Tax deal

PurpleThrobber said:

2001400ex said:

BleachedAnusDawg said:

2001400ex said:

Sledog said:

Hondo likes taxes, the more the better. It's odd he doesn't fill in the donation line on the tax form though.

Please to be explaining how this tax cut will benefit the middle class.

I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.

Ok cool. You get a $40 tax cut. I will be about a wash (I have $20k in deductions, but lose the $12k in personal exemptions, taxable income will be higher but at a lower rate). But the dude making $600k a year gets $5,000. And apple gets billions.

Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at.

There is no middle class anymore.

creepycoug said:

2001400ex said:

creepycoug said:

2001400ex said:

creepycoug said:

RaceBannon said:

PurpleThrobber said:

2001400ex said:

BleachedAnusDawg said:

2001400ex said:

Sledog said:

Hondo likes taxes, the more the better. It's odd he doesn't fill in the donation line on the tax form though.

Please to be explaining how this tax cut will benefit the middle class.

I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.

Ok cool. You get a $40 tax cut. I will be about a wash (I have $20k in deductions, but lose the $12k in personal exemptions, taxable income will be higher but at a lower rate). But the dude making $600k a year gets $5,000. And apple gets billions.

Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at.

There is no middle class anymore.

Thanks Obama

I care about two things when it comes to tax policy: (1) my marginal tax rate goes down, not up; and (2) I want to be able to transfer my vast empire to my creepy progeny TAX FREE - cuz dyin' ain't much of a livin' boy.

I basically don't care about anything else.

Someone can read the bill and tell me if I should be happy or sad.

I would be more concerned about the effective rate, not the marginal rate. And unless you have more than $5 million in net worth, I wouldn't worry about the death tax.

Yeah, that one too. But the marginal rate matters when you have a lot of control on timing your income, which I can pretty much do since it's all pretend anyway.

Re the $5 million threshhold, as I've told you Kaye: don't ever ask me about my business.

Generally you want to push income into the next year regardless, just a time value of money thing. And if the law passes, generally the marginal rate will be lower, but I haven't seen the new table yet.

I don't think I asked about your net worth. I think the estate tax should stay, but only on capital gains and generally exempt farms from that. On the basis that capital gains aren't taxed until you cash them out, which doesn't happen when you die. So that transfer of capital gains would be taxed over a threshold. Last I saw the exemption was $10,000,000 now.

You are taking a post made entirely in jest and interpreting it as a request for tax advice. Thanks, but I'm good.

Re pushing off income, agreed, but even that depends. TVM is an important factor. There are others, like how much income you'll realize in the next year that you can't move around and tax rates.