Tax Plan 2.0

A Place to respectfully discuss those topics that you should never discuss.
post

Tax Plan 2.0

Postby Zarniwoop » Tue Sep 11, 2018 12:23 pm

This is being put together in the House right now...which it might actually pass.....however, I know it has zero chance of getting through the Senate but here are the highlights:

--Makes permanent the individual and pass through tax rates that are set to expire in 7 years
--Makes permanent the cap on SALT deductions
--Makes permanent larger child credit
--Makes permanent lower threshold for deducting health care expenses (7.5% of income versus old 10.0% of income)
--Makes it easier for smaller firms to offer 401k
--Gives parents more flexibility on what to spend 529c college savings plans on
--Allows for tax free individual savings accounts up to $5,000 / year that doesn't have the withdrawl restrictions of a traditional 401k or Roth IRA
Zarniwoop
 
Posts: 6476
Joined: Thu Jan 15, 2015 12:23 pm
Has thanked: 330 times
Been thanked: 284 times

Re: Tax Plan 2.0

Postby Buc2 » Tue Sep 11, 2018 12:26 pm

Zarniwoop wrote:This is being put together in the House right now...which it might actually pass.....however, I know it has zero chance of getting through the Senate but here are the highlights:

--Makes permanent the individual and pass through tax rates that are set to expire in 7 years
--Makes permanent the cap on SALT deductions
--Makes permanent larger child credit
--Makes permanent lower threshold for deducting health care expenses (7.5% of income versus old 10.0% of income)
--Makes it easier for smaller firms to offer 401k
--Gives parents more flexibility on what to spend 529c college savings plans on
--Allows for tax free individual savings accounts up to $5,000 / year that doesn't have the withdrawl restrictions of a traditional 401k or Roth IRA

Without mulling the details, I don't see a lot wrong with any of that. Other than it's still not a flat tax or zero tax.
Image
Don't tread on me
User avatar
Buc2
 
Posts: 11540
Joined: Wed Jan 14, 2015 2:16 pm
Location: America
Has thanked: 952 times
Been thanked: 400 times

Re: Tax Plan 2.0

Postby Zarniwoop » Tue Sep 11, 2018 12:28 pm

I like all the components ... it just needs to be paired with spending cuts.
Zarniwoop
 
Posts: 6476
Joined: Thu Jan 15, 2015 12:23 pm
Has thanked: 330 times
Been thanked: 284 times

Re: Tax Plan 2.0

Postby Buc2 » Tue Sep 11, 2018 12:29 pm

Zarniwoop wrote:I like all the components ... it just needs to be paired with spending cuts.

Oh, absolutely that!
Image
Don't tread on me
User avatar
Buc2
 
Posts: 11540
Joined: Wed Jan 14, 2015 2:16 pm
Location: America
Has thanked: 952 times
Been thanked: 400 times

Re: Tax Plan 2.0

Postby SDBucs » Tue Sep 11, 2018 12:34 pm

Zarniwoop wrote:--Allows for tax free individual savings accounts up to $5,000 / year that doesn't have the withdrawl restrictions of a traditional 401k or Roth IRA


!!
SDBucs
 
Posts: 1144
Joined: Sun Jan 18, 2015 9:30 pm
Has thanked: 61 times
Been thanked: 25 times


post

Return to Politics and Religion

Who is online

Users browsing this forum: No registered users and 16 guests