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Old 11-02-2017, 12:10 PM   #1
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Trump Tax Plan

Moments ago, the GOP released the "talking point" highlights of the republican tax plan which, as previewed earlier this morning, will keep the 20% corporate tax cut as permanent, and which allegedly will assure that a family of 4 making $59,000 will get a $1,182 tax cut.

As discussed previously, the bill keeps a top rate of 39.6% for the highest-earners and doubles the standard deduction for middle class families. It expands the child tax credit to $1,600 from $1,000 and will not make any changes to the 401(k) plans. The bill also “makes no changes to the popular retirement savings options that Americans have today — including 401(k)’s and Individual Retirement Accounts, or I.R.A.s. Americans will be able to continuing making both traditional, pretax contributions and ‘Roth’ contributions in the way that works best for them.”

So far so good; where there will be problems however, is that the bill also includes the repeal of an itemized deduction for medical expenses, a key provision for households with extraordinary health-care costs. It also repeals the tax credit for adoption and the deduction of student-loan interest. The bill also limits the home mortgage interest deduction: for new home purchases interest would be deductible only on loans up to $500,000, down from $1 million, although existing loans would be grandfathered.

A key issue will be the treatment of the state and local tax deduction, which lawmakers are proposing to cap at $10,000. That will not be enough for Republicans in some high-tax states, where middle-class families make heavy use of the deduction. As the NYT notes, "the compromise, as it had been sketched out this week, would preserve the deduction for property taxes, but not for state and local income taxes, and it appeared as if there would be a cap on the deduction. But at first glance, it did not appear as if that was enough to win over all of the New York and New Jersey members."

Here are the most notable changes:

Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35%; keeps tax rate for those making over $1 million at 39.6%
Increases the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
Establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600
Preserving the Child and Dependent Care Tax Credit
Preserves the Earned Income Tax Credit
Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000, half the current $1,000,000
Continues to allow people to write off the cost of state and local property taxes up to $10,000
Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts
Repeals the Alternative Minimum Tax
Lowers the corporate tax rate to 20% – down from 35%
Reduces the tax rate on business income to no more than 25%
Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income
Allows businesses to immediately write off the full cost of new equipment
Retains the low-income housing tax credit

A visual summary of the new tax brackets:



Thoughts?
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Who is this self-important instigating douche-bag, anyway?
Dude, Baron has been a valued member of this forum for quite some time.
Peace, Prosperity, Liberty, Human Rights, Natural Rights, Civil Rights, Property Rights, Sound Money, Free Markets, Sovereignty, the Constitution, the Republic.

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Old 11-02-2017, 12:47 PM   #2
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Under 240k combined income.
Left alone our deductions (under any of the proposed ceilings)

AOT will benefit.
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Old 11-02-2017, 12:55 PM   #3
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The wife and I will benefit modestly, primarily by way of standard deduction.

Good friend of mine will benefit greatly from the corporate tax rate reduction, he is a small business man so he doesn't get any of the tax shelters or subsidies that big businesses do.
I wonder, though, because he despises Trump, what his reaction will be.
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Who is this self-important instigating douche-bag, anyway?
Dude, Baron has been a valued member of this forum for quite some time.
Peace, Prosperity, Liberty, Human Rights, Natural Rights, Civil Rights, Property Rights, Sound Money, Free Markets, Sovereignty, the Constitution, the Republic.

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Old 11-02-2017, 12:59 PM   #4
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Originally Posted by Baron Samedi View Post
The wife and I will benefit modestly, primarily by way of standard deduction.

Good friend of mine will benefit greatly from the corporate tax rate reduction, he is a small business man so he doesn't get any of the tax shelters or subsidies that big businesses do.
I wonder, though, because he despises Trump, what his reaction will be.
Tell him to get a better accountant...
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Old 11-02-2017, 01:15 PM   #5
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The new standard deduction will make a difference for us but not sure about the new tax rate. I thought I read that if passed, it would become retroactive, anyone know?
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Old 11-02-2017, 01:26 PM   #6
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Abolishing estate tax is super sucky :(
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Old 11-02-2017, 01:27 PM   #7
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Tell him to get a better accountant...
Why, is an accountant going to get the government to subsidize his business?

EDIT: For the record, my friend is not Curt Schilling. Just sayin.
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Who is this self-important instigating douche-bag, anyway?
Dude, Baron has been a valued member of this forum for quite some time.
Peace, Prosperity, Liberty, Human Rights, Natural Rights, Civil Rights, Property Rights, Sound Money, Free Markets, Sovereignty, the Constitution, the Republic.

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Old 11-02-2017, 01:34 PM   #8
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Look for a lot of potential home sellers to start asking $499,999.99 because the mortgage deduction won't apply to homes of more than $500K.

Prediction- this framework will change substantially. They are not interested in putting out a plan, standing on it, and selling people on it. They are interested in jiggering behind the scenes until they think they have 218 votes.
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Old 11-02-2017, 01:36 PM   #9
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Quote:
Originally Posted by Baron Samedi View Post
Why, is an accountant going to get the government to subsidize his business?

EDIT: For the record, my friend is not Curt Schilling. Just sayin.
I bolded tax shelters for a reason
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Old 11-02-2017, 02:48 PM   #10
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Quote:
Originally Posted by Baron Samedi View Post
Moments ago, the GOP released the "talking point" highlights of the republican tax plan which, as previewed earlier this morning, will keep the 20% corporate tax cut as permanent, and which allegedly will assure that a family of 4 making $59,000 will get a $1,182 tax cut.

As discussed previously, the bill keeps a top rate of 39.6% for the highest-earners and doubles the standard deduction for middle class families. It expands the child tax credit to $1,600 from $1,000 and will not make any changes to the 401(k) plans. The bill also “makes no changes to the popular retirement savings options that Americans have today — including 401(k)’s and Individual Retirement Accounts, or I.R.A.s. Americans will be able to continuing making both traditional, pretax contributions and ‘Roth’ contributions in the way that works best for them.”

So far so good; where there will be problems however, is that the bill also includes the repeal of an itemized deduction for medical expenses, a key provision for households with extraordinary health-care costs. It also repeals the tax credit for adoption and the deduction of student-loan interest. The bill also limits the home mortgage interest deduction: for new home purchases interest would be deductible only on loans up to $500,000, down from $1 million, although existing loans would be grandfathered.

A key issue will be the treatment of the state and local tax deduction, which lawmakers are proposing to cap at $10,000. That will not be enough for Republicans in some high-tax states, where middle-class families make heavy use of the deduction. As the NYT notes, "the compromise, as it had been sketched out this week, would preserve the deduction for property taxes, but not for state and local income taxes, and it appeared as if there would be a cap on the deduction. But at first glance, it did not appear as if that was enough to win over all of the New York and New Jersey members."

Here are the most notable changes:

Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35%; keeps tax rate for those making over $1 million at 39.6%
Increases the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
Establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600
Preserving the Child and Dependent Care Tax Credit
Preserves the Earned Income Tax Credit
Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000, half the current $1,000,000
Continues to allow people to write off the cost of state and local property taxes up to $10,000
Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts
Repeals the Alternative Minimum Tax
Lowers the corporate tax rate to 20% – down from 35%
Reduces the tax rate on business income to no more than 25%
Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income
Allows businesses to immediately write off the full cost of new equipment
Retains the low-income housing tax credit

A visual summary of the new tax brackets:

Thoughts?
How will this affect self-employed people who live and breathe by deductions?

Also, the property tax cap at $10k is bullshit. Mine are significantly higher than that? And what if you own more than one home?

How about the fact that we have excise taxes here that might be significant if you purchase new cars every three years?

I also heard there was a tie-in that was detrimental to Medicare/Medicaid? Do you know anything about that, Baron?
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Old 11-02-2017, 03:31 PM   #11
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Allows businesses to immediately write off the full cost of new equipment
Interesting.
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Old 11-02-2017, 03:59 PM   #12
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Quote:
Originally Posted by PatsFanLisa View Post
How will this affect self-employed people who live and breathe by deductions?

Also, the property tax cap at $10k is bullshit. Mine are significantly higher than that? And what if you own more than one home?

How about the fact that we have excise taxes here that might be significant if you purchase new cars every three years?

I also heard there was a tie-in that was detrimental to Medicare/Medicaid? Do you know anything about that, Baron?
Congratulations on being rich.

Excise tax is a state issue.

I know there was a lot of discussion about Medicare in the spring, and again last month. Not sure if that is in the actual announced plan.

I really don't know anything about it other than the bullet point brief, at this juncture.
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Who is this self-important instigating douche-bag, anyway?
Dude, Baron has been a valued member of this forum for quite some time.
Peace, Prosperity, Liberty, Human Rights, Natural Rights, Civil Rights, Property Rights, Sound Money, Free Markets, Sovereignty, the Constitution, the Republic.

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Old 11-02-2017, 04:19 PM   #13
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I really don't know anything about it other than the bullet point brief, at this juncture.
You and the Trump administration both
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Old 11-02-2017, 05:08 PM   #14
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Quote:
Originally Posted by Baron Samedi View Post

Congratulations on being rich.

Excise tax is a state issue.

I know there was a lot of discussion about Medicare in the spring, and again last month. Not sure if that is in the actual announced plan.

I really don't know anything about it other than the bullet point brief, at this juncture.
Far from rich, but between paying property taxes on my home and my parents' home, it's right around 20k.

Also, I know the excise taxes are state, but they've always been deductible.
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Old 11-02-2017, 06:00 PM   #15
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You and the Trump administration both
This administration sucks always and forever. Amen.
Got it.
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