Fox Business Host Going in Hard on Tax Bill

KILL KILL

KILL KILL

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For those that support the bill, what is your personal opinion on the points she addresses?
 
Since all of my income comes from LLC income, I benefit. The estate tax increase also benefits me. So, on a purely personal level, I support these changes.

However, I don't see how this benefits the country. I truly don't know the point of letting people deduct pass through income (@PolishHeadlock , @kpt018 - does this deduction mean that my self-employment taxes are calculated on the pre- or post- deduction figure?).
 
Trump hoodwinked the Rubes. Dummies though Trump, a freaking Trust Fund baby, was a champion of the middle class.
L O L.
 
I don’t know what the fuck people expected.

Rich assholes gonna rich asshole.
 
panamaican said:
Since all of my income comes from LLC income, I benefit. The estate tax increase also benefits me. So, on a purely personal level, I support these changes.

However, I don't see how this benefits the country. I truly don't know the point of letting people deduct pass through income (@PolishHeadlock , @kpt018 - does this deduction mean that my self-employment taxes are calculated on the pre- or post- deduction figure?).
Click to expand...

My work on pass throughs is on the corporate side the income always got bumped up 35% and I'm not that familiar with it on the individual/small business side.

When I'm at work tomorrow I'll look into it more.
 
panamaican said:
Since all of my income comes from LLC income, I benefit. The estate tax increase also benefits me. So, on a purely personal level, I support these changes.

However, I don't see how this benefits the country. I truly don't know the point of letting people deduct pass through income (@PolishHeadlock , @kpt018 - does this deduction mean that my self-employment taxes are calculated on the pre- or post- deduction figure?).
Click to expand...

I wondered that myself and it's very hard to find an answer (I did a fair amount of digging) and I don't know! I have a call with our tax guys to go through all of the details and how it effects us (as an LLC) so I should have more and will update the thread. It's a very good question and obvious can have a substantial impact.

You may already be well aware but there is a phase out for service pass-throughs (attorneys, accountants, etc.). Not sure where you income level is but if you're not aware look into it. Still good for you but limited if you have a really lucrative practice.

And I'm totally with you here. It's most certainly going to get abused and I'm not sure why we are trying to treat income differently to begin with. What's the goal? It's not clear to me other than the obvious, highly used argument that the GOP just wants to lower taxes for top earners.
 
My problem with it is they should have put the corporate rate at 25 and not fucked with state/local and personal deductions on individuals.
 
kpt018 said:
I wondered that myself and it's very hard to find an answer (I did a fair amount of digging) and I don't know! I have a call with our tax guys to go through all of the details and how it effects us (as an LLC) so I should have more and will update the thread. It's a very good question and obvious can have a substantial impact.

You may already be well aware but there is a phase out for service pass-throughs (attorneys, accountants, etc.). Not sure where you income level is but if you're not aware look into it. Still good for you but limited if you have a really lucrative practice.

And I'm totally with you here. It's most certainly going to get abused and I'm not sure why we are trying to treat income differently to begin with. What's the goal? It's not clear to me other than the obvious, highly used argument that the GOP just wants to lower taxes for top earners.
Click to expand...

I've got 2 LLC's - law firm and title insurance agency. Law firm is obviously service income but title agency is strictly a capital investment (my real work comes from the legal work that it generates for the law firm). So, I'm very curious about this how actually shakes out when it comes time for filing. I've read a few things on how owning multiple entities work but I haven't spent the time on it.
 
kahiljabroni said:
How is this for the rich? Please explain.
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The stuff they're complaining about are already in the tax code. They are not changes.

But Trump campaigned hard on ending this loophole
 
kpt018 said:
I wondered that myself and it's very hard to find an answer (I did a fair amount of digging) and I don't know! I have a call with our tax guys to go through all of the details and how it effects us (as an LLC) so I should have more and will update the thread. It's a very good question and obvious can have a substantial impact.

You may already be well aware but there is a phase out for service pass-throughs (attorneys, accountants, etc.). Not sure where you income level is but if you're not aware look into it. Still good for you but limited if you have a really lucrative practice.

And I'm totally with you here. It's most certainly going to get abused and I'm not sure why we are trying to treat income differently to begin with. What's the goal? It's not clear to me other than the obvious, highly used argument that the GOP just wants to lower taxes for top earners.
Click to expand...
It's the naked worship of capital.
 
panamaican said:
I've got 2 LLC's - law firm and title insurance agency. Law firm is obviously service income but title agency is strictly a capital investment (my real work comes from the legal work that it generates for the law firm). So, I'm very curious about this how actually shakes out when it comes time for filing. I've read a few things on how owning multiple entities work but I haven't spent the time on it.
Click to expand...
Do you ever actually do closings?
 
SBJJ said:
The stuff they're complaining about are already in the tax code. They are not changes.

But Trump campaigned hard on ending this loophole
Click to expand...


I just think most people have no idea what's in this bill and parrot the fact that it's for the rich.

Those making middle class incomes are definitely going to see a substantial break. People making alot of money are going to end up with a higher effective tax rate due to capping state and local tax deductions.
 
kahiljabroni said:
I just think most people have no idea what's in this bill and parrot the fact that it's for the rich.

Those making middle class incomes are definitely going to see a substantial break. People making alot of money are going to end up with a higher effective tax rate due to capping state and local tax deductions.
Click to expand...

I don't think that's quite accurate. Most of the stuff I've read suggests minimal tax savings for the middle class.
 
panamaican said:
I don't think that's quite accurate. Most of the stuff I've read suggests minimal tax savings for the middle class.
Click to expand...


Care to elaborate?

It's hard to get much savings when you pay next to nothing in federal taxes. If you usually pay 10k in federal taxes and get a 2k break then I'd say that's significant. Sure it's only 2k... but it's a 20% savings.
 
kahiljabroni said:
Care to elaborate?

It's hard to get much savings when you pay next to nothing in federal taxes. If you usually pay 10k in federal taxes and get a 2k break then I'd say that's significant. Sure it's only 2k... but it's a 20% savings.
Click to expand...

https://www.cnbc.com/2017/12/19/heres-how-the-final-gop-tax-bill-would-hit-your-wallet.html

I didn't look at all of the states but most of the savings seem to be less than 2%. While for the top 1%, their savings are a larger percentage of their income.

By 2027, many of the people who saw a small increase in their kept income will be seeing a small decrease instead.

So for most people, it appears the actual change to their kept income is fairly minimal. That's obviously going to change on a case by case basis but it's not substantial savings for the middle class.
 
panamaican said:
I don't think that's quite accurate. Most of the stuff I've read suggests minimal tax savings for the middle class.
Click to expand...

Because the "Middle Class" barely pays any Federal Income Taxes to begin with. Payroll cuts is all that is basically left. Unless you want to just start giving them money

If a middle class family of 4 pays 2000 in federal(not payroll) taxes then of course the tax break will be minimal
 
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