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 Post subject: Tax Reform
PostPosted: September 27 17, 8:23 pm 
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Today Trump announced his tax reform plan. There's only high level detail, but I outlined a summary below. It's expected to cost trillions however there's no detail on how to make it revenue neutral. The wealthiest people in America are going to do quite well with this plan.


Quote:
1. Reducing the corporate tax rate to 20% from 35%; proposal sets a tax rate of 25% for sole proprietorship's and pass-through businesses.

2. Individual tax rates would be simplified to 3 brackets--12%, 25% and 35%--the framework does not specify the taxable income levels applied to each bracket.

3. Most itemized deductions would be eliminated, except for mortgage charitable deductions. Also, the standard deduction would be doubled.

4. The estate tax would be eliminated.

5. One-time repatriation of $2.6 Billion of corporate profits held abroad and taxed at a modest rate when brought home (8.75%-10%).

6. Capital investments by businesses would be allowed to be fully expensed (other than land and structures), for at least 5 years.

7. The deduction for net interest expense for C corporations would be partially limited.


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 Post subject: Re: Tax Reform
PostPosted: September 27 17, 9:10 pm 
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I saw someone say by using his 2005 tax returns this would've saved Trump about $7 million in taxes. Not shocked.


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 Post subject: Re: Tax Reform
PostPosted: September 27 17, 9:16 pm 
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MrCrowesGarden wrote:
I saw someone say by using his 2005 tax returns this would've saved Trump about $7 million in taxes. Not shocked.


I actually think my taxes will go up under this plan. I don't mind paying a fair share, but not to fund Trump's kids getting a tax free inheritance.

The business tax cuts will be a bigger deal for Trump's wealth than the elimination of the alternative minimum tax which is where that 7m savings is coming from.

Of course in Trump's speech today he said this:

Quote:
“Our framework includes our explicit commitment that tax reform will protect low-income and middle-income households,” Trump said. “Not the wealthy and well-connected. They can call me all they want; I’m doing the right thing.”

He then added: “And it’s not good for me, believe me.”


He's always telling his biggest whoppers when he asks you to believe him.


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 Post subject: Re: Tax Reform
PostPosted: September 27 17, 9:25 pm 
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People at my work lean conservative, but are stoney professional on this. We had to laugh though. Your summary actually dresses it up -most of it is Trump aide editorializing about a goal, and then gives broad proposal that would do the opposite - for example the stuff on leveling out globalism, and keeping jobs here - then the proposals are hard to understand, but seem to encourage taking jobs overseas.

The "great" breaks for middle class. A 24,000 standard deduction. But eliminating personal exemptions. So married with 2 kids has less deductions. Still can deduct mort interest and charity, but most middle class will be forced to this standard deduction (the greater of the 2) ...taxes go up on middle class.

Michael - I don't know the revenue neutral tricks, but pretty sure they can monkey with budget (growth = more tax) and tax breaks have sunset provisions, (even though sunset rarely happens)

Anyway- long ways to go on this, with Only 30 working days of this year/session left. If GOP pushes it for 2017, it'll be a mess like health care reform. No real info, not enough time for details and real analysis. Falsehoods sold to public. The one page tax return! Try to ram it thru. And GOP may disagree on how much more tax cuts for rich to push.

And the name "The Unified Framework for Fixing Our Broken Tax Code"


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 Post subject: Re: Tax Reform
PostPosted: September 27 17, 9:28 pm 
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The "doubled" standard deduction is apparently a fraud. They're eliminating the personal exemption so the new standard deduction is the combination with a net increase of only ~15%. This also means that itemizers lose the value of the personal exemptions entirely which is means their taxes are increased by probably by around $1k (single) and $2k (married). And they combine this with an increase in the bottom tax bracket.

Amazingly, it looks like instead of the Bush strategy where most get a few goodies to obscure handing piles to the rich (and don't worry about the deficit), they seem to be planning a straight upwards transfer, hiking taxes on the upper middle class to raise funds they will give to the rich.

http://www.businessinsider.com/trump-tax-plan-doubled-standard-deduction-2017-9

Edit: Freed beats me to this point


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 Post subject: Re: Tax Reform
PostPosted: September 27 17, 9:37 pm 
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Arthur Dent wrote:
The "doubled" standard deduction is apparently a fraud


math has a liberal bias.


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 Post subject: Re: Tax Reform
PostPosted: September 27 17, 9:57 pm 
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Is it "going to cost rich guys like [Trump] a fortune" ?


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 Post subject: Re: Tax Reform
PostPosted: September 28 17, 7:40 pm 
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What chances do you think this reform has of passing? This could be disastrous as well, because as we all know once taxes are reduced, it's near impossible to claw that revenue back. I'm all for tax reform and simplifying the tax code, but my ideas differ a little. Let's raise the cap gains tax % from 15-20%. Keep the estate tax. Eliminate loopholes for the wealthy.

How can taxes not be raised on quite a few people when you're establishing an arbitrary cut off of three groups/percentages? As is, it's graduated to a far greater extent.


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 Post subject: Re: Tax Reform
PostPosted: September 28 17, 7:49 pm 
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planet planet wrote:
What chances do you think this reform has of passing? This could be disastrous as well, because as we all know once taxes are reduced, it's near impossible to claw that revenue back. I'm all for tax reform and simplifying the tax code, but my ideas differ a little. Let's raise the cap gains tax % from 15-20%. Keep the estate tax. Eliminate loopholes for the wealthy.

How can taxes not be raised on quite a few people when you're establishing an arbitrary cut off of three groups/percentages? As is, it's graduated to a far greater extent.

As mentioned. They have 30 days of working session to pass . No way it passes on any sort of intelligent consideration with useful feedback and analysis and compromise. It would be a propaganda-based loose framework of a tax bill. The entities/people with vested interests will have a say. ....so if they make a go of it, it will be a bully job with GOP just wanting to win at passing something/anything while they control all of govt.
Like healthcare reform. Probably not, but we (non-billionaire people) have no say in it.


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 Post subject: Re: Tax Reform
PostPosted: September 28 17, 8:02 pm 
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Freed Roger wrote:
planet planet wrote:
What chances do you think this reform has of passing? This could be disastrous as well, because as we all know once taxes are reduced, it's near impossible to claw that revenue back. I'm all for tax reform and simplifying the tax code, but my ideas differ a little. Let's raise the cap gains tax % from 15-20%. Keep the estate tax. Eliminate loopholes for the wealthy.

How can taxes not be raised on quite a few people when you're establishing an arbitrary cut off of three groups/percentages? As is, it's graduated to a far greater extent.

As mentioned. They have 30 days of working session to pass . No way it passes on any sort of intelligent consideration with useful feedback and analysis and compromise. It would be a propaganda-based loose framework of a tax bill. The entities/people with vested interests will have a say. ....so if they make a go of it, it will be a bully job with GOP just wanting to win at passing something/anything while they control all of govt.
Like healthcare reform. Probably not, but we (non-billionaire people) have no say in it.


Your key words are "intelligent consideration". Not a requirement in Trump world and actually frowned upon. How much time did they give the Graham Cassidy healthcare bill? They wanted to pass that [expletive] before the CBO had a chance to catch up. Still appreciate the feedback.


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