Tax reform

[black dog]

I don't have to "prove" it. I see it working every single day. When you own and operate businesses, the mechanisms and consequences are as plain as the nose on your face.

Not that you'd have any reason to understand any of that. You've never been there. Loser.

Consequences for bad management can huurt... About eight years ago I locally over spend on machinery and consumables at two local St Mary's business's..
Luckily both companies treated me very well during the dumping economy, I was honest with Doc and everytime he told me, You can pay me when you can... and I paid what I owed over a extended period.. It was a big business lesson to me..
Thanks Doc & Brian... I hope scoot is doing well...

 

[black dog]

I spend a lot of my hard-earned money on hookers and blow.

The rest of it I just waste.

And that ####ing Tiki Bar......

 

[PsyOps]

I'm still waiting for an answer from our resident liberals.

Why are democrats suddenly interested in tax cuts when they have never been for tax cuts when they controlled congress and the WH? Why don't our congressional liberals write up their own tax plan?

 

[PsyOps]

And I have another question... Pelosi and Schumer have been out there saying if the GOP passes these tax cuts it will destroy the GOP. If they really believed this, why wouldn't they vote for it?

 

[Hijinx]

And I have another question... Pelosi and Schumer have been out there saying if the GOP passes these tax cuts it will destroy the GOP. If they really believed this, why wouldn't they vote for it?

If they did believe this they would vote for it.

 

[Gilligan]

Interesting piece on the Barrycare fines and who is paying them.

According to the IRS, some 6.7 million American families pay Obamacare's individual mandate surtax, forking over $3 billion annually to Uncle Sam merely for exercising their right not to purchase an unaffordable Obamacare plan. It turns out most of these taxpayers are solidly in the middle class.

https://www.forbes.com/sites/ryanellis/2017/11/15/individual-mandate-repeal-is-a-middle-class-tax-cut/#1ed492994b80

 

[Hijinx]

Interesting piece on the Barrycare fines and who is paying them.



https://www.forbes.com/sites/ryanellis/2017/11/15/individual-mandate-repeal-is-a-middle-class-tax-cut/#1ed492994b80

These are the people that Steny Hoyer wants to keep right on ####ing so he can add a couple of months to the downfall of the ####ty health care plan he and his azzshole friends have foisted on Americans. We need to vote Steny into forced retirement, He has sucked on the Govt. tit long enough.

 

[glhs837]

So, saw a FB post about how this deal will devastate the edu-industrial complex because graduate students will not be able to afford the tax increase. The napkin based analysis appeared to show that this graduate student made a total of 89K between a 38K income and a 38K stipend. Evidently this tax reform would increase the effective tax rate from around 4% to %24. When I questioned that perhaps that this is a needed correction for that stupid low 4% rate. Then I was told that 50K of that 90K was actually the value of free tuition for graduate students. which didn't show on the paper, of course.......

 

[Chris0nllyn]

So, saw a FB post about how this deal will devastate the edu-industrial complex because graduate students will not be able to afford the tax increase. The napkin based analysis appeared to show that this graduate student made a total of 89K between a 38K income and a 38K stipend. Evidently this tax reform would increase the effective tax rate from around 4% to %24. When I questioned that perhaps that this is a needed correction for that stupid low 4% rate. Then I was told that 50K of that 90K was actually the value of free tuition for graduate students. which didn't show on the paper, of course.......

But those same young, presumably healthy, people are expected to pay extra for healthcare to pick up the slack for the older and less healthy?

 

[stgislander]

But those same young, presumably healthy, people are expected to pay extra for healthcare to pick up the slack for the older and less healthy?

Well, considering the older and less healthy are paying for the subsidies that the slackers get so they can have insurance... yes.

 

[glhs837]

But those same young, presumably healthy, people are expected to pay extra for healthcare to pick up the slack for the older and less healthy?

Don't recall saying that. Nobody is picking up my healthcare tab, that's for sure.

 

[Chris0nllyn]

Well, considering the older and less healthy are paying for the subsidies that the slackers get so they can have insurance... yes.

The "wealthy" are paying for the subsidies regardless of age.

Regardless, the young are paying for the old to retire via Social Security.

Don't recall saying that. Nobody is picking up my healthcare tab, that's for sure.

It wasn't intended to be a question to you, just pointing out the hypocrisy that young people are expected to pay more in health insurance under Obamacare and no one on the left batted an eye. A Republican wants to change taxes and suddenly the left cares about the financial well-being of young people?

 

[stgislander]

The "wealthy" are paying for the subsidies regardless of age.

Thank-you for calling me wealthy... I think.

 

[PsyOps]

Thank-you for calling me wealthy... I think.

I took as he was calling you old.

 

[stgislander]

I took as he was calling you old.

I am old.

 

[awpitt]

Well, here's something that hasn't been talked about much. the GOP/Trump tax plan includes the elimination of the Head of Household filing status which mainly includes single parents with children at home but also includes single people who might have other types of dependents living with them who they provide for. Under this tax plan, people who currently file as Head of Household will be treated the same way as a person filing as Single with no dependents.

As an example, currently, a single parent with one kid living with them gets a personal exemption of $8100 ($4050 x2) plus a standard deduction of $9300 (assuming they don't itemize) for a total of $17,400 to be taken off of their taxable income.

Under the GOP/Trump tax plan, this person will loose the personal exemptions and get a standard deduction of $6300 (same as single filers) which will be doubled to $12,600.

In short, a person who currently files as Head of Household (with one kid) will loose $4,800 of deductions under the proposed tax plan.

A person who currently files as Head of Household (with two kids) will loose $8,850 of deductions under the proposed tax plan.

I know the proposal is still fluid as it works its way through the Congress but this part seems to be consistent throughout. Not sure why Head of Household filers are being targeted this way as opposed to people who file Single or Married Filing Jointly.

Also...

A significant number of single taxpayers would pay 25 percent under President Trump’s proposed scale on incomes that fall between $37,500 and $112,500. Then, at incomes over $112,500, they would move into the new 33 percent tax bracket. Under the existing tax code, a single filer would not move into the 33 percent tax bracket until he earned more than $190,150 — a walloping $77,650 difference.

https://www.thebalance.com/proposed-trump-tax-changes-single-parents-4127164

 

[Chris0nllyn]

I hope most peopel understand that this is lipstick on a pig. Until the govt. seriously considers, or even looks at, reducing spending, there will never be, and can never be, real tax reform (including reducing taxes). Uncle Sam needs to pay for these wars and baby boomers' Social Security somehow.

 

[awpitt]

I hope most peopel understand that this is lipstick on a pig. Until the govt. seriously considers, or even looks at, reducing spending, there will never be, and can never be, real tax reform (including reducing taxes). Uncle Sam needs to pay for these wars and baby boomers' Social Security somehow.

I understand what you're saying. I just don't understand why the GOP/Trump want to stick it to those of us who are single parents who currently file as Head of Household.

On my 2016 tax return, my itemized deductions were $12,183. Plus I had $8,100 in personal exemptions (for me and my youngest son who's still at home). For a total taxable income deduction of $20,283.

Under the GOP/Trump proposal, since they want to eliminate the state & local income & property tax deduction and all personal exemptions, my itemized deductions will fall below the standard deduction which will be $6,300 X 2. $12,600. So, if I'm understanding this correctly, I will loose $7,683 in taxable income deductions.

Someone please tell me, how is that going to equate to a middle class tax cut that President Trump is talking about?

 

[Starman]

I understand what you're saying. I just don't understand why the GOP/Trump want to stick it to those of us who are single parents who currently file as Head of Household.

On my 2016 tax return, my itemized deductions were $12,183. Plus I had $8,100 in personal exemptions (for me and my youngest son who's still at home). For a total taxable income deduction of $20,283.

Under the GOP/Trump proposal, since they want to eliminate the state & local income & property tax deduction, my itemized deductions will fall below the standard deduction which will be $6,300 X 2. $12,600. So, if I'm understanding this correctly, I will loose $7,683 in taxable income deductions.

Someone please tell me, how is that going to equate to a middle class tax cut that President Trump is talking about?

 

[Ken King]

I understand what you're saying. I just don't understand why the GOP/Trump want to stick it to those of us who are single parents who currently file as Head of Household.

On my 2016 tax return, my itemized deductions were $12,183. Plus I had $8,100 in personal exemptions (for me and my youngest son who's still at home). For a total taxable income deduction of $20,283.

Under the GOP/Trump proposal, since they want to eliminate the state & local income & property tax deduction, my itemized deductions will fall below the standard deduction which will be $6,300 X 2. $12,600. So, if I'm understanding this correctly, I will loose $7,683 in taxable income deductions.

Someone please tell me, how is that going to equate to a middle class tax cut that President Trump is talking about?

Head of Household standard deduction is proposed at $18,000 (adjusted for inflation to $18,300 for 2018), child tax credit is proposed at $1,600, and a $300 family flexible credit for a total of $20,200, so it looks like you might only lose $83. Now, if your taxable income is less than $67,500 you would fall into the 12% bracket, so it might still be a cut since you didn't indicate your current taxable income which probably has you at least at the 15% bracket if not the 28% level.

source - https://www.nerdwallet.com/blog/taxes/what-the-republican-tax-plan-means-for-you/