The final tax bill is ready.

a reply to: Phage

What's fair about a bracketing system? I say we should pay a flat rate based on what we consume. If you want to be taxed less, then consume less (something American's don't know how to do).

a reply to: Phage

Le's stay away from that on this thread, please.Worthy of debate, but not now.

a reply to: nwtrucker

Ok. But it's just so obviously a bad idea. Let's discourage commerce!

originally posted by: Phage
a reply to: TinfoilTP

But has nothing to do with that 21% rate.

But the double standard deduction effects all small business. The combined savings of all shareholders can be reinvested to grow the business. The rates after the 28k are also slightly reduced for added savings. Start ups always have losses their first years anyway so chances are there will only be salaries on the tax returns which makes standard deduction more viable than the old 14k figure. That really simplifies filing.

a reply to: TinfoilTP

What ever will all those tax accountants and attorneys do?

I have strong doubts that this plan will result in increased growth rates nationwide.

I know that it will not encourage my employer to give me a raise (because I am his bean counter and I know what his financials look like).

I don't expect to pay more than a few bucks less in taxes if at all.

I know that it will put the county deeper in debt, faster.

a reply to: nwtrucker

I will say, I'm excited about the possibility of killing the Individual Mandate, though that could have been neutralized via EO.

originally posted by: Phage
a reply to: TinfoilTP

What ever will all those tax accountants and attorneys do?

I have strong doubts that this plan will result in increased growth rates nationwide.

I know that it will not encourage my employer to give me a raise (because I am his bean counter and I know what his financials look like).

I don't expect to pay more than a few bucks less in taxes if at all.

I know that it will put the county deeper in debt, faster.

That's where the large corporations come in. In the last recession factory closings were vast, millions of jobs lost and then Obamanomics kept the economy at one to two percent growth. Large Corporations make more money if expanding is profitable, which creates more taxpayers and at the same time reduces adults who are dependent on tax payer assistance. It is a snowball. If things stayed the same then a tax reduction would not create more taxpayers, that is the difference, the Left won't admit a growing economy grows the tax rolls.

a reply to: TinfoilTP

I don't know nothin' bout no tax reform. Can't do anything about it anyway.

But tomorrow, I will buy stuff to make eggnog, I can promise you that.

a reply to: angeldoll

Brandy, a carton of egg nog, and a carton of milk (because I have to milk down the egg nog).

(Do the ingredients actually include eggs? And what is nog?)

originally posted by: Phage
a reply to: TinfoilTP

It sounds like it is capped at eight years then be revisited anyway. If the Dems get control when Trump is done they can ruin America again to their hearts content.

Another way to look at it is the poverty level was just raised. Before a family had to earn less than 14k now it is 28k. That is a big deal. Arguments can now be made that an average minimum wage of 9.25 an hour gets a two worker household 38000 which compared to 28000 is not much above poverty. Before that 38000 was compared to 14000 and made it look like they were living high on the hog doing great which is a far cry from reality.

The tax bill should be nothing more then everyone pays 10% of their "gross" income whether in America or overseas. Simple , isn't it. No income, you don't pay. No deductions. But the sharks will find a way out of the net of generous thoughts of a leader that wants equal payments of all Americans and American corporations, that is where the problem comes in, simple, if ONE person (American passport holder) in the corporation owns stock, its taxed. Ever find out why China only allows up to 42% foreign ownership in companies in China. American politicians are poison to the wishful thinking of the caring and loving American souls.

originally posted by: BELIEVERpriest
a reply to: nwtrucker

I will say, I'm excited about the possibility of killing the Individual Mandate, though that could have been neutralized via EO.

EXACTLY !! You have to wonder how many will opt out now that they do not have to pay an Obama care penalty.. That right there will put thousands into working American's pockets..

a reply to: 727Sky
Yup.
Until they have medical problems which costs them 10s of thousands.

Anything in the bill for medical savings plans?

Wait, I forgot. Since medical providers will pay less in taxes they will reduce their charges. Bigly.

originally posted by: Phage
a reply to: 727Sky
Yup.
Until they have medical problems which costs them 10s of thousands.

Anything in the bill for medical savings plans?

I agree Phage however if anyone is smart they get to hell away from the American medical care and go just about anyplace else for their care. Airplane ticket, medical care in a private room, and still not cost even close (probably 20 to 25%) to what people pay in the states.

I had my teeth cleaned two weeks ago with an X-ray for less than $20. Last doctor visit cost me $30 with meds.. The prices they charge in the states are insane IMO. Now if I were a hospital for profit or a Doctor sure I would want all I could get... Enter insurance, and milk that cow for all I can.

originally posted by: Phage
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?

What about an exaggerated sales tax that excludes food and basic necessities (toilet paper, dish soap, etc)?

originally posted by: 727Sky

originally posted by: Phage
a reply to: 727Sky
Yup.
Until they have medical problems which costs them 10s of thousands.

Anything in the bill for medical savings plans?

I agree Phage however if anyone is smart they get to hell away from the American medical care and go just about anyplace else for their care. Airplane ticket, medical care in a private room, and still not cost even close (probably 20 to 25%) to what people pay in the states.

I had my teeth cleaned two weeks ago with an X-ray for less than $20. Last doctor visit cost me $30 with meds.. The prices they charge in the states are insane IMO. Now if I were a hospital for profit or a Doctor sure I would want all I could get... Enter insurance, and milk that cow for all I can.

I paid about the same here in this country for that same service. Govt. controlled prices are the only way to go, just like MA BELL. I think that is what it was called. By the way, home owners had to give up the rights to the property to have the telephone lines on it, now the internet charges the owners to use their property, yes, the US has gone MAD.

a reply to: BELIEVERpriest

The individual mandate couldn't be killed by EO. It was in the ACA, itself.

a reply to: Terminal1
It repeals Individual mandate and doubles child tax credit for working families. How could any of that sound bad?

a reply to: nwtrucker

All that was needed was a stand down order to the IRS, just like when Trump told the IRS to stop taking tax exemptions from churches when they get involved in politics.