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Originally Posted by petch751 View Post
Sound bites LOL, no, it's from understanding money and taxation.
Yes, I'm nerdy, I like understanding taxes and consulting with my CPA so I can legally keep more of my money.
Quote:
Originally Posted by justNancy
Do you realize how contradictory these 2 sentences are?
I said "understand" not "expert", you hire experts and you learn a lot from them. Maybe to you it's contradictory but to anyone who understands money, taxes and tries to legally reduce their taxable income it makes perfect sense.
Originally Posted by petch751 View Post
Sound bites LOL, no, it's from understanding money and taxation.
Yes, I'm nerdy, I like understanding taxes and consulting with my CPA so I can legally keep more of my money.
Quote:
Originally Posted by justNancy
Do you realize how contradictory these 2 sentences are?
The tax code is 82,000 pages, and it changes all the time. Even if part of the tax code doesn't apply you are aware. You learn more specifics as it applies or you consider purchases or changes,.... asking how does doing x effect me or what is the most tax efficient way and who do you go to to ask questions? A professional who's job is to keep up on the 82,000 page convoluted tax code.
I also hire the CPA to do my corporate and personal taxes. Too many people think they can wear all the hats in a business. They do things half ass and expert at none. Many businesses fail.
Successful people build a team of experts around them and one member of your team is your CPA.
This isn't about me or you, it is about record deficits due to lack of tax receipts, so how do you balance the budget.
If bringing down the deficit meant people who don't pay or pay very little taxes would pay just a little more would they care about the deficit? Nope. They just want someone else to pay more.
Most European nations have a very low corporate tax rate. Apple parks 2/3 of its revenue in Ireland to escape US taxes. Its not a bad idea. Corps will game the system and do what they can. Obama did not create a business friendly environment, many companies are freeing up capital now that Obama is gone. The flip side is in Europe they tax the individual. Im not sure you can keep corporate tax at 15% and individual under 30%. Europe is between 40%-60% on the individual....that won't fly here.
Oh, if Trump wants to do a VAT, full national universal health care and 50% income taxes then he might have the money to lower the corporate rate.
But this is just the 'American' problem. We want it all. Now. Forever. And we don't want to pay the proper price for it.
I paid a ton of taxes this year and this will probably help me but I'm not sure it's good for the country. I just cannot believe that the same Republicans that went insane about debt with Obama are silent now. I never want to hear them utter a word about debt or deficits again, they are so full of it.
Guessing a lot of places like New Jersey and Texas are angry about losing their high property tax deduction. Washington doesn't have income tax and property tax is probably the only loss but ours are nothing like some states.
I'm not sure the Trump administration thought this through. Removing the federal deduction on property tax and state and local taxes is in effect double or even triple taxation... a tax on a tax. Is that a philosophy the Repubs really want to stand behind?
Most people understand or are good at something that others aren't. That's why we hire experts. If my car breaks down, I don't have a clue how to fix it so I hire someone who knows how to fix cars. Because I wanted to be financially independent, I chose to become more knowledgeable about money and taxation (and I'm always learning). It doesn't make either of us stupid. So please, stop being so childish.
The mistake is when people learn from others with an agenda and those people don't realize they are being mislead. Or maybe they don't care because they hope to get a piece of the take.
The Democratic party represents the uber rich (who can get around high taxes) and the poor and low income (who hope government will legislate their prosperity through redistribution)
All other deductions, except for mortgage interest and charitable contributions, would be eliminated, including state and local taxes and medical expenses.
About 70% of Americans, mostly low- to moderate-income, currently take the standard deduction and would benefit. Many of the remaining 30% who itemize, largely higher income households, would likely switch to the standard reduction, leaving only about 5% itemizing. Some wealthier Americans could end up paying higher taxes, though most would save. Scrapping the state and local provision would have the biggest impact on states on the coasts that pay higher state and local tax rates.
Trump's plan will mean BIG tax increases for middle class taxpayers who itemize and savings for those who don't. No more exemptions, no deductions for education, health expenses, state and local taxes. Middle income homeowners with children will be seeing a YUGE tax bill if this passes. Thanks GOP.
They are not listening to you. The the rich will benefit from the tax cuts. Not even small businesses will benefit because most of them are S-corps. The benefits from these tax cuts will go to the shareholders. Businesses expand due to increase in demand not because they have more money to spend. A company like NIKE is not going to bring back jobs from Vietnam because they got a tax cut. US labor would have to be cheaper than Vietnam labor for that to happen. Trump and his billionaire club just gave us a big middle finger and the Trumpets are cheering him own. He is simply shifting the tax burden to the middle class. What fools.
All other deductions, except for mortgage interest and charitable contributions, would be eliminated, including state and local taxes and medical expenses.
About 70% of Americans, mostly low- to moderate-income, currently take the standard deduction and would benefit. Many of the remaining 30% who itemize, largely higher income households, would likely switch to the standard reduction, leaving only about 5% itemizing. Some wealthier Americans could end up paying higher taxes, though most would save. Scrapping the state and local provision would have the biggest impact on states on the coasts that pay higher state and local tax rates.
Those itemized deductions mean a lot to people, I'm not sure how you can support a plan to eliminate them. This is from 2011 but gives you an idea of how important some of these deductions are:
Most European nations have a very low corporate tax rate. Apple parks 2/3 of its revenue in Ireland to escape US taxes. Its not a bad idea. Corps will game the system and do what they can. Obama did not create a business friendly environment, many companies are freeing up capital now that Obama is gone. The flip side is in Europe they tax the individual. Im not sure you can keep corporate tax at 15% and individual under 30%. Europe is between 40%-60% on the individual....that won't fly here.
Corps based in Europe have the unfair advantage of not having to provide health insurance for their employees.
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