by "Deal Killer - Powered by Focus" (dealkiller-ii)
Published 12/15/2017 at 22:47
by "Deal Killer - Powered by Focus" (dealkiller-ii)
Published 12/15/2017 at 22:47
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STARS: 5
So, it looks like the GOP tax plan really puts the screws to two parent households with kids. A quick read of the proposed deductions and exemptions shows I’d be able to take $1,600 less in exemptions in 2018 as opposed to current tax law. Plus, as my wife & I currently itemize our taxes, we may still have to go through a tax prep service to see which way would make the most sense as far as our tax liability is concerned. Thanks, GOP, you really are looking out for the working families of the country.
"pip bip - choose Corrour" (hhgttg69)
12/15/2017 at 23:03, STARS: 1
GOP, screwing every one over since they existed.
"For Sweden" (rallybeetle)
12/15/2017 at 23:06, STARS: 0
Is that with the current plan doubling the child tax credit?
"Little Black Coupe Turned Silver" (littleblackcoupe)
12/15/2017 at 23:09, STARS: 0
My accountant sent out a hefty letter about the changes. I cracked the envelope open enough to see that’s what it was it nope’ed right back out. It’s all terrible.
"shop-teacher" (shop-teacher)
12/15/2017 at 23:09, STARS: 0
Balls.
"interstate366, now In The Industry" (interstate366)
12/15/2017 at 23:18, STARS: 4
Nah, not for the first hundred years or so of their existence.
"If only EssExTee could be so grossly incandescent" (essextee)
12/15/2017 at 23:19, STARS: 8
Good thing I don’t have anything going on in my life. They can’t take away tax credits that I never qualified for in the first place!
"PS9" (PS9)
12/15/2017 at 23:23, STARS: 3
Well, they did work hard to elect an unrepentant pedophile. They care about saying they care about ‘family values’, but they don’t ACTUALLY care about it.
"Ash78, voting early and often" (ash78)
12/15/2017 at 23:25, STARS: 2
We’re a single income family of four and I’m already getting out the vaseline to pay another $1,000/year or so, all else being equal. And we’re just making ends meet in a good year. Not very happy at all.
On a bigger scale, I’m worried about charities getting underfunded (or people choosing to rent vs buy) as people have little incentive left to itemize.
But don’t worry, that lower corporate tax rate will surely trickle down into higher wages and lower prices, right? Right?
"Ash78, voting early and often" (ash78)
12/15/2017 at 23:40, STARS: 1
That plan has been around a while, so I’m assuming he’s figured it in. The elimination of the standard exemption and the (effective) elimination of itemization will hurt a lot of people. I’m not sure they thought this through as thoroughly as they had believed.
"someassemblyrequired" (someassemblyrequired)
12/15/2017 at 23:49, STARS: 0
You know what’s BS? I can still deduct taxes I pay in Canada and Europe to an unlimited amount, but people can’t deduct the taxes they pay in the United States if they are over 10K? Bill was written for the 0.00001%, and I am pretty sure they won’t be happy when the pendulum goes the other way (and it will -see VA, NJ and AL over the last few weeks).
"Deal Killer - Powered by Focus" (dealkiller-ii)
12/16/2017 at 00:13, STARS: 3
Yep, but the tax plan eliminates the personal exemptions of $4,150, which each qualifying person in a household can take. The NPR website has a fairly simple chart for what is being proposed, and it fucks over families with more than two kids pretty well.
"Deal Killer - Powered by Focus" (dealkiller-ii)
12/16/2017 at 00:17, STARS: 4
Yeah, I’m sure the big corporate tax cuts will be a huge benefit for the average worker. It’s almost as if the GOP isn’t really interested in investing in the well being of this country, at all. But, surely, that can’t be true??? /s
"dsigned001 - O.R.C. hunter" (dsigned001)
12/16/2017 at 00:40, STARS: 1
Yup. Thanks, Dickhead in Chief.
"SilentButNotReallyDeadly...killed by G/O Media" (silentbutnotreallydeadly)
12/16/2017 at 06:58, STARS: 1
Plus you get the cock for a hat!
"KusabiSensei - Captain of the Toronto Maple Leafs" (kusabisensei)
12/16/2017 at 07:09, STARS: 1
I mean, it’s not like companies are sitting on record piles of cash or anything...
Oh wait... (As loathe as I am to link to the Times)
https://mobile.nytimes.com/2016/01/24/magazine/why-are-corporations-hoarding-trillions.html
"KusabiSensei - Captain of the Toronto Maple Leafs" (kusabisensei)
12/16/2017 at 07:16, STARS: 1
I’m just waiting to see the impact on small businesses with pass through taxation. We don’t get “the corporate rate” because we file Schedule K-1 instead.
Last sit-down with the accountant was mainly a discussion on how to best avoid getting bumped up into the next bracket due to (at the time) expected lack of SALT deduction, and the possibility of the mortgage interest deduction not applying to HELOCs.
I already have “Outrageous for the South” taxes in GA (TN and FL don’t have a state income tax, and AL and SC are way cheaper. Hell, ILLINOIS has a lower income tax rate for me than Georgia!)
So those of us who have to work for a living, we get screwed.
"KusabiSensei - Captain of the Toronto Maple Leafs" (kusabisensei)
12/16/2017 at 07:21, STARS: 2
Lincoln was a Republican... And John C. Calhoun was a Democrat.
I advise about using current political memes to describe an entire history of a political party.
"Rust and Dust - Oppositelock Forever" (rustanddust)
12/16/2017 at 07:29, STARS: 0
No, I’m pretty sure that’s going somewhere else...
"Rust and Dust - Oppositelock Forever" (rustanddust)
12/16/2017 at 07:31, STARS: 0
But...but...corporations are people, too!
*heads to the shed to round up the gas can in preparation for self-immolation
"KusabiSensei - Captain of the Toronto Maple Leafs" (kusabisensei)
12/16/2017 at 07:49, STARS: 1
They are made up of people. (So is my LLC taxed as an S-Corp).
My preferred solution would be to have the same tax rates for Individuals/S-Corps as C-Corps.
Or you know, a flat tax.
"gmporschenut also a fan of hondas" (gmporschenut)
12/16/2017 at 07:58, STARS: 0
"Rust and Dust - Oppositelock Forever" (rustanddust)
12/16/2017 at 12:25, STARS: 0
I need to get at least a half cup of coffee in me before I comment.
I meant to imply that “big business”/C corps were seeing the benefit of this bill (reduction of rate) more than individuals/S Corps (increase to income deduction).
I’ve been managing small body shops (indy owned S corps) for the past 15 years, while I haven’t spoken to our CPA yet, from what I understand we’ll not really see any significant benefits from this bill.
Essentially, I tried to imply that the “theory” behind this bill is essentially trickle down economics, which I’m pretty sure we figured out didn’t work nearly 30 years ago, I just didn’t do a real good job of it.
"KusabiSensei - Captain of the Toronto Maple Leafs" (kusabisensei)
12/16/2017 at 19:48, STARS: 0
Oh, S-Corps and LLCs taxed as S-Corps (along with the rest of the pass-through taxation world) were set to be screwed under the House plan originally, by making pass through profits subject to FICA.
I mean, if they really did that, then what the hell is the reason to have a structure taxed under Subchapter S? Fortunately, it’s alleged that got walked back for being too damn stupid.
I’d love to know what exactly they are expecting C-corps to do. The obvious thing is to start more share buybacks. They aren’t going to hire people to do nothing while drawing a paycheck.
Trickle down economics works under certain circumstances. There has to be unmet demand for business expansion that is caused by taxation taking up the monetary ability to expand the business. That was the case in the 1980s.
Nowadays, as soon as C-Corps get a “tax cut” (I would point out that taxes are just a cost of business which gets passed on to end customers), the money is used to initiate share buybacks (more often than not).
This is mainly because stock pricing is not based on solid business fundamentals, but rather quarter to quarter metrics which can actually be easily manipulated by changing the number of public shares. EPS is the main driver here.
Why work to subtly manipulate stock price? Most public CEO compensation plans are all done off stock price (RSUs etc). They don’t care about the people who are actually doing the work.