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  #211  
Old 11-20-17, 05:45 AM
SWMCinci SWMCinci is offline
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Quote:
Originally Posted by Happygoluckky View Post
Waiting for Trumps "great Healthcare"
America doesn't need Taxpayer funded wealth transfer scams, they need policies that extricate government interference from their daily lives and encourages growth and full competitive employment.
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  #212  
Old 11-20-17, 08:13 AM
Happygoluckky Happygoluckky is online now
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Quote:
Originally Posted by SWMCinci View Post
America doesn't need Taxpayer funded wealth transfer scams, they need policies that extricate government interference from their daily lives and encourages growth and full competitive employment.

This bill absolutely does not accomplish that.
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  #213  
Old 11-20-17, 08:36 AM
Happygoluckky Happygoluckky is online now
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CEO's with an awkward response on investments post tax cuts. (It does have a very nice provision for them to manage their personal taxes) It is not going to create jobs, increase wages or help taxpayers that have WAGES(W20) as main sources of income. This bill is not good for working Americans.

http://www.businessinsider.com/trump...n-bill-2017-11
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  #214  
Old 11-20-17, 08:38 AM
HTFF HTFF is offline
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Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
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  #215  
Old 11-20-17, 09:18 AM
SWMCinci SWMCinci is offline
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Quote:
Originally Posted by HTFF View Post
Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
That's because he's attending all of Pelosi's and Schumer's pressers......

It simplifies a lot and for those people that have a hard time meeting the 2% threshold it should help a lot.
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  #216  
Old 11-20-17, 09:50 AM
Indiandad Indiandad is offline
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Quote:
Originally Posted by winbypin View Post
Hard to justify Obamacare but that didn't stop things....
You're right, However how does another bad policy improve things?
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  #217  
Old 11-20-17, 09:58 AM
Altor Altor is offline
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Quote:
Originally Posted by HTFF View Post
Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
I admit I haven't read any of these bills. But, I thought I had first heard on the radio that the standard deduction will be doubled. Then, nobody said a word about that for a long time. So, I wasn't sure if it had been removed or not.

But, that's a big part of why I wasn't worried about any of the other deductions being removed. I'm right on the edge of the break-even where filing a Schedule A becomes worthwhile. If they double the standard deduction, I don't care if they take away a mortgage deduction. I suspect there are more people like me that would benefit from that. Nobody was mentioning it, so I didn't bring it up because I wasn't sure if it was still true.
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  #218  
Old 11-20-17, 10:02 AM
winbypin winbypin is online now
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Quote:
Originally Posted by Indiandad View Post
You're right, However how does another bad policy improve things?
I didn't say it did. I also didn't say this was a bad or good bill.

Just pointing out that Happy surely turned a blind eye to that piece of bad legislation because it came from his side of the aisle.
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  #219  
Old 11-20-17, 02:11 PM
domi domi is online now
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Quote:
Originally Posted by HTFF View Post
Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
That part does benefit me since i dont have any kids but wouldnt that hurt those with two or more kids?
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  #220  
Old 11-20-17, 02:13 PM
Indiandad Indiandad is offline
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Quote:
Originally Posted by winbypin View Post
I didn't say it did. I also didn't say this was a bad or good bill.

Just pointing out that Happy surely turned a blind eye to that piece of bad legislation because it came from his side of the aisle.
Fair enough.
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  #221  
Old 11-20-17, 03:56 PM
HTFF HTFF is offline
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Originally Posted by domi View Post
That part does benefit me since i dont have any kids but wouldnt that hurt those with two or more kids?
These are not exemptions. Deductions. Single or married. Number of kids does not matter
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  #222  
Old 11-20-17, 05:53 PM
Altor Altor is offline
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Quote:
Originally Posted by domi View Post
That part does benefit me since i dont have any kids but wouldnt that hurt those with two or more kids?
Only if the kids have serious medical issues and you are deducting a bunch of medical expenses and even then it wouldn't hurt you. You just wouldn't benefit from the extra standard deduction.
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  #223  
Old 11-20-17, 06:04 PM
lotr10 lotr10 is offline
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Quote:
Originally Posted by HTFF View Post
Surprised no one has commented on the increase in the standard deduction to $12/24k
In today's low interest environment this should increase deductions and simplify
Returns for many many filers. Long overdue and a big positive
I'm not surprised the proposed new deductions are not being commented on as they represent potentially a huge tax savings and simplification for the working poor & Middle Class. Take a married couple with a small business (landscaping, roofing, etc.) and give them a $24,000 deduction and they will see a lower tax bill in most cases.
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  #224  
Old 11-20-17, 06:16 PM
domi domi is online now
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Quote:
Originally Posted by HTFF View Post
These are not exemptions. Deductions. Single or married. Number of kids does not matter
Correct but isnt the kiddo deductiin going away?
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  #225  
Old 11-20-17, 06:21 PM
lotr10 lotr10 is offline
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Quote:
Originally Posted by domi View Post
Correct but isnt the kiddo deductiin going away?
I don't think so and I was under the impression it's being increased by $600 per kid?
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  #226  
Old 11-20-17, 06:25 PM
Altor Altor is offline
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Quote:
Originally Posted by domi View Post
Correct but isnt the kiddo deductiin going away?
As was said, those are exemptions, not deductions. And it does appear that the original plan would eliminate the personal and dependent exemptions. But, it also allowed for a higher tax credit per person instead. So, you would get taxed on the extra $4000 per dependent. But, then you might take $1000 off the tax. For most people, that's a wash. For those in high income brackets (those evil rich people), they pay more in that situation.
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  #227  
Old 11-20-17, 07:03 PM
HTFF HTFF is offline
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I think exemptions are phased out for higher income taxpayers
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  #228  
Old 11-26-17, 10:50 AM
Happygoluckky Happygoluckky is online now
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Economist impact of current tax plan.

https://www.nytimes.com/2017/11/25/o...e=sectionfront
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  #229  
Old 11-26-17, 08:23 PM
SWMCinci SWMCinci is offline
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Quote:
Originally Posted by Happygoluckky View Post
Economist impact of current tax plan.

https://www.nytimes.com/2017/11/25/o...e=sectionfront
I thought you said economist, this was an opinion piece, not even peer reviewed (as bad as that would be in most cases).
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  #230  
Old 11-27-17, 07:25 AM
OhioBobcatFan06 OhioBobcatFan06 is offline
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Based on my data most politicians and fake news journalists don't do their own taxes because they arent smart enough
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  #231  
Old 11-27-17, 07:54 AM
Happygoluckky Happygoluckky is online now
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Originally Posted by OhioBobcatFan06 View Post
Based on my data most politicians and fake news journalists don't do their own taxes because they arent smart enough
Most politicians are wealthy so of course they don't do their own taxes. They have many ways to reduce their rate/defer income/write off expenses, etc. This bill does nothing to change that other than dramatically lower taxes on the wealthy.
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  #232  
Old 11-27-17, 07:57 AM
Happygoluckky Happygoluckky is online now
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The Tax Bill is a bad deal for America

While it remains unclear precisely who and how many people will get tax breaks under the Republican tax reform bill, one thing is clear and unambiguous: The bill is a bad deal for American taxpayers. The House’s version of the bill that passed this month is widely perceived to help corporations and the wealthy on the backs of the middle class. Now that the bill is headed to the Senate, there’s an effort amongst all Democrats and even some Republicans to see that it doesn’t get any further.

While there is substantial support for tax reform, the public have hardly embraced the GOP bill with open arms. Quinnipiac University released a poll that showed only 25 percent of Americans approve of the Republican tax overhaul, and 61 percent of voters are under the impression the bill mainly helps the wealthy. A different survey conducted by the Harvard-Harris Poll shows that 54 percent of respondents oppose the Republican tax bill. Additionally, 54 percent believe that the GOP bill will hurt them financially. Put simply, the bill is a far cry from the 1986 tax reform. That was an example of tax reform done right because it was a bipartisan effort that focused on benefitting American workers.

http://thehill.com/opinion/finance/3...al-for-america
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  #233  
Old 11-27-17, 08:06 AM
SWMCinci SWMCinci is offline
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It's clear doing nothing is bad for America.....

We need to reign in government. We need to change government. We need to understand that they have managed to spend $17M Taxpayer dollars to cover up their own crimes and sex scandals.

While it is true that this bill does nothing to move government in a direction that I'd like to see, taking $140B away from the people that could mis-manage a pot of boiling water is a good idea.

The wealthy already pay a disproportionate share of America's income taxes, even more than their "disproportionate share" of the wages. The government's revenues aren't the problem, it's their addiction to spending. When you have an uncontrolled fire you starve it of fuel (oxygen). Taxpayer dollars are the fuel for uncontrolled spending.

Give the dollars back to the people that earned it and let them spend it, invest it, naturally according to their wishes. Stop the wealth transfer schemes and scams. If we stopped paying people to do nothing, we balance the budget and pay for the tax cuts.
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  #234  
Old 11-27-17, 01:28 PM
OhioBobcatFan06 OhioBobcatFan06 is offline
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Quote:
Originally Posted by Happygoluckky View Post
Most politicians are wealthy so of course they don't do their own taxes. They have many ways to reduce their rate/defer income/write off expenses, etc. This bill does nothing to change that other than dramatically lower taxes on the wealthy.
yeah wealthy because they are stealing from middle america

establishment swamp=crooks
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  #235  
Old 11-27-17, 01:38 PM
zeeman zeeman is offline
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Quote:
Originally Posted by Happygoluckky View Post
While it remains unclear precisely who and how many people will get tax breaks under the Republican tax reform bill, one thing is clear and unambiguous: The bill is a bad deal for American taxpayers. The House’s version of the bill that passed this month is widely perceived to help corporations and the wealthy on the backs of the middle class. Now that the bill is headed to the Senate, there’s an effort amongst all Democrats and even some Republicans to see that it doesn’t get any further.

While there is substantial support for tax reform, the public have hardly embraced the GOP bill with open arms. Quinnipiac University released a poll that showed only 25 percent of Americans approve of the Republican tax overhaul, and 61 percent of voters are under the impression the bill mainly helps the wealthy. A different survey conducted by the Harvard-Harris Poll shows that 54 percent of respondents oppose the Republican tax bill. Additionally, 54 percent believe that the GOP bill will hurt them financially. Put simply, the bill is a far cry from the 1986 tax reform. That was an example of tax reform done right because it was a bipartisan effort that focused on benefitting American workers.

http://thehill.com/opinion/finance/3...al-for-america
It's going to pass, and fairly easily. The red state Dems might even jump on board at the last minute. Sorry but Trump is going to be around for awhile, it's the economy stupid.
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  #236  
Old 11-27-17, 08:25 PM
Happygoluckky Happygoluckky is online now
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Originally Posted by zeeman View Post
It's going to pass, and fairly easily. The red state Dems might even jump on board at the last minute. Sorry but Trump is going to be around for awhile, it's the economy stupid.

Kick the can down the road...tax breaks for the wealthy no different than giving freebies to the middle class or working poor. Huge debt for the next generation. NO CUTS IN SPENDING>>>the posts above about reigning in spending are cute, but not part of Trumps campaign or agenda ...so more interest payments for a tax cut that helps the income bracket that is growing wealth/income at double digit rates.
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  #237  
Old 11-27-17, 08:51 PM
zeeman zeeman is offline
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Quote:
Originally Posted by Happygoluckky View Post
Kick the can down the road...tax breaks for the wealthy no different than giving freebies to the middle class or working poor. Huge debt for the next generation. NO CUTS IN SPENDING>>>the posts above about reigning in spending are cute, but not part of Trumps campaign or agenda ...so more interest payments for a tax cut that helps the income bracket that is growing wealth/income at double digit rates.
You may as well get used to it, look at the bright side, MSNBC will have plenty of fodder for the next seven years. If you actually read unbiased sources this is a good bill and getting better as they tweak it. The corporate rate cut alone will stimulate an already growing economy. Seems like whatever party you are in you would be for this.
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  #238  
Old 11-27-17, 09:00 PM
Happygoluckky Happygoluckky is online now
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Originally Posted by zeeman View Post
You may as well get used to it, look at the bright side, MSNBC will have plenty of fodder for the next seven years. If you actually read unbiased sources this is a good bill and getting better as they tweak it. The corporate rate cut alone will stimulate an already growing economy. Seems like whatever party you are in you would be for this.
I am citing sources like Tax Analyst and the Bureau of National Affiairs. Very few real publications think this is a boon to the economy (which is doing fine) or good for the working/middle/upper middle class. So after eight years of screaming about deficits...they no longer matter.???
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  #239  
Old 11-27-17, 09:49 PM
Indiandad Indiandad is offline
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Originally Posted by Happygoluckky View Post
Most politicians are wealthy so of course they don't do their own taxes. They have many ways to reduce their rate/defer income/write off expenses, etc. This bill does nothing to change that other than dramatically lower taxes on the wealthy.
There are not "many ways" to reduce your tax/ defer income or write off expenses unless you are operating a business. There are no "write offs" for personal expenses.
The only way to reduce your tax bill is to reduce your income.
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  #240  
Old 11-27-17, 10:14 PM
domi domi is online now
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Originally Posted by Indiandad View Post
There are not "many ways" to reduce your tax/ defer income or write off expenses unless you are operating a business. There are no "write offs" for personal expenses.
The only way to reduce your tax bill is to reduce your income.
And there is a crap ton of ways for businesses to reduce their paper statement income. Most of them do not involve making capital investments or giving raises or bonuses.
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