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Corrected title: Now the GOP has accomplished massive tax reform

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dullard said:
It is the state income tax that gets me. And I don't live in a high cost of living state.

My wife and I are both engineers. Take the median engineer national salary of $80k (I'll leave out our exact salaries). Double that. Subtract say $24k in deductions. Multiply by 7% income tax, and any couple like us is already bumping up into the $10k limit. That doesn't even include property taxes, or personal taxes (such as vehicle registration taxes).

What I'll end up doing is saving up charitable contributions for several years. Then make one large donation instead of several smaller yearly donations. That way, I'll take the $24k standard deduction several years and then one large itemized deduction. Assuming that there aren't any gotchas that way, I haven't read the bill yet.
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This may/may not help... you may be able to pre-pay your 2018 property taxes and deduct them.:

https://finance.yahoo.com/news/americans-lose-tax-deduction-worth-203500443.html
 
Notice how these individual tax cuts expire at what would be the end of Trump's maximum time in the WH and his base is too ignorant to see what they're doing. This is essentially a short term bribe designed to provide the wealthy with permanent long term benefits.
 
Puffnstuff said:
Notice how these individual tax cuts expire at what would be the end of Trump's maximum time in the WH and his base is too ignorant to see what they're doing. This is essentially a short term bribe designed to provide the wealthy with permanent long term benefits.
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I'm sure they get it. They just don't care. Not unusual to have a party set up for what they see as the next election that matters. They can then campaign on keeping your taxes down while the Dems want to increase them..
 
IronWing said:
Blackmail works on Republicans so expect their donors bribers to be back with a new list of demands.
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This reminds me of contract negotiations at a company I used to work at. Most of the union members were Trump's base and during a contract the company offered them cash up front in lieu of a percentage increase to wages during the first year of the contract if they'd accept the proposal.

I tried explaining to them why they shouldn't accept it and fight for a percentage increase on the first year wages instead. I including worksheets showing the difference in wages over a 20 year period for them to compare which also impacts the defined benefit retirement plan. In the end they took the cash and all I could do was throw my hands up in the air.
 
90
 
zinfamous said:
...you guys do realize that all this encouragement to "move to Texas!" just speeds up that state's transition to another Democrat stronghold, right?
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You do realize it already is a Democrat stronghold, right? You guys just simply don't vote. 😀

zinfamous said:
Too hot! ...and they don't have real BBQ!

...I'll let myself out. Please don't flog me.
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No real BBQ? The fuck ya talking about? Lockhart, TX is THE definition of BBQ.

That's a paddlin.

71f.png
 
s0me0nesmind1 said:
Move to Texas 😛 No State income theft. I honestly despise of the concept of paying more based on what one earns. I really wish we invoke more consumption taxes.
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Here is where our differences lie. I honestly despise the concept of paying more taxes based on what one spends. That discourages spending which leads to worse GDP, which leads to even lower spending, which leads to worse GDP, etc. Each spiral down also lowers tax revenue. So you end up with a starved government in every recession and a government flush with cash in every growth period (the exact opposite of what we want for a stable growing economy).

I highly prefer taxes on wealth instead (such as property taxes). Work hard, earn a lot, spend a lot, that is good for both you and the economy. Why punish it? Get rid of income and sales taxes. But those who are born with a silver spoon in their mouth or sit with billions of stagnant wealth (a $450 million possibly fake Leonardo da Vinci painting for example is $450 million that is not generating new jobs) are the ones that are not helping the economy. Tax that instead (when they die).
 
dullard said:
Here is where our differences lie. I honestly despise the concept of paying more taxes based on what one spends. That discourages spending which leads to worse GDP, which leads to even lower spending, which leads to worse GDP, etc. Each spiral down also lowers tax revenue. So you end up with a starved government in every recession and a government flush with cash in every growth period (the exact opposite of what we want for a stable growing economy).

I highly prefer taxes on wealth instead (such as property taxes). Work hard, earn a lot, spend a lot, that is good for both you and the economy. Why punish it? Get rid of income and sales taxes. But those who are born with a silver spoon in their mouth or sit with billions of stagnant wealth (a $450 million possibly fake Leonardo da Vinci painting for example is $450 million that is not generating new jobs) are the ones that are not helping the economy. Tax that instead (when they die).
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Couldn't states do this: http://www.latimes.com/business/hiltzik/la-fi-hiltzik-tax-bill-california-20171214-story.html

Basically pay the state charity an amount equal to your state income taxes (or less) and they would credit that against your state tax.
 
cliftonite said:
Couldn't states do this: http://www.latimes.com/business/hiltzik/la-fi-hiltzik-tax-bill-california-20171214-story.html

Basically pay the state charity an amount equal to your state income taxes (or less) and they would credit that against your state tax.
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Yes, as the article mentions the payroll tax system seems to be another easy way to game the SALT deduction.

The scary part is that these loopholes are ones that people identified almost immediately and extremely easily. I can only imagine the loopholes that dedicated tax attorneys and accountants will be able to find.
 
fskimospy said:
I can only imagine the loopholes that dedicated tax attorneys and accountants will be able to find.
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This tax system was designed to maximize loopholes. That is why failing to lower the corporate AMT was such a big snafu. The AMT is basically a net meant to catch anyone trying to slip through the loopholes. Can't maximize loopholes if your net is too good.
 
Yes. Some states have their own credits for charity. AZ has it as below. There is basically a working poor credit for $800 and public school one as well @ $200 single and $400 married.

2017-Tuition-Tax-Credits.png
 
fskimospy said:
Yes, as the article mentions the payroll tax system seems to be another easy way to game the SALT deduction.

The scary part is that these loopholes are ones that people identified almost immediately and extremely easily. I can only imagine the loopholes that dedicated tax attorneys and accountants will be able to find.
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This is the attitude around these parts. I hear the state is already deep in to looking at structures to circumvent the loss of SALT deductibility. The hole blown in federal revenues is going to exceed even the wildest expectations.
 
K1052 said:
This is the attitude around these parts. I hear the state is already deep in to looking at structures to circumvent the loss of SALT deductibility. The hole blown in federal revenues is going to exceed even the wildest expectations.
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Yeah, they didn't learn a thing from the Kansas debacle.
 
fskimospy said:
This makes no sense. Regardless, by your logic that people can opt out of tax changes they disagree with then they can similarly choose not to pay more? Or does it magically only work one way?



Nice weasel words with ‘federal income tax’. If you look at federal taxes of all kinds Obama did in fact provide significant tax relief for everyone but the rich. And guess what? Your wallet doesn’t care what name is on the tax.



I would be perfectly happy to pay more in taxes if it were to cut taxes on those less fortunate than me. I am not perfectly happy to pay more in taxes to cut taxes on those more fortunate than me. If you are, you’re a fool.
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1. Never said one can opt out. If you do not want to keep more of your money from this tax bill, there is a method for you to write a check to the Treasury and give it back. Pretty simple.

2. Not weasel words at all. The post is about Federal Income taxes. Nice use of the Alinsky tactic to obfuscate and try change the topic to something not relevant. Such a good little marxist.

3. You can always write a check to the Treasury if you want to help out those less fortunate than you. My preference is to donate to charities and church rather than the the Treasury and do that to help out those in need.Perhaps you could find a charity such as a homeless shelter or food pantry to give to.
 
More diversions for stupid people with short attention spans, not unlike like Sessions 'investigating' the Uranium One deal. Corporations realize how unpopular they and their lobbyists are right now, look at them try to suck up to the working class now.

I guess they haven't expended their shame completely, unlike the republicans they've bought and paid for.
 
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