GOP releases Tax Reform plan

Discussion in 'Politics' started by Keepingon, Nov 2, 2017.

  1. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    The problem isn't that they are GOP, the problem is that they are establishment RINOs.
     
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  2. Rastus

    Rastus ......Deplorable.....

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    They'll never get it.
    We didn't vote for a republican in 2016 we voted for Donald Trump to head to DC and try to clean up that mess.
    What the hell did they vote for?
     
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  3. 20_yrs_2_go

    20_yrs_2_go Well-Known Member

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    Voted into office by RINO'S
    What a quagmire !
     
  4. Keepingon

    Keepingon Well-Known Member

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    My understanding of it so far, is that I remain in the same tax bracket, I might gain on the standard deduction being doubled and when I die my sons won’t have to be hit with an inheritance tax on whatever I’ve broke my ass to be able to leave them.

    Haven’t got to understand what it does to my 401k or other investments yet. that’s a question for the accountant to answer.
     
  5. jimmy g

    jimmy g Kook

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    The Establishment GOP wrote it, so It looks more like the Dems wrote it. What happened to cutting taxes and cutting spending? What the heck was the 2016 election about if this is what we got????
     
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  6. wolf

    wolf Well-Known Member

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    Your worrying to much Jimmy. Soon as corporate gets the 15% windfall and the 1% lose the death tax we can focus on those pesky entitlements everyone hates so much.
     
  7. wolf

    wolf Well-Known Member

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    Just for fun I plugged the new standard deduction into last years return, subtracted the personal deduction, and assumed taxable S.S. would remain the same. I will reap a $35 savings. And fully expect the hunt to get that back and more from my "Entitlements" to balance the budget

    OOPs Recalculated again......Back to $35 savings. Sorry if I lead anybody wrong. Guess I will be one to benefit from a less complicated Tax Code...:biglaugh:
     
    Last edited: Nov 3, 2017
  8. jimmy g

    jimmy g Kook

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    End Baseline Budgeting. Go Zero Base Budgeting, where each dollar spent starts at zero.

    End taxing Income! Go Fair Tax!!!!!
    https://fairtax.org/index

    At the very least, go Flat Tax. Maximum 20%, hopefully 10%.
    Move Election Day to April 15. Pay taxes in the morning; vote for the rascals that spent your tax money in the afternoon! Things will change....
     
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  9. wolf

    wolf Well-Known Member

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    Don't believe we will ever see that. Now I gottta go double check my Cifering
     
    Last edited: Nov 3, 2017
  10. Rastus

    Rastus ......Deplorable.....

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    Can't do it like that because the tax tables will be different and we don't know what they will be.
    I did the same thing with the Bush tax cuts instead of listening to anyone else. I entered the old amounts into into the new form and tables but you have to wait until everything is in effect or it's not accurate. That's the only way anyone will know for sure.
     
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  11. Keepingon

    Keepingon Well-Known Member

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    Shouldn’t you have doubled the standard deduction instead os subtracting it?
     
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  12. wolf

    wolf Well-Known Member

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    For the near future I'll not spend my Windfall just to be safe. :6788:
     
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  13. Keepingon

    Keepingon Well-Known Member

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    The proposed tax brackets based on your income are here I can’t post them without the whole article but the table has a button for both single and joint filers.
    http://www.businessinsider.com/tax-brackets-trump-tax-plan-chart-2017-9
     
  14. wolf

    wolf Well-Known Member

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    Yah that's how I got so tangled up with my figures. Doubled the standard deduction then added the personal deduction back on....Panicked from the wrong answer and went into financial overload, I'm better now.
     
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  15. Keepingon

    Keepingon Well-Known Member

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    $35.00 still buys a decent bottle of wine, a few decent cigars or gets you into a movie if you go to the matinee by yourself and stick to the small popcorn.
     
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  16. wolf

    wolf Well-Known Member

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    My Credit Union has free movie day for members in good standing......Put the $35 in my account and I can opt for the large :popcorn:
     
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  17. ABFer

    ABFer Super Moderator Staff Member

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    You'll have to pass it to see what's in it.
     
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  18. Northern Flash

    Northern Flash Piss on our Flag, get a boycott against you.

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    Mark Levin had a tax expert on the other night. The guy explained the (potential) changes in detail.
    From what I gather, Trump's tax cut will put $10.00 in to our right front pocket, and the IRS will take $10.00 out of our left front pocket, all while running up more national debt.
    Where are the spending cuts?
     
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  19. wolf

    wolf Well-Known Member

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    Al tho I have not heard it yet, I expect the story "we won't need to cut spending due to increased growth in the economy".
     
  20. AzPilot

    AzPilot Well-Known Member

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    Can't you just trust the GOP to do the right for the middle class....or are you all getting worried that they don't have your best interest at heart.
     

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