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re: Trump Tax Plan Thread - Stream is over (Cliff's in OP)
Posted on 4/26/17 at 2:02 pm to Bard
Posted on 4/26/17 at 2:02 pm to Bard
So this is the entire tax plan at present
Essentially the Goldman boys just held a press conference to announce a one-page summary with less detail than the campaign plan
Essentially the Goldman boys just held a press conference to announce a one-page summary with less detail than the campaign plan
This post was edited on 4/26/17 at 2:03 pm
3
Posted on 4/26/17 at 2:10 pm to BBONDS25
quote:
.so liberals here are calling this a tax increase?
I looked at my situation, and it does raise my taxes slightly based on 2016 numbers.
quote:
And they are mad about it?
Yes and no. I don't mind paying a little more in taxes if I can see it's going to be put to good use. When I see this vague plan include eliminating the AMT, yes it makes me mad. Don't get me wrong, the AMT is in need of modification, but fully eliminating it is a massive tax cut for the wealthy.
quote:
I am going to wait for more details before deciding if I like it.
Same. I think there are some generally good ideas in it(lowering corporate tax rate(15% is too low, IMO), flat tax for S-corp and LLC filers, exemption from income tax for first $12-24K of income, etc. I think there's some bad as well. Eliminating AMT, eliminating estate tax, lowering capital gains rate. But that is just a first glance reaction.
Posted on 4/26/17 at 2:12 pm to Iosh
That's even thinner than I thought. If I had a week to come up with a rough tax plan as a HS student, that would be about what I would expect. Although I think it would be lite for a college course.
Posted on 4/26/17 at 2:12 pm to mmcgrath
quote:
personal deductions
quote:
credit
not the same.
Posted on 4/26/17 at 2:15 pm to Iosh
If you look at the bottom of the page you posted it appears that this is just the starting point and the admin will actually talk to folks and get their input on the details.
That's kind of good news.
In May, it looks like lots of meetings will be held to get that input.
I like it. It's better than ramming it down our throats.
That's kind of good news.
In May, it looks like lots of meetings will be held to get that input.
I like it. It's better than ramming it down our throats.
Posted on 4/26/17 at 2:22 pm to mmcgrath
quote:
That's even thinner than I thought. If I had a week to come up with a rough tax plan as a HS student, that would be about what I would expect. Although I think it would be lite for a college course.
You freaking crybabies will whine about goddamn anything.
Do you ever get tired of being such a pussy?
Posted on 4/26/17 at 2:25 pm to TitleistProV1X
quote:
I'm disappointed that he abandoned the plan to make child care costs tax deductible
Through work I can already set aside 5K/year pre-tax to pay for childcare in a dependent care FSA, how would this be different?
Posted on 4/26/17 at 2:26 pm to The Spleen
quote:none of these are even remotely bad
I think there's some bad as well. Eliminating AMT, eliminating estate tax, lowering capital gains rate.
Posted on 4/26/17 at 2:28 pm to mmcgrath
quote:
That's even thinner than I thought. If I had a week to come up with a rough tax plan as a HS student, that would be about what I would expect. Although I think it would be lite for a college course.
My God. You really outdo yourself sometimes.
Posted on 4/26/17 at 2:29 pm to Bard
This seems like a readonable tweek in the right direction. Not the reform I'd desire, but i'll take a step forward over nothing.
Posted on 4/26/17 at 2:31 pm to kingbob
Screw all of this. Implement the FairTax.
Posted on 4/26/17 at 2:33 pm to Bard
Unless he's planning an amnesty or something removing the student loan deduction seems moronic both fiscally and politically.
Posted on 4/26/17 at 2:35 pm to montanagator
quote:
Unless he's planning an amnesty or something removing the student loan deduction seems moronic both fiscally and politically.
Yeah this one is going to hurt me the most.
To be quite frank, you want to see a generation collapse. This is the way to do it.
Posted on 4/26/17 at 2:40 pm to 50_Tiger
Doubling of the standard deduction is the major piece IMO. Doesn't benefit the rich but benefits the regular worker.
Posted on 4/26/17 at 2:40 pm to mmcgrath
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?
There's a metric frickton of factors that would have to come into play to influence that one way or another.
Ex: I'm Apple and I make my iPhones in Taiwan then ship them to wherever to sell them.
Currently I pay tax on the income I make here in the US as well as the differential I pay for the profits I reap in other countries. With the highest corporate tax rate in the world, I'm paying lots of differentials.
If we go to a 15% corporate rate and a territorial system then I'm paying taxes only for what I sell in the US and that rate is now lower. Win-win for the business and (ideally) consumers. Profits soar so prices drop thus increasing demand thus increasing the need for more workers.
While this would encourage creating more jobs offshore, it wouldn't necessarily involve moving jobs offshore (which is normally what is meant by offshoring).
As the overseas workforce increases, the managerial workforce within the US would need to increase as well (although this wouldn't be nearly as many positions, the pay would be better) as well as more money for R&D (don't think for a second Apple isn't working on things like flying cars, VR, etc), which would likely be done domestically.
Now let's stay the territorial system is tied solely to products sold here where <50% of their manufacturing happens on US soil.
Or trade negotiations with Taiwan results in an import tariff that makes manufacturing and shipping from there back to the Western Hemisphere slightly more costly.
If something along those lines happen then everything shifts wildly to the US.
This is all based on the scant bit we know now so your mileage may vary (and probably will) on the final, full draft.
Posted on 4/26/17 at 2:41 pm to ithad2bme
quote:
Through work I can already set aside 5K/year pre-tax to pay for childcare in a dependent care FSA, how would this be different?
Seems like that would go away under this new plan as well.
Posted on 4/26/17 at 2:43 pm to Bard
He gets rid of the estate tax, but also gets rid of the stepped up basis. Is this correct? If so, this fricks everyone.
Posted on 4/26/17 at 2:44 pm to mmcgrath
quote:
Seems like that would go away under this new plan as well.
What makes you say that?
Posted on 4/26/17 at 2:44 pm to MSTiger33
quote:
also gets rid of the stepped up basis.
Whoa. That's not cool.
Posted on 4/26/17 at 2:47 pm to fareplay
Pay your fair share bitch
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