Posted on 11/26/2017 3:12:53 PM PST by WilliamIII
Huge AMERICAN corporations. MAGA.
The standard deduction is $6350, and will be doubled. My state taxes were at least 10k, but I don’t remember. If they are not deductible then my deductions will be under the doubled standard deduction. That means, presumably, my taxes will go up.
The 3% ObamaCare tax in buying & sell a property hasn't been removed by either House's tax Bill and the mandate is still in there, so far. Then there's the tax on medical devices ( for humans AND animals ) which hasn't even be thought of by either House.
And those 2 things are but the tip of the iceberg.
Also...these tax proposals are NOT retroactive and time IS running out to pass them. Which means that IF they finally come up with something, it won't be signed by Christmas, so won't be for 2018 either; most probably.
Yes, the CONGRESS's plans will make people have to "consume" a whole LOT less which will harm the economy and the markets.
Nope...it does NOT “make America ‘GREAT’ at all! It just gives the HUGE corporations lots and lots of money and those who get money back, in even BIGGER amounts, who pay NO Fed income taxes at all.
Last chance to make people in Republican states pay those Democrat state and local taxes.
I don’t live in liberal hell. Pass the plan, it saves me 10%.
This tax bill is political suicide by the Republicans. Just wait until voters see they got a tax increase instead of a cut and the value of their home goes down 10% or more. This thing is a disaster.
I’m against it too. Deductions are good for the housing industry, charities, durable goods, pretty much anything including guns and boats.
It’s the opposite.
If the GOP doesnt pass the tax cuts, they will lose the House.
1. Tax rates lowered across the board
2. Standard Deduction Doubled.
Taxes are going down.
The State and Local Tax Deductions will get fixed in Joint Conference.
Then what will the Never Trumpers bitch about lol.
Sorry if that wasn't clear.
Less disposable income means that people will have, in many millions of cases, a whole lot LESS money to spend and invest.
The standard deduction increases ( it's NOT "doubled; it's almost doubled )won't help many millions of people, whose deductions far exceed that.
It's a lot of once #NEVERTRUMPERS here, who are now all in for this POS proposition.
Corporate tax was a problem even with my tiny business. Unless I turned it into income which I could write off that year, I had to pay corporate income taxes on any meager profits that I reinvested. For example hiring consultants to help me was not deductible. I'm sure with an accountant there would be a way to deduct more, but the tax code should not require business owners to hire accountants.
Ok, then consult a good financial planner. Probably makes better sense to concentrate on maximizing your income and investments and minimizing your expenses. Taxes are an important component, but not necessarily the most important component.
You need to look at the larger picture and NOT just at yourself.
I'm looking at all of this in its entirety and not just for myself; unlike many others who post on these tax threads.
I have NO control what my property taxes are, nor what my state taxes are and moving to a different state, with no or lower income taxes ( even many of those have areas of high property taxes ) is not only not easy, but will cost more money ( moving expenses, looking around expenses ) than I'd save.
Taxes aren't an important component? REALLY? Then IF that's so, then just leave our tax system the way it is!
Many Government departments and staff are redundant; some in duplicate and even triplicate. GET RID OF THEM!
Cut spending in all but the military, border patrol, and such departments.
These propositions harm people who have a lot of kids ( and I'm talking about married AMERICAN couples with lots of kiddos, who actually PAY taxes now! )and the seriously ill; for starters.
It WILL lower the standard of living for multiple millions of people, who take deductions now, but shan't be able to, in the future...should the things that we do know about ( and there's no doubt worse things, in there, that we do NOT know anything at all about yet )get put into the final Bill and it gets signed.
I didn’t say it wasn’t important, I said it may not necessarily be the MOST important component (of factors you can personally control)..
Speaking of entirety, how do you think the business tax rate cut will affect the economy in its entirety?
The corporations will have more money, which doesn't necessarily translate into a good economy.
More jobs is the "promise"; so too is the carrot of higher wages. Perhaps more jobs, but doing what? Higher salaries? That'll put people into higher tax brackets IF that even becomes a fact.
With less disposable income, people won't be able to buy as much. How then is THAT "good" for the economy?
One thing...prices won't come down!
During previous recessions and DEPRESSIONS ( which we just went through, but which was never called one and the government jiggled numbers so that the propaganda was that there was no inflation, when there was! ) prices came down. That hasn't happened in recent history.
Oh sure, some things, like T.V.s have come down in price over the last 65 years ( talking about the start of time when more and more people were able to buy them ) and so have computers and other items, but NOT food, clothes, etc.!
Right now, yes, people feel good about the economy and how things are going. But once you hit enough people in the pocketbook, that "feeling" changes.
Do you remember the Carter years? I DO!
I do my best to never talk about my REAL life, on threads, but okay, in broad terms, here's my experience back then. We did EXTREMELY well; though many, many people did not. But I was still concerned about those who were hurt by that mess; unlike some posters who are now just concerned and gleeful about how much they are getting, that's good for them.
These Bills are huge, not as big as the the ObamaCare mess, but there's a whole LOT of stuff that hasn't been made public. And THAT should concern EVERYONE!
Reagan's TAX CUT was a tax CUT for EVERYONE; not just the favored few and it was permanent. The ONLY permanent cuts, in this mess, is for HUGE corporations!
Well, some conservatives (like me, for instance) believe that things like taxes and premiums, etc, are not “paid” by corporations, they’re collected from the consumer and paid over to the government. The end user pays all taxes via the prices paid for goods and services. Income taxes are simply one of the component costs of doing business for a corporation. The lower your total costs, the more competitive you can be. That’s true for corporations and for nations among nations.
Please don’t get me wrong. I’m not happy with the congressional screwing of Trump’s tax plan, but it’s still better than doing nothing. And he wants it passed. Feels it will be a big win and will help him move the rest of his agenda. Especially knowing that Trump is also busily cutting regulations and wants to cut government itself. The winning formula is cut, cut, cut, rinse and repeat.
Actually I was asking about Pass Through and business income.
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