Here's some awesome deception from our friendly neighborhood Republicans - You know also who gets the lower tax rates besides Steve and his bike shop? Goldman Sachs partners. As well as hundreds of thousands of other very wealthy partners, such as at legal, medical, and investment firms. Oh yeah. Also, the GOP preserved carried interest, so that the hedge fund managers who make (quite literally) 10x or more of Steph Curry's salary, can pay a much lower tax than Steph. Oh yeah again.
The pivot talking point on the Estate Tax is "saving family farms." Based on the most recent information is a total of 80 Estates filed with a family farm in a one year period. You need to have $11m in assets to have to file estate taxes.
Hold your wallet when that bullshit starts. $11 million for a couple, $5.5 million for a single person as I recollect. Which now that I think of it, what does that mean? Unless the couple dies on the same day, the inheritance will always be left by a single person. I am confused. Thank goodness for CPAs.
Or buy a new car. Just don't greedy, 'cause you can't do both with the $1,000 or so. https://www.cnbc.com/2017/09/28/gar...x-savings-can-buy-a-family-a-car-kitchen.html
Also, they wrote so-called-personhood language into the tax bill so you can buy your zygote a 529 plan (currently, you can even buy the twinkle in your eye a 529 so this language is unnecessary for 529s it's in there to establish GOP forced-birth "personhood" bullshit language as a legal precedent)
I'm sure that's next - every time you ejaculate you'll have to log onto SSA and fill out a form ... just in case. Who am I kidding, the man won't have to do anything, every time a woman does more than kiss a guy she'll have to log on.
The first estate passes to the spouse tax-free That said, every wealthy client that I ever had had engaged us or tax lawyers to work on gifts or setting up trusts that shelter large swatches of the 'estate' from taxation upon death. None of those loopholes (legal tax diversion methods) have been eliminated.
Alright. I read the first 10 pages or so of the proposed tax plan. And correct me if I'm wrong, but the tax brackets, as set up, will actually have the poor & middle class paying MORE in taxes??? If I'm reading it wrong, then please tell me how I'm misinterpreting the Act as written. Sorry reading this tax stuff is not my forte
Yes. Saw something already that as it currently stands, 20 GOP reps are against it. There are quite a few from Cali and Penn among others that have not committed yet.
"it depends" is what it really is. Tax cuts are easy to make, you cut rates. Easy. This is wealth redistribution.
The alimony change is huge and pernicious. Currently, alimony is an "off the top" deduction to the payer and is treated as income by the recipient. This is proposing to do the reverse, namely not a deduction to the payer and deductible to the receiver. The reason it is pernicious is that it's a sneaky way to raise revenue. The payer is often in a higher tax bracket than the recipient, so doing this increases tax revenues. So if you want to get divorced and will have to pay support, make sure you're divorced by December 31st as this seems to apply only to marriages that end after that date.
I just looked at my 2016 tax return, did some rough math, based on the loss of the personal exemptions, the loss of the student loan interest deduction, and the loss of the state income tax deduction, and I figure that my wife and I are going to have increase of several thousand dollars in taxable income under the GOP plan, even with the much larger standard deduction, which we could now take instead of itemizing. So, uh, where's my tax cut?
I live in Colorado, one of the 41 states that do have a state income tax, which kind of makes wonder why people only thought that this was going to hit certain states and not others. Sure, if you live in a state where the state income tax rate is high (like California or New York), you're gonna be hitting more people with this than you will in states with lower income tax rates, but even in those low tax state, you're still gonna be hitting some people, and those people tend to be on the upper end of the economic ladder.
Just do as you're told. GOP congressman says it doesn’t matter that voters hate their tax plan: "Who cares?"shareblue.com/who-cares-gop-… By @EricBoehlertpic.twitter.com/O5kXSdaciK