Tax reform

Tax reform

Postby DazedandConfused » Sat Sep 30, 2017 4:01 pm

Be wary of plans that eliminate the personal exemption.

http://www.taxpolicycenter.org/sites/de ... mption.pdf
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Re: Tax reform

Postby WestTX » Sat Sep 30, 2017 5:04 pm

Think about the mortgage interest deduction. That's a big item for big spenders keeping up the neighbors.

I guess we might see more tax deferred investments if folks are willing to save and invest, and if they have the income to do so. There's too much debt floating around for my liking.

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Re: Tax reform

Postby GEEZER » Sat Sep 30, 2017 6:19 pm

Be wary of plans that eliminate the personal exemption.....Why should there be a "personal exemption"..it is a useless, false and misleading "deduction"
OF COURSE the exemption is personal, who else would it be for or claimed by...your dog?
Dropping the tax rate on everybody would have the same effect...duuuuuuuh! Flat tax would save soooo much time, money and worry...would save a huge
amount of useless IRS wages, and stop those idiots from harassing the public. That would go along way on the national budget and expenses.
We gotta get out of the box!!!

All those "problems" would go away with a flat tax rate.....Ones choice as to whether to BUY a house...or whether to have kids, shouldn't effect their tax rate...
those are "choices"...chose wisely.
Why should everybody that chooses otherwise, be punished for not having the "correct" American Dream???

Charity deductions, pick up govt costs and furnish a service that benefits society (generally) and should remain deductible. If it doesn't do those things...it is not a
charity...or at least shouldn't have tax free status.
Out of pocket Health care costs over say, 5% of gross income should not only be deductible, (100%...not just reducing their taxable income by those few dollars...that only saves the taxes on those expenses) Those healthcare costs above the set percentage...should be directly subtracted from their tax liability...(as long as they were actually paid).
Once you reach that 5% of gross income in a single year...it is at that point a catastrophe to that family, and taxes are just another burden.
Now...that 5% is just a number off the top of my head........that number could be 2K dollars to some people....and 50K dollars to others....
THAT is what makes it "fair". It hurts each household the same "amount", and becomes a refund of taxes the same way.

Above those things, there should be no deductions.

...................................................................................just sayin"............................................................. ;)
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Re: Tax reform

Postby DazedandConfused » Sat Sep 30, 2017 8:29 pm

Geezer be careful when entering the realm of deducting directly from tax or you could get into the concept of refundable credits. I believe increasing the standard deduction and maintaining the personal deduction is a better concept than reducing the tax rate because it will, in many cases, throw the taxpayer into a lower bracket.
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and breaking into our houses and killing us to get what they want." UCanIt
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Re: Tax reform

Postby DDEATH » Sun Oct 01, 2017 7:49 am

Will Trump keep his promise to the middle class? :roll:
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Re: Tax reform

Postby DazedandConfused » Sun Oct 01, 2017 9:11 am

DDeath, this transcends Democrat or Republican. Can't these idiots ever work for America? I am merely talking about what would be best for the middle class, and it was something I was thinking about long before anything was introduced. I made no comments on any other part of the plan. I don't give a damn about Democrats or Republicans. I am anti-socialism.
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and breaking into our houses and killing us to get what they want." UCanIt
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Re: Tax reform

Postby GEEZER » Sun Oct 01, 2017 10:08 am

the concept of refundable credits.
I get that....we have some of those NOW......Child care credit, "earned income credit".....we are making up income now that is not being "earned"...and it is
crazy.es
As I eluded to a little bit.....when healthcare beats on a person to the point of bankrupting individuals and families , everyone of us suffer financially.
Normal bills don't get paid, and the people (us) wind up picking up the difference, in taxes and higher pricing of goods and services...AFTER the govt has
skimmed money off the top, paying for their employees and "services"....and we know the govt will waste enough in all the depts it takes to buy a piece of gum.
There is a percentage (somewhere) that once it is reached in out of pocket expenses, that could easily be a true safety net for the individual and ourselves as
tax payers...also covering those individuals that are trying to be responsible citizens. I chose 5% out of pocket just as an example. But I also said "out of pocket"
because that is where the bankruptcy begins due to high costs. Total costs and insurance covered payments don't count....and ....that those out of pocket payments
must be paid out by the individual of they don't get any deduction.

This type of "refundable credit", I have no problem with. The percentages of taxpayers that would actually be effected is pretty darned low.

.........................................................................just sayin'.................................................................... ;)
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Re: Tax reform

Postby DazedandConfused » Sun Oct 01, 2017 12:07 pm

The EIC and Child Tax Credits are added directly to the refund, and are a very costly credits. Where other credits reduce taxable income and have a lower impact on actual taxes owed. I have seen much abuse of the EIC granting refunds much larger than a person has paid. That is money coming out of my pocket. Trump's tax plan does very little for the working class because of them eliminating the personal deduction. As an example they want to raise my standard deduction to $12,000. Being over 65 my standard deduction is about $7600 + my Personal deduction of $4050 = $11,650 so I would get an increase of deduction of $350 * 20% = $70 in tax savings a year. Look long and hard at this plan it is not in our best interest.
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Re: Tax reform

Postby DDEATH » Mon Oct 02, 2017 7:18 am

The tax proposal includes, lowering of the top bracket from 39.6 to 35%, repeal of the estate tax, and lower the pass-through rate down to 15%. This will benefit the rich and continue the redistribution of wealth to the top 10%......... the shrinking of the middle class will continue.

Could reduce tax revenue 5 trillion dollars over the next decade, adding to the national debt!

and contrary to what he says, this will greatly benefit Trump! :o
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