U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-14-2017, 09:11 PM
 
Location: Chesapeake Bay
6,048 posts, read 3,870,699 times
Reputation: 3502

Advertisements

We haven't seen the final version, it will change.

The current proposal with $25000 deduction and with zero allowed for state income tax, property tax and personal exemptions is DOA.

 
Old 10-15-2017, 05:32 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by Weichert View Post
We haven't seen the final version, it will change.

The current proposal with $25000 deduction and with zero allowed for state income tax, property tax and personal exemptions is DOA.
Do you see a skinny version passing and if so what can you see in it?
 
Old 10-15-2017, 08:27 AM
 
Location: Charleston, SC
1,362 posts, read 766,452 times
Reputation: 2428
IMO, Congress has to pass something, anything, before the Holiday Recess. The prospect of going home to their constituents as a "Do Nothing Congress" is frightening to any of them up for re-election. The campaigns start early in the mid-term cycle, some will be "primaried out" of office. With Steve Bannon throwing his weight around, Republicans are looking for any victory.
Note that no Incumbent's Party has gained seats at mid-term in quite some time. Their symbolic majority is about to circle the drain.

As far as this thread -- we've beaten it as much as we can with the limited information about key pieces of the Proposal. Everyone keeps referring to the extra $12K Standard Deduction, but the Elimination of the Personal Exemption goes unmentioned. And nobody in the top 1% needs another Tax Cut.

Congress has to get something solid on the table before the Thanksgiving break.

I

Last edited by FiveLoaves; 10-15-2017 at 08:34 AM.. Reason: spelling
 
Old 10-15-2017, 08:33 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by FiveLoaves View Post
IMO, Congress has to pass something, anything, before the Holiday Recess. The prospect of going home to their constituents as a "Do Nothing Congress" is frightening to any of them up for re-election. The campaigns start early in the mid-term cycle, some will be "primaried out" of office. With Steve Bannon throwing his weight around, Republicans are looking for direction.

As far as this thread -- we've beaten it as much as we can with the limited information about key pieces of the Proposal. Everyone keeps referring to the extra $12K Standard Deduction, but the Elimination of the Personal Exemption goes unmentioned. And nobody in the top 1% needs another Tax Cut.

Congress has to get something solid on the table before the Thanksgiving break.

I
Agreed and thatís why I mentioned skinny version
 
Old 10-15-2017, 09:53 AM
 
Location: Manhattan
21,474 posts, read 28,350,128 times
Reputation: 9755
Can this so called tax "reform" be rammed through the Senate with a simple majority, called a "reconciliation" or do they need the 60 votes to break a filibuster?
(Sometimes it seems that only Democrat initiatives need 60 votes and Republicans get everything through on just 51.)
 
Old 10-15-2017, 09:54 AM
 
15,723 posts, read 9,639,932 times
Reputation: 6988
Are you rich? If not, then his tax plan will hurt you. That's all you need to know.
 
Old 10-15-2017, 10:07 AM
 
39,251 posts, read 20,350,186 times
Reputation: 12750
Quote:
Originally Posted by cb2008 View Post
By many calculations the middle class will lose exemptions, itemize deductions, and the net effect is they will pay more in taxes and have less to spend. The corporation will be cash rich with lower taxes but what are they going to do with the loss sales, which is revenue?
Your calculations? There is not enough information to make this assumption. The tax code is 72,000 pages and the middle class has many different situations at different phases of their life (mortgage). You'd have to piece out, example... this part of the proposal would reduce my taxes, this part would increase, etc then what is the net effect.

Be careful not to let the media educate you.
 
Old 10-15-2017, 10:14 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by Kefir King View Post
Can this so called tax "reform" be rammed through the Senate with a simple majority, called a "reconciliation" or do they need the 60 votes to break a filibuster?
(Sometimes it seems that only Democrat initiatives need 60 votes and Republicans get everything through on just 51.)
They are trying to use reconciliation but that requires several steps including the house passing a budget bill and then tacking something on to that.

Trump tax reform plan reconciliation step taken - Business Insider

Quote:
The House passed a budget resolution on Thursday that served as the first step toward Republicans passing a massive tax reform plan.
The resolution, which passed by a vote of 219 to 206, included in it instructions for what is known as budget reconciliation. Reconciliation allows a bill to pass the Senate without being subject to a filibuster, a crucial hurdle for the GOP to*move eventual tax legislation.*
The $4.1 trillion budget will likely be*heavily*edited before it is officially signed into law by President Donald Trump.
The Senate Budget Committee is expected to roll out their own budget resolution in the coming days, which*would then need approval by the entire chamber. From there, the House would either need to pass the Senate version of the budget without any changes or go to a conference committee to work out the differences.
The*passage Thursday represented*the first legislative step for Republicans to enact their vision for tax reform. The*proposed*plan from Trump and GOP leaders*aims to lower the*corporate*tax rate and overhaul individual rates.*
 
Old 10-15-2017, 10:15 AM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by Fiyero View Post
Are you rich? If not, then his tax plan will hurt you. That's all you need to know.
Hurt or not benefit? How are you defining rich?
 
Old 10-15-2017, 10:16 AM
 
39,251 posts, read 20,350,186 times
Reputation: 12750
Quote:
Originally Posted by Jstarling View Post
Same here. No mortgage any longer, but our property taxes are high. We are holding off on social security until max but now it was just announced that my exchange health insurance will go up 50% in Georgia. Yikes.
We may need to start SS earlier than planned.
Wow, having to take SS early because health insurance is going up (again). will hurt your income for the rest of your life. What a shame. Isn't there a way you can hold off without taking it a little longer?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top