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.
I will say it a million times -- a small percentage of individuals may see a little tax break...little means LITTLE. Not significant to have any real impact on quality of life. As I said -- I nickel and dime so I don't brush off any increase in my pocket but the reality --it wil lbe small for those that get it. The most of us -- will pay the same or more -- looks like more for me.
AND...the reality -- all that is a smoke screen to get rid of the estate tax, and to reduce the corporate tax. Oh I know -- the USA has one of the higest -- blah blah blah...but the real rate when you take into consideration all the handouts or 'tax credits' these corporations get doesn't put the USA in the top with their corporate tax rate.
It's a show. It's a corporate tax rate deduction with the estate tax added on for good measure.
Let's pretend we are giving out great tax breaks for everyone though. YAWN.
You can argue for the corporate tax, the removal of the estate tax but let's not pretend this isn't anything else for anybody else.
I will say it a million times -- a small percentage of individuals may see a little tax break...little means LITTLE. Not significant to have any real impact on quality of life. As I said -- I nickel and dime so I don't brush off any increase in my pocket but the reality --it wil lbe small for those that get it. The most of us -- will pay the same or more -- looks like more for me.
AND...the reality -- all that is a smoke screen to get rid of the estate tax, and to reduce the corporate tax. Oh I know -- the USA has one of the higest -- blah blah blah...but the real rate when you take into consideration all the handouts or 'tax credits' these corporations get doesn't put the USA in the top with their corporate tax rate.
It's a show. It's a corporate tax rate deduction with the estate tax added on for good measure.
Let's pretend we are giving out great tax breaks for everyone though. YAWN.
You can argue for the corporate tax, the removal of the estate tax but let's not pretend this isn't anything else for anybody else.
Totally agree. And when the deficit balloons, will the GOP admit the repeated failure and raise taxes for the wealthy or will they go after entitlements like Medicare and Social Security? We have done this multiple times, it always turns out the same. This is no different than Trump saying he will take no salary while he makes money in other ways like charging the Secret Service to use his elevators.
Totally agree. And when the deficit balloons, will the GOP admit the repeated failure and raise taxes for the wealthy or will they go after entitlements like Medicare and Social Security? We have done this multiple times, it always turns out the same. This is no different than Trump saying he will take no salary while he makes money in other ways like charging the Secret Service to use his elevators.
Yes this is when we get into blaming the poor for the deficit when it represents such a small portion of the budget. It's all those lazy people on welfare.
Yes this is when we get into blaming the poor for the deficit when it represents such a small portion of the budget. It's all those lazy people on welfare.
Of course!
Now - I live in a blue state with no income tax and moderate property taxes. When Republicans crow that the goal of the tax plan is to increase costs in blue states, they seem to forget that states like Texas have very high property taxes and most red states have income tax. Red states will bear plenty of the costs of the GOP tax plan. Let them do this, let the red states pay and know that the deficit is going to skyrocket and the GOP will own that. They will have to own the tax increases that will have to follow because they broke it, but the idea that jobs will increase after this big tax gift to the wealthy are laughable.
I asked the question in an attempt to get you to think logically. The deductions are subtracted first and then the rates are applied within each corresponding income bracket. For example, a married couple with 114k in income would subtract the 24k standard deduction first, and then the 12% rate would apply to the remaining 90k.
since the actual brackets have not been posted by the IRS, we are all assuming.
the way I read the NYT article is that the first 24000 was exempt...my assumption is that is in the brackets, which is after the 24k standard deduction, since the standard deduction is not part of the bracket....maybe I am wrong...but maybe I am correct...we will see once the IRS actually set it
the fact is that using the other persons numbers of 85100 and 90000...the new plan will still save the taxpayer money...12k in taxes compared to 10k in taxes (or 7k in taxes if I am right about the 24k in the brackets)
Last edited by workingclasshero; 11-02-2017 at 10:37 PM..
Now - I live in a blue state with no income tax and moderate property taxes. When Republicans crow that the goal of the tax plan is to increase costs in blue states, they seem to forget that states like Texas have very high property taxes and most red states have income tax. Red states will bear plenty of the costs of the GOP tax plan. Let them do this, let the red states pay and know that the deficit is going to skyrocket and the GOP will own that. They will have to own the tax increases that will have to follow because they broke it, but the idea that jobs will increase after this big tax gift to the wealthy are laughable.
they want the votes of kentucky and Mississippi instead
i really don't get tis tax reform, millions itemize or should be itemizing to get the most from their money. taking that away is detrimental to many families. or people will find a way around it
What the Left call "loopholes" are legal deductions that were passed by Congress for various things. The Left like to paint them as some kind of "sheisty bookkeeping voodoo" because they want the ignorant masses to believe all businesses are crooked.
There is absolutely no reason whey any business wouldn't take advantage of every tax saving strategy or deduction that is legal. Why shouldn't they? That would be stupid! If they were doing something illegal, they would be in a whole heap of trouble, and nobody wants the full wrath of the IRS unleashed on them. Legitimate business do not take chances. There probably are a few out there that take risks, but if caught there is a heavy price. Nobody wants that.
But Leftists are anti-capitalists, so they paint all businesses as evil, greedy people who screw their employees while the CEO's and management sit behind big desks smoking cigars and doing nothing, while they rake in big salaries and bonuses. That isn't the real world. Where I've worked, the boss is almost always the first in in the morning and the last to leave at night, while the hourly employees are usually lined up at the door fifteen minutes before quitting time (I've seen this every place I've worked) waiting for the clock to strike 5:00 PM. Then they bolt out the door, darn near trampling each other. They can't leave fast enough!
I think one of the reasons I always got good raises and was promoted rapidly was because I put in my time, and wasn't always in a big hurry to leave, staying a little over time if there was something to finish. Those qualities are noticed, and I always had good reviews. But management does notice who the slackers are ...those who beat feet for the door ten or fifteen minutes before quitting time and won't stay a minute over to finish something up.
I'm all for reasonable legal deductions, but it's so extremely convoluted and opaque here that it complicates tax codes to the point where having a team of CPAs and tax attorneys are necessary to ensure that you can actually take advantage of the loopholes without ending up in the slammer.
And let's be real, corporations will most certainly stretch legal bounds. For example, scheduling workers to work exactly 39 hours so that they don't have to offer benefits, even though it's realistically little different from having them at 40.
But my point isn't to make corporations out to be villains- it's to say that the USA has the most insanely complex tax code on the planet and it needs to change.
Taking away trillions from the Swamp and giving to the people....win win win
lolol Trump's kids stand to gain $550 million from the elimination of the estate tax, sounds pretty damn swampy to me
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.
....win win win
