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Started By
Message
1
Posted on 4/26/17 at 1:25 pm to Bard
quote:Thanks for the reply, but doesn't that greatly support off shoring of jobs? Why do it here for 20% tax when you can do it elsewhere for a 5% sweetheart deal?
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.
Posted on 4/26/17 at 1:25 pm to Iosh
quote:
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
No freaking way the LLC loophole gets through. As a sole member PLLC for years I sure hope so but no freaking way.
Posted on 4/26/17 at 1:26 pm to The Spleen
CNN initial estimate is that, using campaign cutoffs, 84% of Americans would see a decrease in tax
Posted on 4/26/17 at 1:26 pm to GRTiger
As a human being with a developed cerebrum, I'm capable of retaining information months, even years after it was originally processed.
Posted on 4/26/17 at 1:26 pm to Iosh
quote:
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
I like the cut of your gib, partner.
Posted on 4/26/17 at 1:28 pm to Bard
I'm disappointed that he abandoned the plan to make child care costs tax deductible. To me this is a great incentive to having both parents in the workforce. They could've capped it at $5-$10k per year per child.
Posted on 4/26/17 at 1:29 pm to Iosh
And as a douchebag, you refuse to have a rational discussion and provide easily recalled data that was requested in good faith and with no ill intention.
Thanks, SirWinston.
Thanks, SirWinston.
Posted on 4/26/17 at 1:29 pm to TitleistProV1X
quote:
I'm disappointed that he abandoned the plan to make child care costs tax deductible. To me this is a great incentive to having both parents in the workforce. They could've capped it at $5-$10k per year per child.
This disappoints me too.
ETA: Missed that part of the plan. I see that it is supposedly part of the plan.
This post was edited on 4/26/17 at 1:40 pm
Posted on 4/26/17 at 1:30 pm to TitleistProV1X
quote:
I'm disappointed that he abandoned the plan to make child care costs tax deductible.
I'm almost positive they said this is part of the plan. I might have heard wrong.
Posted on 4/26/17 at 1:31 pm to Bourre
your 23k of income wont be impacted anyways
Posted on 4/26/17 at 1:31 pm to GetCocky11
Child care credit is part of the plan.
Posted on 4/26/17 at 1:33 pm to TitleistProV1X
quote:Ivanka is going to have tomatoes thrown at her the next time she says her father supports the working mother.
I'm disappointed that he abandoned the plan to make child care costs tax deductible. To me this is a great incentive to having both parents in the workforce. They could've capped it at $5-$10k per year per child.
Posted on 4/26/17 at 1:34 pm to mmcgrath
quote:Child care credit is part of the plan.
Ivanka is going to have tomatoes thrown at her the next time she says her father supports the working mother.
Posted on 4/26/17 at 1:39 pm to HailHailtoMichigan!
quote:
Child care credit is part of the plan.
He doesn't care about facts. He's just here to complain about anything and everything Trump does.
Posted on 4/26/17 at 1:41 pm to rocket31
Posted by rocket31 online 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
Allow me to retort. YOU DONT GET ANY DEDUCTIONS FOR STOCKS AND DIVIDENDS. Good god. This is why simple folks dont need to comment on taxes and why this shite needs to be simplified.
You get a deduction for investment fees you pay to your broker to manage your portfolio but those are minimal impact to your tax rate compared to other deductions and the fact they are subject to the 2% AGI limitation.
Your investments in stocks and dividends remains unchanged on your tax return unless you are in the high income bracket subject to net investment income tax of 3.8% which will get repealed so instead of paying 23.8% on your investment income you will pay 20%, but judging by the fact that you think there are deductions for stocks and dividends you arent making that so you have nothing to take issue with.
Posted on 4/26/17 at 1:41 pm to rocket31
Not getting student loan interest deduction would be horrible for me. 14% of my pre-tax income last year went to student loans. Post tax that's like 20%.And I don't even have that many student loans.
Posted on 4/26/17 at 1:41 pm to HailHailtoMichigan!
quote:Only mortgage interest and charitable donations were kept as personal deductions as per Manchin.
Child care credit is part of the plan.
Posted on 4/26/17 at 1:42 pm to mmcgrath
quote:
Ivanka is going to have tomatoes thrown at her the next time she says her father supports the working mother.
You are on record as saying that there will be no child care credits.
Posted on 4/26/17 at 1:42 pm to TitleistProV1X
quote:
I'm disappointed that he abandoned the plan to make child care costs tax deductible. To me this is a great incentive to having both parents in the workforce. They could've capped it at $5-$10k per year per child.
Yeah WTF? I agree 100% and don't think of these things since I don't yet have kids, but that's a no brainer.
ETA: See that we're unclear on this. I hope it's in.
This post was edited on 4/26/17 at 1:44 pm
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