Author Topic: Trump-Republican tax plan, Bad for large families  (Read 138394 times)

Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #380 on: December 04, 2017, 03:20:18 PM »
Can't figure this out
https://www.finance.senate.gov/imo/media/doc/11.9.17%20Chairman's%20Mark.pdf page 23 says that "the deduction is limited to 50 percent of the W-2 wages of the
taxpayer." Shouldn't if say the W-2 wages of the partnership?
The text of the bill says "50 percent of the W-2 wages with respect to the qualified trade or business".
Very simple, It's limited to 50% of the w2 wages earned by the tax payer related to this respective business.

From the analysis going on it seems like people are reading the final bill as it's 50% of total wages paid by the partnership to any employee.

ETA: or perhaps 50% of the partners allocable share of total wages paid by the partnership.

ETA: They actually fixed it here page 5, "limited to 50 percent of the taxpayer’s allocable or pro rata share of W-2 wages of the partnership or S corporation or 50 percent of the W-2 wages of the sole proprietorship."
So there we have it, you would include all wages paid by the partnership.
« Last Edit: December 04, 2017, 04:07:27 PM by yitzf »

Offline ADG

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Re: Trump-Republican tax plan bad for large families
« Reply #381 on: December 04, 2017, 03:36:31 PM »
does this need to go back to the house now to be approved?


Offline yitzf

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Re: Trump-Republican tax plan bad for large families
« Reply #382 on: December 04, 2017, 03:37:56 PM »
does this need to go back to the house now to be approved?

The House and Senate work together to come up with a single bill and both houses will have to pass that bill.

Offline hachover

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Re: Trump-Republican tax plan bad for large families
« Reply #383 on: December 04, 2017, 03:46:31 PM »
The House and Senate work together to come up with a single bill and both houses will have to pass that bill.

So that means there's still some wild infinitesimal chance the final bill could actually have something in common with what was promised, right? Maybe it will actually simplify the code, or maybe it will actually be a boon for the middle class and not the wealthy.
 ;D ;D ;D
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Re: Trump-Republican tax plan bad for large families
« Reply #384 on: December 04, 2017, 03:55:21 PM »
...Maybe it will actually simplify the code...
And I have a bridge to sell...

It's time for a constitutional amendment that will result in a shorter and simpler code.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Dan

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Re: Trump-Republican tax plan bad for large families
« Reply #385 on: December 04, 2017, 03:56:30 PM »
So that means there's still some wild infinitesimal chance the final bill could actually have something in common with what was promised, right? Maybe it will actually simplify the code, or maybe it will actually be a boon for the middle class and not the wealthy.
 ;D ;D ;D
LOL
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #386 on: December 04, 2017, 03:58:49 PM »
And I have a bridge to sell...

It's time for a constitutional amendment that will result in a shorter and simpler code.
What does the constitution have to do with it? You mean they need a bill reforming the tax code (which they're doing) in a way that wipes the slate clean (which they're not, and would never find enough common ground to do).

Offline hachover

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Re: Trump-Republican tax plan bad for large families
« Reply #387 on: December 04, 2017, 04:46:40 PM »
I have my personal issues with both tax bills, which include the fact that either one will cost me more money and also that they will worsen socio-economic inequalities which are already a huge problem in America. But an even bigger worry to me is that the Senate bill passed with the repeal for the individual mandate. The danger to the health insurance industry from this is systemic.
I'm an optimist; but only because life isn't going to give me any other good choices.

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Re: Trump-Republican tax plan bad for large families
« Reply #388 on: December 04, 2017, 05:26:35 PM »
What does the constitution have to do with it? You mean they need a bill reforming the tax code (which they're doing) in a way that wipes the slate clean (which they're not, and would never find enough common ground to do).
I would love to see a constitutional amendment that would (1) require members of congress to pass a test proving familiarity with the content of any bill they vote on, and (2) limit the length of the bill.
I've been waiting over 5 years with bated breath for someone to say that!
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Re: Trump-Republican tax plan bad for large families
« Reply #389 on: December 04, 2017, 05:27:55 PM »
I would love to see a constitutional amendment that would (1) require members of congress to pass a test proving familiarity with the content of any bill they vote on, and (2) limit the length of the bill.
The issue is that each party only want that when they are out of power.
Feelings don't care about your facts

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Re: Trump-Republican tax plan bad for large families
« Reply #390 on: December 04, 2017, 05:30:10 PM »
The issue is that each party only want that when they are out of power.
-1
None of them ever want that.

The tax code is the biggest source of power in Washington.

Politicians love the swamp.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: Trump-Republican tax plan bad for large families
« Reply #391 on: December 04, 2017, 05:32:37 PM »
-1
None of them ever want that.

The tax code is the biggest source of power in Washington.

Politicians love the swamp.
Of course. That is the Barone rule. All process arguments are disingenuous including this one.
Feelings don't care about your facts

Offline CPA

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Re: Trump-Republican tax plan bad for large families
« Reply #392 on: December 04, 2017, 07:05:55 PM »
I have my personal issues with both tax bills, which include the fact that either one will cost me more money and also that they will worsen socio-economic inequalities which are already a huge problem in America. But an even bigger worry to me is that the Senate bill passed with the repeal for the individual mandate. The danger to the health insurance industry from this is systemic.
Curious what your set of facts are that will cause your taxes to go up under the bill?

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #393 on: December 04, 2017, 07:18:37 PM »
Curious what your set of facts are that will cause your taxes to go up under the bill?
If someone was making $1,000,000, and lost 50k in local and state taxes in NY or NJ, wouldn't their taxes go up?

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Re: Trump-Republican tax plan bad for large families
« Reply #394 on: December 04, 2017, 07:28:38 PM »
I would love to see a constitutional amendment that would (1) require members of congress to pass a test proving familiarity with the content of any bill they vote on, and (2) limit the length of the bill.
You wish. I learned a new word today. Kakistocracy. Accurately describes this current administration and Congress.

Offline hachover

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Re: Trump-Republican tax plan bad for large families
« Reply #395 on: December 04, 2017, 07:30:29 PM »
Curious what your set of facts are that will cause your taxes to go up under the bill?

Having read the parts of the bill that are relevant to indivual filers (in collaboration with colleagues) and reworked my 2016 filing based on the changes. I dont want to give out personal financial details on a public forum (or PM...) so I'm not going to say what credits or brackets I was/will wasn't/won't be qualifying for. Capping the property tax deduction at $10k is not high enough for where I live for one thing
I'm an optimist; but only because life isn't going to give me any other good choices.

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Re: Trump-Republican tax plan bad for large families
« Reply #396 on: December 04, 2017, 07:31:02 PM »
You wish. I learned a new word today. Kakistocracy. Accurately describes this current administration and Congress.
I just learned a new word from you. Though I don't think it's limited in describing the CURRENT administration. But rather all administrations are a mirror image of יפתח בדורו כשמואל בדורו.
I've been waiting over 5 years with bated breath for someone to say that!
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Re: Trump-Republican tax plan bad for large families
« Reply #397 on: December 04, 2017, 07:33:03 PM »
Capping the property tax deduction at $10k is not high enough for where I live for one thing
There's a thread for that.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: Trump-Republican tax plan bad for large families
« Reply #398 on: December 04, 2017, 07:34:42 PM »
But an even bigger worry to me is that the Senate bill passed with the repeal for the individual mandate. The danger to the health insurance industry from this is systemic.
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.
Feelings don't care about your facts

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Re: Trump-Republican tax plan bad for large families
« Reply #399 on: December 04, 2017, 07:35:14 PM »