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Old 01-04-2018, 03:35 PM
 
33,865 posts, read 16,906,563 times
Reputation: 17135

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Quote:
Originally Posted by petch751 View Post

Republicans argue there is a much simpler solution for high-tax states... "lower their taxes".
That is the wisest option.

 
Old 01-04-2018, 03:38 PM
 
Location: Montgomery County, PA
16,569 posts, read 15,205,359 times
Reputation: 14589
Quote:
Originally Posted by beb0p View Post
CA pays more in federal taxes than we get back.

.
How do you measure that? You can't. There is no way you can disentangle Federal dollars after they are put in the same basket.
 
Old 01-04-2018, 03:40 PM
 
Location: Boston
20,023 posts, read 8,913,884 times
Reputation: 18602
this idea is about helping the wealthy, who get additional reductions in the new law to compensate for the losses anyway. That would seem odd for the Democrats, but hey if they want to help high wage earners I say go for it.
 
Old 01-04-2018, 03:43 PM
 
Location: Florida
77,012 posts, read 47,489,856 times
Reputation: 14806
Quote:
Originally Posted by freemkt View Post
How much is too little? If I had an S-corp I'd feel rich paying myself $50.000.
The Petch is reaching for is the case where some lawyer makes $400 000 per year, and then pays himself $30 000 salary, and deducts 401K contributions etc from it and end up paying practically no payroll tax at all. Such low salary from such high income in a high earning industry would be a red flag. However, $50K salary out of $150K total income is not a red flag in many industries, especially when much of the income is spent on work related expenses, or when you are working low weekly hours.
 
Old 01-04-2018, 04:20 PM
 
41,111 posts, read 25,666,932 times
Reputation: 13868
Quote:
Originally Posted by Finn_Jarber View Post
You have told me several times I was hurt by Obama's tax, and I keep asking you what that tax was. Care to explain?
I didn't say you were hurt by Obama's taxes, many small businesses were hurt by Obama's taxes. Your one man band didn't make enough to qualify for his fake definition of rich.
 
Old 01-04-2018, 04:22 PM
 
41,111 posts, read 25,666,932 times
Reputation: 13868
Quote:
Originally Posted by Finn_Jarber View Post
What I pay is the norm in my industry, and what my CPA recommended. I get letters from IRS all the time, asking for all kinds of documents, since they are in business of harassing small business. No issues with my salary amounts. Nice try, but no cigar.

Trump Tax is a small business killer!
Do you think it's possible that you raised red flags. And yes, the paperwork required by government does feel like harassment.
 
Old 01-04-2018, 04:23 PM
 
22,768 posts, read 30,673,674 times
Reputation: 14737
Quote:
Originally Posted by petch751 View Post
I didn't say you were hurt by Obama's taxes, I said my small business owners were hurt by Obama's taxes.
Which taxes?

I remember he signed a bill to cut FICA temporarily under the stimulus bill, and Obamacare increased capital gains taxes, but that's it.
 
Old 01-04-2018, 04:32 PM
 
41,111 posts, read 25,666,932 times
Reputation: 13868
Quote:
Originally Posted by Finn_Jarber View Post
Aaahhhh....so using existing tax code is cheating I guess Trump was a master cheat

I guess small businesses will have to find other legal ways to 'cheat', or just admit they are being shafted by Trump-Tax and there is nothing they can do. Well, they can take a full time job, which is what many of my colleagues are considering. Either way, Trump Tax is a small corp killer.
What the hell? You really do read what you want to read LOL

Your opted to classify your business as a S-corp to reduce your FICA taxes. And yes, there are business owners will minimize their pay rate as far as they can, some owners are reasonable, other owners take a risk, this is to lower FICA taxes. Now that you are required to pay yourself 70% you're upset that you can't pay less to reduce what you pay.
 
Old 01-04-2018, 04:36 PM
 
41,111 posts, read 25,666,932 times
Reputation: 13868
Quote:
Originally Posted by le roi View Post
Which taxes?

I remember he signed a bill to cut FICA temporarily under the stimulus bill, and Obamacare increased capital gains taxes, but that's it.
It's useless debating people who don't know the difference between income and wealth
 
Old 01-04-2018, 04:42 PM
 
41,111 posts, read 25,666,932 times
Reputation: 13868
Quote:
Originally Posted by le roi View Post
Which taxes?

I remember he signed a bill to cut FICA temporarily under the stimulus bill, and Obamacare increased capital gains taxes, but that's it.
Mutual funds and taxes: What you don’t know could hurt you
funds that actively churn their stock portfolios will usually generate hefty annual distributions in a rising market, like what we have had recently. The size of these payouts can be annoying enough, but it’s even worse when a large percentage comes from short-term gains. Distributions that arise from short-term gains are taxed at your regular federal rate, which can be as high as 39.6%. In addition, you may owe the 3.8% net investment income tax (a Medicare surtax in disguise), and you may also owe state income tax depending on where you live.

On the other hand, funds that generally buy and hold stocks for over one year will pass out distributions that are mainly taxed at no more than 20%, although the 3.8% net investment tax and state income tax can increase the tax bite considerably.

https://www.marketwatch.com/story/mu...you-2014-09-11
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