US corporations are also banking at least 2-3 trillion dollars offshore precisely because of high taxes on those profits were they returned or repatriated to the US. Lower corporate rates would remove on returning these profits and thereby greatly boost tax receipts to the Treasury.
Middle income double standard deduction is irrelevant because they take away the personal exemption which is worth as much or more than the standard deduction.
Also, anyone who defines middle class as 40 to 100 thousand a year is being ridiculous. 150,000 is not rich. 200,000 is not upper class.
I hate it when people try to feed me a line of bullshit.
TO STEPHEN MOORE: You sound like you would rather stand and watch someone fail than help prevent it. You write like a democrat liberal.
Considering we don't know what the tax rate brackets will be then there is no way the author can say this. All I know right now is that under this plan my taxable income goes up considerably. I know that the lowest bracket goes up two percentage points. Whether I pay more or less in taxes, and how much, depends on when the 25% rate kicks in. Until that is known then this $1500 to $2500 in savings claim is complete BS.
We and our adult children use the same CPA for our taxes.
Last year, he told all of us when we came into sign the forms and have him use the internet to file our taxes. When, if Trump’s plan became law, only one of us might need him for the preparation.
One of us could just use the internet and file without any paperwork as as a renter and the standard deductions would
work.
My wife and I would only have too save our interest payments on our mortgage and charity donations, and we could probably file electronically. That would eliminate at least a half inch of deduction data paper each year.
One family might want to continue to use the cpa, however his wife with her own business and a Business degree could probably handle their forms as per the CPA.
He sees a higher demand from his corporate accounts and small business accts. for his services.
He predicted that once California residents lose their sales tax and property tax deductions, there will be a lot of hostility towards any tax increases at every level in California.
On that point, he used my wife and my taxes on our home. Thank God for prop 13, our basic property taxes are basically the same after prop 13 became law.
However, our do good fellow citizens have voted in all types of Bonds for the Children, local college and sewer bonds. Those totals basically now equal our basic property tax.
He pointed out that the last bond bills for “the children”, the local college and general bs were defeated because some people woke up and looked at their property tax bills. When the Trump plan comes in that bs will stop and die a quick death across the country not just California.
Counties with higher sales taxes will lose $’s as people will order products from other counties.
He is a vet, and he told me, when they allowed vets to use the exchanges on line, to apply. Not only will we get free delivery, there will be zero Sales Taxes on any item from low cost to a high ticket item. (I have been approved and am a beta tester for the program which becomes effective for all those approved on Veterans day!). I have a few Christmas Items on my want list.
Not only will we save his fee, my bookkeeping/tax deductions paper collection will disappear, and our tax prep cost will be zero.
Morons dont understand that PEOPLE pay the corporate tax.
It is added to the accounting item officially called “cost of goods sold”
For those without an accounting background, “cost of goods sold” is EVERY COST you incur in order to produce something, including taxes.
The Democrat strategy is to get as many people as possible on government assistance and then use the boogey man of fiscal conservatism to get the masses to vote their financial self-interest.
The conservative strategy is to allow the middle class to keep more of its wealth (while those who earn less continue to pay no income tax at all), and then welcome the masses of poor, government-dependent folks to move up to the middle class. Then the masses of middle-class workers can vote their self-interest.
Unfortunately, there are not enough conservatives in office, and the non-conservative Republicans, just like their Democrat counterparts, vote their self-interest in order to turn being a public servant into a lucrative career.
We need more like Trump who earn their riches from building profitable businesses and then choose public service as a way of giving rather than getting.
I have been reading most of the articles carefully. I have not seen a word about capital gains tax rates. Traditionally, they are much lower than income tax rate to encourage investment.
Anyone know or can point me to where I might find out what the plans are in regards to capital gains taxes relative to income taxes?