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Old 05-18-2018, 02:58 PM
 
18,172 posts, read 16,229,736 times
Reputation: 9325

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Quote:
Originally Posted by payutenyodagimas View Post
rich pay cash for houses?


I thought they just call their bankers and lawyers and accountants
Some do, some don't. Depends on which vacation spot they are at.



If paid in full no tax benefit at all. If paid as a down payment then some will not get as much of a tax break but with home prices climbing, they gain equity regardless. They just have to plan for the slightly higher taxes they will pay and if they can afford a high dollar home, over $500,000.00 I believe as to mortgage (Not buying price), then they can afford a bit more in taxes.


Those buying in CA at that level are not poor or even Middle class they are Upper middle class or above, so .... doesn't everyone want to tax people making a lot of money in CA?
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Old 05-18-2018, 03:57 PM
 
3,439 posts, read 3,254,573 times
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for the business types rich people, I believe they don't pay cash. they let their money work for them and buying a house in cash is not good proposition.


maybe the celebrities buy in cash
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Old 05-18-2018, 06:11 PM
 
18,172 posts, read 16,229,736 times
Reputation: 9325
Quote:
Originally Posted by payutenyodagimas View Post
for the business types rich people, I believe they don't pay cash. they let their money work for them and buying a house in cash is not good proposition.


maybe the celebrities buy in cash
True for many business people, but some like myself pay cash and own it with no mortgage.
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Old 05-27-2018, 11:14 AM
 
Location: So Ca
26,573 posts, read 26,433,288 times
Reputation: 24510
Tax overhaul could throw a wrench in the pre-nup:

https://www.bloomberg.com/news/artic...imony-payments
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Old 05-27-2018, 01:39 PM
 
4,481 posts, read 2,260,230 times
Reputation: 4092
Turns out CA is cashing in from Trump's tax reform. Oops.

Democrats Cash In on Tax Reform
How progressive states are quietly exploiting the new federal tax law.

https://www.wsj.com/articles/democra...orm-1527287909
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Old 08-13-2018, 08:32 PM
 
Location: So Ca
26,573 posts, read 26,433,288 times
Reputation: 24510
The tax cut will apply to banks.

The new regulations, released Wednesday, specified which businesses are excluded above the income threshold. In most cases, the regulations expand the numbers of high-income taxpayers eligible for the new 20% deduction.

Treasury says some banks are not financial-services firms, giving them a new tax break
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Old 08-13-2018, 08:43 PM
 
18,172 posts, read 16,229,736 times
Reputation: 9325
Quote:
Originally Posted by CA4Now View Post
The tax cut will apply to banks.

The new regulations, released Wednesday, specified which businesses are excluded above the income threshold. In most cases, the regulations expand the numbers of high-income taxpayers eligible for the new 20% deduction.

Treasury says some banks are not financial-services firms, giving them a new tax break
Doesn't seem to be hurting the taxes collected at all. They are going up, so the Govt has more money.


https://www.reuters.com/article/us-u...-idUSKBN1JF2Y2


https://www.wsj.com/articles/tax-rev...her-1533941919


Looks like it is helping revenue not hurting it.
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Old 11-11-2018, 02:09 PM
 
Location: So Ca
26,573 posts, read 26,433,288 times
Reputation: 24510
Everybody is not better off from the recent tax cuts, which have only served to increase the federal budget deficit—now $779 billion for FY 2018 according to new data released by the Treasury Department. To be sure, the middle class gets help temporarily, but over the longer run, the middle class will be worse off.

https://www.brookings.edu/blog/up-fr...ve-it-to-them/
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Old 01-25-2019, 07:42 PM
 
Location: So Ca
26,573 posts, read 26,433,288 times
Reputation: 24510
"This year many Americans are expected to be less than happy due to last year’s sweeping federal tax overhaul, which has Kathy Pickering, executive director of the Tax Institute--the research and analysis arm of tax-preparation giant H&R Block Inc.--and the rest of the tax-preparation industry bracing for plenty of sour reactions now that tax filing season is about to start.

The bill represented the biggest change in the U.S. tax code since 1986, altering the tax situation for many of the 154 million people expected to file individual federal returns this year with the Internal Revenue Service."

Tax preparers warn your refund may be smaller than usual this year. Here’s why:
https://www.latimes.com/business/la-...125-story.html
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Old 02-06-2019, 04:13 PM
 
Location: So Ca
26,573 posts, read 26,433,288 times
Reputation: 24510
In December 2017, Congress passed “comprehensive tax reform” via the Tax Cuts and Jobs Act. The law was a once-in-a-generation, massive rewrite of the Tax Code, and gave birth to IRC Section 199A, which allows certain owners of pass-through businesses to receive a deduction for up to 20% of qualified business income.

While the new deduction will be a powerful way for many business owners to reduce their tax liability, it comes at a price… complexity. Many tax experts believe that “new” IRC Section 199A is among the most complicated aspects of the Tax Cuts and Jobs Act. And as evidence to support that claim, individuals can look no further than the IRS’s massive dump of Section 199A guidance on January 18, 2019. That trove of 199A guidance included 247 pages of Final Regulations and discussion, additional Proposed Regulations,


https://www.kitces.com/blog/199a-qbi...ibutions-roth/
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