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Is The New Tax Rate Change Fair & Good For The Country?


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I keep reading & hearing reports that the latest Tax Reform is somehow unfair in the str8 media.

 

Is this just bulldrivel pouring out from the usual sources?

 

Who gets hurt with this change in reality?

 

Anyone?

 

https://www.youtube.com/watch?v=Anx4e1i4k5w

 

 

Also ISIS was a thorn in the side of the last administration.

 

Maybe all that was needed was someone to shut off the flow of weapons & ammo afterall.

 

Nobody seems willing to comment on the defeat of ISIS in the str8 media at all.

 

Weird.

 

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I do this for a living, so I'll chime in.

 

First of all, don't believe the BS put out by the Democrats and the MSM. They're just butt-hurt about it and want to paint the Republicans and especially Trump as cutting taxes for the rich. Corporate tax cuts will bring back American mfg., jobs and taxes paid to the Department of the Treasury. Since the rich and corporations pay the lion's share of the taxes, they will see the largest payback dollar-wise, but not necessarily percentage-wise.

 

Pass-through businesses, which includes all Mom and Pop businesses, will get a 20% deduction from their taxable income.

 

I ran my 2016 return with the new tax code changes. I will pay almost $4,400 less in federal taxes for 2018. Barring changes, I will save on my state taxes as well. SC, like many states, generally follows the federal taxation rules.

 

From my experience so far testing different scenarios, everyone wins with the exception of high-earners living in high property tax states such as CA, NY, NJ, etc.

 

Keep in mind that almost 1/2 of the population pays no taxes at all, so how do you cut their taxes? Why would they even care about tax cuts? But they have been told they are getting screwed. In fact, the child tax credit has been doubled so they will get even larger refunds as well, all due to social welfare credits.

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I do this for a living, so I'll chime in.

 

First of all, don't believe the BS put out by the Democrats and the MSM. They're just butt-hurt about it and want to paint the Republicans and especially Trump as cutting taxes for the rich. Corporate tax cuts will bring back American mfg., jobs and taxes paid to the Department of the Treasury. Since the rich and corporations pay the lion's share of the taxes, they will see the largest payback dollar-wise, but not necessarily percentage-wise.

 

Pass-through businesses, which includes all Mom and Pop businesses, will get a 20% deduction from their taxable income.

 

I ran my 2016 return with the new tax code changes. I will pay almost $4,400 less in federal taxes for 2018. Barring changes, I will save on my state taxes as well. SC, like many states, generally follows the federal taxation rules.

 

From my experience so far testing different scenarios, everyone wins with the exception of high-earners living in high property tax states such as CA, NY, NJ, etc.

 

Keep in mind that almost 1/2 of the population pays no taxes at all, so how do you cut their taxes? Why would they even care about tax cuts? But they have been told they are getting screwed. In fact, the child tax credit has been doubled so they will get even larger refunds as well, all due to social welfare credits.

I'll take your word about the taxes returned to the likes of you and me as I haven't talked to my CPA yet. But that's just for a couple of years, then the schitt sunsets away, and we all pay more taxes while the corporation tax cuts stay.

 

But it is just your opinion about whether or not the big businesses will turn the tax savings back into the economy. More'n likely they will just keep raising CEO's and board members salaries, buying back stock, and stuffing it in offshore accounts. Too many of the CEO's have already said so.

 

Trickle down don't work!!

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Hey Robin.

 

This consensus (opinion?) among my peers is that the US government needed to take their boot off of the neck of American-based businesses. Given the freedom to operate and make a decent profit will stimulate the economy and everyone wins, even the butt-hurt losers crying about losing the elections. Their biggest problem is they do not want Trump to succeed and hurt their chances at regaining control.

 

First, the individual tax cuts will sunset in 10 years, not 2. I hope to be alive that long, but who knows? We (my profession) have been dealing with sun-setting rules for as long as I can remember. Every year, it seems the rules most advantageous to individual and business taxation are renewed, only to sunset the next year, and on and on. It made tax planning a guessing game.

 

The worst that can happen after 10 years is the rules revert to what we have now. If the Democrats are in power, I think they will let them sunset just because of what Trump is doing to Obamacare. They (the "anti's") can call that a tax increase or, for us optimists, we can call the ten year span a temporary tax cut. Also, keep in mind this was the first stab at tax reform. Tax laws change frequently and I would expect tweaking to take place for years to come.

 

Economical stimulation is a multi-dimensional issue. Tax cuts alone create an effect of bringing back businesses that have left after NAFTA. The permanence of the tax bill is needed to provide assurance to businesses that they can plan long-term to repatriate in the US. We've witnessed many large corporations move their headquarters to other countries, Ireland in particular.

Throw in draconian governmental oversight, specifically environmental regulations and the employer mandate with Obamacare, and you create a hostile environment for business.

We have known for the last decade that large corporations were holding billions in reserve due to the uncertainty of our economy and the ever-increasing regulatory climate. Some left the country, others just hoarded their cash. Now they are making their moves.

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Another thing..

Isn't it odd that the Dems are screaming that this is a tax cut for the rich when they (all politicians) are the rich? If they are so compelled to pay extra taxes, they are welcome to send extra $ to the Dept. of the Treasury. That's the patriotic thing to do, right? Wait, would they be offended by being called patriotic? Isn't it cool now to hate the U.S.? I can't keep this stuff straight anymore.

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Hey Robin.

 

This consensus (opinion?) among my peers is that the US government needed to take their boot off of the neck of American-based businesses. Given the freedom to operate and make a decent profit will stimulate the economy and everyone wins, even the butt-hurt losers crying about losing the elections. Their biggest problem is they do not want Trump to succeed and hurt their chances at regaining control.

 

First, the individual tax cuts will sunset in 10 years, not 2. I hope to be alive that long, but who knows? We (my profession) have been dealing with sun-setting rules for as long as I can remember. Every year, it seems the rules most advantageous to individual and business taxation are renewed, only to sunset the next year, and on and on. It made tax planning a guessing game.

 

The worst that can happen after 10 years is the rules revert to what we have now. If the Democrats are in power, I think they will let them sunset just because of what Trump is doing to Obamacare. They (the "anti's") can call that a tax increase or, for us optimists, we can call the ten year span a temporary tax cut. Also, keep in mind this was the first stab at tax reform. Tax laws change frequently and I would expect tweaking to take place for years to come.

 

Economical stimulation is a multi-dimensional issue. Tax cuts alone create an effect of bringing back businesses that have left after NAFTA. The permanence of the tax bill is needed to provide assurance to businesses that they can plan long-term to repatriate in the US. We've witnessed many large corporations move their headquarters to other countries, Ireland in particular.

Throw in draconian governmental oversight, specifically environmental regulations and the employer mandate with Obamacare, and you create a hostile environment for business.

We have known for the last decade that large corporations were holding billions in reserve due to the uncertainty of our economy and the ever-increasing regulatory climate. Some left the country, others just hoarded their cash. Now they are making their moves.

Truth be known, I hope you're right. I just don't believe it will ever happen

 

Just galls my ass when the donald stands up there and lies saying the new laws aren't gonna help him while knowing he and his ilk are going to be reaping billions,

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I’ve learned one thing over the years. All Politicians are fucking liars. They do not have my best interests in their thoughts when they enact laws. I think this tax structure will help my wife and I for the near future. Not sure about down the road when we need it. I have voted every year I have been eligible. I will not continue that practice. For many reasons. Unless a third party actually becomes relevant.

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