Question on Tax Reform.

Discussion in 'Politics' started by Concrete Helmet, Dec 2, 2017.

  1. Concrete Helmet

    Concrete Helmet Hook, Line, and Sinker
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    I understand that there were a few revisions written in last night to get it passed in the Senate. Looks like there are some deductions back in like up to a 10K property tax deduction as well as the 2 year extension for healthcare deductions to which I say was a good move for all.

    My question is about the business tax part being dropped from 35% to 20% which is a huge positive. Has anyone seen whether the business deductions(small businesses and LLC) have been changed? I thought I heard earlier this week there were some changes.

    BTW, Ava please don't blow this thread up with your hate mongering post about Republican donors screwing the middle class please. Can we just use this thread to post information on the changes for now and when the House gets their hands on it again....
     
    #1 Concrete Helmet, Dec 2, 2017
    Last edited: Dec 2, 2017
  2. SC Gator

    SC Gator Sorta Kinda
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    Lot to go through. Hard not to get political but they literally passed in in middle of night denying a moving to wait a few hours for Dems to review (which was probably political stunt as well but still no one knows much. I need to reach out my advisor to ask]

    But looks like business expenses fully deductible for first five years the. Passed out.
     
  3. ChiefGator

    ChiefGator A Chief and a Gator, Master of the Ignore list!!!!

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    Nothing is final, and you really need to look at it in four parts.

    Personal taxes.
    Corporate Taxes
    Death Tax
    Small business pass through and things.
     
  4. Detroitgator

    Detroitgator General Factotum
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    I haven’t looked yet, but originally, the small business pass through was VERY complicated with lots of caveats and not simple looking at all. Waiting for tax attorney opinion.
     
    • pilot-in-fla

      pilot-in-fla Deplorable
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      Yes, I'm sure the Democrats just needed to have a few more hours to review and then they would have all come on board -- accepted tax reform, the results of the 2016 election and who knows what else.

      This was a 400 page bill -- if you recall, Obamacare was over 2,000 and passed using similar tactics.
       
      • Scott512

        Scott512 Senior Member

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        what about the death tax?

        The major corporate tax cuts this a winner how good it becomes for all remains to be seen.
         
      • Concrete Helmet

        Concrete Helmet Hook, Line, and Sinker
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        Just read some of the Houses version from last month and yeah.....it a little complicated. Will try and read the Latest from the Senate...decisions, decisions.
         
        • pilot-in-fla

          pilot-in-fla Deplorable
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          The Democrats do love that death tax. Since all of their fat cats are wealthy enough to get around it, it falls most heavily on small business and family farm owners who are likely to be Republicans.

          And another thing that Democrats love about the death tax is that it is a way to get a second bite of the apple at those people who were not taxed sufficiently the first time by virtue of their ability to save money from after tax income. A government that has tax rates low enough to allow people to save money for the future is unlikely to be as progressive as one with tax rates high enough to impoverish all of the non-elites in the society thereby making them dependent on government handouts.
           
        • Slug

          Slug I fcuking hate people.
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          All I care about is do I get to keep more of my money?
           
        • SC Gator

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          So true. I wish both sides would stop the political tricks. I thought there were multiple hearings on Obama care but i must be wrong.
           
        • SC Gator

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          Damn democrats!
           
        • Scott512

          Scott512 Senior Member

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          They used even worse tactics pilot because if you remember Fancy Nancy Pelosi said let's pass the bill and then read it later and they did.
           
        • ChiefGator

          ChiefGator A Chief and a Gator, Master of the Ignore list!!!!

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          I want it to go back to the 2010 rules, you get the basis along with the asset, then you pay if and only if you sell. No step up, no need to sell the business (or borrow a lot of money), totally fair.

          I don't know what they did, it will come eventually.

          Now to the corporate changes of course every company is to work for the benefit of their owners. They are not giving out raises for nothing.
           
        • Scott512

          Scott512 Senior Member

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          2010 rules were fair.
           
          • Traumagirl

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            I cannot wait to see all the details. Some tax reform is better than none. I did read that they brought the alternative minimum tax back to fund some of the things you read, which I am all in favor of. Everyone should pay something and the alternative minimum tax elimination only helped the richest. I am also against repealing the estate tax since only multi millionaires had to pay estate tax to begin with and none of it trickled down. I am most fond of the things that encourage repatriation and breaks for small business. It is interesting that there were TONS of rules written in to benefit real estate developers and investors while Trump claimed it would hurt him, not!

            Sadly like Obamacare it will have to get passed to see what is in it. Hopefully if there are parts that need revision we will control the house and senate long enough to tweak it. And we need to do that. If it ends up hurting the middle class it will be a problem. But if we did nothing we were out. Immigration and Kate Steinle will hurt dems. Moore will hurt pubs. We will see how that all shakes out.
             
          • Concrete Helmet

            Concrete Helmet Hook, Line, and Sinker
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            I agree about having to wait and see what all is in it is silly. You'd think we live in a time and age when we could all hammer something reasonable out ahead of time and then tweak the fine details before it takes effect to keep anyone from feeling butt hurt or left out.
            The repatriation and breaks for smaller business really excites me. I see these 2 things having the most profound effect of the entire thing. These two items could really increase the size of the middle class also by forcing higher wages along with a steady increase of jobs. My theory is that along with todays low and steady interest rates are the reason Trump might have left tax breaks for real estate developers. Home ownership will skyrocket which of course creates developing and building as many markets like here are at an inventory shortage....I just hope it's not plain silliness like it was from 2002-2006. I much prefer responsibly lending AND responsible consumer spending for longer term steady growth....
             
          • bradgator2

            bradgator2 1/29/17 half marathon - 1 hour, 34 min, 2 secs
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            If this thing passes... is it retroactive for the 2017 year?
             
          • Detroitgator

            Detroitgator General Factotum
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            I wish, but no. I’ve got 4 contracts that will hit this week and I really wish they could push it to January 1st to award them. :(
             
          • Traumagirl

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            He cut the mortgage interest deduction it's strictly for rich developers. Home ownership will decline not skyrocket as the mortgage intrest deduction was cut not enhanced.
             
          • ChiefGator

            ChiefGator A Chief and a Gator, Master of the Ignore list!!!!

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            Nothing is settled, the two bills are vastly different mostly to meet the idiotic rules of the senate. It is possible that the house will just pass the senate bill and change it in the next congress. That is what I would want, because it would be done without any more idiotic fighting. More jobs and economic activity will help everyone, especially those that need jobs which the wealthy generally don't.
             

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