CBO analysis of new tax bill, $100k+ earner gets big cuts, poorer earner will tax more after bill

[bshole]

so uh, anyone got some highlights here? Do I need to incorporate a business and funnel my life through it to take advantage? How do I exploit this for my personal gain?

Hopefully the standard deductions are going up?

If you are in the stock market, you are going to profit greatly over the next year or two. I am quite heavy in the market so I will probably see huge growth. Corporate profits next year will probably be off the charts. When this thing crashes though....... Jesus is it going to be ugly.

 

[vi edit]

so uh, anyone got some highlights here? Do I need to incorporate a business and funnel my life through it to take advantage? How do I exploit this for my personal gain?

Hopefully the standard deductions are going up?

You have no kids (I assume) and live in California. Get rekt.

 

[fskimospy]

I've read that there are protections in this to keep people from incorporating just to get this (aka - Kansas).

Standard deductions up - personal exemptions gone so for some us, it's a tax hike.

Interesting thing about that, in their efforts to limit people's ability to reclassify they have inadvertently (or I guess purposefully?) made it more profitable to be a passive owner of a business than one who actually works at it.

Really smart stuff.

 

[bshole]

Interesting thing about that, in their efforts to limit people's ability to reclassify they have inadvertently (or I guess purposefully?) made it more profitable to be a passive owner of a business than one who actually works at it.

Really smart stuff.

tailored specifically for bankers??

 

[fskimospy]

tailored specifically for bankers??

Actually working at a business you own is for the poors and the only modestly rich.

 

[NAC4EV]

Never have so few
Taken so much
From so many

 

[Ns1]

You have no kids (I assume) and live in California. Get rekt.

single income, no kids and no property. (most of) health insurance paid for by company. if standard deduction goes up I'm good.

so I need an S-Corp now or something?

 

[[DHT]Osiris]

so I need an S-Corp now or something?

Just a torch and pitchfork.

 

[Ns1]

Just a torch and pitchfork.

I need to incorporate my farm business first so I can write those off as business expenses.

 

[K1052]

Apparently the AMT lives on, in some fashion. That's unexpected.

 

[[DHT]Osiris]

I need to incorporate my farm business first so I can write those off as business expenses.

If you claim it for public service I think it can be written off as a donation. If you're over $500 though you need to keep receipt records.

 

[UNCjigga]

I would generally expect this provision to survive in conference since the House bill has it too, however if they need to pay for some stuff it might not. Problems without actually having two written bills to compare lol.

You're assuming the House will even take this to conference? That would allow more time to scrutinize what's actually in the final bill. I'd expect Paul Ryan to bend over like the spineless coward he is and put the Senate's bill on the President's desk as soon as possible.

 

[K1052]

You're assuming the House will even take this to conference? That would allow more time to scrutinize what's actually in the final bill. I'd expect Paul Ryan to bend over like the spineless coward he is and put the Senate's bill on the President's desk as soon as possible.

I think he promised a conference to too many people to go back on it. 52 votes in the senate makes conference more likely than less.

 

[Engineer]

Apparently the AMT lives on, in some fashion. That's unexpected.

Interesting.

 

[K1052]

Also it seems the medical expense deduction threshold was lowered as part of the Collins deal. Wonder what percentage of AGI it ended up at.

 

[Doc Savage Fan]

What is happening with the tax bill now is in fact highly unusual. In fact, everything about how this bill has been put together is highly unusual. The insanely rushed time frame, the lack of expert input, the historic unpopularity, etc. It's all very, very unusual.

It's telling that this 'wonderful' tax cut polls lower than Bill Clinton's tax INCREASE. That's how much the public knows this is a pile of shit. The only thing you and I can do is make sure that the people responsible for this irresponsibility pay the price at the ballot box. I hope you'll join the rest of us in working to oust everyone who votes in favor of this bill.

The context was last minute concessions to get a contentious bill passed.

 

[Doc Savage Fan]

And as far as I'm concerned, any Republican that complains about deficits again needs their damn ass kicked.

Obama contributed $9T to the deficit during his tenure and I didn't hear Democrats complaining. In fact they wanted to spend even more! That door swings both ways.

 

[Doc Savage Fan]

Apparently the AMT lives on, in some fashion. That's unexpected.

AMT has always been a tough nut...nobody really wants to deal with it as deficits skyrocket in future years if there is a decision to eliminate it.

 

[fskimospy]

Obama contributed $9T to the deficit during his tenure and I didn't hear Democrats complaining. That door swings both ways.

No, it doesn't. Republicans were the ones who spent eight years talking about how the debt was an existential threat to the US and tried repeatedly to prevent fiscal remedies to the worst recession in 80 years. They even tried to force the US to default on its debt in order to keep it from growing. Now that they are in power they suddenly don't care anymore. This is not surprising, as liberals knew at the time they were saying those things that they were transparent lies.

The weird and sad thing here is that Republican voters didn't appear to realize they were lying the whole time and have now flip-flopped right along with them. The debt is an existential threat when it comes to helping poor people and the debt doesn't matter when it comes to cutting taxes for rich people. This is what Republicans clearly believe as shown by their actions, it would be nice if they would just admit it.

 

[Doc Savage Fan]

No, it doesn't. Republicans were the ones who spent eight years talking about how the debt was an existential threat to the US and tried repeatedly to prevent fiscal remedies to the worst recession in 80 years. They even tried to force the US to default on its debt in order to keep it from growing. Now that they are in power they suddenly don't care anymore. This is not surprising, as liberals knew at the time they were saying those things that they were transparent lies.

The weird and sad thing here is that Republican voters didn't appear to realize they were lying the whole time and have now flip-flopped right along with them. The debt is an existential threat when it comes to helping poor people and the debt doesn't matter when it comes to cutting taxes for rich people. This is what Republicans clearly believe as shown by their actions, it would be nice if they would just admit it.

Both sides have flip-flopped on this issue.

 

[hal2kilo]

Both sides have flip-flopped on this issue.

Yep, every things the same. Why do we even bother having elections.

 

[ivwshane]

Both sides have flip-flopped on this issue.

Once again, a righty completely ignores the context of political actions and resorts to "both sides".

 

[fskimospy]

Both sides have flip-flopped on this issue.

The level of flip-flopping is not even remotely close to 'both sides' and I'm very certain you know this.

The right spent the last eight years lying about how they cared about the debt. It's important that we all remember this next time they try to lie about caring about the debt. This sort of nonsense is just enabling their bad behavior.

 

[Stokely]

I'm ok with someone calmly and logically explaining why the deficit is horrible and what should be done about it.

Assuming it is horrible at a given level and rate of increase, I'm ok with criticism of any politician from any side who is ignoring the issue.

I"m not ok with using it as a scare tactic to get votes, and making moronic simplifications like "we should run the country like we run our households...you wouldn't want debt at home, would you?" I'm no economist, but I know that macro-economics is not household economics.

I'm REALLY not ok with frothing at the mouth about how bad the issue is, especially after using it as a scare tactic (see above) and then turning around and doing the same damn thing.

As with most issues, on this one I see the Dems as "generally crap" and the GOP as "that which must be opposed", so a vote for (D) from this (I).

 

[K1052]

Both sides have flip-flopped on this issue.

If the Republicans could at least wait until this massive debt financed cut passes Congress before turning right around to again start complaining about deficits that would be at least minimally respectful.

Guys in the House are already demanding spending cuts as part of the CSR because of deficits with fucking straight faces.