New tax plan.....

Corporations lives matter!!!

I'm all for taxing the shit out of companies and getting rid of the personal tax, sure wages may drop but so expenses. Hell lets get rid of social security while we're at it and let people save for their own retirement, you know, like adults.

 

I'm making up shit to be excited about

 

Where did you place in the Olympic long jump?

 

Like many other investments, how good it is depends....when did you buy, when did you sell and where was the market in both cases.

 

sorry about the luck but that's not conducive of the modern market. 1985 interest rates were at 18%, one-eight. Nearly all of that went to interest until (if) she ever re-financed

 

It really depends. I didn't buy so much as an investment as I did having my own place. Just got my re-appraisal for taxes. It has appreciated over 25% in six years, and other sources back this up.

At some point, it will make sense to cash out and look into slightly cheaper and buy a second house to generate some income. That's when it becomes more of an investment.

 

It only went up $23K in 18 years?

 

Guess you're in the wrong spot, buddy of mine bought a house in the bay area 20 years ago for just over 200K, under 1500 sq ft, now worth 1.2 mil.

 

Right at the status quo

 

Regarding corps as "people". If you want to treat corporations as people (ie 35% tax bracket) I say OK...but only if dividends are not taxed since they've already been taxed once.

 

Tax the shit out of companies and they all bail to somewhere that it is cheaper to do business. The company I work for is officially "headquartered" in Dubai even though most of their leadership are either in Houston, TX or Duncan, OK to avoid taxes. The only people that would suffer from taxing the shit out of companies are those in the middle that can not afford to pick up and move. I would be OK with Social Security disappearing though. I won't see any of it anyhow.

 

No one who was due to receive SS hasn't received them yet.
The trust fund balance is still a couple of trillion in the black. Some simple changes will make the system solvent into the next century.
And there are 78 million millennials who are just hitting their earnings years paying into the system.
So why are you convinced you won't see anything from your SS benefits?

 

The proposed loss of state tax (property, income, sales) and mortgage interest deductions will raise taxes on many, if not most middle income folks. The increase in the standard deduction will not offset the loss of the deductions.

Also, unclear yet if deductions like medical care costs, work related expenses, and anything except Mortgage insurance and charitable deductions would survive. Those two are the only ones specifically mentioned as staying.

So my marginal tax rate goes down from 28 to 25%. My taxable income goes up $12,000-$18,000 My effective tax rate goes up as well, as the increase in taxable income far outweighs the offset of a lower marginal rate. My current effective rate is in the low 20's % It would become much closer to 25% under the proposal as I'm understanding it.

 

Because I think government will fuck it up like they do everything else. The current deficit spending mindset is unsustainable and when the bubble bursts the money will need to come from somewhere.

 

Well, the deficit and the debt will rise with this plan. It's been shown time and again that tax cuts do not finance themselves. Never have - ever in the US.

 

I don't care if SS stays or goes, but if it is projected to go, then I shouldn't have to continue to contribute to it.

 

Those late in a pyramid scheme get screwed the worst.

Mark my words, this tax scheme and the failure to repeal O-care will destroy the GOP in 2018.

 

do you think this tax scheme will pass?

 

Coupled with the reduction in wages, becasue individuals aren't paying taxes there's a break even point. I'm saying shift the tax burden just increase it

Thats part of my individual thought process about individual vs. corporation. I don't think an individuals money should be taxed, make a company with your money tax it, but personal investments by a private individual should not be. I'm am really against the capital gains tax on a primary home, rental property is a business tax it. Again the line is pretty simple in my head maybe I don't explain it well. Individual vs. company.