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re: Trump Tax Plan Thread - Stream is over (Cliff's in OP)
Posted on 4/26/17 at 1:14 pm to Iosh
Posted on 4/26/17 at 1:14 pm to Iosh
Yup - so after finally getting my MBA to pay off for me (and after finally paying off my MBA) all that hard work, a move from NOLA to MKE, and three promotions will result in my paying over $10,000 per year in additional income taxes while corporations and wealthiest 5% get bigass tax breaks and estate tax breaks.
This is what the left was warning us about ("LOL at you thinking Trump is different") and if they turn out to be correct I'll never forgive Trump.
This is what the left was warning us about ("LOL at you thinking Trump is different") and if they turn out to be correct I'll never forgive Trump.
This post was edited on 4/26/17 at 1:15 pm
3
Posted on 4/26/17 at 1:16 pm to Bard
quote:
Will this be enough to stem inversions?
It should.
They need to also include a provision in this tax reform bill that all repatriated profits that go to purchase U.S. treasuries and state and local infrastructure bonds get taxes at a zero percent rate. You (the general you) ask how to pay for infrastructure improvements...that's how.
Posted on 4/26/17 at 1:16 pm to SirWinston
So like unless you make 390k this is a increase right?
welp there goes the home buying tax deduction idea
welp there goes the home buying tax deduction idea
Posted on 4/26/17 at 1:17 pm to Bard
quote:
----Eliminating most tax breaks (home ownership/mortgage interest & charitable giving excluded)
Please tell me that the earned income tax credit is getting the ax.
Posted on 4/26/17 at 1:17 pm to SirWinston
You need to tell your job that effective next year they will no longer be employing you, but will have a consulting relationship with SirWinston LLC so you can get that 15% rate
This post was edited on 4/26/17 at 1:18 pm
Posted on 4/26/17 at 1:17 pm to I B Freeman
quote:You can't call what we were told today a "plan". It is more of a wish list without a plan to get there.
This plan can and should be passed.
Posted on 4/26/17 at 1:18 pm to Bard
quote:
Territorial tax system (taxing businesses only on income made within the US, simplifies taxes for businesses)
This is how money finally comes home. This is HUGE.
Posted on 4/26/17 at 1:18 pm to rocket31
quote:
looks like im going to get bumped up a bracket
No indication of this yet. You can't even really come up with legitimate hypothetical situations at this point.
quote:
multiple deductions i take advantage of with stocks and dividends
Maybe, but you'd also get a much better tax rate on cap gains and dividends.
Posted on 4/26/17 at 1:18 pm to fareplay
Yah assuming his election range stays the same and accounting for the first $12k deduction this will really frick over mid level managers and emerging young executives / professionals.
He could EASILY have moved that range up significantly by simply making a 4th group for people making over $3 million a year or something which is honestly what he was proposing in August of 2015 or so
He could EASILY have moved that range up significantly by simply making a 4th group for people making over $3 million a year or something which is honestly what he was proposing in August of 2015 or so
This post was edited on 4/26/17 at 1:20 pm
Posted on 4/26/17 at 1:19 pm to SirWinston
quote:
will result in my paying over $10,000 per year in additional income taxes
How in the world could you even get a legit estimate on the impact to you at this point?
Posted on 4/26/17 at 1:20 pm to rocket31
the only saving grace for me is that i buy JNUG every time before this dumbass administration gives a speech
up 25% since
up 25% since
Posted on 4/26/17 at 1:21 pm to rocket31
I love all the libs crying about paying more in taxes when all they do is advocate for more government. I'm only for tax hikes when it hits hypocritical libs in the pocketbook. Delicious. MAGA
Posted on 4/26/17 at 1:21 pm to rocket31
quote:
the only saving grace for me is that i buy JNUG every time before this dumbass administration gives a speech
up 25% since
You'd get to keep more of that gain with this new plan.
Posted on 4/26/17 at 1:21 pm to GRTiger
quote:If you have uncomplicated finances (one salaried job + some retirement accounts) and take the standard deduction, there's not much to it other than where the bracket rates and cutoffs are. And it's hardly a stretch to make a working assumption they'll be similar to the three-bracket campaign plan.
How in the world could you even get a legit estimate on the impact to you at this point?
Posted on 4/26/17 at 1:23 pm to Iosh
quote:
the three-bracket campaign plan.
I forget what these were. I'd like to do some hypotheticals if you have those handy.
Posted on 4/26/17 at 1:23 pm to Iosh
Keen idea but we're very corporate and by the book.
Posted on 4/26/17 at 1:24 pm to GRTiger
quote:I'm not your fricking search engine
I forget what these were. I'd like to do some hypotheticals if you have those handy.
Posted on 4/26/17 at 1:24 pm to Iosh
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.
Same.
But guess who gets a big tax break with this vague plan? Trump and all his cronies! Populism!!!!
Posted on 4/26/17 at 1:24 pm to GRTiger
quote:
You'd get to keep more of that gain with this new plan
appears so - waiting for specifics on that
Posted on 4/26/17 at 1:24 pm to GRTiger
12% 0% $0 to $37,500 $0 to $75,000
25% 15% $37,500 to $112,500 $75,000 to $225,000
33% 20% $112,500+ $225,000+
income, capital gains, single and married. 33% went to 35% so you'd assume that range would grow from $112,500 to something like $135,000.
LINK
25% 15% $37,500 to $112,500 $75,000 to $225,000
33% 20% $112,500+ $225,000+
income, capital gains, single and married. 33% went to 35% so you'd assume that range would grow from $112,500 to something like $135,000.
LINK
This post was edited on 4/26/17 at 1:26 pm
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