Harmony Central Forums
Announcement
Collapse
No announcement yet.

So how much is the GOP tax reform going to help you/cost you?

Collapse



X
  • Time
  • Show
Clear All
new posts

  • So how much is the GOP tax reform going to help you/cost you?

    I haven’t figured it out yet. But with a cursory look at its combination of rate reductions and elimination of deductions, im guessing I’ll probably end up paying more.

    Not to mention that the lower cap on the mortgage interest deduction will likely hurt my business.

    All the while, increasing the debt.

    Yay.
    Last edited by guido61; 11-03-2017, 08:51 AM.
    ______________

  • #2
    Removing AMT while removing some deductions will likely give me a small benefit, but it looks close to break-even for me.

    If it makes our domestic manufacturing and export businesses competitive by leveling the corporate tax playing field, I'm in favor even if I personally end up paying a bit more. Rebuilding our middle class would be worth it.
    Last edited by SteinbergerHack; 11-03-2017, 08:54 AM.
    "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

    Comment


    • #3
      Originally posted by SteinbergerHack View Post
      Removing AMT while removing some deductions will likely give me a small benefit, but it looks close to break-even for me.

      If it makes our domestic manufacturing and export businesses competitive by leveling the corporate tax playing field, I'm in favor even if I personally end up paying a bit more. Rebuilding our middle class would be worth it.
      I can’t see how a lower corporate tax rate is going to make up for all the damage Trump is doing with trade.

      https://www.google.com/amp/s/www.cnb...ommentary.html
      ______________

      Comment


      • Tom Hicks
        Tom Hicks commented
        Editing a comment
        Less money coming in plus increased levels of spending; isn't that a recipe for financial stability?

    • #4
      There's nothing a good World War won't fix.

      Comment


      • #5
        I don't know if I'll pay more or less.
        But since this is designed as an attack on blue states I'd guess I'd pay more. It's pretty hard to swallow since blue states are usually the ones how give more to the federal government than they receive in return.

        Isn't it ironic? The president ran on helping Main Street yet Pubs seek to help Wall Street at the expense of Main Street. It's not like large corporations needed more competitive advantage. They are already making record profits and already paying record low taxes. Should the corporate tax rate be reduced? Sure, but only if you take away the loop holes and deductions that allow them to lower their tax burden far lower than the tax rate. The current corporate effective rate is around eleven percent. What's it going to be if this legislation passes, six percent, three percent, zero percent?

        https://www.cbsnews.com/news/u-s-cor...ord-low-taxes/

        A 2013 Government Accountability Office report estimated the levy that businesses actually paid -- also called the effective tax rate -- at 10.6 percent.
        Last edited by Hoot Owl; 11-03-2017, 09:19 AM.
        George Washington was the man who never told a lie. Richard Nixon was the man who never told the truth. Donald Trump is the man who doesn't know the difference.
        Venezuela is what happens when you have Trump without the Madison.

        Comment


        • #6
          Originally posted by guido61 View Post

          All the while, increasing the debt.

          Yay.
          I think we all know by now that Republicans grow debt while simultaneously condemning it. It's the proverbial watch what I say, not what I do.
          George Washington was the man who never told a lie. Richard Nixon was the man who never told the truth. Donald Trump is the man who doesn't know the difference.
          Venezuela is what happens when you have Trump without the Madison.

          Comment


          • #7
            Another thing. This card they hold up to show how simple it will be.

            How much time and effort are we going to have to go through to get the numbers that go onto that card? I see sham written all over that card. It's not going to be as simple as they make it out to be.
            George Washington was the man who never told a lie. Richard Nixon was the man who never told the truth. Donald Trump is the man who doesn't know the difference.
            Venezuela is what happens when you have Trump without the Madison.

            Comment


            • #8
              We do know it would help Trump. The one tax return he has made public from years ago he paid something like 30 million in AMT.
              __________________________________________________

              Is This Thing On?

              https://soundcloud.com/tom-hicks888

              Comment


              • #9
                Originally posted by guido61 View Post
                I’ll probably end up paying more.


                Yay.
                Link please
                Happy Camper

                Comment


                • #10
                  Originally posted by TrumpIsGreat View Post

                  Link please
                  I’d show you my tax returns but I’m currently under audit.

                  As soon as the audit is completed....
                  ______________

                  Comment


                  • #11
                    Have no idea... I think my rate will go down, but some deductions will disappear, as well. Also not sure how the change in standard deduction will land for me.

                    I expect my tax load to go up, a small amount.

                    But I find it incredibly disingenuous that the GOP (and the Tea Party) is silent about the deficit.

                    Comment


                    • #12
                      I'll pay more.
                      My home is paid for so the change in mortgage interest doesn't negatively impact me the way it will some folks.
                      But I live alone so I won't benefit from the child tax credit of $1600.
                      I will lose the state and local tax deduction.
                      I will lose some of the property tax deduction.
                      There's no legitimate argument and no history that lowering the corporate tax rate and bringing those dollars back to the US will create jobs or raise wages.
                      Frankly, I don't care too much about a tax cut for myself. My biggest objection is adding $1.5T to the debt by throwing a big bone to the wealthiest among us.
                      To you I'm an atheist; but to God, I'm the Loyal Opposition.

                      Comment


                      • #13
                        I am guessing it will be a wash or I'll pay more due to the targeting of bill toward coastal Democratic areas.

                        I'll get a 3% reduction in marginal rate
                        Lose 4 personal exemptions
                        I will continue to itemize, so the increase in standard deduction is not a benefit to me
                        State property tax will be capped at $10K, I pay more than that.
                        I'll lose the CA state income tax deduction I currently have.

                        But what the heck, let's assume that I'll get the touted savings of about $1000. I can't be bribed with $1000 to increase the deficit by trillions of dollars, so I would still be opposed.

                        In order to buy into the fantasy that the Republican tax plan will not increase the deficit by trillions, you have to not only believe in supply side economics, but you have to have a Kansas mentality and believe that this one time it will work better than it has ever worked before.

                        Comment


                        • #14
                          Originally posted by guido61 View Post

                          I can’t see how a lower corporate tax rate is going to make up for all the damage Trump is doing with trade.

                          https://www.google.com/amp/s/www.cnb...ommentary.html
                          Well, I won't argue this point. I've said all along that Trump's views on trade are harmful and destructive.
                          "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

                          Comment


                          • #15
                            Originally posted by Hoot Owl View Post
                            ,
                            http://www.factcheck.org/2012/04/warren-ge-pays-no-taxes/"]Government Accountability Office[/URL] report estimated the levy that businesses actually paid -- also called the effective tax rate -- at 10.6 percent.


                            How many times does this have to be debunked?

                            The actual average business tax rate for US operations is closer to 27%, per this report from the Obama treasury department:

                            https://www.treasury.gov/resource-ce...eform-2017.pdf

                            The GAO report was massively flawed. It counted earnings from all types of corporations (C, S, LLC), but only counted taxes paid by C-corps. Thus, the "average rate" was understated by more than 60%.
                            "The historical experience of socialist countries has sadly demonstrated that collectivism does not do away with alienation but rather increases it, adding to it a lack of basic necessities and economic inefficiency." ------------------ Pope John Paul II

                            Comment













                            Working...
                            X