Tax Cuts and Jobs Act

Discussion in 'The War Room' started by Lubaolong, Nov 2, 2017.

  1. Lubaolong A natural consequence of gamma radiation

    Lubaolong
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    Details of the president's tax reform plan are finally rolling out.

    It looks like he has held true to his word. Low and middle income get tax cuts + almost a doubling of the standard deduction. It seems to clearly benefit the average American's bottom line.

    There are some small steps toward simplification by reducing the number of brackets and eliminating special interest deductions.

    Summary:

    Tax brackets
    • 12%: Individual incomes up to $45,000 and $90,000 for couples.
    • 25%: Individual incomes up to $200,000 and $260,000 for couples.
    • 35%: Individual incomes up to $500,000 and $1 million for couples.
    Highest tax bracket would remain at 39.6% for married couples making more than $1 million a year.

    Corporate taxes would drop from 35 percent to 20 percent immediately and permanently.

    Companies identifying as pass-through entities will pay a reduced tax rate of 25 percent.

    Standard deduction increases from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.

    Child tax credit would increase from $1,000 to $1,600.

    Federal deductions for state and local income and sales taxes will be eliminated, but local property taxes can be deducted up to $10,000.

    No changes to limits on 401(k) pre-tax contributions.

    Alternative Minimum Tax will be repealed.

    Estate tax would kick in at $11.2 million, up from $5.49 million, but it would be fully repealed as of 2024.

    Corporate profits from overseas would no longer be taxed, but there would be a minimum 10 percent tax on foreign subsidiaries.

    The Alternative Minimum Tax (AMT) and the Death Tax will be both be repealed, the latter by 2024.

    No repeal of Obamacare's individual mandate.

    On new-home purchases, interest on loans up to $500,000 would be deductible. The current limit is $1 million.

    Private universities with assets of more than $100,000 per student will pay a 1.4% excise tax on their net investment income.

    Tax-exempt nonprofits can make explicit election endorsements.

    Full bill here: https://apps.npr.org/documents/document.html?id=4172077-Tax-Bill-Text
     
    #1
  2. WorldofWarcraft Holy Paladin

    WorldofWarcraft
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    So, they're gonna take less money off our paychecks?
     
    #2
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  3. bobgeese Black Belt

    bobgeese
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    Had my wife take a look at it (she's an accountant, and a liberal), she confirmed we benefit from this plan.
     
    #3
  4. Cubo de Sangre Gold Belt

    Cubo de Sangre
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    Son of a bitch. Why allow a deduction for property tax but not income tax?
     
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  5. woodguyatl Green Belt

    woodguyatl
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    The corporate tax cut is only temporary.
     
    #5
  6. freaky Black Belt

    freaky
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    Yes!! Everyone benefits from this tax cut. The economy is saved!! MAGA!!!
     
    #6
  7. KILL KILL Gold Belt

    KILL KILL
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    What area did you see a benefit if you don't mind me asking?
     
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  8. PolishHeadlock Putin Belt

    PolishHeadlock
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    I'd love to hear the logic behind the pass through rate tax....

    It seems like that one was just a tax break for good old Donnie himself
     
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  9. DynamicLoosener Grass Fed Free Range Dolce Belt

    DynamicLoosener
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    Well Donald Trump is an american citizen first and foremost. I want my politicians to be affected by the laws they pass, unlike Obamacare where you had them saying how great it is but they didn't sign up for it.
     
    #9
  10. Falsedawn Killer of Gimmicks

    Falsedawn
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    "Tax-exempt nonprofits can make explicit election endorsements."

    [​IMG]
     
    #10
  11. HockeyBjj Putting on the foil

    HockeyBjj
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    Gonna be nowhere near a balanced budget with missing that much tax revenue for the government
     
    #11
  12. Big Tuppy Hole Gold Belt

    Big Tuppy Hole
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    The sad thing is I alone pay a higher tax rate than your highest earners, fuck Australia
     
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  13. Revolver you sound poor

    Revolver
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    Limiting state taxes to 10k and only being able to deduct mortgage interest up to 500k indebtedness is bullshit. So is taking away personal exemptions. This ends up screwing over middle to upper class for the benefit of the top .01%
     
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  14. Revolver you sound poor

    Revolver
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    This all is bullshit. Take away their tax exemption then.

     
    #14
  15. Rod1 Yellow Card

    Rod1
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    Depends on the State
     
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  16. PolishHeadlock Putin Belt

    PolishHeadlock
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    He gave himself a personal tax cut lol.
     
    #16
  17. PolishHeadlock Putin Belt

    PolishHeadlock
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    Yup they just turned charitable organizations into tax free super pacs.
     
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  18. HomerThompson Steel Belt

    HomerThompson
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    "Like damn Stewie, you can't sing at all. What are you doing man?"

    [​IMG]
     
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  19. PolishHeadlock Putin Belt

    PolishHeadlock
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    Also only real estate taxes are deductible instead on income and sales and use taxes.
     
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  20. HomerThompson Steel Belt

    HomerThompson
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    More regression, yay!!! Also, bye bye government programs. It was nice knowing you.
     
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