THE TAX PLAN

THE TAX PLAN

Postby DazedandConfused » Fri Nov 10, 2017 9:52 am

What are your honest thoughts on the tax plan? I have mixed emotions. I like the cut in the corporate tax rates, but I am not exactly excited about the middle class tax cut that they are trying to sell. This plan needs a lot of adjustments and nobody is talking about the loss of the personal exemption. The loss of the medical exemption could be a devastating blow for many older people. 71% of the people do not itemize so they were on the right track raising the standard deduction, and then blew it with the personal exemption. Since I haven't itemized in over 30 years I have no interest in the mortgage or state income tax exemptions.
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Re: THE TAX PLAN

Postby WestTX » Sat Nov 11, 2017 7:40 am

I don't believe things will change much for me, although investments may push us into a higher tax bracket. I'm spending down at this point, and I'm distributing what I can to younger family members.

I didn't realize that 71% of tax filers don't itemize. That's pretty high, especially since I was under the impression that many people were taking out higher mortgages. I guess the figure is as high as it is to the fact that people can no longer claim credit card and other debt interest. The state tax deduction eliminations probably hurt people in states where the rate is high (of course). Then again, you have to file any state tax refund on the next year's Federal return.

What's odd, and unless I'm missing the news... Why haven't we heard anything about a decline in government spending? Government spending dictates that tax revenues will have to be collected. Are we just shuffling dollars?

Just shitz on'em all, Dazed.

Where is Geezer?

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Re: THE TAX PLAN

Postby DDEATH » Sat Nov 11, 2017 8:00 am

Seems like the big tax breaks will be for corporations (who already have RECORD PROFITS). and the rich (who already have MOST of the wealth). More wealth distribution towards the top, which has been going on since the seventies.

GH Bush, "trickle down is voodoo economics." :(
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Re: THE TAX PLAN

Postby DazedandConfused » Sat Nov 11, 2017 9:32 am

WestTx spending must be cut. All the pet projects over the years have to go.

I believe in the corporate tax cut, and what its effect on the economy will be. On the middle class tax cut I believe we are being sold a bill of goods.
"The whole reason welfare and foodstamps exist, is so those that are receiving won't be rioting in the street,
and breaking into our houses and killing us to get what they want." UCanIt
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Re: THE TAX PLAN

Postby DDEATH » Sat Nov 11, 2017 11:04 am

If they take away the loopholes from corps. and cut the rate, it could be a zero effect on the deficit, and that's OK.

Taking away the estate tax will only help those that are passing on more than $5 million. Last time, I looked........ I was still a few bucks away from that. :lol:

I agree on cutting spending, and the middle class will probably get screwed, again. :roll:
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