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So have you Trump supporters figured out yet this bill is literally for the sole purpose of benefiting Trump, his family and billionaires and almost no one else? It will also raise the debt by trillions from the people claiming to be fiscal conservatives.
When are you going to get it through your head that Republicans hate the vast majority of Americans?
If the tax plan was to 'benefit" x number of people, the left would whine its gonna skyrocket the deficit..
they wanna ***** no matter what you do..
It's going to do that too. Number crunchers are out already saying it adds 5 trillion in debt. The plan is to get around the rules by making the corporate cuts 10 year limited. The was the same tack Bush used and we see how that went. Once given a tax cut can not be rolled back. It will just be made permanent after ten years and our kids and grandkids will get stuck with the tab.
Corps have a fiduciary responsibility to shareholders first. Thus they don't hire more poeple or pay the staff more just because profits are up or taxes are lowered.
Incorrect.
Fiduciary Responsibility simply means the CEO, Board & their executives don't put their own personal interests above those of the corporation or shareholders.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
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Quote:
Originally Posted by EastwardBound
That's because of the standard deduction mostly, which reduces your tax burden. But you basic rate is 25% now, and it will remain that under the new plan.
As for FICA, try being self employed, as I am, where paying both portions really starts to add up.
I was a contractor from 04-06 and from 09-12, but the deduction for gas was high enough that I didn't have to pay any tax those years (was using my own pickup truck, driving over 50,000/year both times), and actually got money back
Funny how the left doesnt mind paying such high costs to live in these blue states, extremely high taxes for example, but when it comes down to the federal government
waaaaa.. waaaaa.. someone else should pay...
What is beyond stupid in your posting is you are claiming its very expensive to live in these areas and thus they obviously have to earn more to live there, which means they will benefit from lower taxes you keep whining about, while then crying that they are eliminating deductions..
Which is it? Are they the rich, and thus receiving tax cuts, or are they poor and cant afford the reduction of deductions?
The elimination of the SALT deduction is one of the most common sense pieces of the legislation. It isn't the responsibility of the Federal government to base the tax code on those of states with excessively high tax rates, such as California. If anything, perhaps this will be an incentive for those states to offer some tax relief to their citizens, once they are unable to deduct the 'expense' and start complaining.
Likewise, the mortgage interest deduction is an overall win. Only 20.2% of homeowners making under $125,000 a year use this deduction as it is.
Oh, good grief. Do none of you understand how marginal tax rates work? You'd pay the lower rate on income up to that bracket limit, and then pay the higher rate on anything above that.
The mortgage deduction is cut in half.. how do you figure its a giant give away for real estate investors?
There isnt a tax plan on the face of the earth that those who can structure to benefit from, wont..
The pass through rate of 25% will mean a lot to active RE investors. I have not spoken to anyone yet but i doubt the mortgage interest cap will matter as much to them as getting the massive tax cut.
maybe instead of your childish attacks you could actually READ the post.
the primary source and the one quoted is BI. but i used 3 so at best you are 66% wrong.
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You'd pay the lower rate on income up to that bracket limit, and then pay the higher rate on anything above that.
