Author Topic: Taxes (GOP 2017 edition)  (Read 137614 times)

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Offline IPA4Me

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Re: Taxes (GOP 2017 edition)
« Reply #300 on: November 06, 2017, 05:23:42 PM »

Offline Dugout DickStone

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Re: Taxes (GOP 2017 edition)
« Reply #301 on: November 06, 2017, 08:44:30 PM »
As more details emerge, sounds like the expanded child tax credit of $1,600 will be available up to $230,000 AGI! The question is whether the 230k threshold is where the credit completely phases out, or starts to phase out. If the latter, this would put me solidly back into the "cut cut cut" category! :woot:

Gotta admit this would be pretty enjoyable for me.

Offline catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #302 on: November 06, 2017, 08:50:01 PM »
Now there's some reform I can support.

http://reason.com/blog/2017/11/05/nfl-prepares-to-fight-tax-reform-bill-th

Another thing I would be happy about if it was the only piece that got through.

Offline catastrophe

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Taxes (GOP 2017 edition)
« Reply #303 on: November 06, 2017, 08:51:13 PM »
Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.

Offline renocat

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Re: Taxes (GOP 2017 edition)
« Reply #304 on: November 06, 2017, 10:44:01 PM »
https://www.msn.com/en-us/news/politics/republican-plan-would-raise-taxes-on-millions/ar-AAuwAys
According to this article, 1/3 of the middle class would pay more taxes in 2018 than they do now.  Key deductions are being taken away or reduced to nothing
  Reminds me of Obamacare.  Premiums went down but out of pocket expenses skyrocketed
I am ashamed of being associated DeeCrap republicans.

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #305 on: November 07, 2017, 12:43:41 AM »
1/3rd of middle class families? I find that very very hard to believe, on many levels. For one, I would hazard a guess that way fewer than 1/3 of middle class families would have itemized deductions significantly greater than the doubled standard deduction. And at middle class wages, the expanded child tax credit should more than offset lost personal exemptions.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline treysolid

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Offline Phil Titola

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Re: Taxes (GOP 2017 edition)
« Reply #307 on: November 08, 2017, 09:54:26 PM »
Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.

yeah one of the first things I thought of in the doubling standard deduction talk.


Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #309 on: November 09, 2017, 11:43:57 AM »
Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.

yeah one of the first things I thought of in the doubling standard deduction talk.

I doubt it will significantly reduce actual charitable giving. What it will do is significantly reduce reporting of charitable giving. Kind of like how when the IRS finally started requiring people to prove up their number of dependents by providing SSNs, millions of children "vanished" in one year. Charitable giving is another area that, unfortunately, is rife with tax fraud. Doubling the standard deduction reduces the incentive to cheat by reducing the incentive to itemize in the first place.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #310 on: November 09, 2017, 11:54:48 AM »
https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3
That's a good take.

No it isn't. It's just repackaged Keynesian bullshit. Even if you subscribe to that theory of economics, the purpose of tax reform isn't just to stimulate the economy - it's also to make the tax code more fair. According to this piece, you might as well just cut people checks and not bother with reform at all. This tax reform reduces rates for most people and particularly for people who were already getting gouged. Fairness and economic benefits.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline Dugout DickStone

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Re: Taxes (GOP 2017 edition)
« Reply #311 on: November 09, 2017, 12:16:33 PM »
Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.

yeah one of the first things I thought of in the doubling standard deduction talk.

I doubt it will significantly reduce actual charitable giving. What it will do is significantly reduce reporting of charitable giving. Kind of like how when the IRS finally started requiring people to prove up their number of dependents by providing SSNs, millions of children "vanished" in one year. Charitable giving is another area that, unfortunately, is rife with tax fraud. Doubling the standard deduction reduces the incentive to cheat by reducing the incentive to itemize in the first place.

So, are the kids ok?

Offline catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #312 on: November 09, 2017, 12:31:41 PM »
Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.

yeah one of the first things I thought of in the doubling standard deduction talk.

I doubt it will significantly reduce actual charitable giving. What it will do is significantly reduce reporting of charitable giving. Kind of like how when the IRS finally started requiring people to prove up their number of dependents by providing SSNs, millions of children "vanished" in one year. Charitable giving is another area that, unfortunately, is rife with tax fraud. Doubling the standard deduction reduces the incentive to cheat by reducing the incentive to itemize in the first place.

I guess the tax advisors to massive charitable organizations spent too much time focusing on the tax plan and empirical data and forgot to ask KSUW what he thinks will happen.

Offline catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #313 on: November 09, 2017, 12:33:01 PM »
https://www.forbes.com/sites/johntharvey/2017/11/08/disastrous-trump-tax-plan/#5b916d364dd3
That's a good take.

No it isn't. It's just repackaged Keynesian bullshit. Even if you subscribe to that theory of economics, the purpose of tax reform isn't just to stimulate the economy - it's also to make the tax code more fair. According to this piece, you might as well just cut people checks and not bother with reform at all. This tax reform reduces rates for most people and particularly for people who were already getting gouged. Fairness and economic benefits.

Yea, I mean, we can all agree that people that make between $500,000 and above are the big winners here.  But that's kinda the point of the article.

Offline K-S-U-Wildcats!

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Re: Taxes (GOP 2017 edition)
« Reply #314 on: November 09, 2017, 01:14:36 PM »
Heard an interesting take today that charities like United Way are freaking out over the bill because it means much fewer people will itemize so much less incentive for folks to donate.

yeah one of the first things I thought of in the doubling standard deduction talk.

I doubt it will significantly reduce actual charitable giving. What it will do is significantly reduce reporting of charitable giving. Kind of like how when the IRS finally started requiring people to prove up their number of dependents by providing SSNs, millions of children "vanished" in one year. Charitable giving is another area that, unfortunately, is rife with tax fraud. Doubling the standard deduction reduces the incentive to cheat by reducing the incentive to itemize in the first place.

I guess the tax advisors to massive charitable organizations spent too much time focusing on the tax plan and empirical data and forgot to ask KSUW what he thinks will happen.

Well you can listen to the paid lobbyists or you can use common sense. Up to you.
I've said it before and I'll say it again, K-State fans could have beheaded the entire KU team at midcourt, and K-State fans would be celebrating it this morning.  They are the ISIS of Big 12 fanbases.

Offline IPA4Me

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Re: Taxes (GOP 2017 edition)
« Reply #315 on: November 09, 2017, 02:14:37 PM »
$40k a year IPA4Me would definitely be flowing the cash back to expenses. Today, it's going right to savings and I'm nowhere close to $500K.

I've lived it.  So yeah, I agree with the article.

Let's be honest though. This is a corporate tax break. Posters here are getting mumped.

Offline steve dave

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Re: Taxes (GOP 2017 edition)
« Reply #316 on: November 09, 2017, 02:22:21 PM »
Let's be honest though. This is a corporate tax break.

this is accurate

Offline treysolid

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Re: Taxes (GOP 2017 edition)
« Reply #317 on: November 09, 2017, 04:34:02 PM »
the focus of that article is exploring job creation. you don't create more jobs by letting companies keep more of their revenue.

Offline catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #318 on: November 09, 2017, 10:08:34 PM »
Well a lot of folks supporting the bill claim that the main focus is on job creation so the article is pretty OP if you ask me.


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Re: Taxes (GOP 2017 edition)
« Reply #320 on: November 10, 2017, 08:22:39 AM »
the focus of that article is exploring job creation. you don't create more jobs by letting companies keep more of their revenue.

 :facepalm:
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Offline catastrophe

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Re: Taxes (GOP 2017 edition)
« Reply #321 on: November 10, 2017, 08:25:08 AM »
Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.

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Re: Taxes (GOP 2017 edition)
« Reply #322 on: November 10, 2017, 08:34:46 AM »
Really hard to feel sorry for a family that hauls in $180k and feels like they need certain tax deductions to get by. I know a lot of people are like that, I just have zero sympathy for them.

And maybe a family making 180k and living paycheck to paycheck shouldn't buy a 600k house
Hyperbolic partisan duplicitous hypocrite

Offline chum1

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Re: Taxes (GOP 2017 edition)
« Reply #323 on: November 10, 2017, 08:35:39 AM »
Quote
The Senate plan does away with the $20 per month deduction people who bike to work can take.

Okay?

Offline wetwillie

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Re: Taxes (GOP 2017 edition)
« Reply #324 on: November 10, 2017, 08:35:57 AM »
Getting really preachy up in here
When the bullets are flying, that's when I'm at my best