Home Forums Hunting & Shooting Hunter's Campfire The Tax Plan

Funny everyone analyzing how it affects them personally to determine whether or not it's a good plan. How about this-

What's best overall for the country? What gets freeloaders off welfare? What plan has each paying their share?

All you guys are no different than the left or anyone else, what's in it for me.

Flame suit on.

Yeah, that'll happen as soon as Mike Bloomberg get's elected NRA president

I'd venture to say I pay my share, as well as a portion of others. I've never once complained about paying taxes, I figure I can gauge my success and on how much I pay in taxes. This year with both my wife and I working full time looks like we'll be paying a chunk.

Everyone should have skin in the game, whether you're making minimum wage or in the 1%. Seems like even after deductions a minimum of 5% of gross isn't too much to ask. It also seems that whether one puts in additional years to gain an advanced degree, or puts in extra hours working to build a business or overtime to help your employer that asking more than 20% of gross is unreasonable.

I don't believe running up the deficit is good for the country in the long term. The argument tax cuts are needed to boost the economy when the stock market is at an all time high and unemployment is less than 5% seems very disingenuous. Flame suit on.

Any changes for long term capital gains. Retired folks have been taking a beating with the low interest rates. We can't service $20T in debt, so interest rates must be kept low. Retired folks who saved a few buck are paying for this.

In addition, lower long term capital gains tax rates attract investment that in turn helps us dig out way out.

As I understand it, the exemption for each person would be doubled ... to around $11,000,000.00. Not sure what happens to "portability," ... in other words if some part of the $11,000,000.00 isn't used by a spouse, does the unused portion of the $11,000,000.00 get added to the surviving spouse's $11,000,000.00? Supposedly, all estate taxes are ended in 2024.

Thanks Mr.Attention, I feel better now.

Any news on Write Off's?

(he asks knowing how selfish it is......but does not GAF)

All i will say in response, is read what i posted.

Them with high local an state taxes ....will learn that they are being screwed..... I don't want to pay for your tax brake.

Thanks for the info. (gotta ad that at those figures I will be AOK. LOL)


The simplification is yuge.

Tax cuts don't run up the deficit, spending runs up the deficit. You can tax everyone at 100% and the country will still be broke if they spend more than they take in. Ask anyone with an ex-wife that couldn't control her credit card spending how easy it is to spend more than you make.

Federal tax revenues took a hit after the collapse of 2008 but after that set a new record take every year. At the same time time the national debt doubled under Obama, from 2009-2016. Clearly it wasn't a revenue problem because the intake increased every year. Clearly it was a spending problem.

Tax plans don't mean schit if the government cannot get control of their spending. Eventually you have to pay the piper.

I'm hearing the S corp passthrough provision is not going to include professional services companies. As a part owner of an engineering company that is a S corporation, that sucks.....

So the rate would be higher than it is currently?

You know what? GFY!
Jesus proposed a fair tax. Ten percent. No deductions; no exclusions. You don't work, you don't eat. It would never pass. Would you go for that?

Nope it would stay the same. Treated as personal income subject to higher tax brackets.

its stupid that in the age we live in, I still have to type in what I paid in property taxes, mortgage interest, etc., (or write it down on a form)
'
all of that should be automated so at the end of the year all you have to do is review it against your own documentation. And each quarter you could get a tax status saying whether you were on a path to owing money or paying more than you need to

all of this information is readily available digitally , its already out there in the world so its not a question of security or access.

It's very confusing. I was reading up on it, and I think you are correct. I don't think my S Corp falls in that category and I'll be in the 25% bracket. However, a lot of my customers are landscapers and stone masons that are small and I think they may fall into your category which would be bad for me. In addition to that, the 25% rate isn't really much less than we're at right now I think. Not sure how it's going to help my company. We might end up changing to a C Corp.

Last night on the way home, I was listening to Hannity on the radio. He had on some congressman on and was talking about the plan as a whole. He did mention that they have some work to do when it comes to S Corps. Hopefully they will fix this.

This is from Bloomberg, so take it for a grain of salt, but it explains why they did it this way.

https://www.bloomberg.com/view/articles/2017-09-28/the-trump-tax-reform-s-pass-through-boondoggle

Its not about the debt. It is not about tax breaks. It is about tax reform.

If it happens to mean NY and CA now have to "pay their fair share" as some are always so eager to tell others, so be it.