Tax Plan

[IMMensaMind 459]

What if the people that were doing worse before are now doing even more worse?

 

[IMMensaMind 459]

Im happy i got a temporary tax break, but i disagree with what GOP leadership says this will accomplish. I believe giving corporations giant tax breaks will only further hurt small businesses, 85% of which are getting zero benefit from this plan, as they already pay the lowest rate (which is unchanged).

Uh...go ahead and explain how this hurts 'small business'. If they pay taxes under their personal rates - and they're declining - how does this hurt them?

 

If they're structured to pay corporate taxes - and they drop precipitously - explain that too.

 

Corporations will ultimately just use the money to buy back their own stock, and pay their executives more. Just like they did in the 80s and 2004.

Without challenging that (they obviously do more than that) - how it is worse for the economy for companies to buy back their stock, and pay their execs more?

 

Companies create jobs when demand for their goods or services goes up, and middle class Americans are the people overwhelmingly buying those goods and services. Trickle down economics is, and has always been, a complete and utter myth.

The myth is what you just said.

[Fireballer 2,369]

http://taxplancalculator.com/

[Baker Boy 1,479]

The Democratic Leaders really want the Middle Class Liberals to oppose the new tax cuts not because it helps the rich but because it hurts the wealthy liberals in high tax high, high Cost of Living states like CA and NY.

 

Powerful Democratic Senator Complains GOP Tax Bill…Harms The Rich

 

California Senator Dianne Feinstein, the ranking Democrat on the powerful Senate Judiciary Committee, is not happy with the tax cut bill Republicans in the House and Senate have agreed to. However, unlike most Democrats, Feinstein isn’t engaging in the usual attack her party unleashed on tax cut — that it will only help the rich — instead, she’s complaining that the bill would harm some of the wealthiest Californians.

 

On Sunday afternoon Feinstein tweeted, “The Republican tax bill caps the mortgage interest deduction at $750,000 for new mortgages. In California, seven counties have average home prices that are more than $750,000: Alameda, Marin, Orange, San Francisco, San Mateo, Santa Clara and Santa Cruz counties.”

http://dailycaller.com/2017/12/17/powerful-democratic-senator-complains-gop-tax-bill-harms-the-rich/

[Reality 2,710]

The Democratic Leaders really want the Middle Class Liberals to oppose the new tax cuts not because it helps the rich but because it hurts the wealthy liberals in high tax high, high Cost of Living states like CA and NY.

 

Powerful Democratic Senator Complains GOP Tax Bill…Harms The Rich

 

California Senator Dianne Feinstein, the ranking Democrat on the powerful Senate Judiciary Committee, is not happy with the tax cut bill Republicans in the House and Senate have agreed to. However, unlike most Democrats, Feinstein isn’t engaging in the usual attack her party unleashed on tax cut — that it will only help the rich — instead, she’s complaining that the bill would harm some of the wealthiest Californians.

 

On Sunday afternoon Feinstein tweeted, “The Republican tax bill caps the mortgage interest deduction at $750,000 for new mortgages. In California, seven counties have average home prices that are more than $750,000: Alameda, Marin, Orange, San Francisco, San Mateo, Santa Clara and Santa Cruz counties.”

http://dailycaller.com/2017/12/17/powerful-democratic-senator-complains-gop-tax-bill-harms-the-rich/

 

 

 

Trump got these fockers all twisted, hilarious..

[Hardcore troubadour 12,596]

 

 

 

Trump got these fockers all twisted, hilarious..

It's so funny. Love it.

[lickin_starfish 1,478]

According to that tax plan calculator, my family will save about $67/week. Am I supposed to be upset about that? We live in NY, so I expect Coumo to come knocking on my door for some of that savings.

[Hardcore troubadour 12,596]

According to that tax plan calculator, my family will save about $67/week. Am I supposed to be upset about that? We live in NY, so I expect Coumo to come knocking on my door for some of that savings.

I'm betting they are going to do away with the STAR deduction.

[Baker Boy 1,479]

Thats the first 10k in state property taxes. You don't get to write off state income taxes anymore.

Under the finalized bill, families can deduct up to a total of $10,000 in local property and state and local income taxes.

[RaiderHaters Revenge 3,566]

Under the finalized bill, families can deduct up to a total of $10,000 in local property and state and local income taxes.

 

so still winning

 

why is there a complaint about this?

 

The death tax?

 

I should pay 50% in taxes my entire life, then when I die, my kids should pay 68% more taxes on the money I already paid taxes on?

 

That seems to be all the left has left to complain about

[Hardcore troubadour 12,596]

 

so still winning

 

why is there a complaint about this?

 

The death tax?

 

I should pay 50% in taxes my entire life, then when I die, my kids should pay 68% more taxes on the money I already paid taxes on?

 

That seems to be all the left has left to complain about

There was a 5 million dollar exemption. Now it's 11. I had no issue when it was 5. 11 is plenty.

[mmmmm...beer 691]

Under the finalized bill, families can deduct up to a total of $10,000 in local property and state and local income taxes.

Yeah I read that tonight.. fockin aye rightz!

[Patriotsfatboy1 1,432]

Yeah I read that tonight.. fockin aye rightz!

If you live in certain blue states, that is a tax increase. I know, for me, it is. This plan had more political aspects to it than fixing any prior problems, which is one reason why people had a problem with it.

 

Add in that there is a big drop in revenue with no corresponding drop in spending.

[KSB2424 3,082]

Ive been so disgusted with politics Ive barely kept up with this new tax plan so I dont know any details.

 

I do know the current tax code desperately needed an overhaul and to be simplified. This has been a long time coming.

 

Hopefully this fuels the economy and they (govt) can keep spending stagnant.

[edjr 5,547]

http://taxplancalculator.com/

 

Tax Reform Bill

You'd save $1,942

[Gladiators 1,904]

Tax Reform Bill

You'd save $4,402

 

 

Thanks for the link.

[IGotWorms 3,302]

Ive been so disgusted with politics Ive barely kept up with this new tax plan so I dont know any details.

 

I do know the current tax code desperately needed an overhaul and to be simplified. This has been a long time coming.

 

Hopefully this fuels the economy and they (govt) can keep spending stagnant.

They didnt simplify anything. All that bullsh1t about filing your taxes on a postcard was just that.

[Gladiators 1,904]

They didnt simplify anything. All that bullsh1t about filing your taxes on a postcard was just that.

 

And it will never be simplified. It might sound more simple, but the devil is in the details.

[edjr 5,547]

They didnt simplify anything. All that bullsh1t about filing your taxes on a postcard was just that.

 

Same postcard used in the Dallas game this week?

[Patriotsfatboy1 1,432]

 

Tax Reform Bill

You'd save $1,942

 

It had me saving $8k. However, it calculated the difference between standard deduction ($24k) and what my itemizations would be ($10k) as it totally ignored state and local taxes that I currently can deduct on Schedule A (over $20k) and left off things that I will no longer be able to deduct (charitable contributions, for example).

 

ETA: This one tells me that I am going to owe an additional $215, which seems more plausible.

 

https://www.washingtonpost.com/graphics/2017/business/tax-bill-calculator/?utm_term=.5071fa767d4e

[KSB2424 3,082]

They didnt simplify anything. All that bullsh1t about filing your taxes on a postcard was just that.

I thought this resulted in most people simply using the standard deduction as opposed to using and making up a bunch of itemized credits and deductions.

 

[Gladiators 1,904]

I thought this resulted in most people simply using the standard deduction as opposed to using and making up a bunch of itemized credits and deductions.

 

 

I'll still itemize. Entering that information when preparing my returns takes less than 2 minutes.

[NorthernVike 2,080]

I'll save almost 3G

[NorthernVike 2,080]

If you live in certain blue states, that is a tax increase. I know, for me, it is. This plan had more political aspects to it than fixing any prior problems, which is one reason why people had a problem with it.

 

Add in that there is a big drop in revenue with no corresponding drop in spending.

Are you saying you pay more than $10,000 in property taxes?

[KSB2424 3,082]

 

I'll still itemize. Entering that information when preparing my returns takes less than 2 minutes.

 

Simplifying doesn't mean making it easier / faster for you, even thougt that is probably a result. Those Tax software, online things do that.

 

Simplifying the Tax Code means getting rid of (or less use of) deductions and tax credits, which equals less opportunity for loopholes and fraud.

 

If 95% of people are using the Standard Deduction and you are itemizing after this bill. I'd be sure you have your I's dotted and your T's crossed. You'd be ripe for audit.

[Patriotsfatboy1 1,432]

Are you saying you pay more than $10,000 in property taxes?

 

I pay more than $10k in state and local taxes, plus property taxes, which are combined to be limited to $10k in the new tax bill. Remember, we have state income tax in MA (many blue states do) and our property taxes tend to be higher because of the value of the homes.

[Baker Boy 1,479]

I pay more than $10k in state and local taxes, plus property taxes, which are combined to be limited to $10k in the new tax bill. Remember, we have state income tax in MA (many blue states do) and our property taxes tend to be higher because of the value of the homes.

This sounds like a State problem to me.

[Patriotsfatboy1 1,432]

This sounds like a State problem to me.

 

No, it is a problem where the tax bill was looking to punish blue states, so the various provisions in it for cutting deductions favored the red states. It was a way to ensure that the Republicans could maintain their voter base.

[Baker Boy 1,479]

They didnt simplify anything. All that bullsh1t about filing your taxes on a postcard was just that.

No the original plan would have done that but it didn’t have the votes to pass

[Baker Boy 1,479]

No, it is a problem where the tax bill was looking to punish blue states, so the various provisions in it for cutting deductions favored the red states. It was a way to ensure that the Republicans could maintain their voter base.

Why should the rest of us subsidize your high state taxes with federal tax breaks.

 

I thought this plan was a tax break for the rich?

[IGotWorms 3,302]

 

No, it is a problem where the tax bill was looking to punish blue states, so the various provisions in it for cutting deductions favored the red states. It was a way to ensure that the Republicans could maintain their voter base.

Youre right but its going to fall on deaf ears.

 

This was actually a pretty deft move by Republicans. The tax plan is unpopular because their roll out was pretty sh1tty. But at the end of the day most people are going to get a break and theyll be happy with that.

 

Some high earning but not wealthy enough liberal elites in blue states will get focked but no one will care.

 

Donor base will laugh all the way to the bank.

 

They pulled off the heist.

[Patriotsfatboy1 1,432]

Why should the rest of us subsidize you high state taxes with federal tax breaks.

 

I thought this was a tax break for the rich?

 

Don't subsidize at all for anyone. This was strategic to hit blue states hardest.

[IGotWorms 3,302]

 

Don't subsidize at all for anyone. This was strategic to hit blue states hardest.

So what? Youre not going to vote R anyway.

 

Not saying this is right, but it is how they think.

[Gladiators 1,904]

 

Simplifying doesn't mean making it easier / faster for you, even thougt that is probably a result. Those Tax software, online things do that.

 

Simplifying the Tax Code means getting rid of (or less use of) deductions and tax credits, which equals less opportunity for loopholes and fraud.

 

If 95% of people are using the Standard Deduction and you are itemizing after this bill. I'd be sure you have your I's dotted and your T's crossed. You'd be ripe for audit.

 

I haven't reviewed the proposed changes. I just plugged the numbers into the calculator. I don't think removing some deductions on personal tax returns are the types of "simplification" most tax people think we need. I look to the corporate tax rules for the real "loopholes." I received a 2018 master tax guide on Monday...938 pages.

 

I just read a little about the new proposed bill. The article I read states that it's unclear if the "$10k combined state and local property, income, and sales tax" is the same for joint and individual filers. That would have a significant impact on the itemized deduction amount. I guess I'll have to wait and see.

[NorthernVike 2,080]

 

No, it is a problem where the tax bill was looking to punish blue states, so the various provisions in it for cutting deductions favored the red states. It was a way to ensure that the Republicans could maintain their voter base.

Minnesota is a blue state and I'm coming out great from this.

[parrot 789]

Simplifying the Tax Code means getting rid of (or less use of) deductions and tax credits, which equals less opportunity for loopholes and fraud.

 

Which deductions and credits did they get rid of with big fraud exposures?

 

The one loophole Trump talked about in the election that was absolutely going to go away was carried interest, but once they started drafting the bill I didn't hear a peep about carried interest. Of course creating a new carve-out for real estate income probably didn't hurt. Not that the new treatment for that and other pass-through income would be a loophole or ripe for fraud or anything.

[Reality 2,710]

Minnesota is a blue state and I'm coming out great from this.

 

His is the only one that matters, don't try to muddy the narrative here fella.

[IGotWorms 3,302]

 

Which deductions and credits did they get rid of with big fraud exposures?

 

The one loophole Trump talked about in the election that was absolutely going to go away was carried interest, but once they started drafting the bill I didn't hear a peep about carried interest. Of course creating a new carve-out for real estate income probably didn't hurt. Not that the new treatment for that and other pass-through income would be a loophole or ripe for fraud or anything.

Should regular people like you and I look into making ourselves pass-through corporations? This is what Ive been hearing but apparently theres some point you want to reach income-wise before its likeky to do much for you

[Patriotsfatboy1 1,432]

Minnesota is a blue state and I'm coming out great from this.

 

So you think based on the calculator from the website of the Fox News blogger. You won't know until you file your taxes and don't fall for the shiny beads of short-term cuts. Remember Bush's rebates?

 

 

So what? Youre not going to vote R anyway.

 

Not saying this is right, but it is how they think.

 

My state won't vote R, but it makes it so that when the next D gets in, they are going to be more likely to do exactly what Trump is doing by undoing everything that the prior administration did AND punishing the red states. It is a cycle that is going to result in us spending all of our time and money in going back and forth in silly things that don't get anything accomplished.

[parrot 789]

Should regular people like you and I look into making ourselves pass-through corporations? This is what Ive been hearing but apparently theres some point you want to reach income-wise before its likeky to do much for you

 

I doubt it would mean much to the average taxpayer. I don't really know the ins and outs yet, but giving preferential treatment like this to certain types of income is pretty much the definition of a "loophole". The challenge then is figuring out how and how much you can push through that loophole. And I guarantee that is already happening this morning.