Trump Tax Plan Is Out

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Trump Tax Plan Is Out

Postby beardmcdoug » Thu Nov 02, 2017 12:30 pm

https://www.nytimes.com/2017/11/02/us/politics/tax-plan-republicans.html

Individual tax rates will change
The plan establishes three tax brackets, 12, 25 and 35 percent, and also keeps a top rate of 39.6 percent for the highest-earners, collapsing the total number of brackets from seven. The brackets fall along the following lines:

Those making up to $24,000 will pay no income tax. For married taxpayers filing jointly, those earning up to $90,000 will be in the 12 percent bracket; those earning up to $260,000 will in the 25 percent bracket and those earning up to $1 million would fall in the 35 percent bracket. Those making above $1 million will be in the 39.6 percent bracket, which is currently the top rate for millionaires. For unmarried individuals and those filing separately, the bracket thresholds would be half of these amounts, other than the 35 percent bracket, which would be $200,000 for unmarried individuals.

Changes for the middle class
The proposal roughly doubles the standard deduction for middle-class families, expanding it to $24,000 for married couples, from $12,700, and setting it at $12,000 for individuals, from $6,530 today. Republicans also plan to expand the child tax credit to $1,600 from $1,000 and add a $300 credit for each parent and nonchild dependent, such as older family members.

Some tax credits are eliminated
The bill includes a host of changes that will impact taxpayers in different ways. For instance, it repeals certain tax credits, including a 15 percent credit for individuals age 65 or older or who are retired on disability. Right now, those individuals can claim up to $7,500 for a joint return, $5,000 for a single individual, or $3,750 for a married individual filing a joint return.

The House bill would entirely repeal that tax credit. It would also repeal the adoption tax credit, no longer allow deductions for tax preparation and repeal credits for alimony payments. And deductions for moving expenses would no longer be allowed.

No changes to 401(k) retirement plans
After much nail-biting debate, the House will not make any changes to the pretax treatment of 401(k) plans. “Americans will be able to continuing making both traditional, pretax contributions and ‘Roth’ contributions in the way that works best for them,” the talking points say.

Changing the mortgage interest deduction
One of the biggest flash points will be proposed changes to the popular mortgage interest deduction. Under the Republican plan, existing homeowners can keep the deduction, but future purchases will be capped at $500,000.



more details in the link


Good news for families like mine.
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Re: Trump Tax Plan Is Out

Postby Zarniwoop » Thu Nov 02, 2017 12:39 pm

From what I’ve read of it so far, I’m ok with it. We will know more as the details come out

Ideally I’d like to see it paired with large cuts to spending





I love the fact that state taxes are no longer written off. It incentives states to be more frugal. And it means that people in states like Fla and Tx with no income taxes no longer have to subsidize people in states like Ca that have high income tax
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Re: Trump Tax Plan Is Out

Postby uscbucsfan » Thu Nov 02, 2017 1:03 pm

My taxes would drop...that would be a win.
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Re: Trump Tax Plan Is Out

Postby Mountaineer Buc » Thu Nov 02, 2017 1:08 pm

Repealing the estate tax — eventually

The proposal will double the estate tax exemption to roughly $11 million, from $5.49 million, meaning families can avoid paying taxes on large inheritance. And it eventually repeals the estate tax altogether, phasing it out entirely in six years.

Corporate rates would fall dramatically

The plan sticks to President Trump’s goal of a 20 percent corporate tax rate, down from a maximum of 35 percent today. The cut would be immediate and permanent. It also eliminates the alternative minimum tax for corporations.

Other parts of the plan would limit or eliminate some tax breaks corporations currently employ. It limits the deductibility of interest for most companies, for example, with an exception for smaller firms. It would also take away businesses’ ability to deduct some types of executive compensation above $1 million a year — including performance-based pay.

Multinational corporations face big changes

For the first time, the United States is proposing to effectively levy a global minimum tax of 10 percent, which would apply to income that high-profit subsidiaries of American companies earn anywhere in the world. The effort is aimed at preventing companies from shifting profits abroad and grabbing back some of the tax revenue on income earned overseas. Those profits are currently not taxed until they are returned to the United States, giving companies an incentive to keep that money offshore since they are taxed at the current corporate tax rate of 35 percent.

The White House has said more than $2.5 trillion in American profits are held offshore.

The bill would force companies to pay a one-time, 12 percent tax on liquid assets held overseas, like cash. The tax, which is reduced from the current 35 percent tax rate, would be payable over a period of eight years. For illiquid assets, like equipment or property, the tax rate would be 5 percent.

It would also force American subsidiaries of foreign-owned companies to pay a 20 percent excise tax on any payments sent back to foreign affiliates.

A new tax rate for pass-through businesses, with guardrails

Republicans stuck to their promise of lowering the tax rate for “pass through” businesses to 25 percent. But to prevent the rate from becoming a loophole for all sorts of individuals, tax-writers have created a formula they say will ensure that business owners will pay a higher individual tax rate on income that they receive as wages. The formula would be applied based on the circumstances of the business.


To summarize what I have here....

A cut for wealthy families

A cut for corporations

A legal way to repatriate offshore money by taxing it at 10% which means corporations will now route ALL revenue offshore so that it pays 10% instead of 20%

Small business owners get to pay 25% while while big bidness pays 10-20% but they will pay the middle class rate instead of the wealthy rate no matter how successful or tiny their business is.

at least they kept the top individual bracket.
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Re: Trump Tax Plan Is Out

Postby mdb1958 » Thu Nov 02, 2017 2:05 pm

No MB, you dont get to retire at the age of 31 and sail the world...
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Re: Trump Tax Plan Is Out

Postby bucfanclw » Thu Nov 02, 2017 3:42 pm

mdb1958 wrote:No MB, you dont get to retire at the age of 31 and sail the world...

So you're saying he can't use the time machine?
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Re: Trump Tax Plan Is Out

Postby NYBF » Thu Nov 02, 2017 3:49 pm

Good news for the millionaires!

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Re: Trump Tax Plan Is Out

Postby uscbucsfan » Thu Nov 02, 2017 3:54 pm

Looks like good news for everyone.
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Re: Trump Tax Plan Is Out

Postby Nano » Thu Nov 02, 2017 4:05 pm

I wish I was Seth
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Re: Trump Tax Plan Is Out

Postby uscbucsfan » Thu Nov 02, 2017 4:06 pm

Nano wrote:I wish I was Seth

I'll rephrase this.

I wish I was Seth and my wife was the earner.
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Re: Trump Tax Plan Is Out

Postby bucfanclw » Thu Nov 02, 2017 4:07 pm

uscbucsfan wrote:
Nano wrote:I wish I was Seth

You could be Seth's partner.

Seems to have it made.

Who says Seth is the one working?
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Re: Trump Tax Plan Is Out

Postby uscbucsfan » Thu Nov 02, 2017 4:09 pm

bucfanclw wrote:
uscbucsfan wrote:You could be Seth's partner.

Seems to have it made.

Who says Seth is the one working?

I revised it!
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Re: Trump Tax Plan Is Out

Postby Mountaineer Buc » Thu Nov 02, 2017 4:21 pm

uscbucsfan wrote:Looks like good news for everyone.

You kidding me? I just found out that I could have retired and sailed the world nine years ago and now I can't!
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Re: Trump Tax Plan Is Out

Postby Mountaineer Buc » Thu Nov 02, 2017 4:23 pm

Nano wrote:I wish I was Seth

You would suffocate for not having a nose or mouth.
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Re: Trump Tax Plan Is Out

Postby uscbucsfan » Thu Nov 02, 2017 4:23 pm

Mountaineer Buc wrote:
uscbucsfan wrote:Looks like good news for everyone.

You kidding me? I just found out that I could have retired and sailed the world nine years ago and now I can't!

Good new for everyone except hopeful seafaring early retirees and Immigrants...

better?
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Re: Trump Tax Plan Is Out

Postby Zarniwoop » Thu Nov 02, 2017 4:24 pm

Why does the black dude and the gay couple have to be so poor?

Racist homophobes made this chart
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Re: Trump Tax Plan Is Out

Postby uscbucsfan » Thu Nov 02, 2017 4:25 pm

Mountaineer Buc wrote:
Nano wrote:I wish I was Seth

You would suffocate for not having a nose or mouth.


This wins.

Shut the thread down.
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Re: Trump Tax Plan Is Out

Postby Mountaineer Buc » Thu Nov 02, 2017 4:26 pm

The corporate rates will be lower than the middle class.

Everyone is okay with this?
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Re: Trump Tax Plan Is Out

Postby Zarniwoop » Thu Nov 02, 2017 4:28 pm

Yes


Seeing as those profits will be taxed again when they are distributed.
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Re: Trump Tax Plan Is Out

Postby Mountaineer Buc » Thu Nov 02, 2017 4:33 pm

Zarniwoop wrote:Yes


Seeing as those profits will be taxed again when they are distributed.

*when*

Tell you what, let's put the corporate rates back to where they are and let dividends paid to common stock reduce net income.

Deal?
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Re: Trump Tax Plan Is Out

Postby Zarniwoop » Thu Nov 02, 2017 4:40 pm

No, I’m happy where they are headed. I’m also happy dividends will be taxed when they are distributed.
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Re: Trump Tax Plan Is Out

Postby Mountaineer Buc » Thu Nov 02, 2017 4:47 pm

Zarniwoop wrote:No, I’m happy where they are headed. I’m also happy dividends will be taxed when they are distributed.

Okay, can I At least talk you into lowering the middle class tax rate to below the corporate rate?
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Re: Trump Tax Plan Is Out

Postby uscbucsfan » Thu Nov 02, 2017 4:50 pm

Mountaineer Buc wrote:
Zarniwoop wrote:No, I’m happy where they are headed. I’m also happy dividends will be taxed when they are distributed.

Okay, can I At least talk you into lowering the middle class tax rate to below the corporate rate?


I'd rather lower both even more and cut spending, but that's not going to happen.
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Re: Trump Tax Plan Is Out

Postby Zarniwoop » Thu Nov 02, 2017 4:51 pm

Mountaineer Buc wrote:
Zarniwoop wrote:No, I’m happy where they are headed. I’m also happy dividends will be taxed when they are distributed.

Okay, can I At least talk you into lowering the middle class tax rate to below the corporate rate?


Yes. All tax rates should be lowered. And every projected dollar added to the debt should be countered by an 80 to 85 centavos reduction in spending
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Re: Trump Tax Plan Is Out

Postby Mountaineer Buc » Thu Nov 02, 2017 5:18 pm

Zarniwoop wrote:
Mountaineer Buc wrote:Okay, can I At least talk you into lowering the middle class tax rate to below the corporate rate?


Yes. All tax rates should be lowered. And every projected dollar added to the debt should be countered by an 80 to 85 centavos reduction in spending

All right, but you can't cut the taxes until you cut the spending first.

You can't reduce troop levels or their benefits until defense spending is at least half of what it is now.

You can't touch Medicare, Medicaid, or social security.

You can't cut the EPA, SEC, the GI Bill, Pell grants, any bureau focused on consumer/investor protection, or grants to k12 schools.

You Must abolish the CIA, NSA, TSA, break apart the DHS and get rid of anything redundant there, and do away with any coal or petrol subsidies or grants.

Agricultural subsidies are off limits to corporate farms, you can't touch the FHA, Food stamps, or HUD until the minimum wage is $15 an hour, you can't cut TANF until the earned income credit is doubled and refundable on a monthly basis.

You gotta provide universal healthcare for Veterans before you can touch the VA, and you have to fund federal pensions and unemployment for all the people you're about to lay off.

Do all that and pass an infrastructure package and you can cut just about anything else.
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Re: Trump Tax Plan Is Out

Postby Zarniwoop » Thu Nov 02, 2017 5:28 pm

I would cut many of those programs
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Re: Trump Tax Plan Is Out

Postby Mountaineer Buc » Thu Nov 02, 2017 5:36 pm

Oh and you have to do the following legal action:

Constitutional amendment overturning citizens United.

Orient the Federal reserve away from unemployment and towards poverty.

Use antitrust law to break up the following corporations:

Goldman Sachs
Chase Manhattan
Citigroup
Wells Fargo
Lockheed Martin
BAE
Exxon Mobil
Wal-Mart
Comcast
Verizon
At&T
Delta
Aetna
BCBS
United health

And finally, you gotta legalize marijuana and pardon anyone incarcerated or convicted for possession
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Re: Trump Tax Plan Is Out

Postby Mountaineer Buc » Thu Nov 02, 2017 5:39 pm

Cut away!
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Re: Trump Tax Plan Is Out

Postby bucfanclw » Thu Nov 02, 2017 5:59 pm

Zarniwoop wrote:Yes


Seeing as those profits will be taxed again when they are distributed.

Aren't the middle class incomes taxed again when distributed in the form of sales and property taxes?
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Re: Trump Tax Plan Is Out

Postby NYBF » Thu Nov 02, 2017 7:43 pm

uscbucsfan wrote:Looks like good news for everyone.


Yeah, hopefully Kavya and Nick don't spend that extra $20/week in one place. Meanwhile Laura and Seth can buy themselves a James with their savings.
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