Author Topic: Trump-Republican tax plan, Bad for large families  (Read 138462 times)

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #740 on: December 20, 2017, 02:06:59 PM »
Let me give you an example. 5 years ago I started a 529 plan in Alaska, which has BH done very well. I pay no Alaska taxes, and if I withdraw to pay for school in CA then the gains will not be federally taxed. Regardless, they will be CA taxed.
Is that true? That would imply that you have to be in the plan of the state you're filing state income taxes with to get the state tax-free benefit of 529's.

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Offline thaber

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Re: Trump-Republican tax plan bad for large families
« Reply #742 on: December 20, 2017, 02:29:58 PM »
Is that true? That would imply that you have to be in the plan of the state you're filing state income taxes with to get the state tax-free benefit of 529's.
To the best of my knowledge

Offline Moshe123

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Re: Trump-Republican tax plan bad for large families
« Reply #743 on: December 20, 2017, 02:37:42 PM »
JUST IN: AT&T announces it will "pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees" due to tax reform passage and will also increase US capital spending by $1 billion. https://t.co/jn8limUSe7

Offline avromie7

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Re: Trump-Republican tax plan bad for large families
« Reply #744 on: December 20, 2017, 02:39:49 PM »
and this is what is coming next

https://www.nytimes.com/2017/12/20/opinion/republican-tax-bill-senate-house.html
Going by the tax foundations numbers, this bill increases the deficit by ~5%. This tax plan is not the issue nor does it do much to make the issue worse. We do not have a revenue isssue, we have a spending issue and it needs to be fixed regardless of this tax plan.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline CPA

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Re: Trump-Republican tax plan bad for large families
« Reply #745 on: December 20, 2017, 03:03:04 PM »
JUST IN: AT&T announces it will "pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees" due to tax reform passage and will also increase US capital spending by $1 billion. https://t.co/jn8limUSe7
How can that be, the media has been saying for months that the big evil corporations were going to keep the extra cash or use it for executive pay?

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #746 on: December 20, 2017, 03:04:57 PM »
To the best of my knowledge
Did some googling - doesn't appear to be true, with the possible exception of Alabama.

Quote from: https://forum.savingforcollege.com/t/state-tax-on-qualified-withdraws/11752
I'm currently enrolled in the NY state plan but am a Minnesota resident. Will I have to pay Minnesota state income tax on qualified withdrawals?

No; there is no state tax on qualified 529 withdrawals.
Quote from: http://mpwealthadvisors.com/college_planning.pdf
Tax earnings on withdrawals from out-of-state plans. One state — Alabama — requires investors to include earnings on withdrawals from out-of-state 529 plans as part of their state taxable income even if withdrawals are used for qualified higher educational expenses (QHEEs).
« Last Edit: December 20, 2017, 03:08:02 PM by skyguy918 »

Offline skyguy918

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Re: Trump-Republican tax plan bad for large families
« Reply #747 on: December 20, 2017, 03:06:10 PM »
How can that be, the media has been saying for months that the big evil corporations were going to keep the extra cash or use it for executive pay?
One company makes for a press release and no more. The proof, one way or the other, will be in the wage data over the next year or so.

ETA: I'm confident that the end result will be better than the D's are claiming and worse than the R's are claiming ;).

Online Sammy82

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Re: Trump-Republican tax plan bad for large families
« Reply #748 on: December 20, 2017, 03:11:15 PM »
My question is why isn't the market reacting positively? The past few weeks it was climbing like crazy and they were saying it's because of tax reform but yesterday and today when it actually is happening, the the markets are more or less flat. Doesn't make sense to me.

Offline avromie7

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Re: Trump-Republican tax plan bad for large families
« Reply #749 on: December 20, 2017, 03:13:34 PM »
My question is why isn't the market reacting positively? The past few weeks it was climbing like crazy and they were saying it's because of tax reform but yesterday and today when it actually is happening, the the markets are more or less flat. Doesn't make sense to me.
Over the last few days, everyone knew it would happen.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #750 on: December 20, 2017, 03:14:35 PM »
JUST IN: AT&T announces it will "pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees" due to tax reform passage and will also increase US capital spending by $1 billion. https://t.co/jn8limUSe7
They only did it because yesterday in the senate, one senator called them out in particuar. He said they only pay 8% tax, yet they cut 80,000 jobs. He was trying to prove that just because that corps pay cheap tax doesnt mean they will hire more employees. In fact they only pay 8% yet the cut thousands of jobs.
So good PR by at&t today.

Offline 000

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Offline ChaimMoskowitz

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Re: Trump-Republican tax plan bad for large families
« Reply #752 on: December 20, 2017, 03:17:52 PM »
My question is why isn't the market reacting positively? The past few weeks it was climbing like crazy and they were saying it's because of tax reform but yesterday and today when it actually is happening, the the markets are more or less flat. Doesn't make sense to me.
The sugar high only lasts so long.  :)
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Offline Deal Guy

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Re: Trump-Republican tax plan bad for large families
« Reply #753 on: December 20, 2017, 03:18:37 PM »
They only did it because yesterday in the senate, one senator called them out in particuar. He said they only pay 8% tax, yet they cut 80,000 jobs. He was trying to prove that just because that corps pay cheap tax doesnt mean they will hire more employees. In fact they only pay 8% yet the cut thousands of jobs.
So good PR by at&t today.
http://fastnet.news/index.php/97-fnn/379-at-t-70-000

Offline ChaimMoskowitz

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Re: Trump-Republican tax plan bad for large families
« Reply #754 on: December 20, 2017, 03:19:59 PM »
Another company says what they will do with the tax money they savehttps://www.marketwatch.com/story/boeing-applauds-tax-bill-with-300-million-workforce-related-and-charitable-investment-plan-2017-12-20
Boeing (BA) announced late Monday a $18 billion repurchase program and a 20% dividend hike to $1.71, joining other big companies like Bank of America (BAC), Home Depot (HD) and Mastercard (MA) returning more capital to shareholders.
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Online aygart

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Re: Trump-Republican tax plan bad for large families
« Reply #755 on: December 20, 2017, 03:22:23 PM »
Boeing (BA) announced late Monday a $18 billion repurchase program and a 20% dividend hike to $1.71, joining other big companies like Bank of America (BAC), Home Depot (HD) and Mastercard (MA) returning more capital to shareholders.
That is GREAT news. I will give my charity through my choice of organizations and leave Boeing and their agendas out of it.
Feelings don't care about your facts

Online aygart

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Re: Trump-Republican tax plan bad for large families
« Reply #756 on: December 20, 2017, 03:23:24 PM »
My question is why isn't the market reacting positively? The past few weeks it was climbing like crazy and they were saying it's because of tax reform but yesterday and today when it actually is happening, the the markets are more or less flat. Doesn't make sense to me.
Buy the rumor sell the news.
Feelings don't care about your facts

Online aygart

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Re: Trump-Republican tax plan bad for large families
« Reply #757 on: December 20, 2017, 03:24:59 PM »
ETA: I'm confident that the end result will be better than the D's are claiming and worse than the R's are claiming ;).
Bold.
Feelings don't care about your facts

Offline ChaimMoskowitz

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Re: Trump-Republican tax plan bad for large families
« Reply #758 on: December 20, 2017, 03:25:55 PM »
Buy the rumor sell the news.
Rumor=major tax cut for middle class
News=major tax cut for rich and corporations
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Online Sammy82

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Re: Trump-Republican tax plan bad for large families
« Reply #759 on: December 20, 2017, 03:30:05 PM »
http://fastnet.news/index.php/97-fnn/379-at-t-70-000
When's that article from? I cant seem to fins a date but the NYT article it quotes is from Feb 2016. Remember who was president then? I would think it may just be outdated.