Author Topic: Trump-Republican tax plan, Bad for large families  (Read 138385 times)

Offline aro123

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2012
  • Posts: 142
  • Total likes: 27
  • DansDeals.com Hat Tips 0
    • View Profile

Offline avromie7

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Feb 2014
  • Posts: 8188
  • Total likes: 2713
  • DansDeals.com Hat Tips 6
    • View Profile
  • Location: Lakewood
Re: Trump-Republican tax plan bad for large families
« Reply #581 on: December 15, 2017, 12:17:23 PM »
Ok now can you answer the simple question?
Either I'm not understanding you or you quoted the wrong post
I wonder what people who type "u" instead of "you" do with all their free time.

Offline CPA

  • Non-Elite Member
  • Join Date: Nov 2017
  • Posts: 0
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #582 on: December 15, 2017, 12:46:57 PM »
Ok now can you answer the simple question?
Someone wanting to keep money that he EARNED is not greedy. Someone who wants more from others while not working is called greedy.
Remember the story of the three pigs - imagine the pig from the brick house out of the kindness of his heart let's the other 2 pigs stay in a room in his house and the 2 pigs demand that they each share the house equally. Who is the greedy one?

Online ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15618
  • Total likes: 7711
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive PlatinumŽ
Re: Trump-Republican tax plan bad for large families
« Reply #583 on: December 15, 2017, 12:54:46 PM »
There is so much BS propaganda in that article.
Indeed. Bloomberg is a brilliant guy, but he definitely has an agenda he's pushing.

The main reason corporations are sitting on cash, is uncertainty (or hopes for a better regulatory and tax environment around the corner).

You want to see corporations investing, hiring and growing the economy? Rip up the entire current IRC, and replace it with a VAT along with any transfer of ownership, be it by sale, gift or inheritance, become a taxable event (and add some cross-border provisions just to discourage off-shore schemes).

And as far as the missing parts of education and infrastructure, I couldn't agree more that those are essential pieces in order to grow the economy, but obviously the old recipes don't work, so we need to try something else in order to fix those problems.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Moshe123

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Sep 2012
  • Posts: 5935
  • Total likes: 911
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Spring Valley
  • Programs: Lost
Re: Trump-Republican tax plan bad for large families
« Reply #584 on: December 15, 2017, 12:58:44 PM »
Mortgage interest deduction is 750k in new bill.

Offline avromie7

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Feb 2014
  • Posts: 8188
  • Total likes: 2713
  • DansDeals.com Hat Tips 6
    • View Profile
  • Location: Lakewood
Re: Trump-Republican tax plan bad for large families
« Reply #585 on: December 15, 2017, 01:00:03 PM »
Mortgage interest deduction is 750k in new bill.
This is only on NEW loans.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline mr12

  • Non-Elite Member
  • Join Date: Dec 2017
  • Posts: 0
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #586 on: December 15, 2017, 01:15:54 PM »
I'm assuming the tax rates will be indexed to inflation like they are now. Any word on whether or not the deductions will also be? How about AMT exemption? IINM the reason why many middle class are hit with it is because it was not indexed for inflation.

Online aygart

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2008
  • Posts: 17395
  • Total likes: 14333
  • DansDeals.com Hat Tips 14
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
Re: Trump-Republican tax plan bad for large families
« Reply #587 on: December 15, 2017, 02:25:41 PM »
Indeed. Bloomberg is a brilliant guy, but he definitely has an agenda he's pushing.

The main reason corporations are sitting on cash, is uncertainty (or hopes for a better regulatory and tax environment around the corner).

You want to see corporations investing, hiring and growing the economy? Rip up the entire current IRC, and replace it with a VAT along with any transfer of ownership, be it by sale, gift or inheritance, become a taxable event (and add some cross-border provisions just to discourage off-shore schemes).

And as far as the missing parts of education and infrastructure, I couldn't agree more that those are essential pieces in order to grow the economy, but obviously the old recipes don't work, so we need to try something else in order to fix those problems.
VAT is a dangerous tax because people don't realize what they are paying.
Feelings don't care about your facts

Offline hachover

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Feb 2016
  • Posts: 516
  • Total likes: 102
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Sector ZZ9 Plural Z Alpha
Re: Trump-Republican tax plan bad for large families
« Reply #588 on: December 16, 2017, 02:42:56 PM »
If a Corp has extra cash flow, why would they not look to grow/open new divisions/hire?

Thats not how businesses think. If there is market opportunity and a good ROI, they will go after it. If there isnt the opportunity or a good return, no matter how much cash flow the business has, they wont do any investing. Public companies have easy access to capital, so cash flow isnt much of a factor in deciding to grow
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline Boruch999

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2014
  • Posts: 1929
  • Total likes: 186
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #589 on: December 16, 2017, 03:24:48 PM »
Seems like the title of this thread is unequivocally true. The OP's original concern is what's likely to be the biggest issue for most here.

Offline yitzf

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 2623
  • Total likes: 52
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #590 on: December 16, 2017, 06:03:21 PM »
Seems like the title of this thread is unequivocally true. The OP's original concern is what's likely to be the biggest issue for most here.

Instead of an exemption for each child they are giving another 1k child tax credit with $400 of that add'l 1k refundable.

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6738
  • Total likes: 1097
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #591 on: December 16, 2017, 06:23:45 PM »
What is the refundable part?
I just found a new supply of forks!

Offline yitzf

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 2623
  • Total likes: 52
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #592 on: December 16, 2017, 06:39:33 PM »
What is the refundable part?

Looks like $1400

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6738
  • Total likes: 1097
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #593 on: December 16, 2017, 06:49:07 PM »
Looks like $1400
Sorry I meant what do they mean by refundable. Kids are older so haven't had the credit for many years.
I just found a new supply of forks!

Offline yitzf

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 2623
  • Total likes: 52
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #594 on: December 16, 2017, 06:51:16 PM »
Sorry I meant what do they mean by refundable. Kids are older so haven't had the credit for many years.

Non refundable means that it reduces tax owed, but it stops at 0. Refundable means that even if you don't owe taxes you'll get a check for the remainder.

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6738
  • Total likes: 1097
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #595 on: December 16, 2017, 06:54:27 PM »
Refundable means that even if you don't owe taxes you'll get a check for the remainder.
Thanks!
I just found a new supply of forks!

Offline elit

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2008
  • Posts: 1349
  • Total likes: 119
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #596 on: December 16, 2017, 07:03:17 PM »
so who can give a bottom line summary for the non accountants here of changes relevant to us

Offline yitzf

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 2623
  • Total likes: 52
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Trump-Republican tax plan bad for large families
« Reply #597 on: December 16, 2017, 07:03:47 PM »
They schooled us. Can't prepay SALT income tax.

Quote
For purposes of subparagraph (B), an amount paid in a taxable year beginning before January 1, 2018, with respect to a State or local income tax imposed for a taxable year beginning after December 31, 2017, shall be treated as paid on the last day of the taxable year for which such tax is so imposed.
« Last Edit: December 16, 2017, 07:15:55 PM by yitzf »

Online skyguy918

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 3810
  • Total likes: 826
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Queens, NY
Re: Trump-Republican tax plan bad for large families
« Reply #598 on: December 16, 2017, 07:48:21 PM »
They schooled us. Can't prepay SALT income tax.
NYers should fund their 529s. That one they can't pre-empt.

Online Sammy82

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2011
  • Posts: 1477
  • Total likes: 410
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: AWAY
Re: Trump-Republican tax plan bad for large families
« Reply #599 on: December 16, 2017, 08:24:40 PM »
so who can give a bottom line summary for the non accountants here of changes relevant to us
+1