Author Topic: Trump-Republican tax plan bad for large families  (Read 13074 times)

Online ExGingi

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Re: Trump-Republican tax plan bad for large families
« Reply #405 on: December 04, 2017, 08:59:33 PM »
@Dan Add a new pro to Cleveland. :)
And for Brooklyn.

Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #406 on: December 04, 2017, 10:16:04 PM »
The only way to possibly repeal Obamacare is to first get rid of the individual mandate and then take care of the rest. Otherwise any bill will be hampered by CBO scoring of how many people will be "forced" off insurance once they don't have a penalty for not having it even though it is free for them.
^this
Hit the nail on the head

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Re: Trump-Republican tax plan bad for large families
« Reply #407 on: December 04, 2017, 10:42:04 PM »
^this
Hit the nail on the head
Been saying this for months. Source Avik Roy.
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Online skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #408 on: December 05, 2017, 12:19:23 AM »
http://nymag.com/daily/intelligencer/2017/12/senate-gop-accidentally-killed-all-corporate-tax-deductions.html

So apparently the Senate version as written (which was supposed to be a backup in case they can't agree on anything in conference - Ryan supposedly has the votes if necessary) is unusable. By putting back in corporate AMT, but failing to lower it from 20% (the same as the new basic corporate rate), they eliminated the effect of any corporate deductions. I think they'll come up with something in conference anyway, but this was a pretty embarrassing mistake.

Online yelped

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Re: Trump-Republican tax plan bad for large families
« Reply #409 on: December 05, 2017, 11:37:32 AM »
http://nymag.com/daily/intelligencer/2017/12/senate-gop-accidentally-killed-all-corporate-tax-deductions.html

So apparently the Senate version as written (which was supposed to be a backup in case they can't agree on anything in conference - Ryan supposedly has the votes if necessary) is unusable. By putting back in corporate AMT, but failing to lower it from 20% (the same as the new basic corporate rate), they eliminated the effect of any corporate deductions. I think they'll come up with something in conference anyway, but this was a pretty embarrassing mistake.
The whole tax plan is one big fat mistake for everyone, besides the super rich.

Online ExGingi

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Re: Trump-Republican tax plan bad for large families
« Reply #410 on: December 05, 2017, 12:03:28 PM »
The whole tax plan is one big fat mistake for everyone, besides the super rich.
As long as you stick to calling it a "plan" rather than "reform" I will refrain from going ballistic.

Here's a simple fix that might bring in a lot of revenue:

Disallow offsetting cash income with non-cash expenses.

Eliminate step-up in basis at death, and deem any change of ownership a taxable event.
« Last Edit: December 05, 2017, 12:07:57 PM by ExGingi »

Online churnbabychurn

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Re: Trump-Republican tax plan bad for large families
« Reply #411 on: December 05, 2017, 12:33:03 PM »




Here's a simple fix that might bring in a lot of revenue:

Disallow offsetting cash income with non-cash expenses.

Huh? I thought they pretty tight with this type of stuff


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Re: Trump-Republican tax plan bad for large families
« Reply #412 on: December 05, 2017, 01:15:07 PM »
As long as you stick to calling it a "plan" rather than "reform" I will refrain from going ballistic.

call it deform
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Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #413 on: December 07, 2017, 10:12:12 AM »
529 savings accounts for unborn children was removed from the bill.
https://www.finance.senate.gov/imo/media/doc/12.4.17%20SxS%20Appendix%20-%20FINAL.pdf Page 2

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #414 on: December 07, 2017, 05:18:47 PM »
Senate GOP tax writers would make the credit available for any children under 18, up from today's under-17 age limit. But it reverts to under 17 again in 2025, a year before the increase is set to expire under the bill.

Why did they do that? If all tax credits are due to expire in 2026, and the assumption is that congress will end up extending everything at that point, why would they lower the age to under 17 in 2025, which may get swept under the rug.
« Last Edit: December 07, 2017, 06:06:45 PM by Deal Guy »

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Re: Trump-Republican tax plan bad for large families
« Reply #415 on: December 07, 2017, 06:29:59 PM »
Probably to make it work for the 1.5 trillion limit.

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Re: Trump-Republican tax plan bad for large families
« Reply #416 on: December 07, 2017, 07:29:09 PM »
Why is it that for so many parts of the tax bill (for example the standard deduction, or tax rates) , there is a difference if you file single or married,
But when it comes to the property tax cap of $10,000 it is the same for both Single and Married filers. Why not give a higher amount for couples? (After all, for a single guy with a property, it is most probable that he will itemize, since his Standard deduction is just 12k, but for a married person whose standard deduction is 24k, its harder to itemize.)

Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #417 on: December 07, 2017, 07:35:21 PM »
Why is it that for so many parts of the tax bill (for example the standard deduction, or tax rates) , there is a difference if you file single or married,
But when it comes to the property tax cap of $10,000 it is the same for both Single and Married filers. Why not give a higher amount for couples? (After all, for a single guy with a property, it is most probable that he will itemize, since his Standard deduction is just 12k, but for a married person whose standard deduction is 24k, its harder to itemize.)
AKA the marriage penalty, it's been part of the tax code for a long time in many different ways.

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Offline hachover

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Re: Trump-Republican tax plan bad for large families
« Reply #419 on: December 08, 2017, 11:46:54 AM »
https://www.wsj.com/articles/the-hated-tax-that-just-wont-die-1512734400

It's a horrible provision but of course it will never go away. It doesn't hit rich people at all. It doesn't hit poor people at all. Just the ones in the middle who have no voice at all in this country (despite what the Dream Hoarders dude thinks) - people who work hard in good jobs and don't have enough time to advocate for themselves or enough money to hire advocates/lobbyists. The lowest hanging fruit.
I'm an optimist; but only because life isn't going to give me any other good choices.