My suspicion is they will eventually give up on most of this and settle for the one thing they can all agree on, giant, debt financed tax cuts for rich people.
Get ready for all that trickle-down, folks!
Off to a rousing start:
Being an accountant and finance guy I'm interested in how this will affect me. Based on the vague information that's been released and a few reasonable assumptions I'm looking at a tax hike of between 6% and 12% for a married family of 5 with less than $100,000 gross income.
Being an accountant and finance guy I'm interested in how this will affect me. Based on the vague information that's been released and a few reasonable assumptions I'm looking at a tax hike of between 6% and 12% for a married family of 5 with less than $100,000 gross income.
Those who will not learn from history are suckers.wow lol i got alot of hate for that!
just so were clear, the prevailing position here is that, although trump says he will cut taxes for the middle class. what he means by that is he will actually raise their taxes, enormously!!!11!!111
based on nothing but pure speculation...
lol okey dokey, well carry on i guess.
Yeah I itemize now and deduct about $17,500, plus we get $20,250 in personal exemptions. Under the proposal that combined deductible of $37,750 ends up dropping to the standard deduction of $24,000. That increase in taxable income in not even close to being offset by a reduction in rate from 15% to 12% on most of our income.
Yeah I itemize now and deduct about $17,500, plus we get $20,250 in personal exemptions. Under the proposal that combined deductible of $37,750 ends up dropping to the standard deduction of $24,000. That increase in taxable income in not even close to being offset by a reduction in rate from 15% to 12% on most of our income.
+1000!!!
Truth finally coming into the open....
+1000!!!
Already say on MSNBC this morning that the 'Tax reform' **cough** will cost 5 Trillion dollars over 10 years.
Other changes to the code 'should' draw back approximately 1/2 of that for a net cost of $500B US per year for the next ten years! We are already in debt - stupid tax plan starts off stupid
wow lol i got alot of hate for that!
just so were clear, the prevailing position here is that, although trump says he will cut taxes for the middle class. what he means by that is he will actually raise their taxes, enormously!!!11!!111
based on nothing but pure speculation...
lol okey dokey, well carry on i guess.
Your assumptions are based on Trump being honest and keeping his word...
And this is somehow different then all the other GOP attempts at "tax reform"..
Which position is the crazy one?
I'm 100% in favor of eliminating the mortgage interest deduction and the state/local tax deduction but we have to be smart about it and phase these things in gradually, not in a giant 'fuck you' to people in blue states or states with high cost of housing.
Only the estates of the wealthiest 0.2 percent of Americans — roughly 2 out of every 1,000 people who die — owe any estate tax. (See Figure 1.) This is because of the tax's high exemption amount, which has jumped from $650,000 per person in 2001 to $5.49 million per person in 2017.May 5, 2017
Cheeto states that millions of small business owners will now be able to pass their hard earned business to their heirs without them having to sell to pay the estate taxes. Only 0.2% of the people have to pay the estate tax. The problem is that his base will believe everything he says about this crap.
Sounds like some changes:
https://townhall.com/tipsheet/katie...eedom-cause-supports-trumps-tax-plan-n2387396
Mortgage deductions stays, yuuge surprise! A solid handout to the rich so why would that be removed..
Since the rich pay more in taxes (obvi) removing some deduction could be good. Could..
-The lowest federal income tax bracket for individuals will sit at 12 percent, an increase from 10 percent, but will be offset by an expansion of the child tax credit. There will be three brackets total, down from seven, with the other two at 25 and 35 percent.
-The small business tax rate will drop to 25 percent, the lowest in America since the 1930s.
-The corporate tax rate will be decreased from 35 percent to 20 percent, prompting American money to come home from overseas.
-The child tax credit will be expanded. Administration officials nor the President will provide an exact number and will rely on proper congressional committees to come up with one they deem appropriate.
-Rewriting tax regulations so Americans can complete their taxes on a single page.
-Getting rid of double taxes, including the death tax.
-Eliminate itemized deductions
-Eliminate state and local deductions
-Charitable deductions are not changing
-Retirement taxes will not be touched
-Mortgage deductions will not change
They are trying to sell it this way but remember, doubling the standard deduction is a backdoor way of eliminating the mortgage interest deduction for the vast majority of people. It would basically be a way to keep it for the rich and no one else.