of balancing the federal budget.
There is pork within the federal budget. Both sides R and D are guilty of pork spending.
While its been awhile it is not true that Democrats have never cut federal taxes.
www.cnbc.com

Recalling the days when Democrats cut taxes

JFK understood that high tax rates, even on the rich, bring inequities into the nation's political economy that do not befit America's traditions of liberty and constitutional rule.
www.cnbc.com www.cnbc.com

What is difficult for me to watch is the cuts in personnel in our natural resource agencies (Forest Service, Park Service, Bureau of Land Management , BIA, etc)
Many of those who lost their jobs there is really no good public sector job to apply and move to.
For me it will be interesting to see how the National Parks are doing. In mid September plan to visit 3 - 4 National Parks on a road trip.
Click to expand...
I hope you have a good trip
 
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