Author Topic: Trump-Republican tax plan, Bad for large families  (Read 49904 times)

Offline CPA

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Re: Trump-Republican tax plan bad for large families
« Reply #180 on: November 12, 2017, 06:32:11 PM »
I guess where I'm going with this is how would its repeal affect yeshivas in practice? Are they suddenly going to be required to include the tuition waiver as income on the rebbeim's paychecks (or some sort of reporting for anyone receiving a waiver/reduction I guess)? What's to stop them from making different tiers of tuition or some other creative method to avoid the problem?
My experience in dealing with the administrators of some of the larger Yeshivas in the tri-state area is they do their best to go by the book and do not play that type of shtick. They have outside accountants advising them on how to play by the rules and have their books in order.

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #181 on: November 12, 2017, 06:38:09 PM »
My experience in dealing with the administrators of some of the larger Yeshivas in the tri-state area is they do their best to go by the book and do not play that type of shtick. They have outside accountants advising them on how to play by the rules and have their books in order.
I never said going outside the rules. What I'm asking is whether a repeal of QTR is guaranteed to be a huge problem, or it would be a potential huge problem (depending on the details)?

Offline mb1

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Re: Trump-Republican tax plan bad for large families
« Reply #182 on: November 12, 2017, 08:58:14 PM »
While I am against repealing QTR, it seems like an incredibly unfair rule.

Offline ExGingi

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Re: Trump-Republican tax plan bad for large families
« Reply #183 on: November 12, 2017, 10:29:40 PM »
While I am against repealing QTR, it seems like an incredibly unfair rule.
As is a lot of the tax code.
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Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #184 on: November 12, 2017, 11:45:48 PM »
While I am against repealing QTR, it seems like an incredibly unfair rule.
Can you elaborate?

Offline Deal Guy

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Offline CPA

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Re: Trump-Republican tax plan bad for large families
« Reply #186 on: November 13, 2017, 08:02:23 AM »
http://www.foxbusiness.com/markets/2017/11/12/orrin-hatch-to-introduce-senate-tax-reform-bill-amendments-changing-401k-ira-classifications.html

We can only wish for the last 2 paragraphs!

Amendment #4 would allow 25% of religious school tution to be deductible as a charitable deduction.

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #187 on: November 13, 2017, 05:48:04 PM »

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #188 on: November 13, 2017, 07:06:31 PM »
https://waysandmeansforms.house.gov/uploadedfiles/tax_cuts_and_jobs_act_section_by_section_hr1.pdf

For those that want to read the old rules vs. the proposed House rules.

Offline mordechain

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Re: Trump-Republican tax plan bad for large families
« Reply #189 on: November 13, 2017, 07:57:17 PM »
Anyone know what happens to the foreign tax credit?
Also, the additional child tax credit until now was refundable. Is that changing?

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Re: Trump-Republican tax plan bad for large families
« Reply #190 on: November 14, 2017, 03:09:25 PM »

Also, the additional child tax credit until now was refundable. Is that changing?

The $1000 stays the same. The additional $600 is not refundable.

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Re: Trump-Republican tax plan bad for large families
« Reply #191 on: November 14, 2017, 03:11:15 PM »
Now they want to repeal Obamacare mandate.

But, while it will save the government money, wont it cost prices to skyrocket for people that have insurance, since many healthy people will no longer buy?

Offline CPA

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Re: Trump-Republican tax plan bad for large families
« Reply #192 on: November 14, 2017, 03:49:25 PM »
i
The $1000 stays the same. The additional $600 is not refundable.
The 1,000 refundable portion would be indexed for inflation and rise till it reaches 1,600

Offline aygart

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Re: Trump-Republican tax plan bad for large families
« Reply #193 on: November 14, 2017, 03:59:47 PM »
Now they want to repeal Obamacare mandate.

But, while it will save the government money, wont it cost prices to skyrocket for people that have insurance, since many healthy people will no longer buy?
No because it will then allow the rest of Obamacare to be dealt with properly. The biggest roadblock was the CBO estimate of how many people will be uninsured due to any change. around 80-85% of it was due to mandate repeal. Once that is out of the way the numbers are much more workable. This is what I was saying in the Obamacare thread at the time.
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Re: Trump-Republican tax plan bad for large families
« Reply #194 on: November 14, 2017, 05:09:06 PM »
why do they assume that lower taxes for huge corporation will make wages higher... it just makes the rich richer!