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Thread: GOP Tax Plan

  1. #1

    GOP Tax Plan

    The proposal would add $1.5 trillion to the nation's debt over the next decade as Republicans largely abandoned fiscal discipline in a desire to secure a legislative achievement for Trump and score a political win ahead of next year's midterm elections.
    The proposal would leave intact the existing rules on 401(k) retirement accounts and the ability of Americans to contribute up to $18,000 into the accounts tax-free. But the plan limits the widely used deduction for mortgage interest for new home loans of $500,000 or less, a sharp reduction from the current $1 million cap.

    The plan also limits the deductibility of local property taxes to $10,000 while eliminating the deduction for state income taxes...
    The plan shrinks the number of tax brackets from seven to three or four, with respective tax rates of 12 percent, 25 percent, 35 percent and a category still to be determined. The tax system would be simplified, and most people would be able to file their returns on a postcard-sized form.
    The plan sets a 25 percent tax rate starting at $90,000 for married couples, with a 35 percent rate beginning to bite at $260,000 which means many upper-income families whose top rate is 33 percent would face higher taxes. Individuals making $500,000 and couples earning $1 million would face the current Clinton-era top rate of 39.6 percent.

    The plan slashes the corporate tax rate from 35 percent to 20 percent, a demand of Trump.
    The child tax credit would be increased from $1,000 to $1,600, though the $4,050 per child exemption would be repealed.
    The plan calls for nearly doubling the standard deduction used by most average Americans to $12,000 for individuals and $24,000 for families, and increasing the per-child tax credit. On net, it could mean tax increases for many upper middle-income families.
    https://finance.yahoo.com/news/house...--finance.html
    Crybaby Cripplecrow Hanging on a Monkey's Toe Club

  2. #2
    INGSOC GURPS's Avatar
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    I misspoke

    Last edited by GURPS; 11-02-2017 at 02:11 PM.
    Were tempted to suggest a conspiracy here but its just liberals agreeing yet again that conservatives have hidden, evil motives, because modern liberals simply cant conceive of any other reason to disagree with the liberal consensus.

  3. #3
    Quote Originally Posted by GURPS View Post
    this an honest to God 'REAL' Budget not a continuing resolution.
    I don't think this is a budget.

    https://fingfx.thomsonreuters.com/gf...Highlights.pdf
    Crybaby Cripplecrow Hanging on a Monkey's Toe Club

  4. #4
    I don't see squat in there regarding limiting the tax rate on pass-through business income. In fact..I see virtually no positive changes in there that affect me whatsoever.

    Figures. !#$
    You can't be a real country unless you have a beer and an airline. It helps if you have some kind of a football team, or some nuclear weapons, but at the very least you need a beer. -Frank Zappa

  5. #5
    Main Streeter awpitt's Avatar
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    I think the proposed elimination of the state and local income and property tax deduction will be a problem.
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  6. #6
    Quote Originally Posted by Gilligan View Post
    I don't see squat in there regarding limiting the tax rate on pass-through business income. In fact..I see virtually no positive changes in there that affect me whatsoever.

    Figures. !#$
    Nope, just...

    Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income so Main Street tax relief goes to the local job creators it was designed to help most.
    Crybaby Cripplecrow Hanging on a Monkey's Toe Club

  7. #7
    Quote Originally Posted by Chris0nllyn View Post
    The proposal would leave intact the existing rules on 401(k) retirement accounts and the ability of Americans to contribute up to $18,000 into the accounts tax-free. But the plan limits the widely used deduction for mortgage interest for new home loans of $500,000 or less, a sharp reduction from the current $1 million cap.
    Sounds like people who spend more money on homes would be disproportionately hurt.

    Quote Originally Posted by Chris0nllyn View Post
    The plan sets a 25 percent tax rate starting at $90,000 for married couples, with a 35 percent rate beginning to bite at $260,000 — which means many upper-income families whose top rate is 33 percent would face higher taxes. Individuals making $500,000 and couples earning $1 million would face the current Clinton-era top rate of 39.6 percent.
    Again, those more financially successful would be hurt disproportionately.

    Quote Originally Posted by Chris0nllyn View Post
    The plan slashes the corporate tax rate from 35 percent to 20 percent, a demand of Trump.
    Hidden tax reduced. That's a good thing.

    Quote Originally Posted by Chris0nllyn View Post
    On net, it could mean tax increases for many upper middle-income families.
    Why is this an unending goal for so many? Why don't we have just one tax rate? "US citizen? Your tax rate is 15%" Seems so much more fair.
    There are only two possibilities; one is that we are alone in the universe, the other is that we are not.
    Both are terrifying.

  8. #8
    Quote Originally Posted by awpitt View Post
    I think the proposed elimination of the state and local income and property tax deduction will be a problem.
    Only for the states that have an income tax. Many do not. Those that do not would become more attractive in which to live by some amount per person.
    There are only two possibilities; one is that we are alone in the universe, the other is that we are not.
    Both are terrifying.

  9. #9
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    I'm not sure how they can call it a "simpler" tax code. Less brackets, no AMT, and one or two fewer deductions doesn't take someone from 10+ forms down to a post card. Unless you were doing a 1040ez to start with, in which case you already could do the math on a post card.

    Hard to tell without all of the specifics, but it looks as though I will come out pretty close to even with last year (+- less than $1000). If I still had dependents I would probably be unhappy, and people living in states with no income taxes are probably going to be coming out well ahead.

  10. #10
    Main Streeter awpitt's Avatar
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    Quote Originally Posted by This_person View Post
    Only for the states that have an income tax. Many do not. Those that do not would become more attractive in which to live by some amount per person.
    That would be the case already. With or without this tax proposal.
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