Posted on 04/23/2017 4:43:31 AM PDT by DollyCali
I believe they mentioned mortgage interest & charitable contributions would be the only remaining deductions.
Certainly he wouldn’t get rid of the capital gains
Capital gains wouldn't be a deductions, but Capital Losses would be a "deduction". Technically Capital Losses would reduce income, so not really a deduction. I assume they would still allow Capital Losses. They mentioned the Cap Gains rate would be 20%
or business deductions? That would really stop people from investing and/or running businesses as sole Proprietorships.
This would be 2 different things. I am assuming they would still allow business expenses on a Schedule C or Sole Proprietorship. However, not allowing business expense deductions on a Form 2016 or Schedule A would be a big deal. I think they are assuming that by increasing the standard deduction, you would not need the 2106/Sched A business deductions (subject to 2% of AGI).
Where up north do you live? I live in South Eastern WA State which is desert and our house is literally sitting on top of a Sand Dune. Once you get water on stuff here it grows wonderfully. I just throw some 16-16-16 fertilizer around. Some things won't grow here though because it gets to hot in the summer.
Glad to hear. I thought who would want to name the baby giraffe that.
Sandy soil, North, Wind. Do you live near me?
BTTT!!
No charitable deductions?
I don’t like that at all.
People will cut way back and that’s not good at all.
[No charitable deductions?]
I heard him say charitable donations and mortgages were off the table. They stay; everything else goes.
Good to hear that, thanks.
How nice the bouquet for your pastor.
Back in. Just lost the belt that turns the mower. It’s too hot to deal with right now. Will keep for later Almost got the front yard mown. There is always tomorrow
*Subject:* In-town pool 7 — national teacher of year, no questions
No questions taken at this event.
Pool was ushered into the Oval Office around 4:45 p.m. to find the President seated at the Resolute desk, surrounded by 55 teachers from around the nation, plus First Lady Melania Trump (who is celebrating her birthday), Vice President Pence, Second Lady Karen Pence and Education Secretary Betsy DeVos.
The President congratulated Sydney Chaffee, winner of the 2017 National Teacher of the Year, from Codman Academy Charter Public School in Dorchester, Mass. The ninth-grade teacher is the first charter school teacher to win the award in its 65-year history, and also the first from Massachusetts.
“That is really something special,” Mr. Trump said.
The president also thanked the group for having sung “Happy Birthday” to the First Lady before your poolers arrived.
The president greeted your poolers with, “Busy day, hasn’t it been?”
April 26, 2017
*Guidance for President Donald J. Trumps Air Force One Arrival in Hapeville, Georgia*
*Who: *President Donald J. Trump
*What: *President Donald J. Trump Air Force One Arrival
*Where: *Air Cargo Hold, 3400 N. Inner Loop Road, Hapeville, Georgia 30354
*When:* Friday, April 28, 2017 at 12:55PM EDT
I do some very basic exercises at home but is mostly 3 days a week with a very good physical therapist.
I affectionally call them my torturers.
LOL, Irish
that sounds incredibly frustrating for him. For you too. You certainly are the handy gal around the house! I do best if I just stay out of the way, unfortunately
Where are you at? You must be more north of us. I’m in Tennessee
Yeah, it was a capital gains loss that I meant. I suppose maybe it’s called capital loss, but I’ve never heard it called that.
I’m sure the deductions on the schedule C would still be allowed. But if the total for the year was a loss, that normally carries over to the 1040. There are many many businesses that are run as proprietorships our partnerships, without having a separate EIN.
Well, whatever I heard on Fox was just a quick summary. There was no way they could include everything.
It does sound like a nice change though :-)
Is that Betsy DeVos in back?
.
https://www.youtube.com/watch?v=FLVrYZVJzTE
Protests Outside White House During North Korea meeting - Arrests
Oh sorry algae I was busy panicking over capital gains losses and business losses. So I forgot to mention charitable deductions. I’m sure there’s much more that wasn’t mentioned, it was just a quick summary.
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