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Author Topic: The proposed Trump/GOP tax reform plan?  (Read 246 times)
Howard
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« on: November 03, 2017, 01:03:38 PM »

https://finance.yahoo.com/news/gop-tax-reform-mean-tax-160400019.html

I've been trying to better understand the details and remain puzzled by some
GOP claims.
I just don't see how ending or restricting various middle class deductions
helps the middle class?

I know Trump wants the corp rate down to 20%. But with the same deductions they have now. That
would take their "effective rate " down from  the current 18-19% to aprox 10%.
Looks like it could blow a huge hole in the debt?

Your thoughts?
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mazrim
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« Reply #1 on: November 03, 2017, 01:27:21 PM »

Only good thing is the corporate rate reduction. Rest is fake tax reductions nullified by taking away deductions. Looks like you have it pretty well summed up correctly.

Fails on the "bigger" issues that the media focuses on (health care, tax reform, etc.) but has done well in other areas that are not focused on as much.
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Primemuscle
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Be honest...


« Reply #2 on: November 03, 2017, 01:32:45 PM »

https://finance.yahoo.com/news/gop-tax-reform-mean-tax-160400019.html

I've been trying to better understand the details and remain puzzled by some
GOP claims.
I just don't see how ending or restricting various middle class deductions
helps the middle class?

I know Trump wants the corp rate down to 20%. But with the same deductions they have now. That
would take their "effective rate " down from  the current 18-19% to aprox 10%.
Looks like it could blow a huge hole in the debt?

Your thoughts?

-Just paid my property taxes....$6,000. - Glad that the income tax is six months away, since I generally owe a few thousand to the Feds and a little less to the state. Oregon has no sales tax or value added tax. If we did, the other state taxes could be lower. At least with sales tax, you have a choice whether to buy stuff and pay the tax or not.

Like you suggested, cutting out deductions will likely hurt the middle class. Without itemized deductions, my tax bill will go up.

Oregon's Tax Structure—Corporate Income Tax—Single Sales Factor

The tax rate on corporate income of firms doing business in the state is the greater of a minimum tax based on relative Oregon sales ($150–$100,000, approximating 0.1% of sales by entity) or an income-based levy of 6.6% on taxable income up to $1 million and 7.6% above that. Nike enjoys a special reduced tax for the next 30 years.

America has a subsidies problem. We've looked at the rising amount of money poured into mega-deals and railed against Apple and Google, companies so flush with cash they shouldn't be considered for a tax break in the first place. But no American company (non-sports-franchise division) is fleecing taxpayers worse than Nike.
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mazrim
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« Reply #3 on: November 03, 2017, 02:17:50 PM »

I should add that even if there was a reduction in middle class taxes its bull that they don't do it for the upper class. 46% class....
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jude2
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Getbig!


« Reply #4 on: November 03, 2017, 05:56:00 PM »

https://finance.yahoo.com/news/gop-tax-reform-mean-tax-160400019.html

I've been trying to better understand the details and remain puzzled by some
GOP claims.
I just don't see how ending or restricting various middle class deductions
helps the middle class?

I know Trump wants the corp rate down to 20%. But with the same deductions they have now. That
would take their "effective rate " down from  the current 18-19% to aprox 10%.
Looks like it could blow a huge hole in the debt?

Your thoughts?
Most people take the standard deduction, so if you do that the doubling would definitely help.
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Howard
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« Reply #5 on: November 06, 2017, 09:35:07 AM »

I should add that even if there was a reduction in middle class taxes its bull that they don't do it for the upper class. 46% class....

Good point!
Phasing out the "estate tax" has NOTHING to do with the middle class.
But for those with over 11 million in assets to leave the kids, it's a huge windfall.
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Howard
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« Reply #6 on: November 06, 2017, 09:37:04 AM »

-Just paid my property taxes....$6,000. - Glad that the income tax is six months away, since I generally owe a few thousand to the Feds and a little less to the state. Oregon has no sales tax or value added tax. If we did, the other state taxes could be lower. At least with sales tax, you have a choice whether to buy stuff and pay the tax or not.

Like you suggested, cutting out deductions will likely hurt the middle class. Without itemized deductions, my tax bill will go up.

Oregon's Tax Structure—Corporate Income Tax—Single Sales Factor

The tax rate on corporate income of firms doing business in the state is the greater of a minimum tax based on relative Oregon sales ($150–$100,000, approximating 0.1% of sales by entity) or an income-based levy of 6.6% on taxable income up to $1 million and 7.6% above that. Nike enjoys a special reduced tax for the next 30 years.

America has a subsidies problem. We've looked at the rising amount of money poured into mega-deals and railed against Apple and Google, companies so flush with cash they shouldn't be considered for a tax break in the first place. But no American company (non-sports-franchise division) is fleecing taxpayers worse than Nike.

Great post!

Don't even get me started on "subsidized" pro sports stadiums or tax breaks for relocating distribution centers .
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