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Tax reforms I would like to see

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Re: Tax reforms I would like to see
Post by biochem   » Fri Dec 08, 2017 6:34 pm

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Annachie wrote:Personally, I never understood making state taxes deductable on a federal level.


The poor don't pay taxes? I hate to break it to you, but they do.

Maybe not all of them pay income tax, but more do than you seem to think.


That is correct. However this particular bill specifically deals with income taxes.

The poor in the USA primarily pay 2 taxes. The first is sales tax, which is only at the state level. The second is the payroll tax which is used to fund social security. In theory that tax is supposed to be an investment for their retirement ( the more accurate description Ponzi scheme isn't politically correct). Neither of which are germane to the current tax bill.
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Re: Tax reforms I would like to see
Post by Imaginos1892   » Sat Dec 09, 2017 11:00 pm

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ELIMINATE INDIVIDUAL INCOME TAX!

At least for people making less than, say, $200,000.

Think about it. Every year, hundreds of millions of people have to either spend hours filling out those excruciating, labyrinthine tax forms, or pay somebody hundreds of dollars to do it for them.

END THE TORMENT!!

Eliminate all corporate tax deductions for paying their executives millions of dollars a year. They can still do it, but they can't shift the cost off to somebody else.

Enact a transaction tax on the total value of every stock sale, less than 1%. It will stop all that automated high-speed trading that profits from price fluctuations of a few hundredths of a cent.
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Why do so many idiots believe that the way to solve our problems is to keep voting for the same shitheads that caused them?
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Re: Tax reforms I would like to see
Post by biochem   » Mon Dec 11, 2017 9:08 pm

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Imaginos1892 wrote:ELIMINATE INDIVIDUAL INCOME TAX!

At least for people making less than, say, $200,000.

Think about it. Every year, hundreds of millions of people have to either spend hours filling out those excruciating, labyrinthine tax forms, or pay somebody hundreds of dollars to do it for them.

END THE TORMENT!!



Ideally that would be great. But practically it would never happen. I can't find the exact %. The top 1% ($650,000) pay 1/2 of the taxes. The top 20% ($130,000) pay 80% of the taxes. So a rough estimate would be a drop in revenue of about 30% for $200,000. I can't see that herd of cats in DC agreeing to cut that much in spending. Probably be good for the rest of the country if they did though. The level of command and control from DC over just about every aspect of our lives is ridiculous!

Eliminate all corporate tax deductions for paying their executives millions of dollars a year. . They can still do it, but they can't shift the cost off to somebody else.


Sound reasonable.

Also the Wall Street journal had a good suggestion last week. No longer allow corporations to deduct the cost of business entertainment. Right now companies can deduct 1/2 the cost.

Enact a transaction tax on the total value of every stock sale, less than 1%. It will stop all that automated high-speed trading that profits from price fluctuations of a few hundredths of a cent.


I assume you mean where the sell price differs from the purchase price by less than 1%. Fine by me with the addition of a time limit. For example only applies to stock held for less than 6 months. That would still discourage the flash trading but wouldn't discourage investors from getting rid of non- performers.

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Why do so many idiots believe that the way to solve our problems is to keep voting for the same shitheads that caused them?


Don't look at me. I preferred Scott Walker in the last election. He did a decent job of cleaning up his state.
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Re: Tax reforms I would like to see
Post by biochem   » Thu Dec 21, 2017 11:37 am

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So they finally settled on a tax bill

Of the items we've been discussing here

Corporate rate @ 21%, 1% higher than the original proposal

Kept the standard deduction doubling which means that most people from the middle middle class and down won't itemize.

State and local tax deduction capped @ $10,000. Mainly impacts rich people in high tax states. Everyone else with either be using the standard deduction or will be below $10,000. Originally House vs Senate were divided on cap or eliminate.

Mortgage interest deduction now capped at a $750,000 mortgage. With 20% down that is a $940,000 house. Originally was going to be capped @$500,000 or a $650,000 house.
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Re: Tax reforms I would like to see
Post by Annachie   » Thu Dec 21, 2017 4:40 pm

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Left in the massive loophole that the President promised to close.
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Re: Tax reforms I would like to see
Post by gcomeau   » Thu Dec 21, 2017 5:05 pm

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Annachie wrote:Left in the massive loophole that the President promised to close.


Anything preceding or following the words "the president promised" has ceased to have any meaning. He promises anything, then does whatever he wants.

Occasionally there is overlap, it is coincidental.
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Re: Tax reforms I would like to see
Post by biochem   » Thu Dec 21, 2017 7:13 pm

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Annachie wrote:Left in the massive loophole that the President promised to close.


Which one in particular? I'm sure there are any number of loopholes left in to get the votes needed to pass it. That's how the loopholes came into existence in the first place.
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Re: Tax reforms I would like to see
Post by biochem   » Thu Dec 21, 2017 7:15 pm

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gcomeau wrote:
Annachie wrote:Left in the massive loophole that the President promised to close.


Anything preceding or following the words "the president promised" has ceased to have any meaning. He promises anything, then does whatever he wants.

Occasionally there is overlap, it is coincidental.


In this case Trump's involvement was limited to I'll sign whatever you send me. It's a congressionally driven bill policy-wise.
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Re: Tax reforms I would like to see
Post by Annachie   » Fri Dec 22, 2017 3:55 am

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biochem wrote:
Annachie wrote:Left in the massive loophole that the President promised to close.


Which one in particular? I'm sure there are any number of loopholes left in to get the votes needed to pass it. That's how the loopholes came into existence in the first place.
You mean there's more than one broken Presidential promise to close loopholes in the bill?

And you're OK with that?


Specifically, I was refering to the "pass through" loophole, which simply put, allows those earning millions, or even billions, of dollars to pay at a lower tax rate than say a fireman, police officer, soldier, or really any normal working person.

Indeed, the tax plan LOWERS the tax rate they pay.
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Re: Tax reforms I would like to see
Post by Annachie   » Fri Dec 22, 2017 3:57 am

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You are so going to die. :p ~~~~ runsforcelery
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still not dead. :)
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