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.
Do you think the patron Saint Reagan, would like the AMT being eliminated.
You may be able to find some footage of him saying to the effect, that the people who wouldn't like his plan are those who are not paying their fair share. That was his prelude into announcing the creation of the AMT.
Yes I just saw the clip of the Gipper himself saying that-- see tonights Lawrence ODonnel. I didn't realize that it was Reagan who instituted it.
You don't get $24K off the top! If you take a standard deduction you can't itemize. All you will have left is your mortgage deductions and charitables. So you will get $24K or mortgage+charity NOT BOTH. Also, I don't see it mentioned but Trump's old plan called for getting rid of exemptions which are off the top. So no off the top for you, spouse, kids, over 65 etc. Looks like you will be digging a little deeper in coming years.
I will have the mortgage deduction which was the one thing I'm happy to see in place. THEN I will pay 10% on what's left, gladly. I'm paying more than that now, trust me. When you add all the taxes here in CA, it will be a relief.
Quote:
Originally Posted by GABESTA535
Corps based in Europe have the unfair advantage of not having to provide health insurance for their employees.
Not to mention all the subsidies they pour in to suppress US competitiveness. NAFTA turned our surplus with both Canada and Mexico (+$2Byr is now -$60Byr) into huge deficits.
I got to thinking, why do those on the Left even want a corporate tax rate? I thought you could only tax people and that the Left didn't want corporations to be people.
I will have the mortgage deduction which was the one thing I'm happy to see in place. THEN I will pay 10% on what's left, gladly. I'm paying more than that now, trust me. When you add all the taxes here in CA, it will be a relief.
The proposal is to eliminate state and local tax deductability
They are not listening to you. The the rich will benefit from the tax cuts. Not even small businesses will benefit because most of them are S-corps. The benefits from these tax cuts will go to the shareholders. Businesses expand due to increase in demand not because they have more money to spend. A company like NIKE is not going to bring back jobs from Vietnam because they got a tax cut. US labor would have to be cheaper than Vietnam labor for that to happen. Trump and his billionaire club just gave us a big middle finger and the Trumpets are cheering him own. He is simply shifting the tax burden to the middle class. What fools.
This is a step in the right direction. As for the greedy corporations like Nike, it's not like the Progressive tax model would bring them back either, so it's a non-issue with that. Trump's model might keep some from leaving though.
Also, with the ridiculous amount of IRS tax code, loads of people waste time sifting through it all (or hire someone else to do it for them.) If we had a flat tax or whatever, then yes, the itemized deductions would go away, but so would the crazy taxes, and, more importantly, the IRS would go away too.
The proposal is to eliminate state and local tax deductability
No, the proposal is to eliminate ALL deductions except for mortgage interest and charitable contributions. And then there's the big elephant in the room that they didn't mention in their one page tax plan:
Cutting deductions for retirement accounts
The tax plan doesn’t explicitly comment on retirement accounts — such as 401(k) plans and individual retirement accounts — but there are concerns swirling as to how far its mention of eliminating deductions may go. Currently, 401(k) plans are funded with pre-taxed dollars, and assets are only taxed when withdrawn. If all deductions (except home ownership and charitable giving) were to be eliminated, retirement accounts would become similar to a Roth account, where they are funded with after-tax dollars and have tax-free withdrawals, according to investing and personal finance site Investopedia. Such a change might also alter the way people approach their retirement savings, said Tim Steffen, director of financial planning at financial services firm Robert W. Baird & Co. in Milwaukee, Wis. “You can argue that by lowering the tax rates the tax benefit of saving for retirement isn’t as great as it once was,” he said. For example, if your company gave you a $100 paycheck and you could choose to keep it or put it in your 401(k) plan, you’d get more of that money by putting it in the latter because it is pre-tax. Though it likely won’t be passed in Congress, a looming elimination of deductions including those on retirement accounts is something to watch out for, said Mark Hamrick, senior economic analyst at personal finance site Bankrate.com.How Trump
Before you say "Oh no! He will never mess with our 401k" you had better think.. someone has to pay for these huge tax breaks to corporations and to the wealthy and it won't be Trump or his Wall Street swamp monster cabinet members
The absolute only deduction is the mortgage interest and charitable donations....nothing else right?
Yeah I think so.
I was mentioning the state and local tax thing as it read to me that SteveH seemed to think that those would stay deductible. Coulda read it wrong.
2sleepy, agreed if the retirement account deduction/pretax thing goes away along with the changes they talk about wanting to do to SS would mean most middle and upper middle class would have squat of a chance for saving for retirement.
We generally pop around 20-22K in deductions every year, so tax reductions for us might be very little for us. We are retired, no big deal us. But using those figures a younger married couple would only benefit by the tax rate on 2-4K dollars = 200-400 appox. Hardly enough to make a dent should retirement monies lose deductability.
Actually for us, less corporate taxes probably means higher dividend payout to us along with higher stock prices.
This is a step in the right direction. As for the greedy corporations like Nike, it's not like the Progressive tax model would bring them back either, so it's a non-issue with that. Trump's model might keep some from leaving though.
Also, with the ridiculous amount of IRS tax code, loads of people waste time sifting through it all (or hire someone else to do it for them.) If we had a flat tax or whatever, then yes, the itemized deductions would go away, but so would the crazy taxes, and, more importantly, the IRS would go away too.
I never called NIKE greedy, there job is maximize profits for their shareholders. If that means cheap labor from Vietnam that is who they will have make their products. No amount of tax breaks is going to bring those jobs back unless Vietnam labor becomes more expensive than ours. This is the same reason you will never see the government go after employers for Mexican labor. The lobbyist will never allow cheap labor to leave this country. Never never ever.
GDP growth peaked in 2003, with the exception of one year it was in steady decline until the crash, same tax cuts presently in place and still flat GDP.
GDP of 1.6% in 2016 and record deficits - all for tax "Reform" but cutting taxes is not a solution.
Wrong again, in one quarter of 2004, GDP grew by over 7%, the highest GDP growth since 1984 (under another Republican president).
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.
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.
