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Author Topic: New Tax Plan as of 12/13/18  (Read 1589 times)

Offline clark123456

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Re: New Tax Plan as of 12/13/18
« Reply #12 on: December 14, 2017, 05:21:54 PM »
So, does this new plan completely eliminate all personal exemptions except child tax credit, and the 10,000 for property/state/local taxes?and does that mean all itemized deductions?


Capital losses are deductions against gains.  AFAIK large medical expenses are still deductible/
I heard on a fake new network that the consolidated plan allows teacher school supply deductions, medical deductions, educational deductions, and one more major deduction item.

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Clark
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Offline Chris36l

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Re: New Tax Plan as of 12/13/18
« Reply #13 on: December 14, 2017, 05:24:08 PM »
So, does this new plan completely eliminate all personal exemptions except child tax credit, and the 10,000 for property/state/local taxes?and does that mean all itemized deductions?


Capital losses are deductions against gains.  AFAIK large medical expenses are still deductible/
I heard on a fake new network that the consolidated plan allows teacher school supply deductions, medical deductions, educational deductions, and one more major deduction item.

Sent from my SM-G930V using Tapatalk
The reason I ask is that I normally write off about 20,000 miles a year for work. Just wondering if that will be going away


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Offline DOUG

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Re: New Tax Plan as of 12/13/18
« Reply #14 on: December 14, 2017, 05:28:15 PM »
So, does this new plan completely eliminate all personal exemptions except child tax credit, and the 10,000 for property/state/local taxes?and does that mean all itemized deductions?


Capital losses are deductions against gains.  AFAIK large medical expenses are still deductible/
I heard on a fake new network that the consolidated plan allows teacher school supply deductions, medical deductions, educational deductions, and one more major deduction item.

Sent from my SM-G930V using Tapatalk
The reason I ask is that I normally write off about 20,000 miles a year for work. Just wondering if that will be going away


Sent from my iPhone using Tapatalk
No!  That is a legitimate business of expense, cost of doing business.

Only personal expenses are changing but the standard deduction goes up WAY MORE THAN MOST WOULD EVER HAVE IN PERSONAL DEDUCTIONS. oops. so most will pay less.  The standard rate is going down and a lot of "methods" to avoid taxes for those that have more money and make more money and make money using every way possible to avoid taxes, well a lot of those methods are going away. 

I get creamed.  No clark, not in that way.

Offline BigMike

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Re: New Tax Plan as of 12/13/18
« Reply #15 on: December 14, 2017, 05:42:02 PM »
Eliminate the IRS and implement The Fair Tax.

Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve.


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What specifically do you like about the Fair Tax?

I admit, it's been a while since I read the Fair Tax book (and it may have changed), but I was VERY disappointed with the kick-backs (something called pre-bates???) that were given to cover some minimum cost of living.  What in the hell is wrong with a pure consumption tax (National Sales Tax, zero business tax) with zero kick-backs?  Yeah, a bit regressive, but that should be incentive to make more money so just living isn't all you can afford to do; AND, the more you make, the more tax you pay as a part of living a great life.

I do like the Fair Tax better than this joke the Republicans are pushing through currently, so I wish they wouldn't have squandered this opportunity (once in a generation) to overhaul the federal revenue system.

@Doug hit on the pension issue.  It's far and above what they earned.

As far as the "Joke the Republicans are pushing through".  The entire tax code is a joke which was perpetrated by both dems and repubs since 1942.  If someone was to start fresh with a tax code to a country, who would invent something as ridiculous as the US tax code? 

Something like the Fair Tax makes the US a tax haven for corporations.  It also allows companies to focus on their businesses instead of their tax position.  Corporations spend billions trying to save billions in taxes.  Hell, even in IT when I do my budget, I have to make decisions on what technologies to use based on Captial Expenses vs. Operating Expenses. 

Under the Fair Tax, everyone pays taxes.  Rich, middle, poor, drug dealers, criminals, visitors to the US.  Everyone.  The "pre-bates" are to help the poor offset paying the tax because they don't make enough money to pay taxes. 

A simple tax code will NEVER exist whether it's the Fair Tax, flat tax, etc.  Why?  Congress will never let go of their most powerful power of the people.  Eliminate the IRS - power gone.  Also the entire tax industry would be gone which means there are a lot of people that have to learn new skills.

Not saying the Fair Tax is the answer but it's lightyears ahead of what we have today. 

Offline clark123456

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Re: New Tax Plan as of 12/13/18
« Reply #16 on: December 14, 2017, 05:44:14 PM »
So, does this new plan completely eliminate all personal exemptions except child tax credit, and the 10,000 for property/state/local taxes?and does that mean all itemized deductions?


Capital losses are deductions against gains.  AFAIK large medical expenses are still deductible/
I heard on a fake new network that the consolidated plan allows teacher school supply deductions, medical deductions, educational deductions, and one more major deduction item.

Sent from my SM-G930V using Tapatalk
The reason I ask is that I normally write off about 20,000 miles a year for work. Just wondering if that will be going away


Sent from my iPhone using Tapatalk
No!  That is a legitimate business of expense, cost of doing business.

Only personal expenses are changing but the standard deduction goes up WAY MORE THAN MOST WOULD EVER HAVE IN PERSONAL DEDUCTIONS. oops. so most will pay less.  The standard rate is going down and a lot of "methods" to avoid taxes for those that have more money and make more money and make money using every way possible to avoid taxes, well a lot of those methods are going away. 

I get creamed.  No clark, not in that way.

yeah, the crew making >$200k (Big Dave, that's more than $200K) get creamed in Georgia.  Not being able to deduct state income tax is a huge impact, even with a doubled standard deduction; however, a GA Rep put in terms that made a lot of sense to me:  Why should a person making $200K in a low tax state pay more in income tax to the Feds than a person making $200K in a high tax state? 

After hearing that Rep, I completely agreed...the folks in low and high tax states get the same Federal support...so why should someone in a high tax state pay less for it.  (Don't make me get out the +/- chart of Federal Revenue vs Federal Expenses by state and governing party.)
Clark
1998 TJ Sahara

Offline clark123456

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Re: New Tax Plan as of 12/13/18
« Reply #17 on: December 14, 2017, 05:46:08 PM »
Eliminate the IRS and implement The Fair Tax.

Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve.


Sent from my iPhone using Tapatalk
What specifically do you like about the Fair Tax?

I admit, it's been a while since I read the Fair Tax book (and it may have changed), but I was VERY disappointed with the kick-backs (something called pre-bates???) that were given to cover some minimum cost of living.  What in the hell is wrong with a pure consumption tax (National Sales Tax, zero business tax) with zero kick-backs?  Yeah, a bit regressive, but that should be incentive to make more money so just living isn't all you can afford to do; AND, the more you make, the more tax you pay as a part of living a great life.

I do like the Fair Tax better than this joke the Republicans are pushing through currently, so I wish they wouldn't have squandered this opportunity (once in a generation) to overhaul the federal revenue system.

@Doug hit on the pension issue.  It's far and above what they earned.

As far as the "Joke the Republicans are pushing through".  The entire tax code is a joke which was perpetrated by both dems and repubs since 1942.  If someone was to start fresh with a tax code to a country, who would invent something as ridiculous as the US tax code? 

Something like the Fair Tax makes the US a tax haven for corporations.  It also allows companies to focus on their businesses instead of their tax position.  Corporations spend billions trying to save billions in taxes.  Hell, even in IT when I do my budget, I have to make decisions on what technologies to use based on Captial Expenses vs. Operating Expenses. 

Under the Fair Tax, everyone pays taxes.  Rich, middle, poor, drug dealers, criminals, visitors to the US.  Everyone.  The "pre-bates" are to help the poor offset paying the tax because they don't make enough money to pay taxes. 

A simple tax code will NEVER exist whether it's the Fair Tax, flat tax, etc.  Why?  Congress will never let go of their most powerful power of the people.  Eliminate the IRS - power gone.  Also the entire tax industry would be gone which means there are a lot of people that have to learn new skills.

Not saying the Fair Tax is the answer but it's lightyears ahead of what we have today. 
holy crap, we are almost 100% aligned!
Clark
1998 TJ Sahara

Offline patman

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Re: New Tax Plan as of 12/13/18
« Reply #18 on: December 14, 2017, 05:53:49 PM »

making >$200k (Big Dave, that's more than $200K)

Hahahahahahahahahaha

Offline Chris36l

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Re: New Tax Plan as of 12/13/18
« Reply #19 on: December 14, 2017, 06:04:49 PM »
So, does this new plan completely eliminate all personal exemptions except child tax credit, and the 10,000 for property/state/local taxes?and does that mean all itemized deductions?


Capital losses are deductions against gains.  AFAIK large medical expenses are still deductible/
I heard on a fake new network that the consolidated plan allows teacher school supply deductions, medical deductions, educational deductions, and one more major deduction item.

Sent from my SM-G930V using Tapatalk
The reason I ask is that I normally write off about 20,000 miles a year for work. Just wondering if that will be going away


Sent from my iPhone using Tapatalk
No!  That is a legitimate business of expense, cost of doing business.

Only personal expenses are changing but the standard deduction goes up WAY MORE THAN MOST WOULD EVER HAVE IN PERSONAL DEDUCTIONS. oops. so most will pay less.  The standard rate is going down and a lot of "methods" to avoid taxes for those that have more money and make more money and make money using every way possible to avoid taxes, well a lot of those methods are going away. 

I get creamed.  No clark, not in that way.
Thanks for the clarification


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Offline tcdawg

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Re: New Tax Plan as of 12/13/18
« Reply #20 on: December 14, 2017, 07:04:35 PM »

Eliminate the IRS and implement The Fair Tax.

Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve.




@Doug hit on the pension issue.  It's far and above what they earned.



A congressional pension is far and above what they earned?  Explain that?

Their pension is the same as any other federal employee.  Even if they served 30 years its still a fraction of their full salary when they actually served.   


I’m not a congressional apologist, but you are off on their pension. 

Offline Big Dave

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Re: New Tax Plan as of 12/13/18
« Reply #21 on: December 14, 2017, 07:12:36 PM »

making >$200k (Big Dave, that's more than $200K)

Hahahahahahahahahaha

Middle finger to the both of you.




























Although, it was really funny.

Offline BigMike

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Re: New Tax Plan as of 12/13/18
« Reply #22 on: December 14, 2017, 07:23:02 PM »

Eliminate the IRS and implement The Fair Tax.

Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve.




@Doug hit on the pension issue.  It's far and above what they earned.



A congressional pension is far and above what they earned?  Explain that?

Their pension is the same as any other federal employee.  Even if they served 30 years its still a fraction of their full salary when they actually served.   


I’m not a congressional apologist, but you are off on their pension. 


Deserving (earning) it is a matter of opinion.  Personally I think they are there to represent the citizens that voted them in office.  Then, go back to their districts and live under the laws they create.  Serving in Congress was never intended to be a career.  With term limits, their "pension" will be a small percent of their pay - as it should be.  IMO, that is very different than a government employee that works a job that WAS meant to be a career.  The average gubment employee doesn't have the power and influence over citizens. 


Offline tcdawg

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Re: New Tax Plan as of 12/13/18
« Reply #23 on: December 14, 2017, 08:31:53 PM »

Eliminate the IRS and implement The Fair Tax.

Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve.




@Doug hit on the pension issue.  It's far and above what they earned.



A congressional pension is far and above what they earned?  Explain that?

Their pension is the same as any other federal employee.  Even if they served 30 years its still a fraction of their full salary when they actually served.   


I’m not a congressional apologist, but you are off on their pension. 


Deserving (earning) it is a matter of opinion.  Personally I think they are there to represent the citizens that voted them in office.  Then, go back to their districts and live under the laws they create.  Serving in Congress was never intended to be a career.  With term limits, their "pension" will be a small percent of their pay - as it should be.  IMO, that is very different than a government employee that works a job that WAS meant to be a career.  The average gubment employee doesn't have the power and influence over citizens.

I’m w ya on that.  Do they deserve that they “earn”.  Very much an opinion.  Some work hard for the people. Others work hard at keeping themselves in power. 

 



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