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re: What does Trump's three tier bracket mean?
Posted on 1/23/17 at 7:39 pm to Ramblin Wreck
Posted on 1/23/17 at 7:39 pm to Ramblin Wreck
quote:
So the tax brackets will go away and be replaced by just 3? That's quite a jump going from $75,000 to $75,001. Still know I'm missing something here.
Dude. Progressive tax...
0
Posted on 1/23/17 at 8:35 pm to barry
quote:
This is too drastic unless he plans on simplifying the tax code.
I saw somewhere that he wants to eliminate most deductions and raise the standard deduction to $15k.
His goal is to tax you based on what you make, not how good your accountant is.
Posted on 1/23/17 at 9:31 pm to Bestbank Tiger
If he legitimately simplifies the damn code, then I am okay with even paying more than I do today 
I truly feel like it is thy important of an issue. I'm all for a Fair Tax and a postcard tax filing.
The big question is whether this is for single and married people.
I truly feel like it is thy important of an issue. I'm all for a Fair Tax and a postcard tax filing. The big question is whether this is for single and married people.
Posted on 1/23/17 at 10:04 pm to Iowa Golfer
quote:
There is a bunch more. Pass through income from sole proprietorships, llc's s-corps etc not flowing into one's personal tax rate(s), but flowing into a fixed rated of either 15% (Trump) or 25% (House).
I have a feeling (not proof, but a feeling) that they may try to allow only the "better" rates on business income if you are a C corp. The IRS/Congress do not like passthrough taxation, and they are not big fans of Schedule C either. They want more corporations (or LLCs taxed as corporations) and this could be a way to force the issue.
If that doesn't happen, my guess is that you would calculate your taxes as your normally do, except the portion that is business would get taxed at 15% if the marginal rate is higher. Kind of like how qualified dividends are calculated.
Posted on 1/24/17 at 7:21 am to LSUFanHouston
I hope you are wrong. Selfishly as I have s corp distributions. But bigger picture I think tax breaks to wealthier persons (and larger corporations) are not reinvested as much as they are saved. My instinct is that a tax cut to smaller businesses would generate significant economic growth. Most people are employed by small guys, and most new jobs are created by small guys. If I received a break on my pass through distributions, I would seriously consider hiring a new salespersons, and if that worked out, that would require a new customer service person.
I'm watching this entire thing unwind, and it has been a moving target. Trump backed away from this at one time indicating only pass through income that had retained earnings, of which there are few, so I'm not even sure what that means.
I'm watching this entire thing unwind, and it has been a moving target. Trump backed away from this at one time indicating only pass through income that had retained earnings, of which there are few, so I'm not even sure what that means.
Posted on 1/24/17 at 8:15 am to lynxcat
quote:
The big question is whether this is for single and married people.
15k for single and 30k for married is the proposed standard deduction that I've seen in his plan.
Posted on 1/24/17 at 12:22 pm to lynxcat
quote:
If he legitimately simplifies the damn code
He probably would like to, but congress knows the power is in taxation. Simplification reduces their power so I fail to see any scenario where simplification occurs. Tax breaks, absolutely, but not simplification.
Posted on 1/24/17 at 1:21 pm to SippyCup
quote:
He probably would like to, but congress knows the power is in taxation. Simplification reduces their power so I fail to see any scenario where simplification occurs. Tax breaks, absolutely, but not simplification.
ALL OF THIS.
I tell people all the time - the power to tax - and to exempt from tax - is one of the most pure power there is. We have a gabillion pages of tax code and regulation because Congress enjoys the power to reward certain things and punish other things.
Will this GOP congress actually give up that power? They say they will. But they also say they will reduce spending, cut the deficit, etc - and they have failed on all counts.
Posted on 1/24/17 at 1:49 pm to LSUFanHouston
quote:
We have a gabillion pages of tax code and regulation
Most of that comes from defining what specifically you are trying to tax.
People find loopholes in definitions etc, then the tax man has to come back and close loopholes with more tax code. Endless cycle
Posted on 1/24/17 at 4:18 pm to barry
quote:
I am SHOCKED at the # of adults who don't understand progressive tax brackets.
I get calls about this daily and I am not a tax professional
Posted on 1/25/17 at 6:11 am to Old Money
I agree re: the convo about the power to tax and Congressional avarice. But I also think many people don't realize that with globalization and the rise of corporations-large and small-Congress still has the ability to create winners and losers and exert control, power and influence over corporations. Focusing on the individual is nickel and dime, penny ante type stuff. Business and commercial regulation is where they will still retain a massive influence.
Posted on 1/25/17 at 9:18 am to Epic Cajun
quote:
15k for single and 30k for married is the proposed standard deduction that I've seen in his plan.
But cutting your $4,050 per person exemption. The cutting of the exemption increases my taxes (using his website's older tax brackets) since my itemized withholdings are currently about $15,000.
Posted on 1/25/17 at 9:28 am to torrey225
I don't see how this could be.
Posted on 1/25/17 at 9:56 am to torrey225
It definitely works out better for some people. We're a married couple with no kids, and we don't itemize.
Posted on 1/25/17 at 11:54 am to Iowa Golfer
quote:
I don't see how this could be.
The tax brackets were not as generous as the ones posted here. Most people would get a tax break b/c $15k is more deductible than they would get otherwise (especially for married couples). But the loss of the extra $4000 made me owe a few hundred more.
Posted on 1/25/17 at 11:58 am to torrey225
If you have children there is also a new child care credit in his plan.
Posted on 1/25/17 at 12:03 pm to Ramblin Wreck
LINK
According to his website, These rates are for married couples only. Divide in half for single rates.
0 to 37,500 12%
37,500 to 112,500 25%
According to his website, These rates are for married couples only. Divide in half for single rates.
0 to 37,500 12%
37,500 to 112,500 25%
This post was edited on 1/25/17 at 12:17 pm
Posted on 1/25/17 at 12:04 pm to Epic Cajun
quote:
If you have children there is also a new child care credit in his plan.
I'm single, no kids.
Posted on 1/25/17 at 12:08 pm to torrey225
Nevermind...I reran due to those rates only being for married couples. Will owe more. Went from owing $10,553 to $10,920 with my deduction of $15,069. Didn't realize those tax rates were for married initially. I'll owe less if we keep the personal exemption.
This post was edited on 1/25/17 at 12:20 pm
Posted on 1/25/17 at 5:31 pm to southernelite
quote:
Not even congress is that fricking stupid
Whoa, whoa, whoa. How sure are you about that?
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