New Senate Tax Plan

[mtangelsfan]

Don't get me wrong, I hate this bill.

[red321]

[mrwicked]

31 minutes ago, well_red said:

Taxing graduate student tuition waivers as income in the House plan?  Fuck me that is low.  So is taxing employee stock options at vesting rather than exercise.  The GOP war on science and innovation in all it's glory.

yeah this part of it is just ridiculous. one has to assume this will get ripped out. 

[Glen]

Hey, Wicked is back!

[Adam]

Shit what’s my mortgage balance? I think it’s like $497K now.  Am I good?

[Blarg]

8 hours ago, calscuf said:

Who the hell doesn't have a mortgage over $500k?

Me. I owe basically a domestic mid size car on my loan. Looking forward to having it paid off in three years or less.

[Rico]

On 11/12/2017 at 9:03 AM, Jason said:

I do think lowering the corporate tax rate is a good thing. As it is, we have the 4th highest in the world. 

Somehow corporations find a way to get around it.  Tax havens are a booming business after all.

[Blarg]

11 hours ago, calscuf said:

You sound so white and, um, learned.

No, no, not learned.  Experienced?  No.

Dammit.  

Old.

I didn't play the home swap shell game in the 90's to leap frog to a house payment I could hardly afford. So when the market crashed our home still maintaned a value greater than purchase price. 

I'm also wedged into the Prop 13 tax break where it makes little sense to move, even laterally because my taxes would triple. Eventually we will downsize but that won't happen until we both retire and can move out of this area to something a little more rural. 

[red321]

Forbes contributor chimes in on tax cuts

https://www.forbes.com/sites/stancollender/2017/11/19/gop-tax-bill-is-the-end-of-all-economic-sanity-in-washington/#645cd97b77ef

Some lowlights

If it's enacted, the GOP tax cut now working its way through Congress will be the start of a decades-long economic policy disaster unlike any other that has occurred in American history.

There's no economic justification whatsoever for a tax cut at this time. U.S. GDP is growing, unemployment is close to 4 percent (below what is commonly considered "full employment"), corporate profits are at record levels and stock markets are soaring. It makes no sense to add any federal government-induced stimulus to all this private sector-caused economic activity, let alone a tax cut as big as this one.

The GOP's insanity is compounded by its moving ahead without having any idea of what this policy will actually do to the economy

In other words, if the GOP tax bill is enacted, Congress and the president this year will give up almost all ability to deal with the U.S. economy for at least a decade even when, as almost certainly will happen, there's a downturn. No one else will be able to fulfill this role.

Edited November 20, 2017 by red321

[mtangelsfan]

So this is an opinion piece.

Not that I disagree with parts of it but still, even the times has conservative opinion writers.

[Make Angels Great Again]

A lot of the stock market growth is based on optimism of future tax policy.

Stop the bill and watch the stock market tumble.

[well_red]

19 minutes ago, Make Angels Great Again said:

A lot of the stock market growth is based on optimism of future tax policy.

Stop the bill and watch the stock market tumble.

change a few words here and you wrote the gop 2018 platform.

[red321]

27 minutes ago, mtangelsfan said:

So this is an opinion piece.

Not that I disagree with parts of it but still, even the times has conservative opinion writers.

yes, hence the reason I labeled it contributor

[Adam]

If we were a practical people tax cuts would be executed by way of additional refunds after the fiscal year. Then at least voters could hold government accountable for spending.

[Taylor]

9 hours ago, Make Angels Great Again said:

A lot of the stock market growth is based on optimism of future tax policy.

Stop the bill and watch the stock market tumble.

What are your favorite parts of the bill?

[Adam]

I’m guessing MAGA likes a flat bill. 

 

Bet he leaves the sticker on too.

[Make Angels Great Again]

23 minutes ago, Adam said:

I’m guessing MAGA likes a flat bill. 

 

Bet he leaves the sticker on too.

 

The day that happens is the day i've truly lost my way in life.

Besides, I live in Fountain Valley, not south county.

[Make Angels Great Again]

8 hours ago, Taylor said:

What are your favorite parts of the bill?

 

The child tax credit increase, the standard deduction increase and corporate tax reduction probably.

Running a calculator i've found, under the plan I would see about a 3,000-4,000 dollar reduction in my tax liability.

[Jason]

15 minutes ago, Make Angels Great Again said:

 

The child tax credit increase, the standard deduction increase and corporate tax reduction probably.

Running a calculator i've found, under the plan I would see about a 3,000-4,000 dollar reduction in my tax liability.

I think this bill will screw over a lot of people in places like California where they have insane state taxes and mortgages. Personally, I have a very affordable mortgage and very little deductions so the way this bill currently stands I would most likely benefit. I do see why many people won't like this though. There's almost zero chance the senate passes it as it currently sits

[gotbeer]

17 hours ago, Adam said:

If we were a practical people tax cuts would be executed by way of additional refunds after the fiscal year. Then at least voters could hold government accountable for spending.

Hahaha.  Adam, you are funny.  Government giving additional refunds, and being held accountable for spending.  Might as well ask for world peace while you are at it. 

[Catwhoshatinthehat]

2 hours ago, Jason said:

I think this bill will screw over a lot of people in places like California where they have insane state taxes and mortgages. Personally, I have a very affordable mortgage and very little deductions so the way this bill currently stands I would most likely benefit. I do see why many people won't like this though. There's almost zero chance the senate passes it as it currently sits

I wanted to see what the impact would be to me under four scenarios - current tax laws in current house, current tax laws in new house, senate tax plan current house and senate tax plan new house.  A new house priced at 750K results in a mortgage over 500K so not all of that is deductible while my current mortgage is under the 500K limit.  Basically staying in our current place it's a wash because under the senate plan the SALT deduction goes away but the standard deduction is raised and you're allowed to write off up to 10K in property taxes.  Moving to a new house under the senate plan will result in me paying about 3K a year more in federal taxes.  This is based on the senate plan tax brackets with 7 rates and not plan with 4 where I'd pay even more.  At the end of the day all most of us care about first and foremost is how it hits our wallets so I don't blame people who favor it because it benefits them.  The issue for me beyond that is that in the long run this is supposed to add to the debt so once again neither side wants to address the fact that future generations continue to have a bigger burden placed on them due to short term thinking.  

[Tank]

4 hours ago, gotbeer said:

Hahaha.  Adam, you are funny.  Government giving additional refunds, and being held accountable for spending.  Might as well ask for world peace while you are at it. 

and a pony! i always wanted a pony. told my parents i was even willing to keep it in our backyard, which was about the size of a living room in a 1200 sq. ft. house.

[fan_since79]

McCain has announced his support for the Senate bill. That's huge. Collins might also be on board.

The vote could take place tomorrow or Saturday.

[Stradling]

Is this the on that will kill upper middle class or the one that will kill the upper middle class, I get them mixed up. 

[Blarg]

It's the other one.