Tax Bill

[No Excuses]

10 minutes ago, stevemcqueen1 said:

 

Nope.  We're too poor.  We're ****ed.  It's going to take a socialist revolution to save it.

 

I don't think we have it in ourselves as a country to initiate one.

 

I really do think we're headed for the "we're ****ed" scenario. We will be working into our 70s, possibly to our death. We will likely never have the social safety nets that Baby Boomers enjoyed, and are now leaving empty for the rest of us.

 

The time to correct these mistakes was after 2008. We came out of an international financial disaster with all the responsible parties doing better than ever, and very little long term relief and protection for the people that were screwed. 

[visionary]

 

 

 

 

[gbear]

Quick question on pass through companies: Does a pass through corporation allow the same protections for the owners against being sued that normal corporations pass along?  Namely, the corporation is a legal entity, so when you sue it, you will never have a right to the companies owners' money.  Are these pass through companies corporations?  It's bad enough we are setting up our economy for millions of pass through companies rather than individuals so nobody will pay the income tax save those too poor/uninformed to know how to file the paperwork to be a pass through company rather than an employee.

 

Which brings me to my second question, "What stops all employees from becoming an employee of their own pass through company that happens to contract out for their current position's job?"

[Springfield]

PS this tax bill is tanking the markets

[visionary]

 

 

 

Edited December 1, 2017 by visionary

[mrcunning15]

1 hour ago, gbear said:

Quick question on pass through companies: Does a pass through corporation allow the same protections for the owners against being sued that normal corporations pass along?  Namely, the corporation is a legal entity, so when you sue it, you will never have a right to the companies owners' money.  Are these pass through companies corporations?  It's bad enough we are setting up our economy for millions of pass through companies rather than individuals so nobody will pay the income tax save those too poor/uninformed to know how to file the paperwork to be a pass through company rather than an employee.

 

Which brings me to my second question, "What stops all employees from becoming an employee of their own pass through company that happens to contract out for their current position's job?"

 

 

Pass through means that the income is taxed at the owner's individual level instead of at the corp level. There is no such thing as a pass-through corp per se the income transferred from the Corp to owners can be classified as pass-through. Most corps or partnerships classify as an LLC or LLP to protect their personal assets from ligation. The tax classification arrangement of the company ie (C corp, S Corp, Partnership, etc) of the company has no bearing on legal liability. However, if an individual business owner or partnership does not classify their business as an LLC, LLP or corporation then their personal assets could then be in play if the business is ever sued.

 

So Tax status doesn't really set the precedent for legal liability of individuals and companies.

 

[visionary]

 

[TheGreatBuzz]

I'm wondering if some votes for this go away now with the Trump Flynn news coming out. I'm hoping some of the people will not want to associate with anything that has Trump backing and the bill fails.

[AlvinWaltonIsMyBoy]

24 minutes ago, TheGreatBuzz said:

I'm hoping some of the people will not want to associate with anything that has Trump backing and the bill fails.

I would like to think this way too.  But unfortunately, if there's anything the Pubs can unite on it's tax cuts for the wealthy.  It's why they exist.

[LD0506]

[LadySkinsFan]

I hope that the perceived votes aren't there and McConnell gets egg on his face. 

 

Republicans trying to pass anything. 

 

If they do, Democrats have something to run on all next year.

[Larry]

1 hour ago, visionary said:

 

 

I fear that this, along with Flynn, will cause senators who were worried that they might be held responsible for the damage this bill does to the economy, to feel like they've got enough cover to shield them from consequences. (Thus allowing them to vote for a bill which they know, in advance, will harm the country, but their employers are ordering them to vote for it, anyway). 

[visionary]

 

 

Piece of ****.

Edited December 1, 2017 by visionary

[visionary]

 

[LadySkinsFan]

Collins is a traitor to this country. Bought and paid for, as is every Republican that votes for this piece of ****.

[Burgold]

What could possibly go wrong with a bill written by lobbyists that never goes to committee, hearings, or is read by a single sitting Senator?

 

 

[gbear]

Did they remove or keep ACA insurance requirements?

[Skinz4Life12]

Will we be able to deduct state income taxes or was that removed? 

[visionary]

 

[FanboyOf91]

second turd the gop has passed in a generation

 

this is what american conservatism is

[The Evil Genius]

19 minutes ago, Skinz4Life12 said:

Will we be able to deduct state income taxes or was that removed? 

 

If you believe Collins tweet, up to 10k will be deductible. Not sure if that's 10k each or both of them combined.

 

Edit..oops that's property tax

 

Probably a no since it's mostly liberal states with high income taxes. GOP has to **** them over as much as they can.

Edited December 1, 2017 by The Evil Genius

[visionary]

 

[ExoDus84]

No hearings. No committee meetings. No time for objective analysis on it's financial impacts besides the dog **** CBO score the last tax bill received. No "across the Isle" input, or even having the bill be readable before it goes to a vote. Secretive and shady the whole way through.

 

The GOP is a ****ing disgrace.

[visionary]

 

[visionary]

 

 

 

 

 

 

 

 

Edited December 1, 2017 by visionary