Trump tax plan....

[Headhunter]

Trump thinks economic growth is going to reach unprecedented levels...that’s just stupid..

Look at the economic growth numbers the NY Fed is now predicting. More than double anything Obama ever achieved.

The problems with all the organizations you cite is they base their models on very low GDP.

Trump's got the formula, the key is job growth which in turn creates upward pressure on wages. The story of Obama's economic failure is that labor participation was horrible and not reflected in unemployment numbers and wage growth was non-existent.

Solve those two labor problems and you have more people with larger disposable incomes which fuels major economic growth.

Everything I've seen for the last year points to Trump having a lot of economic success and GDP being extremely strong. This basically destroys any economic pessimism Dems are pushing on the new tax code we are going to have.

 

[imprimis]

My mother retired after 30 years in the legal department of the Federal Reserve. Based on the stories of the inner workings of the Fed, I wouldn't trust them to run the dog pound.

 

[07pilt]

Look at the economic growth numbers the NY Fed is now predicting. More than double anything Obama ever achieved.

The problems with all the organizations you cite is they base their models on very low GDP.

Trump's got the formula, the key is job growth which in turn creates upward pressure on wages. The story of Obama's economic failure is that labor participation was horrible and not reflected in unemployment numbers and wage growth was non-existent.

Solve those two labor problems and you have more people with larger disposable incomes which fuels major economic growth.

Everything I've seen for the last year points to Trump having a lot of economic success and GDP being extremely strong. This basically destroys any economic pessimism Dems are pushing on the new tax code we are going to have.

Trump GDP baby! Catch the fever!

 

[Headhunter]

My mother retired after 30 years in the legal department of the Federal Reserve. Based on the stories of the inner workings of the Fed, I wouldn't trust them to run the dog pound.

Trust me I'm no Fed fan but if the NY Fed is predicting big GDP you know they are looking at stats they can't deny.

 

[windriverrange]

“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.

Until the butt wipes, all the butt wipes, in congress and across this land understand that the money they are pissing away is mine/your money and not some endless honeypot. I'll take any and all breaks that put more of what I earn in my pocket. With that added money, will definitely spend more on things and up the % of my 401K etc.

The long term problem with these things is really not wether they work or not...btw I think they do and will enhance growth huggly, especially after 8 years of the ex-rodent in chief, but when will the above mentioned butt wipes that infest all branches of government understand the debt they abhor, the lack of economic activity they lament about and other woes they get on camera and cry about are almost all created by their inefficient policies and ineptitude. Including an insatiable appetite to appear relevant when a mannequin proped up in their place couldn't do any worse and would certainly spend trillions less.

By the way, all those think tanks you listed what was their scoring/accuracy on obysmalcare? Just to kind of get a reference as to whether they are objective or in the tank for their financial sponsors.

 

[cableok]

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.

you may want to rethink this statement. They are definitely a tax on investments and dividends certainly are not a tax on exiting investments.

 

[07pilt]

you may want to rethink this statement. They are definitely a tax on investments and dividends certainly are not a tax on exiting investments.

That's it?

When do you pay capital gains? As the gains accrue, or after you realize the gain (by exiting the investment)?
Also, without even fudging the brackets and rates you could get over $50K a year in capital gains/dividends taxed below the current capital gains rate.

Dividends come at the expense of continued investment.

 

[cableok]

That's it?

When do you pay capital gains? As the gains accrue, or after you realize the gain (by exiting the investment)?
Also, without even fudging the brackets and rates you could get over $50K a year in capital gains/dividends taxed below the current capital gains rate.

Dividends come at the expense of continued investment.

I pay capital gains every year. And I am not exiting an investment.

For example, If you have funds in a mutual fund in a taxable account, you most likely will have cap gains. If you have a lot of funds deposited there it can be very significant. I don’t want to see capital gains taxes increased.

 

[07pilt]

I pay capital gains every year. And I am not exiting an investment.

For example, If you have funds in a mutual fund in a taxable account, you most likely will have cap gains. If you have a lot of funds deposited there it can be very significant. I don’t want to see capital gains taxes increased.

Your manager is exiting investments. Under a zero corporate rate regime that mutual fund can reorganize as a corporation and those taxes can be avoided.

 

[GoPokes43]

Your manager is exiting investments. Under a zero corporate rate regime that mutual fund can reorganize as a corporation and those taxes can be avoided.

And more would be distributed since the underlying corporations wouldn't be paying corporate taxes.

 

[squeak]

“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 did close to the opposite of Reagan.

 

[Bitter Creek]

Should save me around $8000/yr. Thank you President Trump.

That's because you are a 1%er. They are going to take money that the middle class has EARNED and give it to you.

 

[Headhunter]

This tax bill is not the one a lot of us conservatives would of written but with the sh!t hole that is congress I'll take it.

Bottom line. Corporations benefit, some say that's good for economic growth, Democrats say no just a payoff to corporate donors.

Everyone who doesn't itemize on their tax forms will benefit and many people who did itemize will no longer need to.

If you itemize and deduct more than 10,000 in taxes you will probably pay more. I thought Dems like rich people paying more?

I have a feeling when most people start seeing a few extra bucks in their paychecks every payday they will get a lot more warm and fuzzy feelings about this new tax system.

 

[07pilt]

This tax bill is not the one a lot of us conservatives would of written but with the sh!t hole that is congress I'll take it.

Bottom line. Corporations benefit, some say that's good for economic growth, Democrats say no just a payoff to corporate donors.

Everyone who doesn't itemize on their tax forms will benefit and many people who did itemize will no longer need to.

If you itemize and deduct more than 10,000 in taxes you will probably pay more. I thought Dems like rich people paying more?

I have a feeling when most people start seeing a few extra bucks in their paychecks every payday they will get a lot more warm and fuzzy feelings about this new tax system.

Weird how the individual tax cuts expire, but the corporate and estate tax cuts don't.

 

[windriverrange]

Headhunter I itemize and am sure it will be over 10K this year: house & rental house interest, had to set up a home office this year and buy all the goodies for such, plus the space I'm using for office and charities. I'm betting it will be close to 14k or 15k. Hate hearing I'm potentially hosed.

Know can go on the web and find a calculator, do you have a specific one in mind?

 

[07pilt]

Headhunter I itemize and am sure it will be over 10K this year: house & rental house interest, had to set up a home office this year and buy all the goodies for such, plus the space I'm using for office and charities. I'm betting it will be close to 14k or 15k. Hate hearing I'm potentially hosed.

Know can go on the web and find a calculator, do you have a specific one in mind?

If you set up a pass through LLC or partnership (which it sounds like your situation may merit) you might come out ahead regardless.
You might not itemize now that the standard deduction has gone up.
The 10K(11K?) limit is only on state and local taxes.
Pretty sure all this hits 2018 and won't affect what you deduct for 2017.

 

[100TonsofOrangeFury]

Weird how the individual tax cuts expire, but the corporate and estate tax cuts don't.

Weird how supposedly educated people don't understand, or willfully ignore, the fact that Senate budget rules unrelated to this current legislation mandate that individual cuts MUST expire by law.

And let's not even start in on who pays our country's taxes, and thus, who must benefit when they're reduced.

 

[07pilt]

Weird how supposedly educated people don't understand, or willfully ignore, the fact that Senate budget rules unrelated to this current legislation mandate that individual cuts MUST expire by law.

And let's not even start in on who pays our country's taxes, and thus, who must benefit when they're reduced.

The budget rules only mandate the size of the budget deficit increase and that it can't increase the budget deficit past ten years. It is an active choice to expire the individual cuts instead of the corporate and estate taxes.

Also people who make between 100K and 200K pay the most taxes by far, yet their cut is smaller than those who make between 200K and 1M.

 

[imprimis]

Weird how supposedly educated people don't understand, or willfully ignore, the fact that Senate budget rules unrelated to this current legislation mandate that individual cuts MUST expire by law.

And let's not even start in on who pays our country's taxes, and thus, who must benefit when they're reduced.

There are a lot of archaic Senate rules which need revamping or eliminating.

 

[Headhunter]

Headhunter I itemize and am sure it will be over 10K this year: house & rental house interest, had to set up a home office this year and buy all the goodies for such, plus the space I'm using for office and charities. I'm betting it will be close to 14k or 15k. Hate hearing I'm potentially hosed.

Know can go on the web and find a calculator, do you have a specific one in mind?

I believe you still get your primary residence interest deduction on mortgages up to $750,000. Not sure about your rental, I think that might of been eliminated.

 

[imprimis]

California legislators are already looking for ways around these tax cuts. One suggestion is to deem state and local governments charities and allow their residents to reclassify their state/local tax payments as federal charitable contributions which are 100% deductible.

 

[100TonsofOrangeFury]

The budget rules only mandate the size of the budget deficit increase and that it can't increase the budget deficit past ten years. It is an active choice to expire the individual cuts instead of the corporate and estate taxes.

Also people who make between 100K and 200K pay the most taxes by far, yet their cut is smaller than those who make between 200K and 1M.

Ummm, false

Spare me Comrade Pelosi word games that redefine "less" and "more".

 

[07pilt]

Ummm, false

Spare me Comrade Pelosi word games that redefine "less" and "more".

Yes if you jam everyone who makes more than $250,000 a year into one category this is correct, but I think it is a stretch to consider someone who makes a $250K in the same category as some one who makes $1M or $10M.
If you break it down to more sensible brackets: $200K-$500K, $500K-$1M, and $1M->. The $100K-$200K bracket does indeed pay the most in taxes. The Joint Committee on Taxation makes all this information readily available (h/t @GunsOfFrankEaton )

I should also point out that you can easily cut taxes an equivalent amount with out a penny of the cuts going to anyone making more than $200K.



Also are you conceding that "Weird how supposedly educated people don't understand, or willfully ignore, the fact that Senate budget rules unrelated to this current legislation mandate that individual cuts MUST expire by law." was false?

 

[JonnyVito]

Meet the Jones..

 

[N. Pappagiorgio]

Headhunter I itemize and am sure it will be over 10K this year: house & rental house interest, had to set up a home office this year and buy all the goodies for such, plus the space I'm using for office and charities. I'm betting it will be close to 14k or 15k. Hate hearing I'm potentially hosed.

Know can go on the web and find a calculator, do you have a specific one in mind?

http://taxplancalculator.com/

 

[windriverrange]

Thanks NPap!

 

[NZ Poke]

 

[cableok]

View embedded media

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[CSCOTTOSUPOKES]

 

[aix_xpert]

http://taxplancalculator.com/

Set up your rental property as a pass through corp and the law will benefit you bigly.

 

[aix_xpert]

The real question in my mind about this bill and whether its good or not for the general public is whether or not you believe Congress will actually let the tax cuts expire in 2024. I don't see that happening.

 

[BIGOSUFAN]

Look at the economic growth numbers the NY Fed is now predicting. More than double anything Obama ever achieved.

The problems with all the organizations you cite is they base their models on very low GDP.

Trump's got the formula, the key is job growth which in turn creates upward pressure on wages. The story of Obama's economic failure is that labor participation was horrible and not reflected in unemployment numbers and wage growth was non-existent.

Solve those two labor problems and you have more people with larger disposable incomes which fuels major economic growth.

Everything I've seen for the last year points to Trump having a lot of economic success and GDP being extremely strong. This basically destroys any economic pessimism Dems are pushing on the new tax code we are going to have.

Link for the NY Fed predictions?

 

[purkey]

If you set up a pass through LLC or partnership (which it sounds like your situation may merit) you might come out ahead regardless.
You might not itemize now that the standard deduction has gone up.
The 10K(11K?) limit is only on state and local taxes.
Pretty sure all this hits 2018 and won't affect what you deduct for 2017.

the 10k limit includes state and local taxes and property tax.

 

[CSCOTTOSUPOKES]

Link for the NY Fed predictions?

https://www.google.com/amp/s/www.cn...ms-that-tax-cuts-will-pay-for-themselves.html

 

[NZ Poke]

Rich celebrities and media figures pretending to be upset about tax cuts should write massive checks to the IRS and post screenshots of the checks.

The IRS will happily take their money.

 

[07pilt]

Rich celebrities and media figures pretending to be upset about tax cuts should write massive checks to the IRS and post screenshots of the checks.

The IRS will happily take their money.

All the clash of civilization types should be in Syria and Iraq fighting ISIS. Especially Sebastian Gorka.

 

[BIGOSUFAN]

All the clash of civilization types should be in Syria and Iraq fighting ISIS. Especially Sebastian Gorka.

No need for that. Under President Trump's leadership, ISIS has been almost completely eradicated. #MAGA

 

[07pilt]

No need for that. Under President Trump's leadership, ISIS has been almost completely eradicated. #MAGA

A Wahhabi empire still controls the worlds greatest oil field.

 

[Marshal Jim Duncan]

https://www.geekwire.com/2017/boein...g-unveils-300m-initiatives-response-tax-bill/

 

[Marshal Jim Duncan]

https://www.businesswire.com/news/home/20171220005943/en/Tax-Reform-ATT-Plans-Increase-U.S.-Capital