New tax plan.....

Discussion in 'The Dungeon' started by Robby-Bobby, Apr 26, 2017.

  1. Robby-Bobby

    Robby-Bobby Steeltoe’s Daddy

    I like it.

    I feel like just the simplification is a huge swing in the right direction.

    Another win for trump IMO.

    Discuss...
     
  2. sheepofblue

    sheepofblue Well-Known Member

    Seems kind of vague...
     
    LilBabyGirl likes this.
  3. jeffr1ey

    jeffr1ey Well-Known Member

    yeah, what is the tax plan exactly. is it just a 15% cut on corporate taxes and the restructuring of the tax brackets to 3?
     
    LilBabyGirl likes this.
  4. socal

    socal Well-Known Member

    Must get rid of the marriage penalty!
     
    tony 340 likes this.
  5. Robby-Bobby

    Robby-Bobby Steeltoe’s Daddy

    Definitely a refuction for small businesses.
     
  6. auminer

    auminer Renaissance Redneck

    Re-fuck-tion or reduction? :D
     
    Robby-Bobby likes this.
  7. crashman

    crashman Getting slower every day

    I like the simplification but it looks like it may be a bit more tax for the middle. We will have to see what happens when it gets fleshed out as it is still a bit vague.
    Democrats will hate it regardless.
     
  8. SnacktimeKC

    SnacktimeKC Well-Known Member

    While I totally agree our corporate taxes need to be cut, you can just cut them without getting another source of income. Sam Brownback tried this in Kansas, and it's failed miserably. To the point were Kansas, again Kansas, is about the override the governor on a tax plan because he's put the state so far in debt.
     
  9. Dits

    Dits Will shit in your fort.

    This type of system scares the shit out of me. Here's why...

    First, if you're self-employed, does the 15%, 25% and 35% graduated cap apply to self-employment taxes? I doubt it. So here's how it would work for your average middle class business owners who make more than $100,000 annually but under $250,000 (remember these are most of your small business owners who happen to employ wage-earners):

    Husband has $140,000.00 or so in schedule C income and average deductions (mortgage interest etc.) Wife has a paycheck job and makes in the mid $40s. Your total tax liability is going to be around 24% of of your combined total incomes (around $42,000.00 annually) that's including federal income tax (which represents roughly $25,000.00 of the whole tax nut). The remaining $17,000.00 is self employment tax (after deduction of 50% of the same from your total income).

    So, assuming that a family that grosses $180,000.00 a year has the above tax situation, if the total cap does not include the self employment tax, then tell me how could such a tax scheme EVER help someone in that income range? The only feasible way it could is if those taxpayers were in the 15% bracket. Which I highly doubt.
     
    eggfooyoung likes this.
  10. G 97

    G 97 What's my name

    Yo do realize that over spending is what causes deficits don't you.
    I just love how libs are crying out "how are we going to pay for these tax cuts". Wut. Tax cuts don't need to be paid for, spending does. Of course, reducing expenditures is never an option.
     
  11. crashman

    crashman Getting slower every day

    You actually put alot more thought in to it than me. Maybe I have just dealt with corporate bullshit for too long but whenever someone makes a big change and claims it is to "help" it seems like someone gets a solid fucking. And it is usually the group that makes the biggest impact on the bottom line. What I see here is the lower end gets even more breaks and has no skin in the game, the lower middle stays the same, the mid and upper middle gets fucked and the top earners and companies get a break.
     
    jeffr1ey likes this.
  12. mtcam77

    mtcam77 Well-Known Member

    Apparently, the plan would cap corporate taxes at 15% and extend them to include S Corps (which should help many small businesses). Seems it would depend a great deal on how the self employed/small business is structured. Individual deductions would increase from ~12K to ~24K for married couples but, individual deductions would go away. This may have a negative impact on families with more than 2 children. Mortgage interest deductions would stay but, deducting state income tax would go away. Overall, the analysis I heard indicated the advantages would be split about 50-50 between the top 1% and the rest of us. Typical DC smoke and mirrors.
     
    SnacktimeKC likes this.
  13. brex

    brex Well-Known Member

    There's no moratorium (or at least reduction) for capital gains taxes. So that sucks.
     
  14. Motofun352

    Motofun352 Well-Known Member

    Reason why I'm a "flat taxer". Say it's 10%, no deductions, everyone's got skin in the game. That and an amendment that requires a balanced budget would make government infinately more accountable. Want to spend more? The tax rate goes up accordingly and people get to see what they are buying.
     
    badmoon692008 and SnacktimeKC like this.
  15. R Acree

    R Acree WTF

    OK, When libs want to control behavior, say reduce smoking or obesity, they add a tax on the product. When they want to increase interest, say something like energy efficiency, they offer tax incentives. How is it that they miss the correlation at all other times?
     
    brex likes this.
  16. SnacktimeKC

    SnacktimeKC Well-Known Member

    Agree that spending is the problem, the unfortunate part is Trump is not cutting spending. Sure, looks like he's given up on the wall but still wants to have "the biggest increase in defense spending ever", all while cutting taxes. I'll be the first to admit I'm no economist but I know how to balance a check book...
     
    R1Racer99 likes this.
  17. pickled egg

    pickled egg You especially

    You're overqualified. You'll never get elected. ;)
     
    SnacktimeKC likes this.
  18. Dits

    Dits Will shit in your fort.

    I didn't pull those numbers out of my ass. :mad:

    The post below yours mentions that the overall plan could apply to S corps. That would cause me to incorporate with a 15% flat federal income tax. But I guarantee the dems would NEVER let that go through.

    My bracket always takes it up the ass.
     
    crashman likes this.
  19. pickled egg

    pickled egg You especially

    Give a little, get a little. ;)

    :crackup:
     
  20. Focker

    Focker Well-Known Member

    I hate US tax law. Makes my head hurt.
     

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