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Old 12-15-2017, 10:27 AM
 
4,285 posts, read 10,734,144 times
Reputation: 3809

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Quote:
Originally Posted by srdjanmax View Post
Wasn't this bill supposed to simplify the tax code? This whole thing is a farce. Passing something for the sake of passing anything. Hopefully some republicans in the congress will manage to find their co.ones and kill this thing while there's still time.
Yes, hopefully it gets killer. Economy is booming and the deficit is actually decreasing and trending towards balance. Absolutely no reason for this tax reform bill right now other then to please those at the top.

I am hoping it will get killed, although it still looks like it will get passed. Pretty pathetic that it needs to get done so quickly, all behind closed doors.
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Old 12-15-2017, 10:41 AM
 
23 posts, read 34,225 times
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Quote:
Originally Posted by GiantRutgersfan View Post
Yes, hopefully it gets killer. Economy is booming and the deficit is actually decreasing and trending towards balance. Absolutely no reason for this tax reform bill right now other then to please those at the top.

I am hoping it will get killed, although it still looks like it will get passed. Pretty pathetic that it needs to get done so quickly, all behind closed doors.
And why exactly do you think the economy is booming right now? Because the companies / investors are expecting tax cuts.
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Old 12-15-2017, 12:15 PM
 
3,305 posts, read 3,843,979 times
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No. It's already been established several times in here by business owners that their business practices are not based on tax cuts.

GE pays 0% in taxes but just let go 12,000 people. A booming economy has nothing to do with tax cuts but instead with consumer spending.
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Old 12-15-2017, 12:56 PM
 
Location: NYC
20,550 posts, read 17,563,595 times
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Quote:
Originally Posted by jaymoney View Post
No. It's already been established several times in here by business owners that their business practices are not based on tax cuts.

GE pays 0% in taxes but just let go 12,000 people. A booming economy has nothing to do with tax cuts but instead with consumer spending.
It's been proven that consumer spending doesn't contribute to all of businesses. Cheap money has fueled the boom. Banks do need to lend when they can take out free loans and generate money from that without direct lending to consumers.

Apple has hundreds of billions in cash, yet they are still borrowing money. That's because it's cheaper for them to borrow for business use and cook the books while hoarding on more cash overseas.

https://www.usatoday.com/story/money...gain/80451180/
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Old 12-15-2017, 06:16 PM
 
1,931 posts, read 3,406,069 times
Reputation: 956
Default Elections have consequences

Nothing to sweat at in terms of this tax deal. Its the GOP taking care of their donors. Nothing more nothing less. I for one do ok but am not uber rich so I will get screwed as will most NJs. Thanks to your wonderful Grand old party.
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Old 12-16-2017, 09:17 AM
 
3,305 posts, read 3,843,979 times
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Quote:
Originally Posted by vision33r View Post
It's been proven that consumer spending doesn't contribute to all of businesses. Cheap money has fueled the boom. Banks do need to lend when they can take out free loans and generate money from that without direct lending to consumers.

Apple has hundreds of billions in cash, yet they are still borrowing money. That's because it's cheaper for them to borrow for business use and cook the books while hoarding on more cash overseas.

https://www.usatoday.com/story/money...gain/80451180/
Yet everything you say still has nothing to do with tax breaks for corporations. Apple is already paying about 30%, which is less than the standard rate. Giving them another break isn't going to change anything about how they do business.

https://dealbook.nytimes.com/2013/06...-u-s-tax-rate/
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Old 12-16-2017, 12:23 PM
 
Location: NYC
20,550 posts, read 17,563,595 times
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Quote:
Originally Posted by jaymoney View Post
Yet everything you say still has nothing to do with tax breaks for corporations. Apple is already paying about 30%, which is less than the standard rate. Giving them another break isn't going to change anything about how they do business.

https://dealbook.nytimes.com/2013/06...-u-s-tax-rate/
I hate to back them up because they are one of the greediest companies out there but 30% is still high by global standards. Apple is a global company they can keep bypassing existing tax laws by moving their income overseas where the tax rate is lower than here.

We're a global economy now and global companies are financially mobile and benefit from having their income out of the IRS hands and they are legal.

It's more prudent to lower the tax rate overall and allow more income to stay local.

But the bottomline is why do we need taxes? The government really don't need taxes, they make enough from treasury sales, government runned businesses, simply borrowing from the Central bank which can keep printing money. The deficit is nothing but a ledger, it doesn't mean we ever need to pay it all back as long as the dollar is the gold standard.

Taxes is a form of control in a democracy. In Socialist countries like China and Russia, they don't have high taxes because they already are in control.
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Old 12-16-2017, 12:30 PM
 
Location: NJ
31,771 posts, read 40,537,521 times
Reputation: 24590
Quote:
Originally Posted by vision33r View Post
I hate to back them up because they are one of the greediest companies out there but 30% is still high by global standards. Apple is a global company they can keep bypassing existing tax laws by moving their income overseas where the tax rate is lower than here.

We're a global economy now and global companies are financially mobile and benefit from having their income out of the IRS hands and they are legal.

It's more prudent to lower the tax rate overall and allow more income to stay local.

But the bottomline is why do we need taxes? The government really don't need taxes, they make enough from treasury sales, government runned businesses, simply borrowing from the Central bank which can keep printing money. The deficit is nothing but a ledger, it doesn't mean we ever need to pay it all back as long as the dollar is the gold standard.

Taxes is a form of control in a democracy. In Socialist countries like China and Russia, they don't have high taxes because they already are in control.
democracy is tyranny of the majority. why should 10 people get to vote to take away 1 person's money? when government does it, it is no different. the majority has no right to vote away the individuals rights. its pretty obvious that people view taxes as some kind of equalizer that they can use to harm people with more than them. they dont really care about whether or not the taxes are used appropriately. they just want more to come from people who have more than them.
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Old 12-16-2017, 03:38 PM
 
11,337 posts, read 10,992,005 times
Reputation: 14993
Home equity loan interest is no longer deductible at all. It might be a good idea from a tax planning standpoint to weigh the benefits and costs of refinancing out of any home equity debt for 2018.
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