Trump Tax Cut Bill.

[Ktoyou]

Again, I am disappointed with Donald Trump. :sigh:

I believe the bill should have been one factor this time, to reduce corporate taxes. The most agreed upon tax cut is that corporate taxes are not good for American businesses. The rate is too high and could be a reason for big tech companies moving their headquarters abroad.

At one time, the raw material of companies like US Steel could not move away from their resources. Today, many companies are more portable.

The personal income bill only effects a minority of well off people, albeit it will benefit more than the media lets onto; it will make taxes lower for most who are in the 33% tax bracket, and higher.

The problem with doing all tax cuts in one bill means that the majority of Americans will not see it to their benefit; they will feel the tax cut would disallow deductions they use, and not offer enough deductions to balance out the general tax cut by brackets.

We need to have lower taxes on corporations because this is more agreed upon and does not have the individual effect of individual tax cuts. We need more time to look into how individual tax plans would work out in detail.

 

[Ktoyou]

Not a popular topic? think about it this way. If there is no reduction in corporate taxes, stock prices will go down and wage increase will not happen, as it will if taxes are less, wages and salary goes up and new jobs crested.


Personal income tax is another issue and may cloud this issue.

 

[glorydaz]

Again, I am disappointed with Donald Trump. :sigh:

I believe the bill should have been one factor this time, to reduce corporate taxes. The most agreed upon tax cut is that corporate taxes are not good for American businesses. The rate is too high and could be a reason for big tech companies moving their headquarters abroad.

At one time, the raw material of companies like US Steel could not move away from their resources. Today, many companies are more portable.

The personal income bill only effects a minority of well off people, albeit it will benefit more than the media lets onto; it will make taxes lower for most who are in the 33% tax bracket, and higher.

The problem with doing all tax cuts in one bill means that the majority of Americans will not see it to their benefit; they will feel the tax cut would disallow deductions they use, and not offer enough deductions to balance out the general tax cut by brackets.

We need to have lower taxes on corporations because this is more agreed upon and does not have the individual effect of individual tax cuts. We need more time to look into how individual tax plans would work out in detail.

Sadly, what Trump wants and what he is able to get from the swamp are two different things.

 

[glorydaz]

Not a popular topic? think about it this way. If there is no reduction in corporate taxes, stock prices will go down and wage increase will not happen, as it will if taxes are less, wages and salary goes up and new jobs crested.


Personal income tax is another issue and may cloud this issue.

I think we'll be lucky if anything goes through until sometime late next year. Who knows what will happen in the mean time. :idunno:

 

[jgarden]

Sadly, what Trump wants and what he is able to get from the swamp are two different things.

When the President appoints a member to his cabinet that has spent a $ million on chartered aircraft since spring, there is no serious effort to "drain the swamp!"

 

[glorydaz]

When the President appoints a member to his cabinet that has spent a $ million on chartered aircraft since spring, there is no serious effort to "drain the swamp!"

He just moved a member of the swamp up to where he could say, "You're fired".

 

[fool]

The personal income bill only effects a minority of well off people, albeit it will benefit more than the media lets onto; it will make taxes lower for most who are in the 33% tax bracket, and higher.

Are you looking at the same bill I am? He's gonna double the standard deduction.
Double it!
He's going to DOUBLE the amount of money you make before taxes even kick in!
So, to explain, the standard deduction is currently $6,350. So once you've made $6,350 you start to pay tax on every dollar over that at 10%. Even though the poverty line is $11,770.
Yes, we currently tax poor people.
https://en.wikipedia.org/wiki/Poverty_in_the_United_States#Recent_poverty_rate_and_guidelines

If trump gets his way we won't tax you until $12,000.
No more taxing poor people.

I don't get how you can say it will "benefit a minority of well off people" when it will wipe out federal income tax for everyone below the poverty line.

Why do we tax poor people?

The problem with doing all tax cuts in one bill means that the majority of Americans will not see it to their benefit; they will feel the tax cut would disallow deductions they use, and not offer enough deductions to balance out the general tax cut by brackets.

Believe me, everyone knows what doubling the standard deduction will mean. That's why the press doesn't mention it, they just blather on about the rich.

 

[rexlunae]

Are you looking at the same bill I am? He's gonna double the standard deduction.
Double it!
He's going to DOUBLE the amount of money you make before taxes even kick in!
So, to explain, the standard deduction is currently $6,350. So once you've made $6,350 you start to pay tax on every dollar over that at 10%. Even though the poverty line is $11,770.
Yes, we currently tax poor people.
https://en.wikipedia.org/wiki/Poverty_in_the_United_States#Recent_poverty_rate_and_guidelines

If trump gets his way we won't tax you until $12,000.
No more taxing poor people.

I don't get how you can say it will "benefit a minority of well off people" when it will wipe out federal income tax for everyone below the poverty line.

Why do we tax poor people?

Believe me, everyone knows what doubling the standard deduction will mean. That's why the press doesn't mention it, they just blather on about the rich.

Yes, he doubles the standard deduction, which helps people who can't itemize (largely people who don't own their homes), and simplifies the taxes of some who now have to itemize to maximize their deductions. However, he also eliminates the personal exemption, which is currently $4,050, so the actual impact is much smaller. And since he raises the bottom tax rate, some people in the lowest tax bracket will see a tax increase.

Meanwhile, there is no similiar caveating for the wealthy. This is an unmitigated help to them.

 

[rexlunae]

We need to have lower taxes on corporations because this is more agreed upon and does not have the individual effect of individual tax cuts. We need more time to look into how individual tax plans would work out in detail.

I'll pass on that, thanks.

 

[Ktoyou]

Are you looking at the same bill I am? He's gonna double the standard deduction.
Double it!
He's going to DOUBLE the amount of money you make before taxes even kick in!
So, to explain, the standard deduction is currently $6,350. So once you've made $6,350 you start to pay tax on every dollar over that at 10%. Even though the poverty line is $11,770.
Yes, we currently tax poor people.
https://en.wikipedia.org/wiki/Poverty_in_the_United_States#Recent_poverty_rate_and_guidelines

If trump gets his way we won't tax you until $12,000.
No more taxing poor people.

I don't get how you can say it will "benefit a minority of well off people" when it will wipe out federal income tax for everyone below the poverty line.

Why do we tax poor people?

Believe me, everyone knows what doubling the standard deduction will mean. That's why the press doesn't mention it, they just blather on about the rich.

Yes, it would help the poorest of poor. Then they seldom have to pay taxes, and are allowed other supplements, food stamps and HUD rents.

I think the biggest problem is the three tax brackets cut higher on a part of the population, we usually refer to 'middle-class'. and will the deduction make up for this? why not keep those making $37,500 in the lower tax bracket?

Although my point is more directed at corporate tax cut, it will be fine to discuss personal taxes as well.

 

[Ktoyou]

Yes, he doubles the standard deduction, which helps people who can't itemize (largely people who don't own their homes), and simplifies the taxes of some who now have to itemize to maximize their deductions. However, he also eliminates the personal exemption, which is currently $4,050, so the actual impact is much smaller. And since he raises the bottom tax rate, some people in the lowest tax bracket will see a tax increase.

Meanwhile, there is no similar caveating for the wealthy. This is an unmitigated help to them.

It seems the deduction would cover the raise in the 10% tax bracket, yet I agree, why not keep the lower tax at 10%, as very little federal income is made on poor people. I see the problem, placing some, in the middle, in the higher bracket.
When I think about it, four tax brackets make more sense.