What does the new Tax Bill do?

[Mr KLC]

Citizens getting hit in the states with higher income taxes should come to the realization that they have been screwed by their local governments instead of the new federal tax law. Instead of bitching at Trump, they need to start bitching at their state governments to finally lower their taxes.

[d2bets]

Citizens getting hit in the states with higher income taxes should come to the realization that they have been screwed by their local governments instead of the new federal tax law. Instead of bitching at Trump, they need to start bitching at their state governments to finally lower their taxes.

I thought Republicans wanted more done at the state level and less at the federal level. They're getting local services for their tax dollars. Do Republicans want all of that shifted to the Federal Government? Seems that way.

[rkelly110]

Doesn't really matter. The less the govt takes in, the less state/ local govts get, meaning you will pay more locally.

With Trump gutting the education system, expect to pay a lot more in school taxes.

Removing the corporate and individual mandate for health insurance, expect to pay a lot more for that.

That paultry little cut you will get throughout the year will be chewed up and then some when it comes time to pay
the piper.

[Mr KLC]

I thought Republicans wanted more done at the state level and less at the federal level. They're getting local services for their tax dollars. Do Republicans want all of that shifted to the Federal Government? Seems that way.

That's exactly right. The feds shouldn't be giving the citizens of these states a free ride for all the taxes they pay for the supposed services they receive. If people are upset about the deductions being taken away, then they either need to move to another state or hold their state governments responsible for their financial burdens. Federal government should not be helping some states, but not others. States won't think twice about continually raising taxes if they know the feds are going to keep on reimbursing the citizens.

[Itsamazing777]

40k to 75k are getting a cut as well..... taxes are going down for "normal people too"
not just the rich like the media is focusing on....

[JMobile]

I'm talking comparatively. Single and $75k may pay a few less pennies, but not very much.

What about joint making over $90k?

[gauchojake]

That's exactly right. The feds shouldn't be giving the citizens of these states a free ride for all the taxes they pay for the supposed services they receive. If people are upset about the deductions being taken away, then they either need to move to another state or hold their state governments responsible for their financial burdens. Federal government should not be helping some states, but not others. States won't think twice about continually raising taxes if they know the feds are going to keep on reimbursing the citizens.

You realize that CA pays out more than it receives in Federal money and is the #1 State in Federal tax contributions by double, right?

[d2bets]

What about joint making over $90k?

How much over? What state? Kids under 17? Pass-through income? You don't get to serious savings until you get over $190k income.

[d2bets]

You realize that CA pays out more than it receives in Federal money and is the #1 State in Federal tax contributions by double, right?

No shit. The country would be sunk without the tax revenue from California and New York. Those southern red states are the freeloaders.

[DwightShrute]

No shit. The country would be sunk without the tax revenue from California and New York. Those southern red states are the freeloaders.

you're addicted to outrage and fake news

[d2bets]

That's exactly right. The feds shouldn't be giving the citizens of these states a free ride for all the taxes they pay for the supposed services they receive. If people are upset about the deductions being taken away, then they either need to move to another state or hold their state governments responsible for their financial burdens. Federal government should not be helping some states, but not others. States won't think twice about continually raising taxes if they know the feds are going to keep on reimbursing the citizens.

Are you kidding? States like CA/NY send way more to the feds than they get back, esp as compared to other states w/o income tax. You have it ass backwards.

[klemopixx]

Basically it will take us from Obama era GDP growth 1.5% to record growth around 3.6%. It will bring back over $3 trillion trapped abroad and add over 10 million new jobs. It will also raise wages 20% in the first 5 years which is more than double what wages have gone up in the last 20 years.

Will also increase consumer spending and more importantly business spending will begin to scream ahead due to the change in depreciation rule.

The new tax laws will kill small business because most of them will their taxes raised! Only the biggest of corporations profit from this tax cut. But that's OK, when there's minimal growth the next three years you'll just blame the Democrats or fudge the numbers or some other bullshit. Anyone who thinks the middle class made out well in this new tax code is just stroking Trump's junk.

https://www.forbes.com/sites/johnwasik/2017/11/08/how-gop-tax-plans-will-slam-small-businesses/#47ca31ad534c

[JIBBBY]

you're addicted outrage and fake news

That's what happens when Dems gravitate to MSNBC and CNN only.. It's pure Trump bashing now.. They say NOTHING good about any of the positive things Trump is doing or trying to do.. They latch onto a story of an illegal immigrant family that's being deported now to pull at heart strings... Trump is deporting us and he is to blame. Mean while Obama deported everyone when he was President.. If I was a Liberal Democrat I would think Trump was the Anti-Christ and America is doomed as well..

It's that bad now with the liberal news.. Destroy Trump media trying so hard, maybe harder then ever right now.... Mean while our economy is booming, jobs coming back, ISIS almost gone, not going to war, no rioting in the streets, etc...

Media is so bad now.. It's not like it's fake news it's just opinionated news, and they just don't report any of the good things going on ever with Trump.. Russia collusion is dying out now so I'm curious to see their next move before ratings tumble...

Don Lemon show is SO ANTI TRUMP now.. Trump is completely projected as a racist Hitler on that show.. If I were a black man or women watching the Don Lemon show I would HATE Trump... That's the goal.

[DwightShrute]

That's what happens when Dems gravitate to MSNBC and CNN only.. It's pure Trump bashing now.. They say NOTHING good about any of the positive things Trump is doing or trying to do.. They latch onto a story of illegal immigrant family that's being deported now to pull at heart strings... Trump is deporting us and he is to blame... If I was a Liberal Democrat I would think Trump was the Anti-Christ and America is doomed as well..

It's that bad now with the liberal news.. Destroy Trump media trying so hard, maybe harder then ever right now.... Mean while our economy is booming, jobs coming back, ISIS almost gone, not going to war, etc...

Media is so bad now.. It's not like it's fake news it's just opinionated news, and they just don't report any of the good things going on ever with Trump.. Russia collusion is dying out now so I'm curious to see their next move before ratings tumble...

Don Lemon show is SO ANTI TRUMP now.. He's completely projected as a racist Hitler on that show..

[d2bets]

The new tax laws will kill small business because most of them will their taxes raised! Only the biggest of corporations profit from this tax cut. But that's OK, when there's minimal growth the next three years you'll just blame the Democrats or fudge the numbers or some other bullshit. Anyone who thinks the middle class made out well in this new tax code is just stroking Trump's junk.
https://www.forbes.com/sites/johnwas.../#47ca31ad534c

It's true. I was just talking to my accountant today. She said a lot of her corps will be switching to pass-thrus. The new corp rate is a flat rate, meaning that many small corps with net income up to around $150k is going to face a tax increase. If they can switch to s-corp and navigate the pass-thru rules then they can get by. Of course then they face losing their health care plans. Nightmare. Lots of work for accountants and advisers and tough choices upending many small businesses. The new corp tax law was written by the wall street corps.

[JIBBBY]

It's true. I was just talking to my accountant today. She said a lot of her corps will be switching to pass-thrus. The new corp rate is a flat rate, meaning that many small corps with net income up to around $150k is going to face a tax increase. If they can switch to s-corp and navigate the pass-thru rules then they can get by. Of course then they face losing their health care plans. Nightmare. Lots of work for accountants and advisers and tough choices upending many small businesses. The new corp tax law was written by the wall street corps.

Time to get a new Tax Accountant because that's not what I'm reading or seeing... Not sure what State you live in though D2?

[bigbubbafade]

Can someone break down the tax bill that Trump supplied?

All you have to do is listen to politicians with dementia. Surely they know best.

[DwightShrute]

All you have to do is listen to politicians with dementia. Surely they know best.

Pelosi lives in one of the expensive zip codes in the USA. She is worth tens of millions of dollars. Not bad for a lifetime public servant. She is a disgusting pig.

[d2bets]

Time to get a new Tax Accountant because that's not what I'm reading or seeing... Not sure what State you live in though D2?

Illinois, but doesn't matter the state.

It's a slightly lower threshold than what I said. Up to $50,000 will be taxed at 21% instead of 15%. That's a tax hike of $3,000 on just $50k corp income. The breakeven point is around $90,000. At $75,000, it's a tax hike of $2,000. After paying wages and expenses, tons of small biz corps have net income under $90k. They will all have to reorganize as s-corps to avoid a tax hike. But that can have negative consequences to health coverage. Very bad policy, makes no sense. Glad I'm already an s-corp and set up well to take advantage. Many are not so fortunate.

This is a fact, by the way. Very easy to see.

[JIBBBY]

Illinois, but doesn't matter the state.

It's a slightly lower threshold than what I said. Up to $50,000 will be taxed at 21% instead of 15%. That's a tax hike of $3,000 on just $50k corp income. The breakeven point is around $90,000. At $75,000, it's a tax hike of $2,000. After paying wages and expenses, tons of small biz corps have net income under $90k. They will all have to reorganize as s-corps to avoid a tax hike. But that can have negative consequences to health coverage. Very bad policy, makes no sense. Glad I'm already an s-corp and set up well to take advantage. Many are not so fortunate.

This is a fact, by the way. Very easy to see.

I'm gonna double check that when I get the time.. Thanks D2..

[d2bets]

I'm gonna double check that when I get the time.. Thanks D2..

You're welcome. Hope you're not in that boat. If you have a small c-corp(s), you need to look into making an sub-s election. Deadline is March 15. There are other consequences as well, esp with new pass-thru deduction rules and your business type/personal income. But a lot of people will be reorganizing to not get screwed/take advantage. Do it soon. Don't wait.

[guitarjosh]

Are you kidding? States like CA/NY send way more to the feds than they get back, esp as compared to other states w/o income tax. You have it ass backwards.

It's an accounting gimmick. I'm writing this on a MacBook Pro and connected through Cox. I didn't buy it in California, but the taxes that get sent to DC are counted as coming from California since that's where Apple is based. Cox is based in Georgia, so the taxes I pay for internet access is accredited to Ga.

You also have to take military spending into account. There are a lot more soldiers per capita and spending in red states than blue. Madison County, Al. gets more defense dollars than all but 5 counties in America due to all the defense contractors there.

[JIBBBY]

You're welcome. Hope you're not in that boat. If you have a small c-corp(s), you need to look into making an sub-s election. Deadline is March 15. There are other consequences as well, esp with new pass-thru deduction rules and your business type/personal income. But a lot of people will be reorganizing to not get screwed/take advantage. Do it soon. Don't wait.

No I'm not in that boat but have friends and family that are.. I don't want them to get screwed like they did with Obamacare.. Trump is working to help the middle class so that's why I want to double check..

[chico2663]

No I'm not in that boat but have friends and family that are.. I don't want them to get screwed like they did with Obamacare.. Trump is working to help the middle class so that's why I want to double check..

jibbs you are about to get fuucked. You kept bitching about obama care. But the penalty was 695 for year. You pay a hell of a lot more on salt. This tax is great for my family in the oil business. Great for my cuz who owns bars with one being on the riverwalk. It is great for one that owns 295 properties in san antonio. Great for people that are on s.s. seeing they only pay taxes on half of income but now I think it has to be 25000. Not so good for c corps or single less than 75,000 or family less than 125,000. But hey your m.a.g.a. so no crying.

[d2bets]

jibbs you are about to get fuucked. You kept bitching about obama care. But the penalty was 695 for year. You pay a hell of a lot more on salt. This tax is great for my family in the oil business. Great for my cuz who owns bars with one being on the riverwalk. It is great for one that owns 295 properties in san antonio. Great for people that are on s.s. seeing they only pay taxes on half of income but now I think it has to be 25000. Not so good for c corps or single less than 75,000 or family less than 125,000. But hey your m.a.g.a. so no crying.

Say you live in Cali making $200k with a decent property and a mortgage. That can easily be $45-50k deductions that you can't deduct anymore. Your taxes are going up.

[pilebuck13]

Winners:
Business Owners
Investors
Those making > $200k
People who inherit from $11 million estates
People with multiple kids < 17

Losers:
People in CA/NY who took a lot of itemized deductions
People in CA/NY who own higher-end real estate
People making < $75k
People without children under 17
Single people
People < 60 who will have to deal with massive deficits

The losers sound like a bunch of people who don’t matter..

[d2bets]

The losers sound like a bunch of people who don’t matter..

[pilebuck13]

Say you live in Cali making $200k with a decent property and a mortgage. That can easily be $45-50k deductions that you can't deduct anymore. Your taxes are going up.

Is this what we have resorted to 😂 sticking up for people who are gonna lose on tax cuts who make 200k a year? Cry me a river 200k a year is hardly what the democrats pander to amazing your outraged by this. Me married 2 kids only income Washington state 90-100k a year tax cut! And I couldn’t be happier fuk off

[chico2663]

Is this what we have resorted to 😂 sticking up for people who are gonna lose on tax cuts who make 200k a year? Cry me a river 200k a year is hardly what the democrats pander to amazing your outraged by this. Me married 2 kids only income Washington state 90-100k a year tax cut! And I couldn’t be happier fuk off

just wait til that recession hits and you get your new health premiums. u will be crying a river

[pilebuck13]

just wait til that recession hits and you get your new health premiums. u will be crying a river

What health premiums? My premiums went up due to Obamacare. I’m in a union package bud Aetna pay 400 or so deductible per year per family. 8 proffered provider co pay 12 non. 2k free dental yearly. Doubt it. You can predict a recession all you want but you can’t pred the future if you could you wouldn’t be here. You have no idea if we’ll see a influx in revenue. But you can speculate so keep doing just that.

[gauchojake]

There are a lot of people in this thread seem to be advocating for a redistribution of wealth or at least seem indifferent to it. Kind of odd.

[chico2663]

What health premiums? My premiums went up due to Obamacare. I’m in a union package bud Aetna pay 400 or so deductible per year per family. 8 proffered provider co pay 12 non. 2k free dental yearly. Doubt it. You can predict a recession all you want but you can’t pred the future if you could you wouldn’t be here. You have no idea if we’ll see a influx in revenue. But you can speculate so keep doing just that.

No that is what they told you. Your premiums went up because baby boomers got old. Wait til you get your new premiums in nov 2018. It is sort of like how everyone's car insurance going up for floods. Insurance aren't in business to lose money. We had recession everytime we tried trickle down economics. Under reagan they had the slush fund known as social security to help bail us out. Bet you 100 points your not going to have the great benefits next nov. Price is going up. By the way I have 33 yrs in the insurance business and usually was able to predict this stuff

[chico2663]

There are a lot of people in this thread seem to be advocating for a redistribution of wealth or at least seem indifferent to it. Kind of odd.

There are a lot of empty pocket millionaires in this thread. I have something that cruz said 2 years ago that i will share.

[RoyBacon]

Originally Posted by klemopixx
The new tax laws will kill small business because most of them will their taxes raised!

It's true. I was just talking to my accountant today.

D2 you just disagreed with him completely yet you tell him "It's true", give me a break. Pass throughs are the smallest of all businesses and they actually got the biggest breaks which I know you know.

That's my biggest problem with liberals. They know their premise or basis is completely false yet they go with it anyway.

[Thor4140]

You talk so much sh#$. And Obama didn't have donors you dumb ass? I have an idea.... put your thumb in your mouth pal.

USA 10X better once your black dad got out of office.

I talk shit cause i have to deal with an asshole like u who's porch light has been out for years.