New Trump Tax Plan Passes- Good For LLc’s.

 
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Old 12-23-2017, 12:26 PM   #41
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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At least the rest of us won't b subsidizing those high tax states any longer. Maybe it's time those of you in those states, start voting in different politicians.
Uh, those high tax states pay a tremendous amount of money to red states to fund their chip, medicare, social security and education.
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Old 12-23-2017, 12:30 PM   #42
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Can't seem to find an answer on: Will the new tax plan eliminate itemizing deductions 'across the board' (the so-called postcard tax filing) or only take away certain things that can be itemized?
No, itemization is still in. The threshold is higher because standard deduction is raised.
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Old 12-23-2017, 12:32 PM   #43
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Debt isn't created by reducing the money the govt steals from its people. It's created by spending. Now it's time to reduce the budget.


Also, every time taxes have been cut tax revenue had increased.

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There's no reason to step on the gas when the economy is already going 70 mph.

It would be a better strategy to reduce debt and save the tax cut for the next downturn.

Best time to cinch up your belt is before you go hungry.
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Old 12-23-2017, 01:26 PM   #44
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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There's no reason to step on the gas when the economy is already going 70 mph.

It would be a better strategy to reduce debt and save the tax cut for the next downturn.

Best time to cinch up your belt is before you go hungry.
The why is key. Why have we exploded in growth and opportunity? Confidence and expectation. The only reason the economy is booming is due to MAKING AMERICA GREAT AGAIN. Just the discussion of a border wall from someone who we know will make it happen reduced illegal immigration by 70% in the first few months of him taking office. The reversal on DACA also has help slow down the flow.

One of those expectations was tax reform and cuts. We won't need a safety net if we keep playing our cards right.

I don't know of a single creditable economist that would agree with it being better to wait on tax cuts. It forces the issue of spending. We now have to address our bloated socialist gov't spending habits.
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Old 12-23-2017, 01:27 PM   #45
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Uh, those high tax states pay a tremendous amount of money to red states to fund their chip, medicare, social security and education.
Actually the high taxes he's referring to don't. He's talking about high state taxes, not federal. When you get to deduct your state taxes from the federal tax burden, it becomes someone else's burden.
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Old 12-23-2017, 01:28 PM   #46
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Can't seem to find an answer on: Will the new tax plan eliminate itemizing deductions 'across the board' (the so-called postcard filing) or only take away certain things that can be itemized?
No. It allows for more people to take a standard deduction instead of itemized deductions. It means more people will be able to get more back and not have to jump through as many hoops to do so.
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Old 12-23-2017, 02:43 PM   #47
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Actually the high taxes he's referring to don't. He's talking about high state taxes, not federal. When you get to deduct your state taxes from the federal tax burden, it becomes someone else's burden.
No he was talking about federal taxes. People here usually make much more money than the middle of the country therefore pay much more in taxes than the people in the middle of the country even with the interest rate deduction that some take. Many people with high incomes here have multiple houses and can only take a deduction for 1 I believe, if they have a mortgage at all.
Most of my customers have 2 homes, some 3 homes they can only deduct for 1 home correct?
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Old 12-23-2017, 03:50 PM   #48
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Re: New Trump Tax Plan Passes- Good For LLc’s.


RRK @ post 47 above: vacation home(s) are still deductible, under certain exclusions/reductions, such as renting more than 14 days,

even RVs and night cruiser boats are able to be classed as "homes" if you live in them part of the Tax year.....

Delay paying your self till next year....lower taxes more spending dollars$$
the same with employee bonuses, delay and increase the $ they get to keep....

Last edited by Fouthgeneration; 12-23-2017 at 03:55 PM. Reason: readability
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Old 12-23-2017, 04:42 PM   #49
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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No. It allows for more people to take a standard deduction instead of itemized deductions. It means more people will be able to get more back and not have to jump through as many hoops to do so.
Unless what you are saying is at our option: Hearing 'get money back' sounds appealing. But how deep is it's meaning?

Itemizing deductions has its purpose - giving credit to where credit is due, as related to taking responsible expansion for the economy. Increasing the standard deduction removes paperwork but also gives credit to where it isn't due. Bad move.

You don't want to know what I think -- IMHO (years ago) removing incoming averaging was a enormous unthought setback in terms of investment in creativity that in-turn helps fuel innovation for our country in other ways... those that relied on this were out. Ever notice how we've lost so much of our innovative edge? - Might be partly to blame. Creativity filters right on through to the consumer.

But this is a bit off topic, so enough...

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Old 12-23-2017, 07:14 PM   #50
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Re: New Trump Tax Plan Passes- Good For LLc’s.



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Old 12-23-2017, 07:37 PM   #51
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Wow, I feel so ripped. And this coming from the guy who thinks middle class is 750k. Talk about dumb.
TNT, not everyone is talking about you. This is the second time in this thread you've made this mistake. I was going to rip Pinwheel for his original comment.
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Old 12-23-2017, 07:41 PM   #52
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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it's 750,000.00 in interest not mortgage, down 250K from 1 million cap.

Tom
I understand the difference between interest and a mortgage. I was responding to the comment about a 750K mortgage.
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Old 12-23-2017, 07:44 PM   #53
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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That's not middle class anywhere. What you mean is average, not middle class. Middle class is defined the same for the entire country. It runs from 42k-125k income.
Which proves my point entirely. Based on those bull**** numbers you need to be rich to live in NYC, CA and other parts of the country and I can assure you, there are very few rich people living here.
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Old 12-23-2017, 10:59 PM   #54
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Dear lord, the liberals are sudden worried about the tax debt. Didn't care and ounce when Obama was taking trillions out to subsidize the unions, his favorite activism programs or fill the pockets of foriegn countries.

Literally programmed to feel guilty for benefiting.

Let's call it what it is. The Democrats are the intellectuals and know what's best for everyone. The Republicans are rich and greedy or to dumb and deplorable to know better.

Well the dam smart people running the show for the last few decades have nearly bankrupted us while enriching themselves. No, they didn't build that......
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Old 12-23-2017, 11:59 PM   #55
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Re: New Trump Tax Plan Passes- Good For LLc’s.


I live in California and the tax bill will help us tremendously.


Mike.
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Old 12-24-2017, 09:00 AM   #56
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Fire em all and hire about 20% back in their place with reasonable not insane pay/bennies and use a flat tax. If you don't make the threshold you dont pay taxes if you do you pay the same percentage as anyone else. Even the bleeding hearts buying cell phones for welfare folks should be ok with that.
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Old 12-24-2017, 09:07 AM   #57
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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At least the rest of us won't b subsidizing those high tax states any longer. Maybe it's time those of you in those states, start voting in different politicians.
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No he was talking about federal taxes. People here usually make much more money than the middle of the country therefore pay much more in taxes than the people in the middle of the country even with the interest rate deduction that some take. Many people with high incomes here have multiple houses and can only take a deduction for 1 I believe, if they have a mortgage at all.
Most of my customers have 2 homes, some 3 homes they can only deduct for 1 home correct?
Read it again sport. He said HIGH TAX STATES. That is referring to state taxes and being able to deduct them. You made it into something else as a gotcha.
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Old 12-24-2017, 09:11 AM   #58
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Originally Posted by artinall View Post
Unless what you are saying is at our option: Hearing 'get money back' sounds appealing. But how deep is it's meaning?

Itemizing deductions has its purpose - giving credit to where credit is due, as related to taking responsible expansion for the economy. Increasing the standard deduction removes paperwork but also gives credit to where it isn't due. Bad move.

You don't want to know what I think -- IMHO (years ago) removing incoming averaging was a enormous unthought setback in terms of investment in creativity that in-turn helps fuel innovation for our country in other ways... those that relied on this were out. Ever notice how we've lost so much of our innovative edge? - Might be partly to blame. Creativity filters right on through to the consumer.

But this is a bit off topic, so enough...
Double the standard deduction

Double the child tax credit

Decrease in tax bracket

I think your credit where credit is due is based on flawed logic. You assume the gov't allows for fair deductions.

It's never a bad move to give me back more of my money, period.
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Old 12-24-2017, 09:13 AM   #59
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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TNT, not everyone is talking about you. This is the second time in this thread you've made this mistake. I was going to rip Pinwheel for his original comment.
Lol, exactly what clue did you give to indicate who you were referring to again....maybe you should just be more specific next time.
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Old 12-24-2017, 09:14 AM   #60
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Which proves my point entirely. Based on those bull**** numbers you need to be rich to live in NYC, CA and other parts of the country and I can assure you, there are very few rich people living here.
Actually, it disproved your point. They are considered part of the 1%. It's just a fact, they are rich if they can afford to make a 750k mortgage payment.

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