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Old 09-29-2017, 02:22 PM
 
2,296 posts, read 1,563,546 times
Reputation: 2737

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Quote:
Originally Posted by rjm1cc View Post
You are correct it has no influence on the housing market.

But the idea behind making the tax system simpler is to eliminate the "loop holes" in the tax code. Thus the possible elimination of a deduction for real estate taxes and interests may make the purchase of a house too expensive for some and they will not buy. Thus if you are a home builder you may want the goverment to give your clients a reduction in their taxes over the years so they buy your products. Of course the taxpayers that do not buy the product will have higher taxes to make up .

I think the idea is to have the tax policy relate to raising money and not trying to influence tax payers to take some other action to save on taxes.
No, he/she is not correct. See above posts by Ariadne22.

 
Old 09-29-2017, 02:23 PM
 
Location: Las Vegas
13,890 posts, read 25,340,170 times
Reputation: 26388
If the Tax Policy Center is really non partisan here's a good article. Everything I am reading is more of the same. Great for the 1% and not so good for the rest of us.

Analysis: Tax plan would cost $2.4T, benefit wealthy most | TheHill
 
Old 09-29-2017, 02:35 PM
 
Location: Mount Airy, Maryland
10,470 posts, read 5,937,726 times
Reputation: 16170
Quote:
Originally Posted by yellowsnow View Post
If the Tax Policy Center is really non partisan here's a good article. Everything I am reading is more of the same. Great for the 1% and not so good for the rest of us.

Analysis: Tax plan would cost $2.4T, benefit wealthy most | TheHill

I am trying to keep an open mind, if it lowers my tax bill as promised I am all in favor of it. But when you lower the rate at the top bracket and eliminate the inheritance tax that only the rich pay anyway due to the limits you have to be a freaking moron to believe the President when he says the plan does not favor the rich.


So common sense tells me if they pay less we have to pay more.
 
Old 09-29-2017, 02:44 PM
 
1 posts, read 729 times
Reputation: 18
Based on several online articles and administration spokespersons about the Trump proposed tax plan, retirees will see minimal decrease in their total deductions under the plan. For married retirees filing jointly, the standard deduction in 2017 is $12,700 in addition to a $2500 deduction if both are older than 65. There is also an $8100 personal exemption for a couple, which results in an overall tax deduction of $23,300 under the present tax system. Trump's tax plan would lump these three deductions into the "doubling" of the standard deduction to $24,000. Thus we retirees will only see a $700 or a 3% increase in our deductions. Of course, those retirees who presently itemize deductions could easily see a sizeable decrease in their overall deductions under the Trump plan, especially since their itemized deductions would need to total at least $24,000 while income and property tax deductions would not be deductible

So what will be the effect on retirees' income taxes, keeping in mind that this $700 increase in deductions will be offset by the higher 12% rate for the Trump plan for the lowest income earners compared to the present 10%. A simple calculation shows that a retirees' adjusted income must be greater than $51,600 before retirees will have a smaller tax liability under the Trump plan than the present tax structure. So indeed the Trump tax plan benefits the "middle" and "upper middle" classes, but not the "poor" and "lower middle class" retirees earning less than $50,000.
 
Old 09-29-2017, 03:20 PM
 
Location: Tampa, FL
27,798 posts, read 26,231,496 times
Reputation: 14611
GOP tax plan would provide major gains for richest 1 percent and uneven benefits for the middle class, report says | Tampa Bay Times

Nearly 30 percent of taxpayers with incomes between $50,000 and $150,000 would see a tax increase while the majority of households that made between $150,000 and $300,000 also would see a tax increase.


The analysis also found the plan would provide disproportionately large benefits for businesses compared to what the middle class and low-income Americans would receive.




....many retirees are in the over $50k/yr income where I live.
 
Old 09-29-2017, 03:43 PM
 
1,487 posts, read 415,361 times
Reputation: 858
Quote:
Originally Posted by snowtired14 View Post
Rather than trying to think of new ways to tax people, why don't we do something never done before.....cut government spending! Smaller government, smaller federal budget, lower taxes for everyone. Good for business, good for individuals.
They have been cutting back for years. Fewer government (at National and local levels) jobs in many departments than a generation ago.
 
Old 09-29-2017, 05:39 PM
 
Location: Telecommutes from Northern AZ
1,113 posts, read 1,212,441 times
Reputation: 1552
Quote:
Originally Posted by wit-nit View Post
Economists say his tax plan will cause trillions to be added to the national debt. So what will be gained.
These type of blanket statements I don't like. They raise questions.

* What does "Economist" mean? Every economist? Certain economist? Economist of one ideological spectrum? What assumptions are being made? What assumptions are not being made? What is their argument for as to why debt will be added (which by the way I don't doubt)?

This is a magic statement. Even if supporting documentation were provided I bet there would still be many economist who are not represented and have alternative conclusions. Just a guess.
 
Old 09-29-2017, 05:42 PM
 
Location: Telecommutes from Northern AZ
1,113 posts, read 1,212,441 times
Reputation: 1552
I like Trump, and I support Trump.

But I have to say this. I was hoping for more. Much more.

A year isn't out, so my hopes are not dashed, but this tax plan seems like it could be so much more. Maybe with the current political climate this is all that could be accomplished. Even with this patch there is a high probability the deep state will nerf it. A shame.
 
Old 09-29-2017, 07:53 PM
 
Location: Wisconsin
21,542 posts, read 44,050,913 times
Reputation: 15154
Although the brackets are still not identified, assumptions have been made to arrive at this analysis:

https://www.nytimes.com/interactive/...-analysis.html

The minuscule projected tax benefit near term to the middle class is a joke. $660 - really??

And, the relief doesn't last:
Quote:
By 2027, tax cuts would shrink for every group except the top 1 percent, and a quarter of taxpayers, many in the upper middle class, would pay more than they would without the new plan.
Pathetic.
 
Old 09-29-2017, 07:59 PM
 
Location: Straddling two worlds
2,544 posts, read 807,804 times
Reputation: 1784
Quote:
Originally Posted by rjm1cc View Post
All I can say is that it is very difficult attracting low skilled people to entry level jobs that are getting 30 to 40 thousand dollars a year from the goverment.
I would love to see the math that accounts for anyone on welfare getting 30-40,000 a year.
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