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Ammoholic |
Pretty much a wash for me. I think I itemized 13,000-14,000ish last year. Will help when married I guess at $24k as she is taking std deduction. Tax bracket not likely to change. Jesse Sic Semper Tyrannis | |||
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| Lawyers, Guns and Money  |
Donald Trump unveils 'biggest tax cut' in US history! They always say that.... both those who want a tax cut and those like Schumer who want to demagogue it. But then.... they want it to be "revenue neutral" at the same time. So... my question is: Is it really a tax cut if it brings in the same amount of revenue? Or is it just a re-shuffle? "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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| Big Stack |
And when is he going to unveil the biggest budget cut in US history? Or does he not care if he's ballooning the deficit? Cutting taxes without cutting spending is every bit as bad as raising spending without raising taxes. There's no such thing as a free lunch. | |||
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| Just because you can, doesn't mean you should |
Whenever politicians talk tax or budget cut, they are talking about over ten years. When they raise taxes or a budget item, it's one year. Kennedy and Reagan showed that cutting taxes can raise revenue by stimulating the economy. The problem is that they and/or congress go out and spend all that and more. ___________________________ Avoid buying ChiCom/CCP products whenever possible. | |||
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| Ammoholic |
He says that with lower taxes and more enticement for jobs to come to/stay in US the tax base will grow and off set the lower rate. It's impossible to cut taxes and be revenue neutral in year one or early years. It is his premise that lower taxes grows business, it's all just a question if lower rate on higher revenues offset or not over time. Jesse Sic Semper Tyrannis | |||
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| Member |
I've always thought those ten year projections are total BS. There is no way the economy can be predicted with any accuracy that far out, especially when multiple election cycles will happen during that time. | |||
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| Conservative in Nor Cal constantly swimming up stream  |
I’m born raised and live in the SF Bay Area. I will be paying more taxes period. Do I like that ? No but states with government like California deserve this. I have a business here and we will see what happens with the corporate taxes to see how it all works out in the end for me personally. I’m for the change. ----------------------------------- Get your guns b4 the Dems take them away Sig P-229 Sig P-220 Combat | |||
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| Big Stack |
That's the premise. I don't think that premise has ever been proven. Usually tax cuts just increase the deficit.
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The guy behind the guy |
Our national debt is 20 trillion dollars. We continue to spend more than we take in. I have no illusion that any of us will actually see a tax cut. Guys, think about it, it's impossible. We will need to raise taxes, it's just the reality of it. What I like about this plan is that it at least levels the playing field on how much each state is contributing per dollar earned to the national coffers. | |||
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| Big Stack |
Actually, we can keep taxes the way they are, and cut the budget. The latter has to be done. I can't be allowed to keep growing, It would outstrip any attempt to raise taxes to keep up.
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| Member |
How did the conversation go on the hill: One repub to another. "Hey, we can't figure out something easy, that is, how to pass funding for the wall, so lets take on something complex and contentious instead". | |||
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| Lawyers, Guns and Money |
Yep. We can't keep on adding $440 billion to the debt every year.... we can't "grow the economy" enough to keep up with it. The debt has recently surpassed the entire economy in size. The government has to be cut. But NO ONE seems to want to say so or do it. The U.S. federal budget deficit for fiscal year 2018 is $440 billion. FY 2018 covers October 1, 2017 through September 30, 2018. The deficit occurs because the U.S. government spending of $4.094 trillion is higher than its revenue of $3.654 trillion. (Source: "2018 Budget. Table 2," Office of Management and Budget, March 16, 2017. https://obamawhitehouse.archives.gov/omb/budget/MSR "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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| Member |
I hate paying the huge tax bills I currently have, but would actually support a bit of an increase IF it was entirely put toward paying down the debt and was matched 2:1 with spending cuts. Since that will never happen............. It's a useless discussion when 2/3 of the budget is politically off limits for cuts. All the hand wringing debate in Congress is barely scratching at the surface of what needs to be done. | |||
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Member |
I understand that if you own a small business that is an LLC or Sub S the pass through will be capped ( Don't remember the exact percentage...20% maybe) instead of just added to your income. That should help most small businesses. Also, they will allow 100% depreciation of capital purchases in the year its purchased instead of over many years (depending on the item). ------------------ Eddie Our Founding Fathers were men who understood that the right thing is not necessarily the written thing. -kkina | |||
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