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Because when you're dead you can't b*tch about being double taxed and they, the politicians see an opportunity to grab more money. But don't let them fool you. Wealthy people know how to get around it. It's people like farmers, small business owners etc who can get nailed.
It's not "getting around it", it's all legal. Google isn't just for the wealthy.
I understand who can get nailed - my parents are SBOs. And it cost 10s of thousands to hire estate planning attorneys & pay your tax accountant to also get involved in the process.
A farmer or a small business owner that is worth anything/ has assets worth anything... and has any type of common sense, will do the same.
A farm or small business barely getting by? Not a big deal. If the farm or business is worth millions - you figure it out & PLAN (hence the word "planning" in "Estate Planning") unless you are a moron.
Or just hate your kids.
Last edited by Informed Info; 11-03-2017 at 12:16 AM..
Politicians will always fight making the tax code simpler because a complicated tax code keeps people in the dark in turn making it easier for them to spin and lie. A lot of people who don't have a basic understanding of the tax code and politicians and the media know it and they use that to their advantage in pushing their agenda which most times is funneling more of the people's money to government.
As I said, did you notice how all of a sudden we have tax experts.... they think because the media or a politician told them so they must be right. They are being educated by the media and politicians who have an agenda of course.
It doesn't take a tax expert to recognize that this proposal will benefit the majority of the middle class, especially households with children that do not itemize. Anyone that says this proposal hurts the middle class is spreading false information. Sure a small percentage of households may not benefit, but the overwhelming majority will see tax relief. I was very skeptical of the GOP plan when they released only limited details a few weeks ago, mainly because nobody knew the brackets for each rate. Now that we know the brackets it's easy to see (for anyone looking objectively) that most people will see a tax break, especially with the increase in credits factored in. Of course nobody knows what the final bill will look like, but the GOP is clearly headed in the right direction.
It doesn't take a tax expert to recognize that this proposal will benefit the majority of the middle class, especially households with children that do not itemize. Anyone that says this proposal hurts the middle class is spreading false information. Sure a small percentage of households may not benefit, but the overwhelming majority will see tax relief. I was very skeptical of the GOP plan when they released only limited details a few weeks ago, mainly because nobody knew the brackets for each rate. Now that we know the brackets it's easy to see (for anyone looking objectively) that most people will see a tax break, especially with the increase in credits factored in. Of course nobody knows what the final bill will look like, but the GOP is clearly headed in the right direction.
Do you seriously believe that? Go do the math yourself and see how much you will save. Households with 3 or more children will be paying quite a bit more, it's just simple math:
Current Tax code Deduction for married couple $12,700 exemption for a family of 5 = $20,250
total: $32,900
Proposed Tax: Deduction for married couple with no exemption credits: total: $24,000
Many retired people will pay more, especially if they are supporting their adult children or grandchildren and they are living with them, they will lose a $4050 exemption for each of them
Current Tax code: Deduction for married couple $12,700 exemption for 2 =$8100 over 65 exemption $2500 =$23,330 + $4050 deduction for any dependents they are supporting
Proposed Tax code: $24,000 deduction, and no more deduction for medical costs which is a big deal with a large number of retired people.
This is just smoke and mirrors, it's what you get when you fill the White House with swamp creatures like Cohn and Mnuchin
Politicians will always fight making the tax code simpler because a complicated tax code keeps people in the dark in turn making it easier for them to spin and lie. A lot of people who don't have a basic understanding of the tax code and politicians and the media know it and they use that to their advantage in pushing their agenda which most times is funneling more of the people's money to government.
As I said, did you notice how all of a sudden we have tax experts.... they think because the media or a politician told them so they must be right. They are being educated by the media and politicians who have an agenda of course.
You haven't the foggiest idea about economics, admit it. Some of us get our information from sources other than the media, hate to interrupt that narrative. It's almost as if one can get a degree in economics.......weird.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,619,501 times
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Quote:
Originally Posted by evilnewbie
We don’t? That’s interesting that you believe that. Even more interesting that you think other people would believe that BS...
George Washington specifically didn't want a monarchy or nobility when he became the first president, even though some had asked him to be king. Look it up, true story
Do you seriously believe that? Go do the math yourself and see how much you will save. Households with 3 or more children will be paying quite a bit more, it's just simple math:
Current Tax code Deduction for married couple $12,700 exemption for a family of 5 = $20,250
total: $32,900
Proposed Tax: Deduction for married couple with no exemption credits: total: $24,000
Many retired people will pay more, especially if they are supporting their adult children or grandchildren and they are living with them, they will lose a $4050 exemption for each of them
Current Tax code: Deduction for married couple $12,700 exemption for 2 =$8100 over 65 exemption $2500 =$23,330 + $4050 deduction for any dependents they are supporting
Proposed Tax code: $24,000 deduction, and no more deduction for medical costs which is a big deal with a large number of retired people.
This is just smoke and mirrors, it's what you get when you fill the White House with swamp creatures like Cohn and Mnuchin
The problem with your example above is that you are only doing the math for the deduction. You are missing the lower rates and the increase in credits. Those are two very important pieces of information that you are leaving out.
Ooh look, you avoided every question again.. I'm sorry, was 2 or 3 questions difficult for you?
here, lets start with one basic simple one..
How does someone invest to make more money, without taking money they currently have, and allowing it to enter the economy?
just give me one example of how that can occur.
My mothers got about 20K invested in the bank of China through a wells fargo investment account. Explain to me how that would "enter" the economy of the United states?
Do you seriously believe that? Go do the math yourself and see how much you will save. Households with 3 or more children will be paying quite a bit more, it's just simple math:
Current Tax code Deduction for married couple $12,700 exemption for a family of 5 = $20,250
total: $32,900
Proposed Tax: Deduction for married couple with no exemption credits: total: $24,000
Many retired people will pay more, especially if they are supporting their adult children or grandchildren and they are living with them, they will lose a $4050 exemption for each of them
Current Tax code: Deduction for married couple $12,700 exemption for 2 =$8100 over 65 exemption $2500 =$23,330 + $4050 deduction for any dependents they are supporting
Proposed Tax code: $24,000 deduction, and no more deduction for medical costs which is a big deal with a large number of retired people.
This is just smoke and mirrors, it's what you get when you fill the White House with swamp creatures like Cohn and Mnuchin
You are missing the $1600 per kid credit.
And since when are adult children living at home deductible ?
Do you seriously believe that? Go do the math yourself and see how much you will save. Households with 3 or more children will be paying quite a bit more, it's just simple math:
Current Tax code Deduction for married couple $12,700 exemption for a family of 5 = $20,250
total: $32,900
Proposed Tax: Deduction for married couple with no exemption credits: total: $24,000
Many retired people will pay more, especially if they are supporting their adult children or grandchildren and they are living with them, they will lose a $4050 exemption for each of them
Current Tax code: Deduction for married couple $12,700 exemption for 2 =$8100 over 65 exemption $2500 =$23,330 + $4050 deduction for any dependents they are supporting
Proposed Tax code: $24,000 deduction, and no more deduction for medical costs which is a big deal with a large number of retired people.
This is just smoke and mirrors, it's what you get when you fill the White House with swamp creatures like Cohn and Mnuchin
Thank you! Anyone making 150k-300k will see an increase of thousands of dollars each year. They keep touting the doubling of the std deduction yet if you have more than one kid you get screwed. The are not mentioning the removal of the exemptions.
omg....I have been doing taxes for nearly 40 years
1040 is the long form tax return
1040a is the short form
1040ez is the one pager form tax return
if you ask that question...I have to ask how old are you....I knew this when I did my first taxes at 17 ( I am now 55)
I never pay to have my taxes done...it really is not hard to do yourself...just quite a bit of reading
I quit doing my own when they made you get the forms online and print your own.... I just do it with an online tax company........
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