Tax Bill

[bearrock]

1 hour ago, Springfield said:

 

So say I’ve paid $20,000-$30,000 in interest this year.  No change for me then.

 

Correct?

If you itemize, you will most likely get a hit. 

 

Before tax bill, itemizers got itemized deduction plus personal exemption.  

 

The house version gets rid of personal exemption and raises the standard deduction to 24k for family of 4.  So rise in standard deduction may be enough to match your prior itemized deduction, but nothing replaces the lost personal exemption.  So if your previous tax returns had itemized deduction plus personal exemption over 24k, you lose out in at least the house version.  I believe the senate version is the same in this respect, but not sure.

Edited November 20, 2017 by bearrock

[TheGreatBuzz]

5 hours ago, bearrock said:

 

I recently read a post about a family where the wife taught the husband bunch of ways to stream TV and the husband promptly forgot it.  I wonder who the smart one is in that family. 

I told her she was my retirement investment.  Some people get a 401k, I got her.  Picked her up right out of college while she was still unemployed too.  I bought super low and my ROI has been great.

[StillUnknown]

 

off by just a smidge

[HOF44]

Another big thing for me is living in VA we have an income tax.  Those who itemize were able to deduct that, now that’s gone.   Big hit for any state where you pay income taxes and itemize.  

Edited November 21, 2017 by HOF44

[twa]

always seemed unfair to deduct state income tax from federal to me, of course I don't pay it.

 

rich peoples problems. 

 

add

Quote

taxpayers in these states shouldn't worry about the repeal of SALT. According to one estimate, the repeal, when combined with other features of the tax reform framework—such as lower individual income tax rates and the doubling of the standard deduction—would most likely result in a lower tax burden for all Americans who make less than $1 million, which is 99.7 percent of tax filers. The only potential losers are those who make more than $1 million a year. The degree to which they would pay more taxes depends on the impact that repealing the alternative minimum tax would have on these filers.

http://reason.com/archives/2017/10/19/cutting-salt-from-the-federal-tax-diet

 

 

Edited November 21, 2017 by twa

[LD0506]

Here's the way I see this, the Rs are crafting federal tax policy specifically to target states/regions that oppose them politically or where they do not exert overt control. They seized control of the government with gerrymandering and help from Putin, and clearly are weaponizing every aspect of federal action, turning the EPA over to industry, gutting State to satisfy their overlords, punishing blue states that actually try to serve their populace and funneling every cent they can lay their hands on into the coffers of their donors. How did anyone seriously expect that their tax machinations wouldn't be more of the same?

 

They know this may be their shot, their last good shot for a century to loot the treasury and they are going for it, no excuses, no explanations, not even the smallest shred of shame or the tiniest figleaf to cover the truth.

 

One of the things that makes me crazy (er) is when I see polls about Alabama pedos or Trump family selfdealing, etc., is the Undecided/Don't Knows. How in the high and holy **** can ANYONE still believe there is a fence to sit on anymore!!

[SoulSkin]

 

[nonniey]

13 minutes ago, SoulSkin said:

 

Uh oh - Wrong thread.

[nonniey]

NBC:Sen. David PerdueThe simple truth about America's awful tax code I learned as a Fortune 500 CEO:

https://www.nbcnews.com/think/opinion/america-s-awful-tax-code-forces-ceos-invest-overseas-i-ncna822596

 

.....

.....

In business, it all comes down to your return on investment (ROI). Decisions are made based on what is best for the company’s bottom line. Unfortunately, America’s current tax code is telling companies they will get a better ROI by investing their resources in another country.

First, within the United States, we don’t have a level playing field across all industries. I led two Fortune 500 companies. One of them, Dollar General, today pays an effective tax rate of 37 percent. The other, Reebok, pays an effective rate of 19 percent. This is not because of loopholes exploited by these businesses. It is an amalgamation of 100 years of Washington toying with the tax code to incentivize certain industries without ever revisiting whether these incentives actually accomplished their intended goal, or were still relevant.......

 

......At the same time, our international tax structure is jeopardizing domestic growth and crushing corporations’ ability to be globally competitive. We have one of the highest corporate tax rates in the developed world and we still have a tax on repatriated earnings. Essentially, that is a double tax that has locked more than $2.6 trillion in U.S. profits overseas. Personally, this tax on repatriated earnings prevented me from investing where I wanted to — here in America.

Again, these profits trapped overseas could be put towards meaningful investments in plants, equipment, training and helping people change from one job to another..... 

 

.......In 1986, the United States changed the tax code to lower the corporate rate and make us more competitive. Since then, America has done nothing, while other countries such as Ireland, Germany, the UK and Japan all dramatically lowered their rates and did away with their repatriation tax. There are now plans to lower the corporate rate in both France and the Netherlands. This raises the stakes even higher for the United States........

 

(note weird highlighting is not mine).

Edited November 21, 2017 by nonniey

[SoulSkin]

Meh. I thought it was relative to LD's post. Wasn't sure where to put it, so here it went.

[nonniey]

2 minutes ago, SoulSkin said:

Meh. I thought it was relative to LD's post. Wasn't sure where to put it, so here it went.

Yeah See that now.  Sorry about that.

[PleaseBlitz]

9 minutes ago, nonniey said:

 

 

......At the same time, our international tax structure is jeopardizing domestic growth and crushing corporations’ ability to be globally competitive. We have one of the highest corporate tax rates in the developed world and we still have a tax on repatriated earnings. Essentially, that is a double tax that has locked more than $2.6 trillion in U.S. profits overseas. Personally, this tax on repatriated earnings prevented me from investing where I wanted to — here in America.

Again, these profits trapped overseas could be put towards meaningful investments in plants, equipment, training and helping people change from one job to another..... 

 

 

This is such a dishonest claim that I cringe every time I see it.  Yes, America has a high base corporate tax rate, but we also have so many deductions available that we have an effective tax rate, which is the rate that companies actually pay, that is basically in line with other industrialized countries. 

 

https://www.cbpp.org/research/federal-tax/actual-us-corporate-tax-rates-are-in-line-with-comparable-countries

[Bozo the kKklown]

2 hours ago, LD0506 said:

Here's the way I see this, the Rs are crafting federal tax policy specifically to target states/regions that oppose them politically or where they do not exert overt control. They seized control of the government with gerrymandering and help from Putin, and clearly are weaponizing every aspect of federal action, turning the EPA over to industry, gutting State to satisfy their overlords, punishing blue states that actually try to serve their populace and funneling every cent they can lay their hands on into the coffers of their donors. How did anyone seriously expect that their tax machinations wouldn't be more of the same?

 

They know this may be their shot, their last good shot for a century to loot the treasury and they are going for it, no excuses, no explanations, not even the smallest shred of shame or the tiniest figleaf to cover the truth.

 

One of the things that makes me crazy (er) is when I see polls about Alabama pedos or Trump family selfdealing, etc., is the Undecided/Don't Knows. How in the high and holy **** can ANYONE still believe there is a fence to sit on anymore!!

definitely. Its the final big fleece.

 

If they get this stuff passed, its over.

[DogofWar1]

I'm lucky in that all the people who represent me oppose this abomination, and I've always been reluctant to reach out to people who represent other places, since I don't live there (with the exception of people seeking offices that span states).

 

But if I did live somewhere where they were thinking about voting for this abomination, I think I would politely remind them that torches and pitchforks have been a relatively common response of the people when things get too bad.

 

Also that yes, while frowned upon, people are technically edible.

[nonniey]

3 hours ago, PleaseBlitz said:

 

This is such a dishonest claim that I cringe every time I see it.  Yes, America has a high base corporate tax rate, but we also have so many deductions available that we have an effective tax rate, which is the rate that companies actually pay, that is basically in line with other industrialized countries. 

 

https://www.cbpp.org/research/federal-tax/actual-us-corporate-tax-rates-are-in-line-with-comparable-countries

But as he explained in one of the other two para's I posted those deductions are only for some industries/companies.

[PleaseBlitz]

2 minutes ago, nonniey said:

But as he explained in one of the other two para's I posted those deductions are only for some industries/companies.

 

His dishonesty in the part that i took issue with leads me to question his honesty in everything else.  Also, he did not explain anything.  He stated a conclusion without explanation. 

[tshile]

6 hours ago, twa said:

always seemed unfair to deduct state income tax from federal to me, of course I don't pay it.

Being taxed twice on the same money always sucks

 

Unless it's not your money

[twa]

Just now, tshile said:

Being taxed twice on the same money always sucks

 

Unless it's not your money

 

That IS what rich people usually say, usually followed by others screaming they need to pay more.

[bearrock]

How are corporations getting double taxed on foreign earnings when they get credit towards US tax liabilities for foreign taxes paid on those foreign earnings?  US effective Corp rate is 18%.  If Corp A paid 5% to country B for its earnings there, then Corp A will only pay 13% to US thanks to the credit. Corp A's total liability didn't change, so how is that double taxation?

[nonniey]

1 hour ago, bearrock said:

How are corporations getting double taxed on foreign earnings when they get credit towards US tax liabilities for foreign taxes paid on those foreign earnings?  US effective Corp rate is 18%.  If Corp A paid 5% to country B for its earnings there, then Corp A will only pay 13% to US thanks to the credit. Corp A's total liability didn't change, so how is that double taxation?

You are replying to the wrong discussion.  TSHILE was discussing the deduction on the Federal income tax.

 

As for your example the corporations for the most part are only paying the 5% tax as it is not in their interest to pay the additional 32% to the US. They just leave it overseas.  There are posters and politicians that would rather get the nothing they are getting now than to cut corporate taxes (The old if I can't have the whole loaf of bread I don't want any of it syndrome)

[bearrock]

1 hour ago, nonniey said:

You are replying to the wrong discussion.  TSHILE was discussing the deduction on the Federal income tax.

 

I was referring to this part of Perdue's claim

8 hours ago, nonniey said:

 

......At the same time, our international tax structure is jeopardizing domestic growth and crushing corporations’ ability to be globally competitive. We have one of the highest corporate tax rates in the developed world and we still have a tax on repatriated earnings. Essentially, that is a double tax that has locked more than $2.6 trillion in U.S. profits overseas.

 

US taxes the global earnings of all its citizens and corps.  This is nothing new.

 

Quote

As for your example the corporations for the most part are only paying the 5% tax as it is not in their interest to pay the additional 32% to the US. They just leave it overseas.  There are posters and politicians that would rather get the nothing they are getting now than to cut corporate taxes (The old if I can't have the whole loaf of bread I don't want any of it syndrome)

 

The overseas subsidiary "loophole" was always the exception, not the norm.  Ordinarily, corporations would have to pay taxes on all global earnings whether they repatriate or not.  The deal was to allow foreign subsidiaries to defer the tax payment until the profits are brought back.  It was never intended to avoid tax liabilities forevermore.  So yes, I'm asking for the whole loaf of bread, because that's what the deal was.  Whether that whole loaf is due now or later, it is owed to the US government.  I don't  see why this tax burden should be lifted from corporations.  

[Cooked Crack]

 

[tshile]

7 hours ago, twa said:

That IS what rich people usually say, usually followed by others screaming they need to pay more.

Yup.

 

It's also said by people who own homes. Or other property in states that have property taxes.

[twa]

Just now, tshile said:

Yup.

 

It's also said by people who own homes. Or other property in states that have property taxes.

 

Pretty sure I don't own anything, just rent it from the govt. 

[visionary]