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re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
Posted on 9/27/17 at 11:03 am to Iowa Golfer
Posted on 9/27/17 at 11:03 am to Iowa Golfer
quote:
Are you disappointed
Of course not, I feel I had no reason to expect anything I'd be impressed with from this admin or congress. That's because it's been clear for a while that they weren't actually seeking any "reform", they just wanted a tax cut. Which isn't inherently bad or good, but depends on the circumstances. And my view of the circumstances is that our long-term deficit picture is a bigger problem right now than taxes (on either households OR businesses) being too high. With no intent of any type of meaningful spending reform in sight, the outcome of this was always likely to look like shite to me
This post was edited on 9/27/17 at 11:05 am
2
Posted on 9/27/17 at 11:09 am to 90proofprofessional
I didn't expect reform either. Amnd I advocated a deeper cut, targeted more specifially.
But that the House Republicans pulled out "taxes on a postcard", right in this "cucked" document, is extremely disappointing to me.
"Taxes on a postcard", and "brackets". Watch, people will pee themselves over those platitudes.
Anyway, if pass through goes to 25%, this will be my cut. Even the playng field between job creators and large, publically traded corporations that generall never reinvent in new employees, or salary increases unless forced. Where as a lot of us smaller guys will gladly give pay raises, and try to grow. Not tnat all large publically traded corporations fit my description above, but many do. In some ways, they are similair to government.
But that the House Republicans pulled out "taxes on a postcard", right in this "cucked" document, is extremely disappointing to me.
"Taxes on a postcard", and "brackets". Watch, people will pee themselves over those platitudes.
Anyway, if pass through goes to 25%, this will be my cut. Even the playng field between job creators and large, publically traded corporations that generall never reinvent in new employees, or salary increases unless forced. Where as a lot of us smaller guys will gladly give pay raises, and try to grow. Not tnat all large publically traded corporations fit my description above, but many do. In some ways, they are similair to government.
Posted on 9/27/17 at 12:39 pm to 90proofprofessional
Granted this is not tax reform and thinking people knew there would be no real tax reform because McConnell and Trump lack the leadership to get it done.
That said---this proposal is FAR superior to what we have now.
I do want to understand the repatriation rate on foreign earnings by US corporations---it should be zero since the corporations paid the foreign taxes on it.
This gives businesses including the oft mentioned S corps and LLCs much lower rates AND allow much quicker expensing of capital investment for tax purposes.
The doubling of the standard deduction is ok so long as most household deductions disappear along with it. I don't like that this will mean even more people will go virtually untaxed. (Tax reform would end the income tax and give us the fair tax or a flat tax.)
This eliminates the horrible estate tax and the AMT. Both of which are just unfair.
Special interest tax credits and deductions should go away and rates should be lower.
Since Trump and McConnell lack the influence to do real tax reform I will take this.
That said---this proposal is FAR superior to what we have now.
I do want to understand the repatriation rate on foreign earnings by US corporations---it should be zero since the corporations paid the foreign taxes on it.
This gives businesses including the oft mentioned S corps and LLCs much lower rates AND allow much quicker expensing of capital investment for tax purposes.
The doubling of the standard deduction is ok so long as most household deductions disappear along with it. I don't like that this will mean even more people will go virtually untaxed. (Tax reform would end the income tax and give us the fair tax or a flat tax.)
This eliminates the horrible estate tax and the AMT. Both of which are just unfair.
Special interest tax credits and deductions should go away and rates should be lower.
Since Trump and McConnell lack the influence to do real tax reform I will take this.
This post was edited on 9/27/17 at 12:41 pm
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