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Started By
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re: So 7 + 1 tax brackets, no closed loopholes, what is there to like?
Posted on 12/18/17 at 10:17 am to SLafourche07
Posted on 12/18/17 at 10:17 am to SLafourche07
quote:
SLafourche07
Just the man I have been looking for. Are you a CPA?
1
Posted on 12/18/17 at 10:18 am to mmcgrath
$1,550 back in my wallet per year. 
Posted on 12/18/17 at 10:19 am to Loserman
quote:
Economic growth has been stagnant. 3% growth was never achieved during the OBAMA presidency.
Using one single metric (gdp growth) to measure an overall economies health is not something any economist would endorse.
Posted on 12/18/17 at 10:19 am to SLafourche07
quote:
But titling your thread:
This isn't my thread. I simply responded to it.
quote:
After saying you haven't read it
Well, I'm not alone. Several Senators over the weekend said they hadn't yet read it either. And they're the damn ones voting on it, not me.
Posted on 12/18/17 at 10:20 am to Janky
Perhaps... 
Posted on 12/18/17 at 10:20 am to LSURussian
quote:
GDP Growth Slows to 1.9 Percent in Obama's Final Days The U.S. economy grew at a 1.9 percent clip during the final three months in which former President Barack Obama's was in the White House, according to a report published Friday by the Bureau of Economic Analysis. Gross domestic product growth in October, November and December slowed from the third quarter's 3.5 percent rate of expansion and was notably softer than what analysts anticipated.
I thought someone just told me that Obama never saw 3% growth during his term.
Posted on 12/18/17 at 10:21 am to SLafourche07
Do all LLCs get the 20% deduction?
Posted on 12/18/17 at 10:21 am to mmcgrath
To get back to the OP's question.
Exploding deficits are something I don't like but nobody cares about deficits anymore so why should I.
quote:
So 7 + 1 tax brackets, no closed loopholes, what is there to like?
Exploding deficits are something I don't like but nobody cares about deficits anymore so why should I.
Posted on 12/18/17 at 10:22 am to The Spleen
quote:
This isn't my thread. I simply responded to it.
My apologies. You all start to look-a-like after a few pages.
Posted on 12/18/17 at 10:23 am to Haughton99
quote:He didn't for any YEAR in his 8 years for the first time in our history for a two-term President.
I thought someone just told me that Obama never saw 3% growth during his term.
Facts are fickle things.....
Posted on 12/18/17 at 10:24 am to mmcgrath
quote:
no closed loopholes
Like what?
Posted on 12/18/17 at 10:28 am to Haughton99
quote:
Using one single metric (gdp growth) to measure an overall economies health is not something any economist would endorse.
Who said there was just one?
Unemployment is down. Food stamp applications are down. The stock market is soaring. With gdp that's now 4. How many do you need to admit the obvious?
Posted on 12/18/17 at 10:34 am to Zach
quote:
Unemployment is down.
It's been going down for how long? Longer than Trump has been President.
quote:
Food stamp applications are down.
They've been going down for how long? I'll save you the trouble. Since 2013
quote:
The stock market is soaring.
It's been on a near linear path since 2009 which hasn't changed.
quote:
With gdp that's now 4.
Link? 3.1 in 2nd qtr was 3.1 in 3rd it was 3.3.
quote:
How many do you need to admit the obvious?
What's obvious to those that aren't blinded by their love of all things Trump is that the economy is doing today what it has been doing for quite a few years.
Posted on 12/18/17 at 10:35 am to Janky
quote:
Do all LLCs get the 20% deduction?
*Disclaimer: I have not read through all of the bill yet. So there is more likely than not (definitely) some parts I am missing.*
Short answer: No.
Slightly Longer answer:
It only applies to pass through entities. (Sole-Prop/Partnership/S-Corp)
If the LLC elects to be taxed as a C-Corp. It does not. However it does get the lowered 21% rate.
There are limitations on which types of businesses get to take the deduction (example: professional service businesses), but I believe that even those types of businesses will be able to take the 20% deduction if their income is below the threshold ($157,500 single & $315,000 MFJ) Phaseouts are $50,000 & $100,000 respectively.
Also, I do not believe that you can take the deduction on an LLC set up for investing. If that's the idea that you had.
Posted on 12/18/17 at 10:36 am to Haughton99
quote:Nope. The economy is doing better now than it did in any year of Obama's terms.
is that the economy is doing today what it has been doing for quite a few years.
Posted on 12/18/17 at 10:38 am to LSURussian
quote:This!
He didn't for any YEAR in his 8 years for the first time in our history for a two-term President.
Facts are fickle things.....
33y/o College Grads in the workplace since 2006 have never seen a normal economy.
Posted on 12/18/17 at 10:40 am to mmcgrath
The prospect of Economic prosperity is overwhelming Progressives with pessimism. It’s fun to see people like you squirm at the prospect of people prospering.
Posted on 12/18/17 at 10:43 am to NC_Tigah
quote:I don't know how the job market is in your area, NC_T, but here in Baton Rouge I've never seen so many "Help Wanted" signs on businesses. And it's not just since Christmas hiring started. It's been that way going back to the late summer months.
33y/o College Grads in the workplace since 2006 have never seen a normal economy.
A friend of mine who works for a somewhat large industrial company in Human Resources tells me he can't find enough workers to fill their openings.
Posted on 12/18/17 at 10:44 am to Bunyan
quote:
The part where taxes are cut and the economy is already booming....
FIFY
Posted on 12/18/17 at 10:50 am to SLafourche07
quote:
Also, I do not believe that you can take the deduction on an LLC set up for investing. If that's the idea that you had.
Thank you. I am also in the professional services industry and have a LLC. In 2016, I was taxed as an S corp, but because of the recent tax ruling and wages this year I will not be taxed as an S corp. I saw earlier you said the 20% deduction will benefit you. So, as someone similar (professional service provider) I was wondering how it would benefit me. Thanks for your time.
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