Tax Reform

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  • gimmesometruth27
    gimmesometruth27 St. Fuckin Louis Posts: 24,102
    tax churches.

    they have been getting more and more vocal about supporting candidates from the pulpit. they aren't supposed to do that. if they want to be all uppity and do that, i say let them pay taxes and they can endorse whomever they want to. 

    you want the same rights as citizens, you pay your share. done.
    "You can tell the greatness of a man by what makes him angry."  - Lincoln

    "Well, you tell him that I don't talk to suckas."
  • gimmesometruth27
    gimmesometruth27 St. Fuckin Louis Posts: 24,102
    The "Cut, Cut, Cut Act".

    and there you have it. what trump wants to call the tax reform bill.

    seriously, can this get any more kindergarten? jeesus christ...
    "You can tell the greatness of a man by what makes him angry."  - Lincoln

    "Well, you tell him that I don't talk to suckas."
  • Halifax2TheMax
    Halifax2TheMax Posts: 42,245
    gimmesometruth27 said:
    The "Cut, Cut, Cut Act".

    and there you have it. what trump wants to call the tax reform bill.

    seriously, can this get any more kindergarten? jeesus christ...
    And Ryan is joined at his hip. As is McConnell and Cotton. 
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  • jeffbr
    jeffbr Seattle Posts: 7,177
    Halifax2TheMax said:
    gimmesometruth27 said:
    The "Cut, Cut, Cut Act".

    and there you have it. what trump wants to call the tax reform bill.

    seriously, can this get any more kindergarten? jeesus christ...
    And Ryan is joined at his hip. As is McConnell and Cotton. 
    Poor Ryan actually asked for Trump's help in naming the act because Trump is apparently great at branding and marketing. But even Ryan has been pushing back on this stupid name. And Cut, Cut, Cut seems only to apply to taxes for the wealthy. I thought there might be some Cut, Cut, Cutting of spending as well, since I thought the GOP was supposed to be the more fiscally responsible party. Nope. Cut revenue, increase spending, and dig, dig, dig a deeper hole.
    "I'll use the magic word - let's just shut the fuck up, please." EV, 04/13/08
  • I am a patriot
    I am a patriot Posts: 485
    Looks like there's a tax increase on the (upper?) middle class - 35% bracket threshold DROPS from ~416,000 for married filing jointly to $260,000. 

    Looks like more folks are going to have passthrough income at 25%, amiright?
  • jeffbr
    jeffbr Seattle Posts: 7,177
    edited November 2017
    They were going to fuck with 401Ks, but abandoned that. They are capping the mortgage interest deductions for loans of $500k or less. In my county the median home price is $565k, so this hurts the middle class. Trump won't have to pay AMT. Sales tax deductions go away. Electric vehicle tax credits go away. Increase taxes on wind and solar power.  Family tax credits expire in 5 years. Corporate tax cuts are permanent.

    I'm sure much of the bill was written to help Trump, but since he's hiding his returns we can't know exactly how it will impact his bottom line. I'm betting he comes out way ahead. I don't think any tax bill should be passed until SCROTUS releases his returns.
    Post edited by jeffbr on
    "I'll use the magic word - let's just shut the fuck up, please." EV, 04/13/08
  • I am a patriot
    I am a patriot Posts: 485
    20% excise tax on compensation greater than $1M paid by tax exempt organizations to their top 5 compensated employees. 

    College football programs like Notre Dame, Stanford, and USC are gonna get a lot worse before they get better.
  • Halifax2TheMax
    Halifax2TheMax Posts: 42,245
    I am a patriot said:
    20% excise tax on compensation greater than $1M paid by tax exempt organizations to their top 5 compensated employees. 

    College football programs like Notre Dame, Stanford, and USC are gonna get a lot worse before they get better.
    All of this so the super uber rich can have more, more, more but I guess it'll save us the rebel yell. Waltons, Koch Brothers, Trump, Romney, et. al. all need more as they don't have enough already. Capping mortgage deductions for those mortgages below $500K? Shouldn't the cap be for above $500K? I wonder if Trump supporters are smart enough to determine that they're getting porked. We do need to get that 50% unemployment down to 1.5% though.
    09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;

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  • I am a patriot
    I am a patriot Posts: 485
    Halifax2TheMax said:
    I am a patriot said:
    20% excise tax on compensation greater than $1M paid by tax exempt organizations to their top 5 compensated employees. 

    College football programs like Notre Dame, Stanford, and USC are gonna get a lot worse before they get better.
    All of this so the super uber rich can have more, more, more but I guess it'll save us the rebel yell. Waltons, Koch Brothers, Trump, Romney, et. al. all need more as they don't have enough already. Capping mortgage deductions for those mortgages below $500K? Shouldn't the cap be for above $500K? I wonder if Trump supporters are smart enough to determine that they're getting porked. We do need to get that 50% unemployment down to 1.5% though.
    The mortgage interest deduction is limited to interest paid on mortgages up to $500k, meaning if the super rich get a house for $2M - fully financed - they can only deduct interest paid on the first $500k. Also, the proposal only allows for the primary residence and not second homes.

    I think the real fight will come from SEC country and the provision that disallows a charitable deduction for the purchase of college football tickets.
  • mrussel1
    mrussel1 Posts: 30,882
    I crunched my numbers last night with my wife.  The changes will raise my taxable income by $35K (using 2016 numbers).  I've also sent a child to college this year, so losing the deduction for student loans will worsen my tax bill in future years.  Needless to say, I've already called my idiot congressman, Dave Brat.  
  • mrussel1
    mrussel1 Posts: 30,882
    Unemployment is 4.1%.  Someone explain to me why we need these tax cuts in order to improve the job market?  In VA, we have 25K plus jobs that can't be filled because there aren't qualified candidates.  I have four unfilled positions in my compliance team alone, because the candidates I get are not very good.  
  • Halifax2TheMax
    Halifax2TheMax Posts: 42,245
    mrussel1 said:
    Unemployment is 4.1%.  Someone explain to me why we need these tax cuts in order to improve the job market?  In VA, we have 25K plus jobs that can't be filled because there aren't qualified candidates.  I have four unfilled positions in my compliance team alone, because the candidates I get are not very good.  
    It’s going to put the coal miners back to work.
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  • Go Beavers
    Go Beavers Posts: 9,560
    mrussel1 said:
    Unemployment is 4.1%.  Someone explain to me why we need these tax cuts in order to improve the job market?  In VA, we have 25K plus jobs that can't be filled because there aren't qualified candidates.  I have four unfilled positions in my compliance team alone, because the candidates I get are not very good.  
    You’re going to have even more positions that you can’t fill. Added bonus: China owns even more of our ass. 
  • mrussel1
    mrussel1 Posts: 30,882
    Go Beavers said:
    mrussel1 said:
    Unemployment is 4.1%.  Someone explain to me why we need these tax cuts in order to improve the job market?  In VA, we have 25K plus jobs that can't be filled because there aren't qualified candidates.  I have four unfilled positions in my compliance team alone, because the candidates I get are not very good.  
    You’re going to have even more positions that you can’t fill. Added bonus: China owns even more of our ass. 
    I doubt if that's even the case... We just finished a half million EBIT project yesterday.  It will generally go to our equity owner.  That's how it works.  The $ goes up.  Cutting the rate from 35-20% simply goes to the ownership.  Yes, perhaps a few jobs are created.  Maybe there are low skilled jobs that will be created.  But there's already a dearth of candidates for high skilled jobs.  
  • I am a patriot
    I am a patriot Posts: 485
    Interesting proposals. No Obamacare stuff though. That surprises me a bit, but we've still got the Senate proposal next week.
  • I am a patriot
    I am a patriot Posts: 485
    Not sure I can make a poll in the middle of a thread, but how many of y'all itemize deductions? 
  • mookeywrench
    mookeywrench Posts: 6,068
    edited November 2017
    I itemize before and will itemize after Trump's tax plan.

    I also ran a tax projection and I will be saving $90 annually through Trump's plan.

    But once/if i lose the grandfathered mortgage interest deduction I will be worse off. And that's coming from a first time home buyer in the Seattle area with a home below the median fair market value. Moreover I would now have to wait until 2021 to sell my first home tax free instead of 2018 as the exclusion changes to living in a principal residence from 2 out of 5 years to 5 out of 8 years.  The only way to continue the savings in the long-run through Trump's plan is to get married.

    He's throwing short-term rewards at Taxpayers in hopes they stay blind to the long term effects.  
    Post edited by mookeywrench on
  • josevolution
    josevolution Posts: 31,627
    edited November 2017
    Am I correct on thinking that this tax plan is similar to the one implemented in Kansas ? 
    Post edited by josevolution on
    jesus greets me looks just like me ....
  • Gern Blansten
    Gern Blansten Mar-A-Lago Posts: 22,192
    mookeywrench said:
    I itemize before and will itemize after Trump's tax plan.

    I also ran a tax projection and I will be saving $90 annually through Trump's plan.

    But once/if i lose the grandfathered mortgage interest deduction I will be worse off. And that's coming from a first time home buyer in the Seattle area with a home below the median fair market value. Moreover I would now have to wait until 2021 to sell my first home tax free instead of 2018 as the exclusion changes to living in a principal residence from 2 out of 5 years to 5 out of 8 years.  The only way to continue the savings in the long-run through Trump's plan is to get married.

    He's throwing short-term rewards at Taxpayers in hopes they stay blind to the long term effects.  
    I'm not sure that there are short term rewards except for the wealthy.

    This bill is absolute bullshit.  It sounds like it might have trouble getting through the house in current form.  That's pretty bad.
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  • Gern Blansten
    Gern Blansten Mar-A-Lago Posts: 22,192
    josevolution said:
    Am I correct on thinking that this tax plan is similar to the one implemented in Kansas ? 
    yes....the talking heads keep talking about how we shouldn't worry about the deficit it creates because the payoff will be several years down the road.

    Absolute bullshit.  

    If we had high unemployment and high inflation this plan might do some good.  Right now it is doing nothing but benefiting the wealthy.

    And we still haven't seen tRump's tax returns.
    Remember the Thomas Nine !! (10/02/2018)
    The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)

    1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
    2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
    2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
    2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
    2020: Oakland, Oakland:  2021: EV Ohana, Ohana, Ohana, Ohana
    2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
    2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2

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