Posted on 09/27/2017 8:56:15 AM PDT by SeekAndFind
I understand that it also eliminates the personal deduction. This will be a significant tax increase for me. Kind of hard to get onboard for that.
So small business S-Corps are taxed at 25% and mega billion corporations are taxed at 20%?
Sounds like business as usual.
What is a personal deduction? It doubles the standard deduction if that is what you are talking about.
We have been getting hit for the last three years, not sure why. It is painful.
This is the most salient point ever.......
Of course, the real question is whether the bill has even the slightest chance of passing both houses of Congress or if will soon meet the same fate as the failed Obamacare repeal bills.
GENERAL RAT TALKING POINTS:
Tax cuts for the rich! Tax cuts for the rich! Tax cuts for the rich! Tax cuts for the rich! Tax cuts for the rich! Tax cuts for the rich! Tax cuts for the rich! Tax cuts for the rich! Tax cuts for the rich! Tax cuts for the rich!
MAXINE WATERS:
Impeach Trump for these tax cuts!
HILLARY CLINTON:
Tax cuts for the Russians! Tax cuts for the Russians! Don’t look at me! I told you not to look at me! Anyone who looks at me has to pay for the privilege!
JOHN McCAIN:
These tax cuts will do nothing to make America great again. I’m not voting for any of this because Trump sucks.
THE MEDIA:
All hell broke out today as Donald Trump stabbed his supporters in the back. After failing on Health Care and everything else he’s done, he’s now posed to fail on this. Coming up next - why it’s absurd and dangerous to label the media as biased...
Isn’t that the standard deduction?
Capital Gains?
Excerpt:
"The framework simplifies the tax code and provides tax relief by roughly doubling the standard deduction to:
$24,000 for married taxpayers filing jointly, and $12,000 for single filers."
So, did you not read it -
or am I not understanding - or are you a RHINO? (kinda hard to tell)
bttt
Excerpt:
“The framework simplifies the tax code and provides tax relief by roughly doubling the standard deduction to:
$24,000 for married taxpayers filing jointly, and $12,000 for single filers.”
The question is: the standard deduction and personal deduction are the same, right?
Do you mean the personal exemption?
Scratching my head on that. It should be the other way around as large cap companies have more means to lower their effective tax rates. I’m a pass-through sole proprietor and I have to pay both ends of social security. My effective tax rate is substantially higher than most corporations. My only recourse around this is to shelter a lot of gross income in tax-deferred retirement accounts.
Actually I did. Last year my itemized deductions were well over $12,000. But I can no longer deduct my property taxes, my state and local income taxes, my personal property taxes, so my taxable income goes up considerably. Remove the personal exemption of $4050, increase the lowest bracket from 10% to 12% and it's pretty easy to see that I'm hosed big time.
If this is indeed the plan, hit this point the hardest on Repubs. Make them lower it ... lower than the big corp tax. Or, at least make it low and equal.
The optics play right in the Unhinghed Left's anti-capitalist hands!
No it's in addition to that. The $4050 per person personal exemption, not the current $6500 standard exemption.
Seems like with each iteration, my tax relief gets lessened, to a point where I’m not sure I’m going to get any.
My situation is similar.
I am NOT happy with what I am seeing.
No! Standard deduction is Married, Head of Household, Single. Personal deductions are for You, Spouse, and a deduction for each child you have that is dependent on you.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.