President Trump's tax plan: Here's what it includes

a reply to: MOMof3

I vote for tax breaks universally, yet I've never voted in favor of any municipal bonds. It's against my nature and morals to do so.

originally posted by: FamCore
a reply to: ketsuko

this has nothing to do with the MSM or how they reported it. Just because on face value some are saying "they are closing loopholes", doesn't mean they aren't also at the same time (and intentionally) also creating other loopholes or "technical opportunities" for them to urther exploit the tax system.

Trump and the WH can claim whatever they want, until there is an actual bill or law, we won't have any clue about how this tax plan will actually work. Yet you believe from your sources that their unsubstantiated claims are as good as gold and don't need to know the details since you "trust that this is a good plan". Yeah ok, good luck with that.

And just because they close loopholes, doesn't mean they are creating new ones.

Basically, until we see the plan, we don't know, so at this point you are jumping at shadows.

Wall Street doesn't seem to like the outline.
www.nasdaq.com...

a reply to: ketsuko

from the exact post you just quoted me on...

until there is an actual bill or law, we won't have any clue about how this tax plan will actually work.

so you paraphrase what my main point, and then claim "at this point, I'm jumping at shadows".

"until we see the plan, we don't know"

I guess you just aren't actually reading my posts.

originally posted by: burdman30ott6
a reply to: Byrd

1. Yeah, I'm sure it will save me money. Unless the 35% threshold is sub $100k (which it certainly won't be), I'll make out a hell of a lot better than I am now. Remember, I don't live in a state with income tax.

2, It's cute that anyone is willing to throw the VA disasterpiece onto the current administration. The VA wouldn't have been impacted by the hiring freeze if it had been properly staffed and funded for the past 8-12 years... it wasn't and, as a result, it is in tatters. The culling of government I'm talking about is in the HLS, health, regulatory, welfare, and social program venues (yes, including the Department of Education). I'm cool with us maintaining massive defense budgets, and the VA is part of that important spending.

I love how every likes to throw the VA under the bus, I am sure there are issues, but I have received excellent care from them for the last 10 years, but then maybe I am a veteran, who is used to the hurry up and wait mentality.

My good neighbors, the Great State of Kansas, has been trying this plan for the last 4 years, the state is in crisis, to the point it makes national news.

I have a client that make 2 mil a year in KS with his business, he doesn't pay a dime in taxes. Keep rooting for the wealthy because we will all pay for it in the future, trickle down economics does not work. Be happy your Orange Messiah and his family can keep more of what they scam, and that you will pay for it, and keep cheering while the Repubs screw over the working poor.

a reply to: MOMof3

Business deductions come off a Schedule C right ?

a reply to: Phage

Went down a bit in the last hour.
The market does not like change, and any kind of significant change can cause a downturn.
After the changes sink in and investors have a chance to analyze - then we will see what happens.
It is too soon today to jump to conclusions.

a reply to: MOMof3

Sounds like some people are already crying with a loaf of bread under their arm and complaining when their grocery bag is too heavy.

originally posted by: BlueAjah
a reply to: Phage

Went down a bit in the last hour.
The market does not like change, and any kind of significant change can cause a downturn.
After the changes sink in and investors have a chance to analyze - then we will see what happens.
It is too soon today to jump to conclusions.

The banksters will like it because it protects their wealth. You do realize this "death tax" has a 5 mil exemption, so unless someone's estate was over 5 mil, they paid no "Death tax"

originally posted by: Phage
Wall Street doesn't seem to like the outline.
www.nasdaq.com...

I'd call that as barely a blip. I know the media is pointing at it, but a 21 point drop on the DOW is pretty much no change at all.

a reply to: xuenchen

I don't own a business. What I have is a disabled husband with a disease. We have a lot of medications, medical procedures, and doctor visits out of our pocket. And state and property taxes. And still paying loans for education for three kids. I was hoping to get a supplement to medicare but not if my taxes go up. All our wealth is in our home. Taking away the deduction for property taxes, I believe, will hurt the sales value of homes.

originally posted by: MOMof3
a reply to: xuenchen

I don't own a business. What I have is a disabled husband with a disease. We have a lot of medications, medical procedures, and doctor visits out of our pocket. And state and property taxes. And still paying loans for education for three kids. I was hoping to get a supplement to medicare but not if my taxes go up. All our wealth is in our home. Taking away the deduction for property taxes, I believe, will hurt the sales value of homes.

Not to mention Trump's 24% tariff on Canadian softwood lumber, they are saying this alone will remove the ability of many to buy homes. Go Trump, screw the middle class.

originally posted by: BubbaJoe
The banksters will like it because it protects their wealth. You do realize this "death tax" has a 5 mil exemption, so unless someone's estate was over 5 mil, they paid no "Death tax"

That $5 Mil catches most small business owners. On a related note, why should death be taxed ever? If a man made the money, and already paid taxes on the money, what manner of sour grapes is it for Uncle Sam to shove one of his filthy paws into that man's pockets after he's breathed his last?

a reply to: xuenchen

The Death of Itemized Deductions........What a Refreshing Idea !

originally posted by: BubbaJoe
Not to mention Trump's 24% tariff on Canadian softwood lumber, they are saying this alone will remove the ability of many to buy homes. Go Trump, screw the middle class.

...the beauty of the free market will manifest itself on this in due time, allowing America's timber industry to operate as it should with fewer choking restrictions and less federal legislation. Homes will be built with American lumber, as they should have been all along.

a reply to: burdman30ott6

That $5 Mil catches most small business owners.

Not so much.

The Tax Policy Center estimates that the estate executors for only 11,000 people who die in 2017 will end up having to file for the estate tax and that only 5,200 of them will end up having to pay anything.

www.washingtonpost.com... 5b25ac

originally posted by: burdman30ott6

originally posted by: BubbaJoe
The banksters will like it because it protects their wealth. You do realize this "death tax" has a 5 mil exemption, so unless someone's estate was over 5 mil, they paid no "Death tax"

That $5 Mil catches most small business owners. On a related note, why should death be taxed ever? If a man made the money, and already paid taxes on the money, what manner of sour grapes is it for Uncle Sam to shove one of his filthy paws into that man's pockets after he's breathed his last?

I know quite a few small business owners, 60 or 70 of em are our clients. I can only think of 3 or 4 that will exceed a 5 mil estate, and they do a alot of estate planning to reduce their final estate through legal means.

a reply to: BubbaJoe

The exclusion does not change the fact that people are being double taxed after death.
The government does not have a right to a cut of an estate just because someone dies.

I never said that "I" was going to get a taxable inheritance But I disagree with the estate tax in general.

a reply to: burdman30ott6

I Work in Home Construction , other than Framing , Wood Products are being used Less and Less over the Last 10 Years . That MYTH about it Preventing People from buying Homes gave me a Good Laugh...........

originally posted by: burdman30ott6

originally posted by: BubbaJoe
Not to mention Trump's 24% tariff on Canadian softwood lumber, they are saying this alone will remove the ability of many to buy homes. Go Trump, screw the middle class.

...the beauty of the free market will manifest itself on this in due time, allowing America's timber industry to operate as it should with fewer choking restrictions and less federal legislation. Homes will be built with American lumber, as they should have been all along.

You, like Trump, have an answer for everything, most of them make zero sense, and you cannot back up any of it with facts. Enjoy the epic failure that your Dear Leader is. He will never make 4 years, his ethics fail will not allow the majority of the intelligent public to ignore it. F clean air, clean water, and worker safety, the man must make more money while I live on scraps.