Bacari Sellers: People making $30k a year will have a tax increase
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Date: November 16th, 2017 10:51 PM Author: provocative center twinkling uncleanness
wow, I find it surprising that they'd even pay that.
I mean, even if true, I don't find that all that troubling. first of all, paying 1K on 30K is basically nothing. lets not forget, EVERYONE benefits from Federal Government services...
also, for the majority of productive people, they are not making 30K forever... a lot of that is college students working part time, people starting out... etc... if someone really trying to make it in life is making 30K forever, then a slight tax increase over the 3% they are currently paying, is the LEAST of their problems.
I'm lib, but not sympathetic to people who are just lazy. If you talk to a lot of people in this income range, it's basically people who have jobs at stores or whatever that will tell you they are lazy about picking up shifts, work on average 25 hours a week, etc. etc., yet always seem to have the newest iPhone.
(http://www.autoadmit.com/thread.php?thread_id=3799978&forum_id=2#34705867) |
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Date: November 16th, 2017 10:54 PM Author: provocative center twinkling uncleanness
bullshit. a lot of people (most I believe) take the standard deduction now. doubling it from 12K to 24K will help the vast majority of people. who cares if SALT deductions are repealed if they are taking the standard deduction.
this tax cut probably hurts people in the 100-250K range who live in high tax states.
even people in high tax states making above that will probably benefit by the lower rates because usually AMT phases out SALT anyways.
(http://www.autoadmit.com/thread.php?thread_id=3799978&forum_id=2#34705899) |
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Date: November 16th, 2017 11:01 PM Author: provocative center twinkling uncleanness
most won't see their taxes go up, but some will be hurt for sure, depending on individual circumstances (how much they itemize, their exact income)...
the way they changed the rates was odd too... a lot of the rates are lower but the ranges are different, so some people could see a higher proportion of their salary in a higher rate.
I will they had just did a flat reduction for everyone like the Bush tax cuts.
Like everyone just pays 10% less than what they were paying before on the first 1 million of income.
anyone making over a 1 million in salary probably doesn't need a tax cut.
(http://www.autoadmit.com/thread.php?thread_id=3799978&forum_id=2#34705960) |
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Date: November 16th, 2017 10:58 PM Author: provocative center twinkling uncleanness
not necessarily.
if you live in a state with high property taxes and you have a fairly expensive home, it will hurt you.
for instance, lets say you and your significant other do your taxes separately, live in a 800K house and pay 15-20K a year in property taxes. If you are in the 100-200K range in salary (each) then your taxes will probably go up because the cap is now 10K for the property tax deduction.
Above 250K though, it's a wash because the alternative minimum tax phases out your local tax deduction.
(http://www.autoadmit.com/thread.php?thread_id=3799978&forum_id=2#34705941) |
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Date: November 16th, 2017 10:56 PM Author: provocative center twinkling uncleanness
well, to be fair, some people will probably get screwed and you can tell who based upon where the 13 Republicans who voted against this live.
basically anyone making 100-250K a year in NY/NJ/CT/CA/DC and a few other high tax states will probably see their taxes go up if they itemize (which most of them probably do).
anyone below 100K probably benefits, especially in red states.
anyone above 250K probably also benefits because AMT is repealed.
(http://www.autoadmit.com/thread.php?thread_id=3799978&forum_id=2#34705919) |
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Date: November 16th, 2017 11:20 PM Author: thriller senate
Your analysis makes sense if we use your retarded definition of middle class. But in reality, the actual middle class doesn't deduct enough for this to hurt them. For most, even what they previously itemized will still probably fall below the new doubled standard deduction.
But yes, the upper middle class and upper middle class in high income tax states gets fucked.
And for the old poors, they aren't actually paying out of pocket for medical expenses. LMAO
(http://www.autoadmit.com/thread.php?thread_id=3799978&forum_id=2#34706134) |
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Date: November 16th, 2017 11:30 PM Author: thriller senate
For most in these less than common circumstances, this will be made up for in their increased standard deduction (even if it was itemized before it could still go up) and lower tax rates.
I do hate the alimony thing though. Theoretically, judges and state law would adjust.
Student loan deduction - you can't use this $2,500 limit deduction if you make more than $80,000 a year anyway. For those that make under $80,000 and use it, there is no doubt that the new standard deduction will make up for it. Even if it was previously above the line it can still be made up for with an increase below the line.
(http://www.autoadmit.com/thread.php?thread_id=3799978&forum_id=2#34706225) |
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Date: November 17th, 2017 8:24 PM Author: Fantasy-prone titillating tattoo ceo
I ran the numbers like 12 times and I think the lawyer marking 1mm breaks even. Like it is remarkably close. Definitely not material as a % of income.
They guy making 450k living in Cali who pays alimony is fucked though.
Would be nice if someone did a tax calculator on this.
(http://www.autoadmit.com/thread.php?thread_id=3799978&forum_id=2#34713518) |
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Date: November 17th, 2017 7:59 PM Author: Underhanded smoky gas station
"Only 30% of income can use the new 25% rate unless it's a non worker shareholder."
Any non-lazy person know how the relevant provision is written?
It's pretty easy to carve up ownership of, for instance, a law firm.
Law Firm LLC could be owned by two members: Individual Lawyer (20%) and Investor LLC (80%), where Investor LLC is owned by Individual Lawyer.
Lawyer would work for Law Firm LLC. Investor LLC would be passive.
Surely it can't be that easy to circumvent the rules.
(http://www.autoadmit.com/thread.php?thread_id=3799978&forum_id=2#34713392)
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