Prepare to lose 10% of your home's equity tomorrow (Oakland: house, calculator)
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ensure you receive all your income in a pass through venture, especially if you can have it paid in an oversees low tax nation, even better if it's related to a golf course. Also, make sure you have an estate over 11MM dollars and voila, all set.
what is a pass through venture? i am an owner in an s-corp and that is how i intend to make big bucks in the future. will i see benefits? i dont see how i could have it paid in an overseas low tax nation.
for now, it would be more important that i am the beneficiary of an estate with more than $11 million in value.
Gottheimer back at it again, this time on Maria Bartiromo's show along with Congressman Roger Williams, a Texas Republican.
Gotthheimer on the tax reforms: "We're going to have housing prices free-fall...people will be underwater in their homes...it's going to pile on our national debt"
Bartiromo: "Oh, Congressman, let's be honest, President Obama doubled the debt in 8 years."
Williams responding Gottheimer's whining: "Maria, the best way to fix some of these states and these issues [New Jersey's high taxes] is to move Texas. We got no personal income tax."
Bartiromo: "We're going to see mobility here. People will leave these high tax states, I agree."
I lived in Austin TX for nearly 4 years prior to moving here. While they don't have state income tax they are forgetting to tell you that the property taxes are high -- the SAME rate as they are here. Of course, the cost of homes is less but it is rising - incredibly - quickly. My house I bought there is now valued only 55K less than my house in Bergen here. And the salaries there - on the whole - are lower, of course.
Also, TX leave a lot to be desired. And that's generous.
Standard deduction is doubling for married couples
Child tax credit is doubling to $2k
Tax brackets are being reduced to 3-4, we will all likely pay less
Ok, so families who are most likely renting and don't currently have a lot of itemized deductions will benefit. Let's say lower middle class/working poor.
For someone who is a home owner but below the AMT level will probably either not see too much change or get a net tax increase. Currently they can deduct from the taxes mortgage interest, state and local taxes along with medical bills (in some cases) some business expenses, etc. With the new bill they can just deduct mortgage interest and 10k in property taxes. Which probably means that they will just take standard deduction and their net pay with either be the same or slightly higher.
Someone who is subject to AMT now will benefit only if they are at high enough income to hit lower tax rate. At lower AMT levels, there probably will not be too much change since most of the deductions are no longer allowed.
So as usual, republicans are paying their won donors while screwing middle class. Reverse Robin Hood, very typical. [/quote]
Quote:
Originally Posted by jdacunha
Corporate tax rate being slashed to 20% + deregulation that is occurring will push GDP up to 3-4% which will push job creations throughout the country. We are already seeing this in middle America. More jobs = more tax dollars over time. Our economy was not doing well from 2013-2016, we were potentially close to a recession and Trump came in and threw gasoline on the American economy.
The ridiculous hate on this bill is just the anti-Trump crowd not wanting to see him succeed.
Absolute BS. Business leaders said that they are not likely to hire more based on lower taxes. All that will happen is that they will give more money to shareholders. Again, this is a kickback for the rich since they will mostly benefit from higher dividends.
Ok, so families who are most likely renting and don't currently have a lot of itemized deductions will benefit. Let's say lower middle class/working poor.
For someone who is a home owner but below the AMT level will probably either not see too much change or get a net tax increase. Currently they can deduct from the taxes mortgage interest, state and local taxes along with medical bills (in some cases) some business expenses, etc. With the new bill they can just deduct mortgage interest and 10k in property taxes. Which probably means that they will just take standard deduction and their net pay with either be the same or slightly higher.
Someone who is subject to AMT now will benefit only if they are at high enough income to hit lower tax rate. At lower AMT levels, there probably will not be too much change since most of the deductions are no longer allowed.
So as usual, republicans are paying their won donors while screwing middle class. Reverse Robin Hood, very typical.
Absolute BS. Business leaders said that they are not likely to hire more based on lower taxes. All that will happen is that they will give more money to shareholders. Again, this is a kickback for the rich since they will mostly benefit from higher dividends.[/quote]
All it takes is for one competitor to reinvest their new found cash. It's all about competition, other businesses will follow once it starts. Will some pocket it and use it for share buybacks or increased dividends? Sure...That will increase stock prices, retirement accounts increase in value...those taking RMDs will pay more in taxes.
Absolute BS. Business leaders said that they are not likely to hire more based on lower taxes. All that will happen is that they will give more money to shareholders. Again, this is a kickback for the rich since they will mostly benefit from higher dividends.
i would agree that bottom line stuff isnt likely to have a huge impact on business growth (on a federal level). top line stuff like right to work and deregulation would be more significant. i guess if someone could shift their operations overseas, that is where taxes could make a difference. it can also make a difference between states but thats not a federal concern.
All it takes is for one competitor to reinvest their new found cash. It's all about competition, other businesses will follow once it starts. Will some pocket it and use it for share buybacks or increased dividends? Sure...That will increase stock prices, retirement accounts increase in value...those taking RMDs will pay more in taxes.
You make it sound like it just takes one company to increase paying employees and they'll all just magically do it.
what is a pass through venture? i am an owner in an s-corp and that is how i intend to make big bucks in the future. will i see benefits? i dont see how i could have it paid in an overseas low tax nation.
for now, it would be more important that i am the beneficiary of an estate with more than $11 million in value.
don't know about latest version, but some S corps will be hit hard due to mandatory salary provisions.
Has anyone tried the calculator here: Tax Plan Calculator by Maxim Lott?
If I enter my last year's numbers, it's giving me a tax cut of about $9K, to which it says to add the AMT that I payed last year, which would bring the total cut to around $15K
That sounds way too good to be true, any idea how accurate/reliable is this calculator?
My property taxes last year were about $18.5K.
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