Trump Tax Reform and Home Prices
- Thread starter Goriot
- Start date
Liar Loan
Well-known member
peppy said:
A married couple with one non-child dependant would get $900 in credits. Under current law, that non-child dependent gets a $4050 dependent exemption which lowers their tax burden by $1,013 if they are in the 25% bracket. So I guess you're right, they would be "significantly impacted" by a $113 increase in taxes.
I guess I?m speaking up for people that don?t have voices or are misinformed.
1. The medical costs can no longer be deducted. Who?s affected? Senior citizens, people with health issues, etc.. (I have a soft spot for senior citizens)
2. Education - people can no longer deduct student interest. Also, for graduate students the GOP plan is to eliminate section 117 of the tax code and subject tuition support to taxation.
3. Moving expenses will no longer be dedtuctable.
4. Getting rid of the state and local taxes deduction.
5. Charitable contributions might go down since people will take the standard deduction. In effect might hurt donations to charitable organizations.
6. Capital gains exemptions for selling property change to five years instead of two.
7. Teacher spending deduction eliminated under the house plan. It is raised from $250 to $500 under the senate. (There are a lot of teachers that spend out of pocket. Also, I believe teachers are key for our society. I say help them out!)
Most of these will effect people nationwide.
1. The medical costs can no longer be deducted. Who?s affected? Senior citizens, people with health issues, etc.. (I have a soft spot for senior citizens)
2. Education - people can no longer deduct student interest. Also, for graduate students the GOP plan is to eliminate section 117 of the tax code and subject tuition support to taxation.
3. Moving expenses will no longer be dedtuctable.
4. Getting rid of the state and local taxes deduction.
5. Charitable contributions might go down since people will take the standard deduction. In effect might hurt donations to charitable organizations.
6. Capital gains exemptions for selling property change to five years instead of two.
7. Teacher spending deduction eliminated under the house plan. It is raised from $250 to $500 under the senate. (There are a lot of teachers that spend out of pocket. Also, I believe teachers are key for our society. I say help them out!)
Most of these will effect people nationwide.
Cornflakes
Active member
There is no point in wasting precious time in analyzing any proposals until something is signed into a law. Already enough evidence of hoopla building up and fizzling out in short few months. Why would this be any different?
Cornflakes said:
?Opposition has grown among Americans to a Republican tax plan before the U.S. Congress, according to a Reuters/Ipsos poll released on Wednesday.
About 49 percent said they opposed the Republican tax bill, 29 percent said they supported it, and 22 percent said they "don't know."
When asked "who stands to benefit most" from the plan, more than half of all American adults surveyed selected either the wealthy or large U.S. corporations.?
https://www.google.com/amp/s/www.cn...lf-of-americans-oppose-gop-tax-plan-poll.html
?A key criticism is the sense that the plan would mostly benefit the rich; 60 percent say so, versus 17 percent who think it will treat all people equally and 13 percent who think the middle class mainly will benefit. Even among those with incomes of $100,000 or more, 61 percent think the plan chiefly will benefit the wealthy.?
https://www.google.com/amp/abcnews....mp-tax-plan-benefit-wealthy/story?id=50891221
The swamp just got deeper. (Someone told me that the other day lol)
the.irvine
Active member
eyephone said:
Can you avoid capital gain taxes, if you upgrade your residence, say you move up from 1200 SQFT condo to 2000 SQFT SFH for example?
the.irvine said:
1031 Exchanges Survive House GOP Tax Plan
https://thediwire.com/1031-exchanges-survive-house-gop-tax-plan/
Liar Loan
Well-known member
eyephone said:
Susan Collins: Senate tax bill will include bigger medical expense deductionhttp://www.washingtonexaminer.com/s...ger-medical-expense-deduction/article/2642308
Irvinecommuter
New member
This assumes that Trump will be around.
Hugo Township
Active member
Trump will be around as long as the GOP stays loyal to him
Irvinecommuter
New member
HMart said:
Oh they will until it is unavoidable...Nixon had GOP support until very late in the Watergate investigation.
Liar Loan
Well-known member
Republicans would love to have Mike Pence as President. Democrats not so much.
I think the Democratic leadership secretly likes Trump because he galvanizes their base (good for fundraising) and they hope it will lead to retaking seats in Congress in 2018 and winning the Presidency in 2020. An incumbent Jeb Bush would have been much harder to defeat in their minds.
I think the Democratic leadership secretly likes Trump because he galvanizes their base (good for fundraising) and they hope it will lead to retaking seats in Congress in 2018 and winning the Presidency in 2020. An incumbent Jeb Bush would have been much harder to defeat in their minds.
Irvinecommuter
New member
Liar Loan said:
Pence is going down too cause of the Flynn stuff.
Regardless...GOP will get tainted in the 2018 election and lose seats in Congress. How many remains to be seen.
I know the tax plan sucks for people like me, where my primary source of income is wages. I'm losing out on deductions that are important to me. I am definitely not the 1%, far below it. My taxes are absolutely going up.
But uber wealthy and corporations are getting huge tax cuts. If you're going to market the plan as a tax cut to the middle class, at least keep some of the deductions they depend on. I understand that politicians need to put their spin on things to appeal to their constituents. But there's a difference between putting a spin on things and straight up lying. Right now that's what we're facing. Our politicians are straight up lying to us, with a straight face. I'm pretty pissed about it.
If you could give the wealthy a 30% tax cut, and give the rest of us a 20% tax cut, at least that's more equitable. But this is straight up more like 50% cut to the wealthy, and then many of us non-wealthy CA homeowners are going to have a tax increase. Even worse, once the deficit starts climbing as a result of the bill (and it absolutely will based on several non-partisan projections), they will justify cutting more entitlement programs like medicare/welfare/social security. This is theft by the wealthy from the middle class and the poor. If you own corporations or pass through entities (wealthy), your tax rate is getting cut almost in half. If you have an estate worth $10MM or $20MM or even more, the estate tax just went away. That's hundreds of millions of dollars for the Trump family alone. And he can say with a straight face this bill is not good for him?!?!
I think the stock market will celebrate the tax bill, but in a few short years it will trigger a recession when the middle class and the poor have less money to buy essentials, the deficit increases, and the tax bill doesn't generate the add'l growth that was part of their forecast.
But uber wealthy and corporations are getting huge tax cuts. If you're going to market the plan as a tax cut to the middle class, at least keep some of the deductions they depend on. I understand that politicians need to put their spin on things to appeal to their constituents. But there's a difference between putting a spin on things and straight up lying. Right now that's what we're facing. Our politicians are straight up lying to us, with a straight face. I'm pretty pissed about it.
If you could give the wealthy a 30% tax cut, and give the rest of us a 20% tax cut, at least that's more equitable. But this is straight up more like 50% cut to the wealthy, and then many of us non-wealthy CA homeowners are going to have a tax increase. Even worse, once the deficit starts climbing as a result of the bill (and it absolutely will based on several non-partisan projections), they will justify cutting more entitlement programs like medicare/welfare/social security. This is theft by the wealthy from the middle class and the poor. If you own corporations or pass through entities (wealthy), your tax rate is getting cut almost in half. If you have an estate worth $10MM or $20MM or even more, the estate tax just went away. That's hundreds of millions of dollars for the Trump family alone. And he can say with a straight face this bill is not good for him?!?!
I think the stock market will celebrate the tax bill, but in a few short years it will trigger a recession when the middle class and the poor have less money to buy essentials, the deficit increases, and the tax bill doesn't generate the add'l growth that was part of their forecast.
Irvinecommuter
New member
undecided said:
It's a fundamental trickle down economics contention...rich people will sprinkle their coins to those beneath them and thus bring peace and prosperity to all. In reality, it's just a way for rich people to rig the system even more.