Should save me around $8000/yr. Thank you President Trump.
Trump tax plan....
- Thread starter BIGOSUFAN
- Start date
Why? Lower tax bracket, higher personal/family exemption. Do you have more in itemized deductions? Explain.
I'm not him, but that cap on state and local taxes is significant for high tax places. E.g., property tax in TX
My understanding is you can write off up to 10,000. That seems generous to me.
So you're saying people in low tax states should pay a higher percentage in Federal taxes than people in high tax states?
I pay about $11,000/year in property taxes and overall this plan will save me a lot of money. That money will go towards paying off my student loans and into my kids’ 529 plans.
I'm not saying what should be the case, only what the effect is. It could negatively affect a married couple with kids who have joint income of $200k in a state with state income tax or a home that has appreciated to over $500k. Again, maybe that is fine from a theoretical desirable policy, but it is a change.
So why do taxpayers have to pay people to get to work. Positive of new tax plan.
GOP Tax Bill Nixes Incentive For Company Commuter Benefits http://m.newson6.com/story.aspx?story=37081635
GOP Tax Bill Nixes Incentive For Company Commuter Benefits http://m.newson6.com/story.aspx?story=37081635
what do you want...no state income tax or higher property taxes....you don't get it all so pick your poison and adjust.
You seem to have read my post as taking a position or complaining about something. Not sure how to respond because I'm not sure what you've assumed here.
43...I was assuming a position occurred but you must be just stating an example with no position. I was just stating that my position was a position of stating you had a position and were complaining. Just wanted to clarify that.
But here I am stuck in the middle with you.
No literally. Your brothers take up too much room. This taking turns lap sitting gets creepier every time.
Lighten up, we've been on sabbatical due to an unscheduled removal of an infected tooth on Friday; just trying to catch up.
Here’s how I was taught by Accounting 1 TA....
Debits left, credits right, flaming Dr Pepper shots every Friday night.
Still serves me well to this day.
so I'd save $2,200 per the calculator....I thought it was about a wash and pretty much is.
I save a little so hey better then nothing I guess. I'm pretty much in the middle about this tax reform. Really I liked Rand Paul's tax reform the most. What I don't get is why aren't taxes just a set rate like 15%. I don't understand why if you make more money they penalize you.
I am honestly not beating the drum for a tax cut for myself. I do get sick of hearing I don't pay enough and should pay more.
I would also like to see the bracket structure greatly simplified and flatter, and think lowering the corporate tax rate is long overdue.
I would also like to see the bracket structure greatly simplified and flatter, and think lowering the corporate tax rate is long overdue.
I'd support a 0% corporate rate if it was offset by taxing dividends and capital gains as regular income.
The irony is the dems continually say the rich aren't taxed enough or this tax plan is a give away to the rich. Yet, Pelosi and others from high tax states are bitching that their citizens are going to pay through the nose because of the limits on mortgage and state/local tax deductions. I thought they wanted the rich to pay more.
“The four pillars of Reagan's economic policy were to reduce the growth of government spending, reduce the federal income tax and capital gains tax, reduce government regulation, and tighten the money supply in order to reduce inflation.[2] During Reagan's presidency, the national debt nearly tripled, and the U.S. went from being the world's largest creditor nation to the world's largest debtor nation in under eight years.[3][4]”
Trump thinks economic growth is going to reach unprecedented levels...that’s just stupid. There’s only so much demand for goods and services. Do people actually believe Americans are going to start spending that much more with a few more pennies in their pocket? Time and time again, top-down voodoo economics is proven not to work. Why buy into the bullshit?
Tax Policy Center - this plan doesn’t work
Joint Committee on Taxation - this plan doesn’t work
Brookings Institution - this plan doesn’t work
Federal Reserve - this plan doesn’t work
Wharton School of Business - this plan doesn’t work
Why would you logically let the Uber-wealthy have another $26,000 for every million, when you the middle class don’t see NEAR that, if any real difference? Cuz...party right?
Mind still blown.
Trump thinks economic growth is going to reach unprecedented levels...that’s just stupid. There’s only so much demand for goods and services. Do people actually believe Americans are going to start spending that much more with a few more pennies in their pocket? Time and time again, top-down voodoo economics is proven not to work. Why buy into the bullshit?
Tax Policy Center - this plan doesn’t work
Joint Committee on Taxation - this plan doesn’t work
Brookings Institution - this plan doesn’t work
Federal Reserve - this plan doesn’t work
Wharton School of Business - this plan doesn’t work
Why would you logically let the Uber-wealthy have another $26,000 for every million, when you the middle class don’t see NEAR that, if any real difference? Cuz...party right?
Mind still blown.
Assuming you could fiddle with the brackets and the rates to your satisfaction, why would you prefer a corporate tax and special rates for dividends and capital gains?
I think tax rates on capital gains and dividends are high enough. I don’t want to see those taxes on investments increase. You really want to substitute a lower corporate taxes with higher taxes on personal investments?
I said you could fiddle with the rates and the brackets to isolate the discussion from your feelings on tax levels and to focus it on the tax categories.
Corporations can use profits on distributions or investments. So by moving taxation away from the corporate entity and to the ownership, you increase the cash available for investment.
Corporate tax rates create all kinds of distortions. Debt is tax advantaged over equity which creates fragility in our financial system. Wasteful and inefficient activities like lavish executive perks and marketing are tax deductible and thus not evaluated at full cost.
Taxing dividends and capital gains as regular income at progressive rates encourages longer term investment and higher saving rates. They really aren't a tax on investment they are a tax on exiting investments.
Capital gains tax rates need to be lower. I'd prefer no differential in short term v long term capital gains and that rate should be the lower of the two.
