Cruz tax plan

2001400ex

https://www.yahoo.com/finance/news/cruzs-tax-plans-seen-aiding-180000630.html

Presidential candidate Ted Cruz’s tax proposals, which include cutting taxes for most individuals and replacing the corporate income tax with a flat 16 percent business tax, would reduce federal revenue by $8.6 trillion over a decade

The Cruz campaign, which has described the plan as so simple that all Americans will be able to file their taxes “on a postcard or an iPhone app,” didn’t immediately respond to a request for comment.

Cruz also proposes to repeal individuals’ payroll taxes for Social Security and Medicare, including the 0.9 percent Medicare tax on high-income workers under the Affordable Care Act. Burman said it was unclear how Social Security would be funded.

This is where politicians make me chuckle. He has no clue how taxes work. You see, many millions of Americans have small businesses that are on their tax return. How do we account for that? What can we deduct? How do we file those returns on a post card?

GreenRiverGatorz

He's offering the same kind of bullshit and rainbows that Bernie is offering, only on the other end of the spectrum. I don't care how much Cruz hates taxes, he's never going to manage to abolish the IRS or pass a flat tax when the AICPA and the rest of the tax accounting lobby is standing in his way. But why bring up actual policy when you can pander?

CuntWaffle

It's always funny hearing Hondo accusing somebody of having no idea how something works.

priapism

https://www.youtube.com/watch?v=q6vi528gseA

2001400ex

GreenRiverGatorz said:

He's offering the same kind of bullshit and rainbows that Bernie is offering, only on the other end of the spectrum. I don't care how much Cruz hates taxes, he's never going to manage to abolish the IRS or pass a flat tax when the AICPA and the rest of the tax accounting lobby is standing in his way. But why bring up actual policy when you can pander?

I have to pay into the stupid AICPA PAC. (Ok it's only highly encouraged). Fucking lame. And really, CPAs are not even needed for a tax return. You want them for the bookkeeping for the business that leads up to the return, which won't change no matter the tax plan (again a point lost on politicians)

PurpleThrobber

2001400ex said:

GreenRiverGatorz said:

He's offering the same kind of bullshit and rainbows that Bernie is offering, only on the other end of the spectrum. I don't care how much Cruz hates taxes, he's never going to manage to abolish the IRS or pass a flat tax when the AICPA and the rest of the tax accounting lobby is standing in his way. But why bring up actual policy when you can pander?

I have to pay into the stupid AICPA PAC. (Ok it's only highly encouraged). Fucking lame. And really, CPAs are not even needed for a tax return. You want them for the bookkeeping for the business that leads up to the return, which won't change no matter the tax plan (again a point lost on politicians)

These days individuals who use CPA's for tax prep are idiots. Programs like Turbo tax have dumbed down this shit to point and shoot. You have to compile the same data for a paid ta preparer.

And paying billable rate for bookkeeping is FS too. Debits equal credits at $45 per hour or $150 per hour.

RaceBannon

The (insert GOP candidate name here) tax plan will triple the wealth of the rich and kill your grandma while being racist and sexist and non transgender friendly. The street will run red with the blood of the poor.

#Script

2001400ex

PurpleThrobber said:

2001400ex said:

GreenRiverGatorz said:

He's offering the same kind of bullshit and rainbows that Bernie is offhour g, only on the other end of the spectrum. I don't care how much Cruz hates taxes, he's never going to manage to abolish the IRS or pass a flat tax when the AICPA and the rest of the tax accounting lobby is standing in his way. But why bring up actual policy when you can pander?

I have to pay into the stupid AICPA PAC. (Ok it's only highly encouraged). Fucking lame. And really, CPAs are not even needed for a tax return. You want them for the bookkeeping for the business that leads up to the return, which won't change no matter the tax plan (again a point lost on politicians)

These days individuals who use CPA's for tax prep are idiots. Programs like Turbo tax have dumbed down this shit to point and shoot. You have to compile the same data for a paid ta preparer.

And paying billable rate for bookkeeping is FS too. Debits equal credits at $45 per hour or $150 per hour.

Most of the returns at my firm are farms and small businesses and the owners of those. Highly complicated. We do a lot of tax planning too. Well worth it to pay $150 to $300 an hour.

What a fucking rip off is h&r block, Jackson Hewitt and such that charge $300 for a simple return with one w2 and a child for the earned income credit. Then 5% for an advance on the tax return money.

But again you don't have a clue.