Tax deal
Comments
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I'm not giving tax advice, I have zero idea your scenario. Yes there are times you want to have income this year, which is why I said generally.creepycoug said:
You are taking a post made entirely in jest and interpreting it as a request for tax advice. Thanks, but I'm good.2001400ex said:
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.creepycoug said:
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.2001400ex said:
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.creepycoug said:
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.RaceBannon said:
Thanks ObamaPurpleThrobber said:
There is no middle class anymore.2001400ex said:
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.BleachedAnusDawg said:
I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.2001400ex said:
Please to be explaining how this tax cut will benefit the middle class.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.
Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at.
I basically don't care about anything else.
Someone can read the bill and tell me if I should be happy or sad.
Re the $5 million threshhold, as I've told you Kaye: don't ever ask me about my business.
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.
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.
Regardless, the tax "reform" is lame and doesn't fix anything. If they want actual reform, they just do it and get bi partisan support. And not fuck with ANWR in a tax bill. -
Lol. This has got to be the most impressive trick ever pulled.BleachedAnusDawg said:I don't get hung up on penalizing people for being successful. The amount of taxes paid by high-wage earners that flow to low-income earners, combined with the taxes that low-income earners never pay...I would be more interested in closing loopholes in the tax code. As a principle I don't believe that some rich person should have their income redistributed to me for no reason other than they've accumulated wealth.
While you run around on the moral high ground, those rich people that you're so desperate to protect are redistributing everyone else's money to themselves. -
It is impressive that the folks who already have the money and pay 81% of the taxes are still taking money from people that don't have it so I shouldn't want to keep more of my money even though I am only pretend rich
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You sound poorBleachedAnusDawg said:
It's actually a few thousand. And will be more when the first kid arrives next year.2001400ex said:
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.BleachedAnusDawg said:
I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.2001400ex said:
Please to be explaining how this tax cut will benefit the middle class.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.
Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at. -
This is correct.PurpleThrobber said:
There is no middle class anymore.2001400ex said:
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.BleachedAnusDawg said:
I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.2001400ex said:
Please to be explaining how this tax cut will benefit the middle class.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.
Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at. -
You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering. -
This is real tax reform that neither party will give us because those special interests pay top dollar for the hiding and complicated maneuveringMosster47 said:You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering.
You should have got on the Trump train. The GOP fucked this up as usual but its better than nothing -
Wake me when Buffet, Gates and the rest aren't paying the same effective percentage as the people making $50,000 per year.BleachedAnusDawg said:I don't get hung up on penalizing people for being successful. The amount of taxes paid by high-wage earners that flow to low-income earners, combined with the taxes that low-income earners never pay...I would be more interested in closing loopholes in the tax code. As a principle I don't believe that some rich person should have their income redistributed to me for no reason other than they've accumulated wealth.
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You forget one concept. Determination of income, which the 15% doesn't help.Mosster47 said:You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering. -
Every part timer with a 401 (k) will benefit from the upcoming share buybacks
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Income is income. If you sell stock, land, holdings or anything else for more than you paid for it that's income.2001400ex said:
You forget one concept. Determination of income, which the 15% doesn't help.Mosster47 said:You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering. -
Let's say you own a small business, say party light candles. Can you deduct your car? Cell phone? Medical insurance? Business use of your home? What is timing of inventory? When do you write off capital assets, like say a laptop? If you buy a tractor?Mosster47 said:
Income is income. If you sell stock, land, holdings or anything else for more than you paid for it that's income.2001400ex said:
You forget one concept. Determination of income, which the 15% doesn't help.Mosster47 said:You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering.
Like I said, the vast majority of the tax code is determination of income and the tax "reform" doesn't touch one bit of it. -
As long as I'm paying less than the half blood prince was stealing I'm good!2001400ex said:
Let's say you own a small business, say party light candles. Can you deduct your car? Cell phone? Medical insurance? Business use of your home? What is timing of inventory? When do you write off capital assets, like say a laptop? If you buy a tractor?Mosster47 said:
Income is income. If you sell stock, land, holdings or anything else for more than you paid for it that's income.2001400ex said:
You forget one concept. Determination of income, which the 15% doesn't help.Mosster47 said:You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering.
Like I said, the vast majority of the tax code is determination of income and the tax "reform" doesn't touch one bit of it.
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One wonders how many tax threads by hondo are really enuff?
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US government spending is around 35% of GDP. Not sure how we get there taxing 15%...
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Burn the whole shit to the ground. Flat tax and a VAT on everything else. Consumption/luxury oriented and move the fuck on.
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It's really simple, you stop spending 35%.AZDuck said:US government spending is around 35% of GDP. Not sure how we get there taxing 15%...
We have 50 states that all have a government structure, with counties that all have a government structure with cities that all have a government structure. They all have their own National Guards, etc.
Our federal government is into way too much shit. -
You just answered your own question. Business expenses are business expenses, just like now. Whatever you bring in that equals more than you spend you pay taxes on. Sound familiar?2001400ex said:
Let's say you own a small business, say party light candles. Can you deduct your car? Cell phone? Medical insurance? Business use of your home? What is timing of inventory? When do you write off capital assets, like say a laptop? If you buy a tractor?Mosster47 said:
Income is income. If you sell stock, land, holdings or anything else for more than you paid for it that's income.2001400ex said:
You forget one concept. Determination of income, which the 15% doesn't help.Mosster47 said:You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering.
Like I said, the vast majority of the tax code is determination of income and the tax "reform" doesn't touch one bit of it.
Whatever that number is you owe 15% to the government. -
That's all true except the "it's really simple" part.Mosster47 said:
It's really simple, you stop spending 35%.AZDuck said:US government spending is around 35% of GDP. Not sure how we get there taxing 15%...
We have 50 states that all have a government structure, with counties that all have a government structure with cities that all have a government structure. They all have their own National Guards, etc.
Our federal government is into way too much shit.
Some states would be just fine, or better off going it fiscally alone. Some would starve and see their homeless population multiply 100 fold. Guess which ones?
