The final tax bill is ready.

The source is the Washington Post. The full 500+ page bill is available on the site.

It timed for eight years before expiring. Don't ask me, I don't know why.

Personally I've very excited about it. Helps me, my daughters family and a whole bunch of people. I suppose the questions will be will the corporate rate cuts boost businees enough to grow/offset the cuts. I'm optimistic.

A pox on both parties for not addressing these issues years ago.

www.washingtonpost.com... stshared_1_na

God* help us all...

× Insert favorite deity or lack of deity here because it doesn't matter what you believe... chances are we are screwed in the long run.

originally posted by: Terminal1
God* help us all...

× Insert favorite deity or lack of deity here because it doesn't matter what you believe... chances are we are screwed in the long run.

He just did....

a reply to: nwtrucker

Uh huh, I heard him say it yesterday, ON TV.

Americans will begin to see more money in their paychecks by February.

It must be true, the Presider, TV and this article all said so...

Main Scream News

Come February, you wont remember this either.

a reply to: intrptr

Make yourself an eggnog and rum and relax. This HAS to go through. Too many careers are on the line for it to fail.

Not impossible, but unlikely. I will bet you a ten dollar gift certificate to Burger King....

a reply to: nwtrucker

Did it close up all them corporate loopholes in addition to lowering the rate?
Are they really going to pay 21% ?


(egg nog at my side, actually)

originally posted by: Phage
a reply to: nwtrucker

Did it close up all them corporate loopholes in addition to lowering the rate?
Are they really going to pay 21% ?


(egg nog at my side, actually)

The bill is over 500 pages. I just read the highlights on the front page. So I'm not sure. The 21% is stated as the new rate. Loop holes? That'll be the day...

originally posted by: Phage
a reply to: nwtrucker

Did it close up all them corporate loopholes in addition to lowering the rate?
Are they really going to pay 21% ?


(egg nog at my side, actually)

Look. This isn't addressed at you, but you did 'trigger it'

Let's get real here. First the real big guys are doing fine. Big profits, all the shareholders are FAT. They probably don't care one way or another about these cuts, there's even a link of CEOs saying as much. Likely they LIKED the smaller to small competitors going down. They buy up assets and contract at pennies on the dollar, grow bigger and move into the 'too large to fail' strata with futures assured....at the overall expense of the US economy and the average person.

What these corporate cuts helps is the middle and small corporations. The ones barely hanging on or considering following the thousands that left. The start-up guys. Maybe even a few returning in the face of more than potential tariffs down the line.Bills paid, upgrades purchased. Credit ratings improved,and yes, expansion and JOBS.

The big guys aren't going away. Not by a long shot. If they end up benefiting due to these cuts, then sobeit. As long as the small guys benefit and survive, it's worth it, in my books....for now.....

I'm glad eggnog isn't around all year. I'd be even fatter.

28k before married families pay a penny in taxes and rates are lowered, that effects all working families. Most small corporations are Scorp pass through so it effects their taxes in the same way.

a reply to: nwtrucker

What these corporate cuts helps is the middle and small corporations.

Sounds good. What are the new corporate brackets? Do they give start-ups a good leg up?

originally posted by: Phage
a reply to: nwtrucker

What these corporate cuts helps is the middle and small corporations.

Sounds good. What are the new corporate brackets? Do they give start-ups a good leg up?

I will try focusing enough to read it before football in the morning...

a reply to: nwtrucker

Be sure to stand up and put your hand over your heart.

For reference, under current tax schedules, a corporation which shows taxable income of $95,000 pays 21%. That would be a C corp, S corps (pass through) are a different thing.

a reply to: nwtrucker

If the Republicans really wanted to help this country, the tax bill would not be 500 pages long. A low flat rate sales tax could easily replace the disproportionate and complicated federal income tax, and it would collect more revenue, while putting less burden on the individual.

originally posted by: BELIEVERpriest
a reply to: nwtrucker

If the Republicans really wanted to help this country, the tax bill would not be 500 pages long. A low flat rate sales tax could easily replace the disproportionate and complicated federal income tax, and it would collect more revenue, while putting less burden on the individual.

I actually did a little volunteer work for a group working on that back in the early nineties. The advantages are obvious and well known. It's the downside that isn't that well known. They exist. It would be off topic here, though. Donttreadonme has been taking vitamins lately....

originally posted by: Phage
a reply to: nwtrucker

What these corporate cuts helps is the middle and small corporations.

Sounds good. What are the new corporate brackets? Do they give start-ups a good leg up?

Start ups file for S Corp designation which is up to 100 employees. When you get bigger than that then you revert to C Corp and pay corporate taxes according to the brackets.

Example:
Bob and Jim start a business, get Sue and Sally to invest, hire 10 employees. They file for S Corp designation and Corp income is passed through to Bob Jim Sue and Sally onto their individual 1040's according to their equal stakes in the Corp. Their payroll from W2's is added to their corp income and if they are married they pay no tax on the first 28k each. So the corp can pay out their salaries plus income of 28k X 4 = 112000 before a penny of tax is owed by them. That is twice as much untaxable income as before.

a reply to: BELIEVERpriest

A low flat rate sales tax could easily replace the disproportionate and complicated federal income tax, and it would collect more revenue, while putting less burden on the individual.

Absolutely not. A sales tax is regressive. Low earners pay a greater percentage of their income on taxes under that plan.

For the heck of it, let's say it's a 10% sales tax (too low to produce enough revenue, but let's us it anyway).
Let's say you can by groceries for $2,400 a year (as if).
Based on that alone:
Let's say you earn $48,000. Your income tax would be 0.5% of your income.
Let's say you earn $100,00. Your income tax would be 0.24% of your income.

Does that sound fair?

a reply to: TinfoilTP
Yeah, I know.
S Corps are pass throughs. A different ball of wax. Like I said.

originally posted by: Phage
a reply to: TinfoilTP
Yeah, I know.
S Corps are pass throughs. A different ball of wax. Like I said.

But that is where all small business is.

a reply to: TinfoilTP

But has nothing to do with that 21% rate.