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Ultimately this will probably help me since they are getting rid of the AMT but we itemize more than 25k in deductions so if we are capped it will probably be a wash. I don't see how the country can afford this.
The cities/states with high property taxes are going to get screwed e.g. Jersey, California, Chicago, Texas
Under the proposal, the tax cuts for individuals and married couples filing separately will increase from $6,300 to $12,600. The standard deduction for a married couple filing jointly will jump from $12,700 to approximately $24,000.
The plan would eliminates the marriage penalty.
It sounds good for me. I think there was only one year where my itemized deductions exceeded 24K.
Lowering the corporate tax rate is a great way to keep companies here, and bring some back to the US, where they can be taxed, and hire Americans.
Seems very logical.
Obama wanted to lower corporate taxes too. The Republicans voted against him. If I recall, he suggested a 28% cap. He also wanted to get rid of the many loopholes and subsidies, so maybe that's why his proposal wasn't so desirable.
Anyway, many studies show that it's rare for any large corporations to pay the 35% rate or even 25%.
This is all smoke and mirrors, something the Trump Administration seems to be using a lot for ratings. I mean, you talk about getting rid of regulations and lowering tax rates and the market will go up, right? However, as Forbes reported in 2014
[URL="https://www.forbes.com/sites/timworstall/2014/12/23/more-than-90-of-us-businesses-dont-pay-the-corporate-income-tax/#1fd5a2285e48"]More Than 90% Of US Businesses Don't Pay The Corporate Income Tax[/URL]
There are two main types of tax deductions: the standard deduction and itemized deductions. You can claim one type of deduction on your tax return, but not both. Standard deductions ensure that all taxpayers have at least some income that is NOT subject to federal income tax. You have the option of claiming the standard deduction or itemizing your deductions. However, you can never claim both in the same year.
Trumps Tax Plan:
Under the proposal,
- Tax breaks for individuals and married filing separately will increase from $6,300 to $12,600.
- Married couple filing jointly jump from $12,700 to approx $24,000 (not pay tax on the 1st $24,00 the couple earns)
2016 Standard Deduction:
Single - $6,300
Married Filing Jointly - $12,600
Married Filing Separately - $6,300
Head of Household - $9,300
Qualifying Widow(er)- $12,600
I'd be getting a 20+% cut. I like the sound of it, but I don't know how the country can afford it.
You can help the country by..
Spend it on products or services you want from businesses who in turn pay employee's who then also pay taxes and spend money on products or services they want from businesses who hire more people who also pay taxes, who buy products or services they want .....
OR
Putting the extra money aside so you can pay for your needs in your elderly years,
Remember when all the conservatives here went ballistic that Obama was not reducing the deficit fast enough after the biggest economic collapse in decades? Remember that?
Looks like Trump and the GOP are proving once again that the Democrats here were right. When in power the GOP spends like drunken sailors, and don't care about debt. Remember, every year pretty much Democrats lowered the deficit.
And cutting taxes to drive Growth? One word. Kansas.
So once again after this mess is over the Democrats will probably once again be expected to clean up after this, and like a drunken party goer the GOP will complain they arent fixing it fast enough.
Good news for the swamp though, massive profit increases, while government debt piles sky high to pay for it. But good news, the swamp makes money off that debt too.
Seriously, economics says now is the time to pay down the debt so if another recession hits we can spend out of it.
Like everything else Trump has proposed, this tax plan is unreasonable, one-sided and will fail miserably in congress. He's such a fool, that he will continue to throw up ridiculous ideas, they will be shot down and the country will sink into a recession that will not just be financial, but ethical and cultural.
Repeal the alternative minimum tax: Abolishing the AMT would be great for the roughly 5 million tax filers who’ve seen their itemized deductions get eliminated because the government did not include an inflation adjuster when the AMT was first introduced in 1969.
Instead of making sure only wealthier earners paid taxes, the AMT unintentionally ensnared millions of ordinary taxpayers.
A one-time repatriation tax: There are billions of dollars sitting overseas because companies like Apple don’t want to repatriate the money because the tax level is too high. If the repatriation tax was lowered, the repatriated money could be used to hire more Americans and build more domestic factories.
A one-time repatriation tax: There are billions of dollars sitting overseas because companies like Apple don’t want to repatriate the money because the tax level is too high. If the repatriation tax was lowered, the repatriated money could be used to hire more Americans and build more domestic factories.
Too many liberals are freaked out that investors will get most of it. God forbid someone with a 401k has an easier retirement.
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