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

a reply to: BlueAjah

It will help us because our economy will be stronger, resulting in more jobs, and a better future for our children and grandchildren.

Yea, well. We'll see what the future may bring. On many fronts.

It looks like my standard deduction would go up and tax rate down, so as of now it looks like that would directly help me.

I itemize, and still would. Without knowing which bracket I would fall under, I can't tell it it will cost me more, or less.

I do not begrudge the owners of businesses who earn a profit, especially small business owners.

Nothing wrong with profit, it's reducing taxes on that profit that can be problematic. How do you feel about increasing the federal deficit? That's not a very conservative stance.

a reply to: Phage

If Trump keeps going with his plans, as he seems to be doing, he will reduce expenses to reduce the deficit.

They already have an alternate plan for the wall, and Mexico will be paying for it The El Chapo bill will pay for almost the whole thing.

Things are falling into place.

a reply to: BlueAjah


Are you a prophet? Unless it is written in law , there no guarantee businesses will hire or pay more. All evidence shows they will cry for more.

a reply to: BlueAjah

If Trump keeps going with his plans, as he seems to be doing, he will reduce expenses to reduce the deficit.

Here's a better idea; reduce costs first.

a reply to: Zanti Misfit
Lol so they stopped using ....

Studs
I joists
Headers
Beams
Osb for wall sheathing
Plywood for roofing
Plated trusses for roof structures

Yup no wood at all .. we aren't talking cabinetry and rough carpentry either .

a reply to: MOMof3

Remember Reagan had a Democrat majority in the House all 8 years.

I bet they are the ones to blame.

a reply to: Phage

When it's sunny outside everything should be FREE. I digress.

Health care treatments.

All I'm saying is that there are other ways to reduce costs than cutting taxes. The tax rate isn't the real problem, it's the cost of living and inflation.

originally posted by: BlueAjah
I hope this part passes:

Repeal the Death Tax

People should not be taxed again on money for which their parents already paid taxes.

I completely disagree. I think the estate tax is far too low as it is. And unlike 99.4% of the country, I'm actually in a position to recieve a massive inheritance one day (we're talking 8 figures). I think the estate tax should be 100%. Every generation should stand on their own, not building generational wealth. I get that it's a natural instinct for parents to want to pass things on to their children, but passing on large businesses and enormous sums of cash doesn't actually do anything to further a society where people earn their money. It creates a society where the only thing that really matters in life, is if your grandparents are fiscally responsible. If they were, you're set... through absolutely no effort of your own.

a reply to: Aazadan

Why would anyone be motivated to succeed, if it was all going to be stolen by the government upon death?

The estate tax is double taxation. It was already taxed when it was earned.

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?

What entitles a child to inherit from their parent?

a reply to: Aazadan

They aren't. I believe kids need to show that they deserve it.
If my kids turned out to be irresponsible brats, I would leave everything to charity
But people have a right to do what they want with their money upon death.

originally posted by: BlueAjah
a reply to: Aazadan

Why would anyone be motivated to succeed, if it was all going to be stolen by the government upon death?

The estate tax is double taxation. It was already taxed when it was earned.

To quote our esteemed President.

The money never mattered to me, it was just a way to keep score.

Are you saying you're only motivated to work and earn money so that you can pass it on to family? That's a very poor way to build up a family over generations. The average size of an inheritance in the US is $177,000. Not all that much really.

I'll let you in on a secret. You can completely escape that game right now. Depending on your age set up a trust for either your grandchild or your great grandchild. Ignore your children, and put the money into a trust for 1 to 2 generations in the future. Let it compound. They'll be the modern day equilvalent of multi millionaires one day. Zero work required.

The estate tax primarily exists to break apart family businesses when the founder dies. It doesn't always work, but the intent is to make corporations mortal. A business isn't supposed to last 100 years.

And as I said before, I see no reason as to why children should be entitled to an inheritance. Each generation should make their own way, on their own merits.

originally posted by: BlueAjah
a reply to: Aazadan

They aren't. I believe kids need to show that they deserve it.
If my kids turned out to be irresponsible brats, I would leave everything to charity

But people have a right to do what they want with their money upon death.

It's not money on death that the estate tax targets, that almost never gets taken due to a combination of estate planning, and the fact that the limits are pretty darn high.

The estate tax breaks up businesses. To take an example from a friend of mine. About 10 years ago him and his two siblings inherited a ranch. Due to the acreage the ranch was worth a lot of money.... lets say $20 million. But the revenue from it is pretty poor... maybe $100k/year. So the government takes a share, and the ranch now only outputs $60k/year and is worth $10 million. Now, there's no way to actually sell shares of ownership in that ranch, because the land value is too high and the ROI is too low. Eventually, all the siblings just gave it to one person to manage.

What should have happened in this situation, was that the ranch goes under and someone new gets to purchase the land, and try their hand at the trade. Instead the business remains in the family and never goes away. In the worst case, these corporations that never die become companies like Goldman Sachs and Walmart. Preventing those companies from being able to dominate everyone is important.

If you like local commerce, you should favor an estate tax. It keeps businesses small.

a reply to: RickinVa

If they have kids they already get the EIC resulting in a return which equates to no taxes being paid. These days those above who are also relying on food stamps and the like are living above their means.

Yes a big difference for those without families though.

Looks like he didn't do squat for the middle class. Everyone got a tax break BUT the middle (The people who actually work their ass off) class.

originally posted by: BlueAjah
a reply to: Aazadan

Why would anyone be motivated to succeed, if it was all going to be stolen by the government upon death?

The estate tax is double taxation. It was already taxed when it was earned.

It really only applies to estates worth over $5 million. My brother and I did not have to pay estate taxes on our inheritance from our father.

So, Trump's kids will benefit. Yours won't see any advantage.

originally posted by: StallionDuck
Looks like he didn't do squat for the middle class. Everyone got a tax break BUT the middle (The people who actually work their ass off) class.

There's some more subtle and worse things there.

If you itemize (a good way for many of us), he eliminates everything but charitable deductions and mortgage interest (gosh, doncha wonder who has lots of mortgages and charitable claims?)

So...
* medical expenses won't be deductible (how many families are struggling with medical issues right now?)
* the cost of education isn't deductible (back to college being only for the wealthy)
* business expense for small businesses
* mileage (for techs who do a lot of travel)

...are among the things you can't deduct.

Higher taxes for a lot of folks.

originally posted by: Aazadan

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?

What entitles a child to inherit from their parent?

The wishes of the individual who earned and owns the wealth entitles the recipient to it.

originally posted by: ketsuko

originally posted by: buster2010
No surprise the tax plan laid out it's to benefit the wealthy and screw the rest of America over. Just like when that other idiot Reagan was in office.

This is to make us competitive with all those so-called Euro-socialist nations you put up on pedestals. Their corporate tax rates are 24, 27 and 22% respectively.

The tax rate may be high here but with all the loop holes in our tax laws most companies pay an effective rate of 0%.

a reply to: xuenchen

I hear this tax plan will balloon the debt tremendously ($4 to $6 trillion). I thought that's why you guys hated Obama. He ballooned the debt. Is it now ok to do that with Trump in charge?