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re: GOP tax document reveals plan for massive tax cuts, preserves key deductions
Posted on 9/27/17 at 12:04 pm to Iosh
Posted on 9/27/17 at 12:04 pm to Iosh
If the brackets are the same as the original Trump plan, some people making around 100k (IIRC) would get bumped up higher so maybe he's referencing that.
2
Posted on 9/27/17 at 12:06 pm to RogerTheShrubber
quote:
Thats rich. You don't want kids so you want the deduction taken from those who do?
exactly. I choose not to have kids because I want more money for things I want to buy/do. I don't want to support people that don't know how to pull out. I have more disposable income than people with kids because I planned my life better than them. I shouldn't be penalized for that
Posted on 9/27/17 at 12:07 pm to Jeff Boomhauer
quote:
Although I'm curious why you omitted childless couples? We get screwed as well.
I know what you're saying seeing as to how I'm in that boat. However, I really believe that if I had two or three kids my financial status at this point would be way less than it is. It's kind of an unintended consequence I guess.
What galls my arse as a homeowner is the millage I pay for other people's kids to go to school that pay no millage themselves even though they have one child or several attending school on my dime and not theirs. I'm all for paying my share to promote education for our kids but they should also.
Posted on 9/27/17 at 12:07 pm to Iosh
who knows
hey (since you included corporate taxes), i assume you've come across some of the chatter in the econ-blog-world about the issue of monopolistic competition being increasingly tilted in the US in recent decades. in scenarios where that's true, corporate taxes aren't nearly as harmful as under the standard model. i don't think the argument on the state of monopoly power in general is really that close to over though
hey (since you included corporate taxes), i assume you've come across some of the chatter in the econ-blog-world about the issue of monopolistic competition being increasingly tilted in the US in recent decades. in scenarios where that's true, corporate taxes aren't nearly as harmful as under the standard model. i don't think the argument on the state of monopoly power in general is really that close to over though
This post was edited on 9/27/17 at 12:09 pm
Posted on 9/27/17 at 12:08 pm to HailHailtoMichigan!
Interesting.
Posted on 9/27/17 at 12:09 pm to Teddy Ruxpin
Right that's what I'm waiting on too. But I don't think you can assume that, "Obamacare repeal" basically ended up just doing two things (mandate repeal, block grants) off the AEI wishlist he campaigned on.
Posted on 9/27/17 at 12:09 pm to Jeff Boomhauer
quote:
I shouldn't be penalized for that
i think the intent there is to subsidize child-having as a policy choice. sorry!
Posted on 9/27/17 at 12:11 pm to Haughton99
quote:
I would support a drop in the corporate rate if it were accompanied by a major reduction in corporate tax loopholes.
Which loopholes? Specifically?
Posted on 9/27/17 at 12:12 pm to 90proofprofessional
frick natalism, I should just be able to sponsor some immigrants and keep having casual sex 
Posted on 9/27/17 at 12:13 pm to GFaceKillah
I havent read the whole tbread, but this is how they are making up the cuts.
They are eliminating the itemized deduction of state, local, and property taxes from federal returns. It's estimated to return 1.3 Trillion in revenue over 10 years.
LINK
They are eliminating the itemized deduction of state, local, and property taxes from federal returns. It's estimated to return 1.3 Trillion in revenue over 10 years.
LINK
Posted on 9/27/17 at 12:13 pm to Jeff Boomhauer
quote:
exactly. I choose not to have kids because I want more money for things I want to buy/do. I don't want to support people that don't know how to pull out
You aren't. It's their money, they earned it.
Posted on 9/27/17 at 12:15 pm to Jeff Boomhauer
quote:
want to know a lot more about what they are gutting. Since I already get screwed on the child deductions, if they take away the deductions that I do get then I will get double screwed.
Federal itemized deductions for state, local, and property taxes.
Posted on 9/27/17 at 12:16 pm to Teddy Ruxpin
quote:Man the American tax system sure loves to shaft upper middle-class people eh?
If the brackets are the same as the original Trump plan, some people making around 100k (IIRC) would get bumped up higher so maybe he's referencing that.
Posted on 9/27/17 at 12:16 pm to Iosh
quote:
frick natalism, I should just be able to sponsor some immigrants and keep having casual sex
^that deserved a trigger warning
Posted on 9/27/17 at 12:24 pm to HailHailtoMichigan!
Millions of people who make just over six-figures are going to be nailed with a jump from 28% to 35%. That is insane.
And only a political retard would raise the lowest rate - that's clearly a huge loser.
And only a political retard would raise the lowest rate - that's clearly a huge loser.
This post was edited on 9/27/17 at 12:26 pm
Posted on 9/27/17 at 12:31 pm to Tigerdev
quote:Thats where the money is.
Man the American tax system sure loves to shaft upper middle-class people eh?
People need to remember when they want MOAR government, they are likely to be the ones (not “the rich”) that will pay for it.
Posted on 9/27/17 at 12:33 pm to Taxing Authority
Technically no one will pay for it. Republicans aren't too keen on balancing the budget either...
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
Posted on 9/27/17 at 12:40 pm to I B Freeman
quote:So you want to completely shaft the middle class to pay for massive tax decreases on the rich?
so long as most household deductions disappear along with it.
Posted on 9/27/17 at 12:42 pm to Tigerdev
Who do you think doubling the standard deduction helps the most??? Geez you people.
Most of the middle class will not itemize with a $24000 standard deduction.
Most of the middle class will not itemize with a $24000 standard deduction.
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