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 10-15-2017, 10:22 AM
 
29,764 posts, read 34,848,700 times
Reputation: 11675

Advertisements

There are so many threads and variables to all of this it is hard to have a common discussion of the big picture impact on retiree finances. I mean finances and not just taxes.

Tax cuts to corporations could result in higher dividends and capital gains for investors. That amount could far exceed any increase in taxes and be a net plus

I post a thread and article about boomers having trouble selling big more expensive homes for multiple reasons. One of which is the affordability of their homes. Removal of the deduction for state and local taxes will increase the income needed to buy their homes and lower their equity to a new market level. They are already experiencing a new market level not to their liking.

So it isn't just the impact to your taxes but the impact on other peoples taxes to buy your home. Conversely a run up in capital gains might in the right markets give buyers more cash for a down payment to buy and afford. Lots of moving consequences.

 
Old 10-15-2017, 02:41 PM
 
Location: Charleston, SC
1,362 posts, read 764,777 times
Reputation: 2428
Compromise, for the overall good of the country is easy. It goes like this......

Yes to the Corporate Tax down to 20% similar to all the other developed countries. But that reduction comes with a Corporate Commitment to bring back jobs/manufacturing to the USA.

Yes to the Increase in Std Deduction to $24K, as an acknowledgment of the increase in COL in recent years.

No to the Elimination of the Personal Exemption, which unfairly burdens low income Filers.

No to the Elimination of State and Local Tax Deductions for Incomes under a certain level.

No to the Elimination of the AMT. Perhaps an increase in the affected Income Levels.

and a resounding NO to any Tax Cut for the top 10% of Income Earners.

The Primary Goal of every piece of Legislation should be Deficit Reduction, which would help every citizen.


Now, when does our Recess start ??
 
Old 10-15-2017, 02:47 PM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by FiveLoaves View Post
Compromise, for the overall good of the country is easy. It goes like this......

Yes to the Corporate Tax down to 20% similar to all the other developed countries. But that reduction comes with a Corporate Commitment to bring back jobs/manufacturing to the USA.

Yes to the Increase in Std Deduction to $24K, as an acknowledgment of the increase in COL in recent years.

No to the Elimination of the Personal Exemption, which unfairly burdens low income Filers.

No to the Elimination of State and Local Tax Deductions for Incomes under a certain level.

No to the Elimination of the AMT. Perhaps an increase in the affected Income Levels.

and a resounding NO to any Tax Cut for the top 10% of Income Earners.

The Primary Goal of every piece of Legislation should be Deficit Reduction, which would help every citizen.


Now, when does our Recess start ??
No tax cut for the top ten percenter is probably a non starter. How does this jump start the economy?
 
Old 10-15-2017, 02:56 PM
 
Location: Living rent free in your head
30,988 posts, read 13,558,751 times
Reputation: 22077
Quote:
Originally Posted by FiveLoaves View Post
Yes to the Corporate Tax down to 20% similar to all the other developed countries. But that reduction comes with a Corporate Commitment to bring back jobs/manufacturing to the USA.
The effective tax rate is already similar to other developed Countries.

U.S. corporate rates are well below the 35 percent top statutory rate and are in line with corporate rates in similar countries. The Treasury Office of Tax Analysis estimates:[1]

The average corporate tax rate on profits from new investments made in the U.S. is 24 percent; the average corporate rate on profits from new investments made by companies in other ďGroup of SevenĒ (G-7) industrialized, democratic countries, weighted by the size of their economies, is 21 percent. This measure of tax rates is useful when considering how corporate taxes affect companiesí decisions about where to make new investments.

The share of worldwide profits that U.S. multinational corporations pay in U.S. and foreign income taxes is about 28 percent; the average for companies headquartered in other G-7 countries, weighted by the size of their economies, is 29 percent. This measure of tax rates that a multinational might face on its income from all countries is useful for considering how corporate taxes might affect where multinationals choose to reside for tax purposes
https://www.cbpp.org/research/federa...able-countries

PS It seems that the source for this data, the report on the US Treasury Dept website has now been deleted, probably just a simple mistake though, huh?
 
Old 10-15-2017, 03:00 PM
 
Location: Chesapeake Bay
6,048 posts, read 3,868,534 times
Reputation: 3502
Quote:
Originally Posted by TuborgP View Post
No tax cut for the top ten percenter is probably a non starter. How does this jump start the economy?
How does giving them a tax cut jump start the economy?

That theory was a very dismal failure in Kansas.
 
Old 10-15-2017, 03:07 PM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by Weichert View Post
How does giving them a tax cut jump start the economy?

That theory was a very dismal failure in Kansas.
News alert. The very same party in control in Kansas is in control at the federal level. I am not saying it will work but my comments are related to the point being made that nothing will get done. Thus my question about a skinny bill just like health care. At this point is nothing an option for the party and folks who occupy the White House and have a majority in congress?

https://www.washingtonpost.com/opini...=.e304b52d99aa

Tax Warrior Sam Brownback Re-Elected | The Daily Caller

So even with a budget disaster (first link) as you note he still got reelected (second link). On a sidenote he is joining the Trump administration as Religion Ambassador.

So what might be the lesson to the White House and many in the majority in congress?
 
Old 10-15-2017, 03:29 PM
 
Location: Chesapeake Bay
6,048 posts, read 3,868,534 times
Reputation: 3502
Quote:
Originally Posted by TuborgP View Post
News alert. The very same party in control in Kansas is in control at the federal level. I am not saying it will work but my comments are related to the point being made that nothing will get done. Thus my question about a skinny bill just like health care. At this point is nothing an option for the party and folks who occupy the White House and have a majority in congress?

https://www.washingtonpost.com/opini...=.e304b52d99aa

Tax Warrior Sam Brownback Re-Elected | The Daily Caller

So even with a budget disaster (first link) as you note he still got reelected (second link). On a sidenote he is joining the Trump administration as Religion Ambassador.

So what might be the lesson to the White House and many in the majority in congress?
Brownback left after the Kansa legislature refused to continue downward.

A skinny tax plan does no good. Much more is needed to make these unneeded tax cuts. Without resorting to huge deficits. Forget about tax relief to lower income people. The hustle is on to give massive amounts to the top few. And that's all it is. A hustle.

Maybe the best move would be to make all interstates toll roads and give the resulting profits to the top. Count on it, they will do something equivalent to tolls if they can.
 
Old 10-15-2017, 04:15 PM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by Weichert View Post
Brownback left after the Kansa legislature refused to continue downward.

A skinny tax plan does no good. Much more is needed to make these unneeded tax cuts. Without resorting to huge deficits. Forget about tax relief to lower income people. The hustle is on to give massive amounts to the top few. And that's all it is. A hustle.

Maybe the best move would be to make all interstates toll roads and give the resulting profits to the top. Count on it, they will do something equivalent to tolls if they can.
Sure it is a hustle sorta like paying 35k to learn how to become a millionaire in real estate.

This isnít a Democratic tax cut but a Republican one. So expect Republican goals.
 
Old 10-15-2017, 04:30 PM
 
Location: Chesapeake Bay
6,048 posts, read 3,868,534 times
Reputation: 3502
Quote:
Originally Posted by TuborgP View Post
Sure it is a hustle sorta like paying 35k to learn how to become a millionaire in real estate.

This isnít a Democratic tax cut but a Republican one. So expect Republican goals.
Not so sure the country is willing to swallow this hairball.
 
Old 10-15-2017, 04:43 PM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by Weichert View Post
Not so sure the country is willing to swallow this hairball.
It isnít the country but the Republican base in the primaries as they will be contested.
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