Posted on 08/08/2016 6:30:53 AM PDT by Blue Turtle
This will save families a lot of money. Good move and shows he’s listening to his conservative advisers.
Interesting. I got your response, and than I got another response that said they saw what I was talking about actually happen.
I dunno. It may be yesterday’s news. My evidence is only anecdotal.
For me, an inheritance tax is abhorrent.
The death tax is the fairest economic equalizer when applied properly.
I agree that the inheritance tax can be an economic equalizer when properly applied but that never happens.
Fortunately the “Invisible Hand” takes care of the problem. First generation creates the wealth, Second generation maintains it, and the Third spends it like rabid dogs.
Our current society is the “third generation”, spending every bit of past and future wealth accumulation.
The typical method of dealing with crappy rules is to litigate them, with the executive taking an adversarial position against the entity subject to the regulation. What Trump is implying is that his administration will be more open to criticism of a rule, and may be willing to revise or repeal regulations, without forcing litigation.
Childcare expenses are now only deductible is you pay someone else to care for you children. It’s outrageous and grossly unfair for stay-home parents not to get the childcare deduction! Same with health insurance… through your employer, tax deductible, pay it yourself… no tax benefit! I learned this the year I paid my own health premiums. Cost me $14K in premiums and 2K in additional taxes. Had my employer paid or I had been able to deduct my premiums I would have received a refund. It goes to prove again my assertion that big government liberals (Dem or Rep)… in reality care little for the middle class. In spite of rhetoric to the otherwise… few if any tax policies actually benefit the middle class. The mortgage deduction somewhat, but you have to own a home… a renter’s housing expenditures get zilch. Such policies show the Democrats and RINOs really don’t like the middle class much at all… why? Maybe that’s where most all the Trump/Conservative vote resides. The government definition of “fairness for the middle class” is little more than talk… actions say the opposite! Hillary’s even said so the other day. “I will raise taxes on the middle class”… sometimes truth slips through the media filter!
Trump should make married homes where the wife is stay at home classified as tax deductible day care.
case example of why a child care tax exemption is a good idea: my grand daughter is 17 months old and both parents work full time and they pay $1,000.00 / month for child care. No wonder Americans are choosing to not have kids anymore.
Death tax is an economic equalizer? For who, the government?
And fund the government how?
So if a married couple makes $100,000 and they classify their home as a day care charging themselves $100,000 a year then they get off paying no taxes at all.
We have to be careful here. Is he talking about making child care expenses a 100% deduction? If so that will probably cost many taxpayers more than the current law. Current law gives a tax credit, not a deduction for child care expenses. The percentage that can be credited is incime dependent, but is generally higher than the corresponding marginal tax rate for a given income level. For example my child care credit is 20%; my marginal rate is 15%. For every $100 of expenses I receive a $20 tax credit, reducing my taxes by $20. A 100% deduction would lower my taxable income by $100 for each $100 spent on child care, reducing my tax bill by $15.
The fully deductible thing sounds good, and the uneducated masses might think it helps, but unless he is actually talking about a 100% credit, it might be a bad idea.
If there’s no cap, then $75,000 per year nannies will abound.
Why should anybody be required to pay for anyone else’s children?
The mortgage isn't deductible. The interest on the loan is deductible.
I spent many years as a renter, and I never resented my landlords for being able to deduct their interest. I was always thankful to have a place to live with minimal commitment.
And it was nice having someone else responsible for fixing things. It was all about tradeoffs.
Right. You only get the deduction if you have a bill from a "certified and licensed" caregiver. If you pay your stay-at-home-mom sister a few extra bucks to watch your kid along with hers, that would likely NOT be deductible. Plus it only matters to the extent that the expenses exceed the standard deduction. People who rent rather than pay a mortgage generally use the standard deduction.
Oops, that's what I meant. Thanks for the clarification. You can tell I hire a tax preparer.
No. The death tax is evil. It is pure Marxism.
You want the death tax. Trust us on this one. It impedes a Plutocratic government, but that doesn’t seem to be working now either.
It’s fair because the person who died doesn’t need it anymore and the ones inheriting didn’t earn the money. They get staked with a good amount, just not instantly rich.
There are drawbacks though, one is the money ought to be earmarked for specific functions, like education grants and funding. For another, large family farms become at risk because of the perceived economic production value of their land isn’t actually ever realized, so they’re forced to sell out parcels or operations just to pay the death tax.
"Economic equalizer"??? That sounds like something Hillary would say ...
From each according to his ability, to each according to his need ...
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