Author Topic: Trump-Republican tax plan, Bad for large families  (Read 50737 times)

Online EJB

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Re: Trump-Republican tax plan bad for large families
« Reply #345 on: December 03, 2017, 05:14:58 PM »
Of course

Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #346 on: December 03, 2017, 05:30:16 PM »
Why cant you get in on lower corporate rate?
Don't forget that the Corp rate is a double tax. The Corp will pay 20% and then when you get your share of the profits as dividends you'll pay another 20% on your personal return.

Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #347 on: December 03, 2017, 05:46:06 PM »
I'm also curious what happens to the money already in a 529 - does it all automatically become eligible for K-12 tuition. I'd consider attempting to come up with the full $10k (apparently its per couple, not per kid), which I wasn't otherwise going to do for this year, if there's a reasonable expectation that it would later become usable for K-12.
From https://www.cruz.senate.gov/files/documents/Bills/1852.pdf it seems that the limit is in the distribution not the contribution. The limit is distributions of 10k per beneficiary per year.

Online EJB

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Re: Trump-Republican tax plan bad for large families
« Reply #348 on: December 03, 2017, 06:08:35 PM »
Don't forget that the Corp rate is a double tax. The Corp will pay 20% and then when you get your share of the profits as dividends you'll pay another 20% on your personal return.
Im talking about marginal impacts.

Offline aradisc

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Re: Trump-Republican tax plan bad for large families
« Reply #349 on: December 03, 2017, 06:30:33 PM »

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #350 on: December 03, 2017, 07:53:56 PM »
From https://www.cruz.senate.gov/files/documents/Bills/1852.pdf it seems that the limit is in the distribution not the contribution. The limit is distributions of 10k per beneficiary per year.
10k is also the max annual deduction from NYS taxable income. That's what I'm referring to.

Offline good sam

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Re: Trump-Republican tax plan bad for large families
« Reply #351 on: December 03, 2017, 10:12:26 PM »
If you don't care why would you comment?
HT: DMYD

Offline churnbabychurn

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Re: Trump-Republican tax plan bad for large families
« Reply #352 on: December 03, 2017, 11:43:39 PM »
Yes, virtually every small business is pass through
Actually maybe not..
sole proprietor and disregarded LLC's don't get a break. Right?

Offline Boruch999

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Re: Trump-Republican tax plan bad for large families
« Reply #353 on: December 04, 2017, 03:41:24 AM »
disregarded LLC's - define please

Online ExGingi

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Re: Trump-Republican tax plan bad for large families
« Reply #354 on: December 04, 2017, 04:28:13 AM »
disregarded LLC's - define please
Single member LLCs.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Boruch999

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Re: Trump-Republican tax plan bad for large families
« Reply #355 on: December 04, 2017, 08:10:12 AM »
Single member LLCs.

Thanks. So if the Operating Agreement lists 2 or more members, it's eligible for pass through caps?

Offline CPA

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Re: Trump-Republican tax plan bad for large families - or is it?
« Reply #356 on: December 04, 2017, 09:07:54 AM »
In both bill's sole proprietorship are treated as "pass though" entities to take advantage of the tax breaks.

Offline ChaimMoskowitz

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Re: Trump-Republican tax plan bad for large families
« Reply #357 on: December 04, 2017, 09:11:19 AM »
If passed what tax year will it be for?
I just found a new supply of forks!

Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #358 on: December 04, 2017, 09:12:22 AM »
If passed what tax year will it be for?
Starting 2018

Offline ChaimMoskowitz

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Re: Trump-Republican tax plan bad for large families
« Reply #359 on: December 04, 2017, 09:14:49 AM »
Thank you.
I just found a new supply of forks!