Tax Reform
Re: Tax Reform
by Winchester » Mon Oct 16, 2017 10:02 am
Damnit, can't read the whole article. But I'm assuming it's due to raising the standard deduction making it more advantageous for more people to just take the standard deduction. Did the article say anything about losing state & local taxes as a deduction?
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Re: Tax Reform
by John Galt » Mon Oct 16, 2017 10:33 am
Americans learn only from catastrophe and not from experience. -- Theodore Roosevelt
My life has become a single, ongoing revelation that I haven’t been cynical enough.
My life has become a single, ongoing revelation that I haven’t been cynical enough.
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Re: Tax Reform
by Kane » Mon Oct 16, 2017 11:35 am
If it was manufactured in such a way that it wasn't taking from everybody else to pay for lower corporate tax rates (and for pass throughs) then I'd be more inclined to support it. It doesn't make a lot of sense to take all of this away to further diminish discretionary spending around that time of year, to put middle and upper middle america as paying more, while giving these corporations a tax break and a way to manipulate it once again.
We'll see what they do with the tax "loopholes" on the corporate side but my inclination is to think this is going to make it easier for them to bring their effective tax rate down below most of our global peers.
Corporate Taxes as a % of GDP:
Provided by the OECD and courtesy of Krugman. Lower the tax rates and don't remove most/all of the corporate exemptions? It'll be Reagan Redux where rates will have to go up under the same President. Repeatedly.
We'll see what they do with the tax "loopholes" on the corporate side but my inclination is to think this is going to make it easier for them to bring their effective tax rate down below most of our global peers.
Corporate Taxes as a % of GDP:
Provided by the OECD and courtesy of Krugman. Lower the tax rates and don't remove most/all of the corporate exemptions? It'll be Reagan Redux where rates will have to go up under the same President. Repeatedly.
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Re: Tax Reform
by John Galt » Mon Oct 16, 2017 12:15 pm
US is 3rd highest in world behind Chad and UAE
https://taxfoundation.org/corporate-inc ... orld-2015/
https://taxfoundation.org/corporate-inc ... orld-2015/
Americans learn only from catastrophe and not from experience. -- Theodore Roosevelt
My life has become a single, ongoing revelation that I haven’t been cynical enough.
My life has become a single, ongoing revelation that I haven’t been cynical enough.
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John Galt - Technical Admin
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Re: Tax Reform
by John Galt » Mon Oct 16, 2017 10:37 pm
if i had my druthers...
all the tax breaks are gone. 25% corporate income tax. end of discussion
for personal income tax, progressive and it maxes out at 50% at over 2 million/year, with tax relief for low to middle/high middle earners, and removal of all exemptions, including standard.
death tax is at 90% for over $5 million, earmarked for infrastructure projects only. the inheritance we receive from those rich folks will benefit us all
there. sorted.
all the tax breaks are gone. 25% corporate income tax. end of discussion
for personal income tax, progressive and it maxes out at 50% at over 2 million/year, with tax relief for low to middle/high middle earners, and removal of all exemptions, including standard.
death tax is at 90% for over $5 million, earmarked for infrastructure projects only. the inheritance we receive from those rich folks will benefit us all
there. sorted.
Americans learn only from catastrophe and not from experience. -- Theodore Roosevelt
My life has become a single, ongoing revelation that I haven’t been cynical enough.
My life has become a single, ongoing revelation that I haven’t been cynical enough.
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John Galt - Technical Admin
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Re: Tax Reform
by Saz » Tue Oct 17, 2017 4:42 am
DON'T BE A TOUGH GUY. DON'T BE A FOOL! I WILL CALL YOU LATER.
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Re: Tax Reform
by swapnali » Tue Oct 17, 2017 5:54 am
hello all,
nice place to be here, i see nice comments and nice people as well, i will make it a point to come here more often to read and post comments so people and myself benefit.
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nice place to be here, i see nice comments and nice people as well, i will make it a point to come here more often to read and post comments so people and myself benefit.
Cheers!!!
https://toy-blast.soft32.com
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