Tax Cuts and Jobs Act

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

  1. Lubaolong

    Lubaolong A natural consequence of gamma radiation

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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    Alternative Minimum Tax will be repealed.

    Estate tax would kick in at $11.2 million, up from $5.49 million, but it would be fully repealed as of 2024.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    The Alternative Minimum Tax (AMT) and the Death Tax will be both be repealed, the latter by 2024.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
     
  2. WorldofWarcraft

    WorldofWarcraft Holy Paladin Banned

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    So, they're gonna take less money off our paychecks?
     
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  3. bobgeese

    bobgeese Double Yellow Card Double Yellow Card Yellow Card

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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.
     
  4. Cubo de Sangre

    Cubo de Sangre Steel Belt

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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

    woodguyatl Purple Belt

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    The corporate tax cut is only temporary.
     
  6. freaky

    freaky Banned Banned

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    Yes!! Everyone benefits from this tax cut. The economy is saved!! MAGA!!!
     
  7. KILL KILL

    KILL KILL Gold Belt

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

    PolishHeadlock Putin Belt Platinum Member

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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. RockstarChris

    RockstarChris The Devil Of Sherdogs Laundry Room

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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.
     
  10. Falsedawn

    Falsedawn destroy Platinum Member

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

    [​IMG]
     
  11. HockeyBjj

    HockeyBjj Putting on the foil

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

    Big Tuppy Hole Gold Belt

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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

    Revolver you sound poor Staff Member Senior Moderator

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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%
     
  14. Revolver

    Revolver you sound poor Staff Member Senior Moderator

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

     
  15. Rod1

    Rod1 Titanium Belt

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    Depends on the State
     
  16. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    He gave himself a personal tax cut lol.
     
  17. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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

    HomerThompson President of the War Room Platinum Member

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

    [​IMG]
     
  19. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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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

    HomerThompson President of the War Room Platinum Member

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