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Started By
Message
re: Trump Tax Plan Thread - Stream is over (Cliff's in OP)
Posted on 4/26/17 at 12:58 pm to GRTiger
Posted on 4/26/17 at 12:58 pm to GRTiger
quote:
it more fair since the complaint has always been that deductions disproportionately benefited the rich.
ya, i understand
deductions benefit the rich/intelligent which is why i dont understand his motivation for doing so
its going to frick me over on the surface but the details of this thing are still sparse
2
Posted on 4/26/17 at 1:00 pm to mmcgrath
"Territorial Tax System" - not sure if that is good or bad.
Posted on 4/26/17 at 1:00 pm to Iosh
Is it?
Posted on 4/26/17 at 1:01 pm to rocket31
quote:
its going to frick me over on the surface
How?
Posted on 4/26/17 at 1:02 pm to Bard
quote:
----Taking current 7 tax brackets and reducing them to 3: 10%, 25% & 35% (income ranges to be determined)
I'm about to get so fricked - they better make that range higher than it was
Posted on 4/26/17 at 1:05 pm to SirWinston
quote:
I'm about to get so fricked
How?
Posted on 4/26/17 at 1:06 pm to fareplay
quote:
I will never understand how the plant baws in the poli board can have such conviction in their assessment of how a tax law will be good or bad when there are thousands of CPAs still trying to figure it out
Exactly, there is no way to judge how good or bad a tax plan like this is until you have more details of the brackets and the tax defuctions and credits. Marginal rates mean nothing without any context of how they are going to be applied.
And then this board says shite like, "Libz are so irrational!!!" MAGA." Well frick, you are judging tax reform before the meat of the plan has been released. Pure emotion.
This post was edited on 4/26/17 at 1:07 pm
Posted on 4/26/17 at 1:06 pm to mmcgrath
quote:
"Territorial Tax System" - not sure if that is good or bad.
A territorial system taxes businesses on only income earned within a country's borders.
By contrast, the US worldwide system taxes the domestic and foreign income of businesses with US headquarters. Businesses can claim a “foreign tax credit” for taxes that their foreign subsidiaries (incorporated entities) or foreign branches (unincorporated entities) pay in other countries. This credit limits double taxation. Where the foreign tax rate exceeds the U.S. rate, no U.S. liability is generated. Where the US tax rate is greater, US businesses owe a residual tax on their foreign earnings equal to the difference between the U.S. tax rate and the tax that their subsidiaries paid in the foreign country where they earned the income.
Combine this with the lower corporate rate and it could be a big boon to businesses.
This post was edited on 4/26/17 at 1:10 pm
Posted on 4/26/17 at 1:07 pm to 50_Tiger
Buy a house and give to charity then.
Posted on 4/26/17 at 1:08 pm to Bard
This plan can and should be passed.
Ryan should get off his BAT BS and have a vote on this as proposed TODAY!
Ryan should get off his BAT BS and have a vote on this as proposed TODAY!
Posted on 4/26/17 at 1:08 pm to MButterfly
quote:Unless they moved up the third bracket cutoff from where it was during the campaign
Is it?
Posted on 4/26/17 at 1:09 pm to mmcgrath
It's what most countries do. UK moved to this a few years ago. The general rule is deferred taxation anyway so I doubt it makes that big a difference in revenue. It would simplify things a bit, though, since subpart F is a bitch with all exceptions and exceptions to exceptions.
This post was edited on 4/26/17 at 1:12 pm
Posted on 4/26/17 at 1:11 pm to GRTiger
quote:It's the truth, but it invites the question as to when Trump changed his mind. Was it election night as soon as he won? Or was he never serious about his promise.
Asking for Trump's tax return again. Mnuchin might have gaffed there by starting the response with, "The president has no intention..."
Posted on 4/26/17 at 1:11 pm to Iosh
quote:
Unless they moved up the third bracket cutoff from where it was during the campaign
Bracket ranges are negotiation points with Congress. Call your members of Congress ;)
Posted on 4/26/17 at 1:11 pm to GRTiger
quote:33% bracket cutoff for singles is currently $190k. Campaign tax plan put it at $112k. Now they're saying 35% so if they don't move the cutoff I get a bigass tax hike.
How?
Posted on 4/26/17 at 1:12 pm to GRTiger
In the pre election Trump plans my rate went from 28% to 33%
Assuming they keep the range the same my tax will now go from 28% to 35%
Assuming they keep the range the same my tax will now go from 28% to 35%
Posted on 4/26/17 at 1:12 pm to SirWinston
I thought the same thing at first. Then I read about the first $24K of income is tax free. So, you essentially just got an additional $24,000 deduction. So, that could negate any additional due to the different rate structure.
Posted on 4/26/17 at 1:12 pm to GRTiger
quote:
How?
looks like im going to get bumped up a bracket while losing multiple deductions i take advantage of with stocks and dividends
but the details are still lost
Posted on 4/26/17 at 1:13 pm to hogwildinhouston
quote:
I thought the same thing at first. Then I read about the first $24K of income is tax free
if youre married, only 12k as a single
Posted on 4/26/17 at 1:13 pm to mmcgrath
quote:
Or was he never serious about his promise.
This was always my assumption. Not sure why it's a relevant question for this press conference, but I guess the media need their talking points.
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