the politics of rewriting the tax code at midnight on a friday

twostrokenut

twostrokenut

Well-Known Member
UncleBuck said:
obama never added a penny to the deficit though. he cut the deficit more than any other president in history.

you will never acknowledge this fact because you are a racist old obese white.
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isreal
UncleBuck said:
any tax cuts for citizens expire. the tax cuts for corporations are permanent.

but hey, at least you will pay more in taxes so that don junior and ivanka can inherit their daddy's laundered russian mob money without any taxes on it.

racist old white bitch
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so the old saying is "compared to what?"

you will pay more is your assertion, compared to what? certainly not compared to what you pay now.
 
Grandpapy

Grandpapy

Well-Known Member
The rush was because it was the end of the business day in China.
Secret meetings in a global economy protect us from invasions from Mars. They are our true enamies. They want our Corporations.
 
greg nr

greg nr

Well-Known Member
Well, here's a shocker. This bill does nothing for small businesses. What's that you say? They lowered the corporate tax rate and put in pass through provisions to give an additional 20% deduction! Meh, not what it seems.

First, if you are a "small" business, as opposed to an llc or an s-corp with huge earnings and very low overhead, you don't get to use the new pass through provision.

Look, small businesses don't generate a lot of corporate profit. The money goes to expenses and salaries. Any money left over doesn't amount to much, and that is what gets the new lower corp tax rate.

But lets say you are a contractor, and get paid on a 1099. No matter what type of corp you run, the IRS will make you pay yourself a fair wage. You can't be a doctor and claim minimum wage on your corp tax returns. So more than likely, your salary is going to be at least 2/3 of your company revenues. Those w-2 earnings get taxed at as normal income.

The other 1/3 (minus business expenses) is taxed at the corporate rate. And at some point you will want that money, so you get it as a dividend. Dividends to you are taxed lower (I think 15% at fed level) but you are taxed by both feds and state. So now your company paid a corporate tax, and you pay a dividend income tax. It adds up to more than if you took it all as w2 salary.

The way this works is if your company has no employees (or just a small clerical staff) and high revenues; then everything is distributed immediately as a dividend with a big deduction. There is a provision to allow this case (the corker/hatch provision) at lower rates.

Large corporations do generate profits, and those are taxed at the new lower rate. But they can turn around and use that money to enrich investors - either through dividends to stock, stock buybacks, or bonuses to directors. Less corp tax means more money they can distribute to investors and directors.

Service providers (doctors/lawyers/accountants/consultants/etc) can't take the new pass through deduction. There are also income limits to prevent real "small" businesses from using it.

The benefits (surprise surprise) are targeted at large corporations, very wealthy wage earners, and very specific corporate structures, mostly used in real estate trusts.

This isn't going to help main street. Unless $5/month lower tax is going to make a difference to your life. But don't forget, health insurance will be much more expensive (even for corporate plan participants), and medicare/medicaid benefits will be lower, so someone will need to pay the difference or be denied services.
 
captainmorgan

captainmorgan

Well-Known Member
greg nr said:
Well, here's a shocker. This bill does nothing for small businesses. What's that you say? They lowered the corporate tax rate and put in pass through provisions to give an additional 20% deduction! Meh, not what it seems.

First, if you are a "small" business, as opposed to an llc or an s-corp with huge earnings and very low overhead, you don't get to use the new pass through provision.

Look, small businesses don't generate a lot of corporate profit. The money goes to expenses and salaries. Any money left over doesn't amount to much, and that is what gets the new lower corp tax rate.

But lets say you are a contractor, and get paid on a 1099. No matter what type of corp you run, the IRS will make you pay yourself a fair wage. You can't be a doctor and claim minimum wage on your corp tax returns. So more than likely, your salary is going to be at least 2/3 of your company revenues. Those w-2 earnings get taxed at as normal income.

The other 1/3 (minus business expenses) is taxed at the corporate rate. And at some point you will want that money, so you get it as a dividend. Dividends to you are taxed lower (I think 15% at fed level) but you are taxed by both feds and state. So now your company paid a corporate tax, and you pay a dividend income tax. It adds up to more than if you took it all as w2 salary.

The way this works is if your company has no employees (or just a small clerical staff) and high revenues; then everything is distributed immediately as a dividend with a big deduction. There is a provision to allow this case (the corker/hatch provision) at lower rates.

Large corporations do generate profits, and those are taxed at the new lower rate. But they can turn around and use that money to enrich investors - either through dividends to stock, stock buybacks, or bonuses to directors. Less corp tax means more money they can distribute to investors and directors.

Service providers (doctors/lawyers/accountants/consultants/etc) can't take the new pass through deduction. There are also income limits to prevent real "small" businesses from using it.

The benefits (surprise surprise) are targeted at large corporations, very wealthy wage earners, and very specific corporate structures, mostly used in real estate trusts.

This isn't going to help main street. Unless $5/month lower tax is going to make a difference to your life. But don't forget, health insurance will be much more expensive (even for corporate plan participants), and medicare/medicaid benefits will be lower, so someone will need to pay the difference or be denied services.
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Don't muddy the waters with facts, it's all about feelings with the right. tRUmp makes them feel wanted when he tells his little tales about MAGA.
 
SneekyNinja

SneekyNinja

Well-Known Member
greg nr said:
Well, here's a shocker. This bill does nothing for small businesses. What's that you say? They lowered the corporate tax rate and put in pass through provisions to give an additional 20% deduction! Meh, not what it seems.

First, if you are a "small" business, as opposed to an llc or an s-corp with huge earnings and very low overhead, you don't get to use the new pass through provision.

Look, small businesses don't generate a lot of corporate profit. The money goes to expenses and salaries. Any money left over doesn't amount to much, and that is what gets the new lower corp tax rate.

But lets say you are a contractor, and get paid on a 1099. No matter what type of corp you run, the IRS will make you pay yourself a fair wage. You can't be a doctor and claim minimum wage on your corp tax returns. So more than likely, your salary is going to be at least 2/3 of your company revenues. Those w-2 earnings get taxed at as normal income.

The other 1/3 (minus business expenses) is taxed at the corporate rate. And at some point you will want that money, so you get it as a dividend. Dividends to you are taxed lower (I think 15% at fed level) but you are taxed by both feds and state. So now your company paid a corporate tax, and you pay a dividend income tax. It adds up to more than if you took it all as w2 salary.

The way this works is if your company has no employees (or just a small clerical staff) and high revenues; then everything is distributed immediately as a dividend with a big deduction. There is a provision to allow this case (the corker/hatch provision) at lower rates.

Large corporations do generate profits, and those are taxed at the new lower rate. But they can turn around and use that money to enrich investors - either through dividends to stock, stock buybacks, or bonuses to directors. Less corp tax means more money they can distribute to investors and directors.

Service providers (doctors/lawyers/accountants/consultants/etc) can't take the new pass through deduction. There are also income limits to prevent real "small" businesses from using it.

The benefits (surprise surprise) are targeted at large corporations, very wealthy wage earners, and very specific corporate structures, mostly used in real estate trusts.

This isn't going to help main street. Unless $5/month lower tax is going to make a difference to your life. But don't forget, health insurance will be much more expensive (even for corporate plan participants), and medicare/medicaid benefits will be lower, so someone will need to pay the difference or be denied services.
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But there's a provision for people who buy private planes and own lots of real estate...

Surely that'll help the common man?
 
Grandpapy

Grandpapy

Well-Known Member
greg nr said:
This isn't going to help main street. Unless $5/month lower tax is going to make a difference to your life. But don't forget, health insurance will be much more expensive (even for corporate plan participants), and medicare/medicaid benefits will be lower, so someone will need to pay the difference or be denied services.
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I just received a letter from my Dr. stating he is now charging $250 per yr to stay on as a client.
He did put it on a sliding scale 0-21 $100, 22-50 $150 50-up $250 lol. laugh of disgust.
 
Grandpapy

Grandpapy

Well-Known Member
twostrokenut said:
so the old saying is "compared to what?"

you will pay more is your assertion, compared to what? certainly not compared to what you pay now.
Click to expand...
National Park Entrance fees. was $30 now $80

https://www.nps.gov/yose/planyourvisit/fees.htmAmerica the Beautiful—National Parks and Federal Recreational Lands Annual Pass: $80. Annual pass covering entrance and standard amenity fees for national parks and other federal fee areas, valid for 12 months from date of purchase. This replaces the National Parks Pass and Golden Eagle Pass.
 
Unclebaldrick

Unclebaldrick

Well-Known Member
Grandpapy said:
National Park Entrance fees. was $30 now $80

https://www.nps.gov/yose/planyourvisit/fees.htmAmerica the Beautiful—National Parks and Federal Recreational Lands Annual Pass: $80. Annual pass covering entrance and standard amenity fees for national parks and other federal fee areas, valid for 12 months from date of purchase. This replaces the National Parks Pass and Golden Eagle Pass.
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Those fees are waived if you bring your own fracking or oil drilling rig.
 
see4

see4

Well-Known Member
twostrokenut said:
standard deduction doubled, child credit +60%

what are average people with less than 500k homes not seeing that you do?
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many families that make more than $100,000 itemize.

child credit doubles to $2000, but begins to phase out when family AGI exceeds $110,000, or $75,000 for single peeps.

this tax bill is a burden to the middle class. it helps corporations and super wealthy and lower income now... and in a few years will hurt the low income and continue to help corporations and the super wealthy.


But most importantly, all that tax goodness you think you're getting, will be offset by sharp increases in family health insurance payouts. so ultimately it will be a net loss for most families.

The point of this tax bill was to stimulate corporations to bring their money back to the US, repeal Obamacare, and line the pockets of the super wealthy... because trickle down is a rock solid economic plan and has worked literally none times in the past. Literally none times. Not a once.
 
greg nr

greg nr

Well-Known Member
But he has his own medal to give out (sell?)....



Breaking tradition, he has removed the seal of the president along with the US Motto "E Pluribus Unum". Of course, because this is about him, not the office or the country.
 
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