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Message
re: Trump Tax Plan Thread - Stream is over (Cliff's in OP)
Posted on 4/26/17 at 2:47 pm to Bard
Posted on 4/26/17 at 2:47 pm to Bard
quote:
Taking current 7 tax brackets and reducing them to 3: 10%, 25% & 35% (income ranges to be determined)
I'll be interested to see the brackets.
quote:
Top Cap Gains rate to 20%
I am definitely in favor
quote:
Repeal Inheritance tax
Good
quote:
Business tax reform
Excellent ideas.
0
Posted on 4/26/17 at 3:12 pm to Bard
There are a ton of people complaining today and it surprises me. I think if you start to understand Trumps mindset this tax plan makes a lot more sense. He is setting his anchors for negotiation, he went further than he wants so that he can give compromise with the 2 parties but still putting him in a place that he was originally comfortable with. This is because most people negotiate items based on relativity.
I suspect this to land at 17-20% after compromise.
I suspect that he compromises here by adding interest paid on fed student loans and maybe 1 or 2 more small items.
This is currently at like 5 million tax exemption, he wants to eliminate it, I see this staying in place but taking it up a factor, so maybe it goes to 50 million tax exemption.
Once these items all get ironed out, the big thing will be how much does it add to the debt. In order to do this, they will need to judge this on a ten year period with an average growth of 1%, 2%, 3%, and 4%. Based on the reports from WSJ at 2% growth it will add 2 trillion in additional debt over 10 years but would not change the debt to GDP ratio much. At 3% it is relatively neutral on debt and lowering the debt to GDP ratio, and at 4% it is lowering both the debt and the debt to GDP ratio.
quote:
----Corporate rate drops from 35% to 15%
I suspect this to land at 17-20% after compromise.
quote:
----Eliminating most tax breaks (home ownership/mortgage interest & charitable giving excluded)
I suspect that he compromises here by adding interest paid on fed student loans and maybe 1 or 2 more small items.
quote:
----Repeal Inheritance tax
This is currently at like 5 million tax exemption, he wants to eliminate it, I see this staying in place but taking it up a factor, so maybe it goes to 50 million tax exemption.
Once these items all get ironed out, the big thing will be how much does it add to the debt. In order to do this, they will need to judge this on a ten year period with an average growth of 1%, 2%, 3%, and 4%. Based on the reports from WSJ at 2% growth it will add 2 trillion in additional debt over 10 years but would not change the debt to GDP ratio much. At 3% it is relatively neutral on debt and lowering the debt to GDP ratio, and at 4% it is lowering both the debt and the debt to GDP ratio.
Posted on 4/26/17 at 3:16 pm to Iosh
quote:
Essentially the Goldman boys just held a press conference to announce a one-page summary with less detail than the campaign plan
Exactly how complicated do you want tax law to be?
Posted on 4/26/17 at 3:20 pm to Janky
That is what happened when the estate tax was repealed in 2010. I believe that was the initial plan during the election, but I am not sure if that is part of this proposed plan.
Posted on 4/26/17 at 3:21 pm to Stuckinthe90s
quote:
I suspect that he compromises here by adding interest paid on fed student loans and maybe 1 or 2 more small items.
I cant see how he removes the student loan interest deduction. I have no student loan debt so I have no dog in the hunt but the backlash on this would be huge. There is already talk of the student loan bubble about to collapse and this would speed that up dramatically.
Posted on 4/26/17 at 3:27 pm to Bard
did they give a timeline on when the actual plan would come out
this tells us less than his campaign platform did
this tells us less than his campaign platform did
Posted on 4/26/17 at 3:30 pm to 90proofprofessional
quote:
did they give a timeline on when the actual plan would come out
Nope. My guess is that they want it done before Congress goes on recess in August.
Posted on 4/26/17 at 3:33 pm to LSU5508
I'm hoping I get to actually claim my kids and still get to deduct my sons educational exspenses. We are a working family with 2 kids that both pay in single and none. This was the first year we haven't owed in 3 years and that was only because we were able to deduct my sons college tuition etc. Very modest return of $700 bucks. I feel like families in our income range 100 to 200K get fricked more than anybody. I vividly remember getting 7 & 8K refunds under W. Under Obama it became a real struggle to save for retirement and still make shite workout every month. I hope this new plan actually helps me.
Posted on 4/26/17 at 3:55 pm to MSTiger33
So tell me if this calculation is correct....
CURRENT Tax plan for a married couple making $120k a year, with standard deductions.
Standard Deduction - $12600, so only $107400 taxable.
you pay 15% on the first $75k = $11250
25% on everything after that ($32400) = $8100
Total $19350 taxes
NEW Tax plan for same couple...
Standard Deduction - $24k , so $96k taxable
25% of $96k -
Total Taxes $24000
Hopefully im missing something.
ETA - i guess this is moot if the brackets are greatly increased, which i doubt.
CURRENT Tax plan for a married couple making $120k a year, with standard deductions.
Standard Deduction - $12600, so only $107400 taxable.
you pay 15% on the first $75k = $11250
25% on everything after that ($32400) = $8100
Total $19350 taxes
NEW Tax plan for same couple...
Standard Deduction - $24k , so $96k taxable
25% of $96k -
Total Taxes $24000
Hopefully im missing something.
ETA - i guess this is moot if the brackets are greatly increased, which i doubt.
This post was edited on 4/26/17 at 3:57 pm
Posted on 4/26/17 at 4:02 pm to SportTiger1
Is the new proposed plan getting rid of exemptions since the standard deduction is being doubled?
Posted on 4/26/17 at 4:10 pm to SportTiger1
quote:
So tell me if this calculation is correct....
It's not...
The first scenario would yield an $18,328 tax liability.
The second scenario would yield a $12,250 tax liability.
You skipped the 10% rate in both plans.
Posted on 4/26/17 at 4:13 pm to SportTiger1
quote:
CURRENT Tax plan for a married couple making $120k a year, with standard deductions.
Standard Deduction - $12600, so only $107400 taxable.
you pay 15% on the first $75k = $11250
25% on everything after that ($32400) = $8100
Total $19350 taxes
NEW Tax plan for same couple...
Standard Deduction - $24k , so $96k taxable
25% of $96k -
Total Taxes $24000
Does the new plan get rid of the progressive tax method that currently exists (i.e., only income exceeding each cutoff is taxed at the higher tax rate)? In the new plan you have your entire taxable income taxed at the highest marginal rate.
Posted on 4/26/17 at 4:15 pm to elposter
quote:
In the new plan you have your entire taxable income taxed at the highest marginal rate.
Of course not. It's still progressive.
Posted on 4/26/17 at 4:15 pm to GRTiger
quote:
It's not...
The first scenario would yield an $18,328 tax liability.
The second scenario would yield a $12,250 tax liability.
You skipped the 10% rate in both plans.
Well good. But the press release does not mention the current progressive structure...so i assumed it was taken out.
Posted on 4/26/17 at 4:19 pm to Foy
quote:
I bet it's gonna suck arse.
Keep melting
Posted on 4/26/17 at 4:21 pm to SportTiger1
quote:
But the press release does not mention the current progressive structure..
That is something that would only need to be spelled out if it changed. It would be the worst proposal in the history of this country if they had multiple rates not progressive in nature.
You'd have to make 90k AGI to make the same after-tax income as you would at 75k AGI.
Posted on 4/26/17 at 4:22 pm to SportTiger1
There was a lot more detail released than the nice one page photo the one guy posted. Including some GDP projections and working examples.
I think you're going to find that most on here that pay significant taxes have already looked for as much additional detail as available, and found it. They also understand it might not pass in it's present form, or pass at all.
Others will post one page photos for purposes of trolling. They have this amount of time on their hands, and probably don't pay a lot in federal income tax.
The nice picture posted was of a one page summary given to reporters. You'll note it is dumbed down to be on a reporter's level, and only the dumbest of the dumb will consider this the entirety of what was released today. In other words, that poster took the bait, and he isn't a rocket scientist.
Now we'll wait for the Tax Foundation. Another joke of an organization.
I think you're going to find that most on here that pay significant taxes have already looked for as much additional detail as available, and found it. They also understand it might not pass in it's present form, or pass at all.
Others will post one page photos for purposes of trolling. They have this amount of time on their hands, and probably don't pay a lot in federal income tax.
The nice picture posted was of a one page summary given to reporters. You'll note it is dumbed down to be on a reporter's level, and only the dumbest of the dumb will consider this the entirety of what was released today. In other words, that poster took the bait, and he isn't a rocket scientist.
Now we'll wait for the Tax Foundation. Another joke of an organization.
Posted on 4/26/17 at 4:25 pm to Iowa Golfer
quote:
only the dumbest of the dumb will consider this the entirety of what was released today
kindly steer us who couldn't watch toward the entirety of what was released, TIA
Posted on 4/26/17 at 4:37 pm to elposter
quote:you mean marginal
Does the new plan get rid of the progressive tax method that currently exists (i.e., only income exceeding each cutoff is taxed at the higher tax rate)
Posted on 4/26/17 at 4:49 pm to narddogg81
quote:
you mean marginal
No I don't. Progressive tax method is an appropriate description.
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