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what? eliminated all deductions? how the am I gonna get money back then??
and at what income does the 35% kick in. It better be at a couple million dollars. this is bull
Personal Income Taxes
- Doubling the standard deduction (now up to roughly 24k for married people filing jointly)
- Reducing the number of brackets to 3... at 10%, 25%, and 35%
- Repealing death tax
- Repealing alternative minimum tax ()
- Eliminate just about all itemized deductions... only deductions left are mortgage interest and charitable iirc
- Dropping top capital gains rate to 20% (from what was 23.8% after "obamacare tax")
Business
- slashing business tax rate to 15%
- adopting territorial tax system
- one time tax on dollars held overseas
what? eliminated all deductions? how the am I gonna get money back then??
and at what income does the 35% kick in. It better be at a couple million dollars. this is bull
they made the standard deduction bigger to compensate for removing most of the itemized deductions. muh simplification.
they didnt announce income cutoffs for the brackets
I recently got a stock option payout. The Feds took over 100k. the IRS, tbh.
So they unveiled talking points and not the actual plan.
No, top capital gains tax rate is currently 38%, which corresponds to the highest tax bracket (on income and/or capital gains made over ~$400k)... Capital gains is taxed essentially the same as W2 income right now. Of course you still get to write-off things like mortgage interest, closing costs, repair/PM costs, etc.
i clicked "view post" for the first time in weeks and again you give me diarrhea. there the short term and long term capital gains, which are different. short term gains are only for things you've held for less than a year. the long term capital gains were never at 39% like short term was
I wasn't talking long term though, I'm talking regular (short term) such as, if you're fixing and selling cars/houses etc.
Long term capital gains is often irrelevant since most that fall in that category are the personal house you live in if you've lived in it for over a year but not over 2 years. If it's over 2 years, there's no capital gains tax on it anyway.
The capital gains tax that goes up to 35% and 38% is the short-term or regular-term (less than 1 year) which applies to the easiest and fastest way to get money, fix-n-flip. It's a pain in the ass and that's the one that needs to go down to 20% or lower
www.notgoingtohappen.com #ballooning debtPersonal Income Taxes
- Doubling the standard deduction (now up to roughly 24k for married people filing jointly)
- Reducing the number of brackets to 3... at 10%, 25%, and 35%
- Repealing death tax
- Repealing alternative minimum tax (
- Eliminate just about all itemized deductions... only deductions left are mortgage interest and charitable iirc
- Dropping top capital gains rate to 20% (from what was 23.8% after "obamacare tax")
Business
- slashing business tax rate to 15%
- adopting territorial tax system
- one time tax on dollars held overseas
MAGA
Better le for the thread: Trump "Tax Plan" Unveiled
Not much of a plan innut? A one page group of bullet points is something a lazy intern could work up at the last minute, not something that might drive any kind of serious attempt at policy.
LOL phoning it in again
look man, nobody could have known how complicated tax policy is
this got literally has nothing to contribute to any topic except textually felating trump and repeating one linerswhat a re
Voodoo bull
Repug deficits donˋt matter
-- head Cheney
...just as long as 1% and BigCorp get huge tax cuts
Note that Repugs will kill ACA for everybody while keeping it for themselves
The complexity is one of its biggest problems
LOL.
Objectively, what is worth being mad about in regards to keeping more of the monies you earned?
If it works, I'm happy. If Obama had rolled this out and it worked, I would have been happy.
It just seems that bias really blinds common sense sometimes, by and by. I don't buy into people caring about the others that this (really doesn't) effects or the debt or anything else. People will be angry to be angry because they understand anger and bias better than happiness and buying with their hard earned monies.
i didn't really give a about trumps taxes, but man it would be fun to have a look.
i dont know that anybody here is thinking "if this works, i'll be mad." i think it's more accurate to say that the critics are skeptical of its ability to succeed. then again, unless we have a common definition of success in terms of tax reform, it's fruitless
...
And yet Obama added 11 Trillion to the deficit with higher taxes.
Not much to be said. This is a great start on fixing wasteful government spending by the Obama administration by lowering taxes.this got literally has nothing to contribute to any topic except textually felating trump and repeating one liners
oh i never said it was good or bad, just pointing out your worthlessness as a poster tbh
https://www.thebalance.com/us-debt-b...ercent-3306296
Wrong on soooo many levels.
You do remember the financial crisis yes? You know that period of time where US tax revenues plummeted?Barack Obama - The national debt grew the most dollar-wise during President Obama's two terms. He added $7.917 trillion, a 68 percent increase, in seven years. This was the fifth-largest increase percentage-wise. Obama's budgets included the economic stimulus package. It added $787 billion by cutting taxes, extending unemployment benefits, and funding public works projects. The Obama tax cuts added $858 billion to the debt in two years.
Obama's budget increased defense spending to between $700 billion and $800 billion a year. Federal income was down, thanks to lower tax receipts from the 2008 financial crisis. He also sponsored the Patient Protection and Affordable Care Act. It was designed to reduce the debt by $143 billion over ten years. But these savings didn't show up until the later years. For more, see National Debt Under Obama.
lol, tax plan... more like a wish list, not an actual plan.
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