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Old 12-04-2016, 10:38 AM
 
29,815 posts, read 34,900,894 times
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Can we get back on topic or has the topic run its course and is now just a venting outlet for ideology.

[mod note] Indeed! Let's save the political infighting for the other forum. [/mod note]

Last edited by volosong; 12-08-2016 at 08:26 PM..

 
Old 12-07-2016, 10:18 PM
 
10 posts, read 5,151 times
Reputation: 16
Default Trump and Retirement

he President-elect has suggested a simplified income tax schedule. He has proposed just three progressive tax tiers (12%, 25%, and 33%), with the vast majority of Americans paying less in income tax than they are now.

To address the issue, the Department of Labor proposed a rule that will require all financial advisers handling retirement accounts to put their clients’ interests first. President Barack Obama backed the proposal, saying the law would prevent conflicts of interest that cost Americans billions of dollars in fees each year.

Trump has not commented on the bill. Republicans, however, have already tried to block the rule and a Trump economic adviser has criticized the legislation. Congress could scrap the proposal before it goes into effect in 2018.
 
Old 12-08-2016, 11:48 AM
 
Location: Tennessee
23,649 posts, read 17,623,979 times
Reputation: 27733
Quote:
Originally Posted by Concert View Post
he President-elect has suggested a simplified income tax schedule. He has proposed just three progressive tax tiers (12%, 25%, and 33%), with the vast majority of Americans paying less in income tax than they are now.

To address the issue, the Department of Labor proposed a rule that will require all financial advisers handling retirement accounts to put their clients’ interests first. President Barack Obama backed the proposal, saying the law would prevent conflicts of interest that cost Americans billions of dollars in fees each year.

Trump has not commented on the bill. Republicans, however, have already tried to block the rule and a Trump economic adviser has criticized the legislation. Congress could scrap the proposal before it goes into effect in 2018.
How does the fiduciary responsibility issue tie into income taxes? That argument is a bit of a slippery slope - if the advisers can only provide an offering that is in the client's best interests, that eliminates a lot of choice in the market, as well as putting their business model at risk.

I'm for cutting everyone's income taxes, but I'd like to see more targeted relief at the bottom.
 
Old 12-08-2016, 04:29 PM
 
Location: Wisconsin
21,543 posts, read 44,077,984 times
Reputation: 15160
Quote:
Originally Posted by Serious Conversation View Post
I'm for cutting everyone's income taxes, but I'd like to see more targeted relief at the bottom.
Not sure how you define bottom, but it's quite possible for a family of four with an income of $75k year to not pay a dime, other than FICA. Pre-tax health insurance payments/HSA, minimum deposits to 401k, standard deduction, personal exemptions, child tax credit. Very easy to zero out taxable income at the level.

To-wit:
$75,000.00 - Income
-12,700.00 - Standard Deduction
-16,200.00 - Personal Exemptions
-x6,000.00 - Pre-tax health insurance
-x5,000.00 - HSA deposit (max $6,750)
-x5,000.00 - 401k deposit (max $24k per wage earner)
$30,000.00 - Net Taxable Income
$x3,581.00 - Federal Tax
-..2,000.00 - Child Tax Credit
$x1,581.00 - Federal Tax

A net federal tax of $1,581 for a family four isn't particularly burdensome, imo. I am very suspicious of any so-called tax breaks for the middle class. They've got a lot of them, right now.

Keep in mind, after FICA, federal taxes, and tax deferred deposits, that family's take-home (assuming no state tax) is about $56,683/yr, or $4,723/mo. Maybe not wonderful but they ought to be able to eat, pay rent, run cars, buy clothes, pay for TV/cell phones on that - and they are saving at least $5k/yr in their 401k, and another $5k year in HSA which may or may not be spent.

People below that income level with children may pay FICA, but then get it back via refundable Earned Income Tax credits. I am very skeptical of so-called tax cutting for those in the lower income brackets. Last time that happened w/Reagan, many, including me, ended up paying more.
 
Old 12-08-2016, 04:49 PM
 
30,165 posts, read 47,394,029 times
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Under trump some people are going to pay more
And think he would like to cut more deductions
See Michael Kitches latest column
Or a couple of posts prior
Good breakdown of Trump's brackets to current ones...
 
Old 12-08-2016, 06:26 PM
 
Location: Near a river
16,042 posts, read 18,997,544 times
Reputation: 15649
We have a lot of Medicare talk mixed in here. Isn't the OP's topic Social Security?

Personally, I think we have a lot more to worry about re: Medicare.

Which is not found in this forum, unless people stray off the beam here.
 
Old 12-09-2016, 03:42 PM
 
Location: Living rent free in your head
31,134 posts, read 13,643,867 times
Reputation: 22169
Representative Sam Johnson, chairman of the House Ways and Means Committee’s Social Security subcommittee, has introduced a bill to cut Social Security benefits.
Are Republicans Crazy Enough to Go After Social Security?
 
Old 12-09-2016, 04:10 PM
 
Location: SoCal
13,305 posts, read 6,369,679 times
Reputation: 9937
Another fake news?
 
Old 12-09-2016, 05:19 PM
 
Location: Living rent free in your head
31,134 posts, read 13,643,867 times
Reputation: 22169
Quote:
Originally Posted by NewbieHere View Post
Another fake news?
I don't post fake news...but why didn't you check it out yourself before jumping in with that comment?

Sam Johnson Unveils Plan to Permanently Save Social Security | Congressman Sam Johnson
 
Old 12-09-2016, 05:30 PM
 
Location: SoCal
13,305 posts, read 6,369,679 times
Reputation: 9937
[quote=2sleepy;46457475]I don't post fake news...but why didn't you check it out yourself before jumping in with that comment?

Sam Johnson Unveils Plan to Permanently Save Social Security | Congressman Sam Johnson[/
His plan seems reasonable unlike your previous post which claims the GOPs are crazy enough to go after Social security. Maybe not fake news but borderline irrational. Yes social security needs fixing. But I don't hear you complain about the upper limit they raise on income to be taxed for SS. It's effectively a tax raise on middle class. God forbid this happens under Obama.
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