Tax Cuts and Jobs Act

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

  1. Limbo Pete

    Limbo Pete Hot Ham Water

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    I didn't know pod people could feel emotion
     
  2. Lubaolong

    Lubaolong A natural consequence of gamma radiation

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    There are a few ways they can work around this.

    1. You school could give out money that's not contingent on your status as an employee or only leave a small chunk of your stipends contingent on teaching or whatever your do.

    2. Your school could reduce tuition to a more reasonable amount.

    3. They can increase your stipend to cover the cost of increased taxes.

    4. Any combination of the above.

    It's not that hard. They'll figure something out. Colleges are not going out of business. Take a deep breath.
     
  3. kpt018

    kpt018 Gold Belt

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    Just having fun with a common sentiment among regular folks who push for low taxes on big corporations and high income individuals. I don’t know or care what you do for a living.

    Just feel compelled to point out many physicians will see their taxes rise.
     
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  4. Limbo Pete

    Limbo Pete Hot Ham Water

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    Why would colleges be going out of business?
     
  5. Lubaolong

    Lubaolong A natural consequence of gamma radiation

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    It looks like a minority from the pdf you posted.
     
  6. Lubaolong

    Lubaolong A natural consequence of gamma radiation

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    That's the headline that a lot are running with (Tax Plan Will Harm Higher Education, The GOP Tax Plan Will Destroy Higher Education, Tax Plan Threatens Higher Ed, Graduate students are worried--and they should be, etc). I think the sky is not falling. The world is not coming to an end. Everything will be ok.
     
  7. Limbo Pete

    Limbo Pete Hot Ham Water

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    Of course the sky isn't falling lol
    But just because this isn't a world-shattering calamity doesn't make it ok. Graduate students absolutely should be concerned because our taxable income is going to take a big jump on paper.
     
  8. Lubaolong

    Lubaolong A natural consequence of gamma radiation

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    Colleges aren't going to shut down their grad schools. Education is a business. They'll make adjustments to keep the big wheel turning.
     
  9. kpt018

    kpt018 Gold Belt

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    Yes, but the 9% seeing increases is way to high if we’re talking about cuts for the rich. And that’s overall. I remember reading it can be as high as 30% for upper middle class folks.
     
  10. Limbo Pete

    Limbo Pete Hot Ham Water

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    {<huh}
     
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  11. K1levelgrappler

    K1levelgrappler Brown Belt

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    Yeah this bill really fucking sucks

     
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  12. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    This is pretty interesting @kpt018 @Jack V Savage

    https://www.lexology.com/library/detail.aspx?g=46b0281b-3ede-4fc3-840a-322cc48565a4

    The current IRS code disallows Compensation of $1M for the top 5 Executives that isn't performance based.

    This is one of the reasons that these guy are paid in Stock instead of salary because the company would take a 35% hit on their compensation.

    Both bills seem to be eliminating the "Performance Based" language and limiting the deductibility in any Compensation over $1M for the top 5 Executives in any form.

    I wonder how companies are going to respond with this.
     
  13. afrdzak

    afrdzak Brown Belt

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    I will pay more under this plan. And honestly, I'm ok with the idea of me paying more.

    BUT:

    I am not ok with paying more so that people in better financial positions than myself can pay less....which is what is happening here.
    I'd pay more so those less fortunate could receive more benefits and pay less. Unfortunately, that isn't how this is looking to shake out.
     
  14. HatchetHarry

    HatchetHarry Banned Banned

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    Why does this bill suck? Medicare and Medicaid both need to be cut big time and this is a great start. I'd like to see a complete elimination of Medicaid eventually and it kind of upsets me that this bill doesn't go after that but at least this is some progress at fixing tax inequality.
     
  15. kpt018

    kpt018 Gold Belt

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    Thanks for sharing man. I saw that Silicon Valley, among other startup hotbeds, are going apeshit over the piece in the new bill that would require employees to expense options as they vest instead of when exercised. I wonder if that will get killed, in light of the above as well.

    Interesting stuff (at least to us finance geeks).
     
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  16. Jack V Savage

    Jack V Savage Secretary of Keepin' It Real/Nicest Guy on Sherdog

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    That was killed already.

    http://www.latimes.com/business/la-fi-tax-bill-stock-options-20171115-story.html

    That one had me sweating.
     
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  17. kpt018

    kpt018 Gold Belt

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  18. HatchetHarry

    HatchetHarry Banned Banned

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    People in better financial positions than you are there for a reason and they pay too much. Why do you want the "less fortunate" to receive more benefits for being deadbeats? How about everyone pays their fair share and stops blaming those with work ethic?
     
  19. PolishHeadlock

    PolishHeadlock Putin Belt Platinum Member

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    Pretty great rant by Ross Douthat for those that have twitter

     
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  20. HomerThompson

    HomerThompson Titanium Belt Platinum Member

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    Thanks for posting that up. It was terrific.
     
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