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(Unintended) consequences: moving the US to a territorial tax system will encourage companies to move their profits off shore. This was an option available only to the big guys in the past, but will increasingly encourage more corporations to exit the US space. MAGA!
I find it rather interesting most Americans have yet to read the bill yet- possess the most rhetoric..
Unfortunate how we'll latch on a small segment of literature and attempt to debate said Micro-portion and completely disregard the remaining 90%.
Lastly, the division among the people must end. We're agreeing with one side of the coin solely because of our party. If the message isn't clear nor benefit the majority: I refuse to side (republican) merely because of affiliation- especially if I do not understand/ agree with the language.
Democrats vs Repubs ....I prefer people for people.
"]I find it rather interesting most Americans have yet to read the bill yet-"
I'd bet that Pelosi and the rest of the dems in the House STILL HAVN'T resd the O Care bill and ALL of its amendments.
If Trump is using pass through accounting and is being taxed thusly, he'll have to take 70% of the profits as personal income and be taxed at the higher individual income tax brackets rate, accordingly. A maximum of only 30% of pass through profits can be taxed at the new lower rate.
Quote:
What about raising the amount of income earned (the exemption) before the Alternative Minimum Tax kicks in?
That was relief for the middle class, which became increasingly ensnared in that requirement:
A better question is "Why do informed people continue to try to explain Basic Economics to people who live in a Leftist Bubble?"
Leftists hate Corporations and are clueless about where their Pensions and 401K's invest their money.
Leftists are clueless about Congressional Rules that have to work around Democrats that "Just say NO!"
Leftists are clueless about how Corporation use long term planning and actually HIRE people.
Leftists are clueless about how paychecks will reflect the new Tax Laws beginning in February 2018.
Leftists don't seem to grasp that 80-85% is greater than 15-20%.
Why bother to even attempt to explain anything to them when they have totally closed minds?
Companies hire more when there is more demand, just lowering taxes does not create demand. We have plenty examples of supply side economics failure but here we go again.
"Companies hire more when there is more demand, just lowering taxes does not create demand"
So what do you think people are going to do with their tax savings?
With a few extra dollars they might buy that new refrigerator they need, or the dish washer, etc., etc. etc., etc.
History SHOWS that LOWERING taxes INCREASE the economy and the fed takes in MORE money.
You can ignore and deny it all you want but that doesn't change the FACTS.
Yes only those who believe in supply side economics are financially literate, we have so many great success stories in our history.
Please don't be so blind. There are a plethora of financially illiterate lefties posting on P&OC who think corporate profits go only to the rich.
The fact is that US workers/retirees have $27 trillion worth of investments in corporations in their pension/retirement accounts. That's NOT chump change.
(Unintended) consequences: Mortgage applications dropped 5% from last month and are down 8% yoy as buyers react to the mortgage interest deduction changes in the Trump Tax. Home ownership, once the core of the American dream and the best way for Americans to accumulate the "nest egg" will now become a thing of the past. As home ownership fades, ancillary industries such as home improvement will take a nose dive.
Among elderly Social Security beneficiaries, 23% of married couples and about 43% of
unmarried persons rely on Social Security for 90% or more of their income
(Unintended) consequences: moving the US to a territorial tax system will encourage companies to move their profits off shore. This was an option available only to the big guys in the past, but will increasingly encourage more corporations to exit the US space. MAGA!
Actually, it will encourage US Corporations to move their headquarters to lower tax states. Not a bad consequence, as highly taxed states need to rein in their bloated spending.
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