Posted on 09/28/2015 3:51:07 PM PDT by RKBA Democrat
Today, Trump was talking eliminating insane liberal ways to spend our tax $’s like an expensive soccer field for the Islamic Terrorists at Gitmo.
Geo. Will stated 47% already pay no tax & under Trump's plan, that would go up to 50%!
Its a perverse incentive & I agree (for a change with him) and do NOT want the zero tax to anyone!' Something - anything even as low as 1% - 2% will do it for me but everyone should be a taxpayer or NO VOTE!
No, its not at all impossible to project. Take your last tax return. Look at AGI (adjusted gross income). From that subtract either your standard deduction per your tax return OR the total of your mortgage interest and charitable contributions, assuming conservatively that this is all you’ll be able to take. Subtract your personal exemptions. That will give you taxable income. Multiply by rates shown in the plan. Keep in mind that if you are married, first 50K is at 0%, next 50 is at 10%, next 200K is at 20% and so on.
Compare that amount to what you paid. You will either WIN or LOSE.
There was a time when I could deduct the interest on my credit cards and the TOTAL of any medical bills.
You need the Trump Form 1040-2018.
That’s where “The Art of the Deal” comes in.
It’s a myth because they still pay the Social Security tax at a typically higher withholding rate.
That's an understandable criterion. But I disagree with it. What a tax law does to my personal taxes in a given year or two doesn't necessarily represent its net effect on me. If a tax system is just, Constitutional, doesn't punish achievement, and doesn't encourage the intrusion of government where it doesn't need to be, I will support it.
At various times in my life, I have been the beneficiary of what I consider to be unjust, socialistic tax breaks. Why should I get a mortgage deduction when a renter can't get a renter's deduction? Why should I get a deduction for my kids' college tuition? And so on. But I have accepted them with equanimity and made good use of the money. And I often visit national parks and such. But I have always voted against people and ballot measures proposing such things, and I always will.
Even measured in money, I am confident that the cumulative effects of tax laws on our lives—particularly in how they can distort the lives of generations—far outweigh this year's monetary benefit or loss to us as individuals. For an extreme example, consider welfare laws—which can be enormously beneficial to, say, builders of "affordable housing."
Welfare tends to make almost meaningless the wages of honest, low-income black males in the marriage market—because under current rules, young girls can get more money per month than a poor man's wages, simply by staying unmarried and having illegitimate children. Children who don't grow up in the care of two parents married to each other are astronomically more likely to become criminals than children raised in a normal household, especially if they are boys.
Even if you have never had a violent crime committed against you, who can say his life is not affected for the worse by the welfare-spawned ignorance, immorality, and crime that has infected most of America's cities, black, white, or "prefer not to specify"? Who would not prefer an America with only private, voluntary hand-outs to those in need, with more work, more marriage, more church, more honesty, more legitimacy, and more children who don't grow up in neighborhoods ruled by the Lord of the Flies?
The heck with whether my ox is gored or spared this year under someone's plan. What is just, wise, and Constitutional? What kind of America will it tend to create?
Trump is driving the news topics by speaking of his plans and releasing his positions in writing.
Where are the other candidates plans? They seem to be running a little behind and just responding to the topic of the day.
This is the point that I don’t get. Why do any of us give a rat’s arse what the poor, the rich, or the guy living in timbuktu pays? What matters is what YOU pay!
You can figure this out. It’ll 5 minutes and the back of an envelope.
Anyone in possession of a DD-214 with an Honorable discharge on it should not have to pay Federal income taxes. That’s my plan.
And I’d like a plan that exempts all men over the age of 45.
I’m not going to get it.
So will you WIN or will you LOSE under the plan? By what percent?
Actually it is impossible, because there is no specific list of which deductions, exemptions or credits will be kept and which will not. Without that information, you cannot judge with any accuracy the impact.
You cannot start with your AGI, as your AGI has already had your deductions and exemptions taken out - to do so again would result in double-counting them. You would need to start with your gross income. And you are assuming that personal exemptions would still apply, and that they would be for equal amounts - nothing in the plan Trump posted addresses that, so we do not know.
That second bracket, how does the curve look that goes between 100K to 300K, or is it a straight line? If it is straight line then actually my taxes will be about the same as they are now. If parabolic them my taxes may go down a few percent. No big deal for me.
I care because one you have more freeloaders than taxpayers, you will ALWAYS have the freeloaders outvoting the taxpayers for more free stuff.
It feels like mine would go up, but I’ve had a crazy 4 years (2 moves, 8 escrows). It’ll all depend on what sorts of deductions are allowed I guess.
That boss would qualify as a jerk.
Submitting that this is in the instance minimum wage was actually $15/hr ... the teen who would dump a $15/hr unskilled entry-level job in order to go to the Prom would qualify as inferior to a Mexican teen who would crawl over broken glass to get to work on time when expected. To the American teen, no matter what job he gets, it's going to pay the same and $15 bucks an hour won't even take him and his girlfriend to the movies; to the illegal Mexican teen ballsy enough to risk it, five hour's wages as a busboy will support his family in Mexico for a week.
Look, I know a lot of illegal Mexicans are very bad news -- I have lived all my life on the front lines in California, So Cal particularly, including San Diego and it don't get any "fronter" than that. But the higher the minimum wage, the greater the temptation for good productive folks, particularly men or boys with men's family values (something Catholic Mexico has aplenty), seeking to support their families as best they can. I know it because I have worked side by side with them and even hidden them from INS because I know the American teen that replaces him will be inferior in every way except legal status.
Employers know it too but it is a forbidden topic for them.
My new tax bill would be 50% less than last year. This includes whether I take the standard or itemize out of the picture. (the itemized is shrinking every year).
Hard to say but probably my taxes will be lower.
How did that silly outlandish minimum wage (when I was a teen, that was $3) get into the picture?
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