Working poor people could owe no income tax, filing a return could get much simpler, and there would even be a new credit for caring for elderly relatives under a... Who's Online | Find Members | Private Messages
Questions
Quizzes
Articles
My Journal
Forums
Quests. | Journs. | Gen. | News | Quiz | Links | TV | Music | Movies | Games | Sports | Sug. | Lit. | Jokes | Artcls. | Newb | O.S.
Trump tax plan proposal

Prev 1 2 3 Next (showing 1-25 of 62)

Back to Thread List
Bottom Last Post

1 month ago - Wednesday 9/27/17 - 6:27:43 PM EST (GMT-5)
Working poor people could owe no income tax, filing a return could get much simpler, and there would even be a new credit for caring for elderly relatives under a tax "framework" being proposed Wednesday by President Trump and Republican leaders in Congress.

The plan cuts the top corporate tax rate dramatically and creates a new top rate for small businesses that is lower than the top rate for individuals.

It also eliminates two taxes paid entirely by the rich, while taking away a deduction for state and local taxes that is used most heavily in some of the most wealthy, and Democrat-dominated, states.

http://www.msn.com/en-us/news/polit...
1 month ago - Wednesday 9/27/17 - 6:45:45 PM EST (GMT-5)
so is this good or bad
1 month ago - Wednesday 9/27/17 - 7:34:32 PM EST (GMT-5)
It's good. But Democrats will find something to criticize about it.
1 month ago - Wednesday 9/27/17 - 7:35:14 PM EST (GMT-5)
On Wednesday 9/27/17 - 6:45:45 PM cola wrote:
so is this good or bad

depends on if you make over $100k a year or plan on living long enough to need medicare or social security
1 month ago - Wednesday 9/27/17 - 7:35:41 PM EST (GMT-5)
I like the cutting of the capital gains tax. That should make businesses stronger and improve the economy.

And the elimination of the estate tax is something that should've been done a long time ago.
1 month ago - Wednesday 9/27/17 - 7:46:07 PM EST (GMT-5)
On Wednesday 9/27/17 - 6:45:45 PM cola wrote:
so is this good or bad
On Wednesday 9/27/17 - 7:35:14 PM Kungfullama wrote:
depends on if you make over $100k a year or plan on living long enough to need medicare or social security

i do not make 100k a year and i dont know how long i plan on living
1 month ago - Wednesday 9/27/17 - 8:10:33 PM EST (GMT-5)
On Wednesday 9/27/17 - 7:34:32 PM Noldor wrote:
It's good. But Democrats will find something to criticize about it.


probably might force at least CA democrats to actually spend within their means.
1 month ago - Wednesday 9/27/17 - 9:39:23 PM EST (GMT-5)
It honestly sounds a little dodgey. I'm hearing about all of the cuts, but whats going to be affected because of them?
1 month ago - Wednesday 9/27/17 - 11:37:25 PM EST (GMT-5)
On Wednesday 9/27/17 - 9:39:23 PM LoraHereWeGo wrote:
It honestly sounds a little dodgey. I'm hearing about all of the cuts, but whats going to be affected because of them?


Probably will end up with a net gain in tax revenues...
1 month ago - Wednesday 9/27/17 - 11:45:41 PM EST (GMT-5)
That would be true if they were occurring more for people who actually spend their money, but he's mostly cutting the corporate tax rate, which is going to benefit leaches more than spenders.
1 month ago - Thursday 9/28/17 - 7:15:43 AM EST (GMT-5)
Cutting the corporate tax rate means that fewer corporations will headquarter overseas and will pay their taxes to the US instead of other countries with lower tax rates...
1 month ago - Thursday 9/28/17 - 8:06:54 AM EST (GMT-5)
1 month ago - Thursday 9/28/17 - 8:11:50 AM EST (GMT-5)
“Comprehensive tax reform has the potential to be one of the biggest threats to our retirement system, in a way that ruins our incentives to save,” said Bradford Campbell, a partner at the law firm Drinker Biddle & Reath LLP who served in the U.S. Department of Labor overseeing employee benefits under former President George W. Bush.
1 month ago - Thursday 9/28/17 - 8:52:32 AM EST (GMT-5)
On Thursday 9/28/17 - 7:15:43 AM CowDung wrote:
Cutting the corporate tax rate means that fewer corporations will headquarter overseas and will pay their taxes to the US instead of other countries with lower tax rates...


What developed countries have ignificantly lower rates of corporation tax than the USA?

How may US based corporations have relocated to these contries in the past say... 10 years?
1 month ago - Thursday 9/28/17 - 9:07:14 AM EST (GMT-5)
Why just the past 10 years? The Cayman Islands is a very popular 'destination' for setting up business entities to avoid paying the relatively high US corporate taxes.

http://www.politifact.com/truth-o-m...

"According to published financial reports, Coca-Cola alone saved $500-million in U.S. taxes in 2003 through foreign subsidiaries. Its Cayman company controls syrup-producing facilities in Ireland. The subsidiary pays taxes in Ireland at 12.5 percent, still far less than in the United States. "
1 month ago - Thursday 9/28/17 - 9:43:21 AM EST (GMT-5)
Why just the past 10 years?
I didn't want to overload your limited capacity for details.

I think your link displays the simplest solution to that issue.

You close the loophole instead of trying to compete with it.

As the Cayman Islands has no corporation tax at all, what level would you suggest the US adopts to encourage cororations to pay tax there, rather than pay no tax in the Cayman Islands?






1 month ago - Thursday 9/28/17 - 9:45:21 AM EST (GMT-5)
Perhaps they could go with something along the lines of Ireland's 12.5%, but 20-25% is probably more realistic.
1 month ago - Thursday 9/28/17 - 9:57:12 AM EST (GMT-5)
How would 20 - 25% prevent corporations taking advantage of 0% in the Cayman Islands?
1 month ago - Thursday 9/28/17 - 11:41:14 AM EST (GMT-5)
It trickles down.
1 month ago - Thursday 9/28/17 - 2:19:58 PM EST (GMT-5)
On Thursday 9/28/17 - 9:57:12 AM Boredofu wrote:
How would 20 - 25% prevent corporations taking advantage of 0% in the Cayman Islands?


Not sure- - 0% is hard to beat, but it might help address companies like Coke, Pfizer, and/or J&J that are able to take advantage of lower tax rates in countries like Ireland...
1 month ago - Thursday 9/28/17 - 2:23:47 PM EST (GMT-5)
I think Obama had a better solution on that link.

After all cutting corporation tax for every company would cost quite a bit wouldn't it?

I'm sure you have done your research and worked out how much would be lost by cutting taxes against how much might be saved by enticing corporations to pay tax in the US.

Can you share the expected gains with us?
1 month ago - Thursday 9/28/17 - 2:25:11 PM EST (GMT-5)
Isn't 'cutting taxes' the same thing as 'enticing corporations to pay tax in the US'?
1 month ago - Thursday 9/28/17 - 4:07:04 PM EST (GMT-5)
Why don't you stop trying so hard to be stupid and answer the question?

1 month ago - Thursday 9/28/17 - 4:19:09 PM EST (GMT-5)
I guess the answer would be no. I believe that cutting taxes would be a net gain in revenues (as I had already stated).

1 month ago - Thursday 9/28/17 - 4:22:41 PM EST (GMT-5)
Even Trump’s own top financial adviser can’t guarantee that some middle-class families won’t pay more tax under this plan.

But it’s great if you’re in the top 1-2% of earners, or if you have an estate worth $5M or more!

Prev 1 2 3 Next (showing 1-25 of 62)



You need to be logged in to post a reply

New to YT? Create a Free Account ~ Have an Account? Log In

Back to Thread List
Top

 
Edit