Taxes
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26-04-2017, 04:05 PM
RE: Taxes
(26-04-2017 03:50 PM)Full Circle Wrote:  The Grand Unveiling of thr Trump proposal, a one page memo.

“It would eliminate the seven existing income tax brackets and replace them with three brackets, containing new rates of 10 percent, 25 percent and 35 percent, based on someone’s income.”

"It would also roughly double the standard deduction that Americans can use to reduce their taxable income. The deduction for married couples would move from $12,600 to $24,000.”

“The White House is also proposing a one-time tax “holiday” to incentivize companies to bring several trillion dollars currently being held in other countries back into the United States.”

The devil will be in the details.

The only deductions allowed other than the personal exemption would be mortgage and charity.

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26-04-2017, 04:56 PM
RE: Taxes
(26-04-2017 04:05 PM)Dom Wrote:  The only deductions allowed other than the personal exemption would be mortgage and charity.

As it sits right now the excluded deductions could include medical expenses, health savings plans, education expenses and deferred taxes on 401K and IRA savings plans. If so the middle class is fucked...

harder...

again...

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26-04-2017, 07:38 PM
RE: Taxes
(26-04-2017 04:56 PM)Popeyes Pappy Wrote:  
(26-04-2017 04:05 PM)Dom Wrote:  The only deductions allowed other than the personal exemption would be mortgage and charity.

As it sits right now the excluded deductions could include medical expenses, health savings plans, education expenses and deferred taxes on 401K and IRA savings plans. If so the middle class is fucked...

harder...

again...

There have been rumblings about removing the deferred taxes on the traditional IRA, that would certainly fuck the middle class.

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
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26-04-2017, 08:05 PM
RE: Taxes
(26-04-2017 07:38 PM)Full Circle Wrote:  
(26-04-2017 04:56 PM)Popeyes Pappy Wrote:  As it sits right now the excluded deductions could include medical expenses, health savings plans, education expenses and deferred taxes on 401K and IRA savings plans. If so the middle class is fucked...

harder...

again...

There have been rumblings about removing the deferred taxes on the traditional IRA, that would certainly fuck the middle class.

They want to do away with all those deductions and deferments to pay for the lost revenue from corporate taxes.

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26-04-2017, 08:08 PM
RE: Taxes
(26-04-2017 08:05 PM)Popeyes Pappy Wrote:  
(26-04-2017 07:38 PM)Full Circle Wrote:  There have been rumblings about removing the deferred taxes on the traditional IRA, that would certainly fuck the middle class.

They want to do away with all those deductions and deferments to pay for the lost revenue from corporate taxes.

The Reverse Robin Hood Dodgy

I don’t think that will fly but then again I didn’t think he would be president.

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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26-04-2017, 08:38 PM
Taxes
We're screwed.


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30-04-2017, 08:14 AM (This post was last modified: 30-04-2017 08:24 AM by Full Circle.)
RE: Taxes
Two points I want to make.

The first is that without Trump releasing his taxes there isn’t a way to ascertain if the tax proposals he is touting promote a conflict of interest. I would bet 10:1 that they do and that they will dramatically lower his own personal taxes.

Here is a bit on how it may effect you.

Secondly, it might be high time for all of you who haven’t already incorporated as a Subchapter S corporation to explore the possibility. If the Trump Tax Plan does indeed lower the corporate tax rate to 15% you would be throwing money away if you didn’t incorporate.

The following article expands on that very idea.
https://www.nytimes.com/2017/04/28/upsho....html?_r=0

Granted it comes with some caveats and additional complexity to your life but if the move saves you thousands of dollars in Federal income tax a year it might be worth exploring.

The game is rigged, Trump is the poster boy for avoiding taxes, if the POTUS says he is smart to take every loophole in the law to pay less taxes I don’t see why we shouldn’t. Eventually when the math doesn’t add up on the balance sheet and revenues plummet while expenses remain constant or even rise the government will have to rethink all this “winning” and “Making America Great Again” stuff.

In the meantime here is the how and why of creating a “pass-through” entity straight from the Small Business Administration.

This too could be you! It’s worth a look.

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“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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30-04-2017, 02:12 PM
RE: Taxes
(26-04-2017 04:05 PM)Dom Wrote:  
(26-04-2017 03:50 PM)Full Circle Wrote:  The Grand Unveiling of thr Trump proposal, a one page memo.

“It would eliminate the seven existing income tax brackets and replace them with three brackets, containing new rates of 10 percent, 25 percent and 35 percent, based on someone’s income.”

"It would also roughly double the standard deduction that Americans can use to reduce their taxable income. The deduction for married couples would move from $12,600 to $24,000.”

“The White House is also proposing a one-time tax “holiday” to incentivize companies to bring several trillion dollars currently being held in other countries back into the United States.”

The devil will be in the details.

The only deductions allowed other than the personal exemption would be mortgage and charity.

The big problem with this is getting a raise that bumps you up from the 10% bracket to the 25% bracket. Despite many economists explaining why this sort of tax system is a Very Bad Idea, the right has fallen in love with it and has been pushing it for years. "Tax simplification" has long been a siren's call to far right types, allowing bad ideas to be peddled because "tax simplification". If enacted, this will wreak havoc on American employment.

Two years of that and many Americans formerly all for this will be screaming for mercy.

This will accelerate the growing wage gap in America. How do you bridge the wage gap between 10% and 25%. I don't know what clown put Trump up to this but they need to be hunted down and hung from the nearest lamppost for the good of America.

This will making hiring people and adjusting wages to the needs of a company a huge problem.

This is going to be a real interesting problem when the Republican voting clowns realize they are about to get screwed, and start shrieking. We went through something like this in the Carter years before "indexing" was enacted to avoid such issues. A minor raise at work screwing you tax wise.. It drove crazy stagflation and wage price spirals and inflation.

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30-04-2017, 02:55 PM
RE: Taxes
(30-04-2017 02:12 PM)Cheerful Charlie Wrote:  The big problem with this is getting a raise that bumps you up from the 10% bracket to the 25% bracket.

Remember that you only pay 25% on the amount above the bracket, not on all your salary...it’s a progressive tax bracket.

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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30-04-2017, 04:33 PM
RE: Taxes
There is a simple rule of thumb here.

Rule #1. Any motherfucker who advances a new tax scheme has already figured out a way to make money off the deal while fucking over someone else.

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