GOP tax bill - GoFuckYourself.com

slapass · 11-04-2017, 05:30 AM

Kind of hard to bitch about it. Corporate tax is way too high. We have known that forever so, yeah let?s fix it. Move a few things around. Fine. Then holy fuck, the LLC pass through! This is a fucking give away to the rich. But so what? It is going to be all kinds of fun.

Barry-xlovecam · 11-04-2017, 06:02 AM

New scam replaces the old scam.
Guess who loses?
Inflation will be the winner.

If you file an S corporation/ LLC you will need to file 2 tax returns; 1120 and 1040. Additionally you need to pay the annual report and renewal fees for the corporation. Another expense to pay to the state and accounting an legal costs -- this is deductible however.

Quote:

The legislation leaves the top individual rate at 39.6 percent. But after $1 million of income for individuals and $1.2 million for married couples, a tax rate of 45.6 percent would kick in.

The so-called bubble rate would go away once the taxpayer has given back the benefits received under the 12-percent tax rate that applies to the first $45,000 of income for individuals and $90,000 for married couples.

Republican tax bill creates new bracket for the wealthy | TheHill

Whats with the disparity in the single/married bracket income between the highest and lowest tax bracket?

Trump wants to throw in an amendment to repeal Obamacare in the tax bill too -- a backdoor deal breaker -- that will stall this so called ''tax reform'' or possibly kill it.

bronco67 · 11-04-2017, 06:05 AM

Quote:

Originally Posted by slapass

Kind of hard to bitch about it. Corporate tax is way too high. We have known that forever so, yeah let?s fix it. Move a few things around. Fine. Then holy fuck, the LLC pass through! This is a fucking give away to the rich. But so what? It is going to be all kinds of fun.

It's a fact that corporations don't actually pay more than 15%. I know I never have. Have you?

slapass · 11-04-2017, 06:24 AM

Quote:

Originally Posted by bronco67

It's a fact that corporations don't actually pay more than 15%. I know I never have. Have you?

I would love to see thst -https://www.cbpp.org/research/federal-tax/actual-us-corporate-tax-rates-are-in-line-with-comparable-countries

Big companies with lots of profit tend to keep it offshore. There is a reason for that. I am not sure why we don?t go for 10%. If that is a barrier to employment in the US, lets open the floodgates.

slapass · 11-04-2017, 06:34 AM

Corporate tax is about 9% of the gross receipts for the US. If we slash 20%of that, the effect on the budget will be minimal and the possible benefit is huge.

Barry-xlovecam · 11-04-2017, 06:38 AM

I would like to see corporate income taxed at 0% --eliminated.
Pass through corporations, S/LLC, would have no tax advantage
Capital gains should be 0% taxed capped at $200K a year per filer --and the overage taxed as regular income.

However, the higher income tax brackets would have to be substantially increased, or added, for this to at the very least be revenue neutral and equitable.

slapass · 11-04-2017, 06:51 AM

Quote:

Originally Posted by Barry-xlovecam

I would like to see corporate income taxed at 0% --eliminated.
Pass through corporations, S/LLC, would have no tax advantage
Capital gains should be 0% taxed capped at $200K a year per filer --and the overage taxed as regular income.

However, the higher income tax brackets would have to be substantially increased, or added, for this to at the very least be revenue neutral and equitable.

If they all became pass through you could just drop it to zero. The problem with that is that our society uses taxes as way to achieve financial oversite on companies and citizens. It has secondary benefits.

Barry-xlovecam · 11-04-2017, 07:21 AM

You could probably repeal income tax altogether and replace it with a 30% VAT tax. Just exempt food, healthcare, rents (homesteads), utilities, education, public transport, personal vehicles (the first $20K inflation adjusted) so the basics of life are untaxed.

People would want to work and save then.

crockett · 11-04-2017, 07:50 AM

Quote:

Originally Posted by slapass

Kind of hard to bitch about it. Corporate tax is way too high. We have known that forever so, yeah let?s fix it. Move a few things around. Fine. Then holy fuck, the LLC pass through! This is a fucking give away to the rich. But so what? It is going to be all kinds of fun.

Bullshit no one pays the corporate tax rate. They are fucking the middle class and their so called tax break will lead to recession.

Just like the exact same fucking tax cut with a different name did under reganomics..

slapass · 11-04-2017, 09:14 AM

Quote:

Originally Posted by crockett

Bullshit no one pays the corporate tax rate. They are fucking the middle class and their so called tax break will lead to recession.

Just like the exact same fucking tax cut with a different name did under reganomics..

Reagan overhauled the whole system. He wiped out the S&L?s. This is pretty much just changing some rates. I do not think they can be compared. Yes, this is a tax break for the rich but it is the rich thst pay taxes.

Barry-xlovecam · 11-04-2017, 09:24 AM

Regan's tax cut made a severe recession worse

In the 'rust belt' unemployment was 18% or worse in manufacturing and related service industries. For me, the Great Recession was in 1982 this last one was really less severe (for me personally).

Trump's money guys want to crash the economy and buy up the assets cheap --- that is how the rich get richer. I plan to double or triple my money if this comes to pass I am fully deleveraged now and at the ready for this.

So, inflation and deficits are your friends in this scenario.

mineistaken · 11-04-2017, 01:57 PM

Quote:

Originally Posted by slapass

it is the rich thst pay taxes.

beerptrol · 11-04-2017, 03:16 PM

Just another mass transfer of wealth to the rich. With the bullshit trickle down economics excuse which never happens. And the brain dead chumpanzees love it

Rochard · 11-04-2017, 03:40 PM

So businesses will get to pay a lot less, individuals will pay slightly more, they will take away some of our deductions, and our deficit will up trillions.

Is this really what winning looks like?

11-04-2017, 05:30 AM	#1
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,626	GOP tax bill Kind of hard to bitch about it. Corporate tax is way too high. We have known that forever so, yeah let?s fix it. Move a few things around. Fine. Then holy fuck, the LLC pass through! This is a fucking give away to the rich. But so what? It is going to be all kinds of fun.

11-04-2017, 03:16 PM	#13
beerptrol Confirmed Asshole Industry Role: Join Date: Feb 2003 Location: Half way between sobriety and fubar. Posts: 12,722	Just another mass transfer of wealth to the rich. With the bullshit trickle down economics excuse which never happens. And the brain dead chumpanzees love it __________________ “If we are to have another contest in the near future of our national existence, I predict that the dividing line will not be Mason and Dixon's but between patriotism and intelligence on the one side, and superstition, ambition and ignorance on the other.” -- Ulysses S. Grant

11-04-2017, 03:40 PM	#14
Rochard Jägermeister Test Pilot Industry Role: Join Date: Dec 2001 Location: NORCAL Posts: 70,231	So businesses will get to pay a lot less, individuals will pay slightly more, they will take away some of our deductions, and our deficit will up trillions. Is this really what winning looks like? __________________ “The choice is no longer between right or left. The choice is between normal and crazy.” - Sarah Huckabee Sanders YNOT MAIL \| THE BEST ADULT MAILING SOLUTION

11-04-2017, 06:34 AM	#5
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,626	Corporate tax is about 9% of the gross receipts for the US. If we slash 20%of that, the effect on the budget will be minimal and the possible benefit is huge.

11-04-2017, 06:38 AM	#6
Barry-xlovecam It's 42 Industry Role: Join Date: Jun 2010 Location: Global Posts: 18,083	I would like to see corporate income taxed at 0% --eliminated. Pass through corporations, S/LLC, would have no tax advantage Capital gains should be 0% taxed capped at $200K a year per filer --and the overage taxed as regular income. However, the higher income tax brackets would have to be substantially increased, or added, for this to at the very least be revenue neutral and equitable.

11-04-2017, 07:21 AM	#8
Barry-xlovecam It's 42 Industry Role: Join Date: Jun 2010 Location: Global Posts: 18,083	You could probably repeal income tax altogether and replace it with a 30% VAT tax. Just exempt food, healthcare, rents (homesteads), utilities, education, public transport, personal vehicles (the first $20K inflation adjusted) so the basics of life are untaxed. People would want to work and save then.

11-04-2017, 09:24 AM	#11
Barry-xlovecam It's 42 Industry Role: Join Date: Jun 2010 Location: Global Posts: 18,083	Regan's tax cut made a severe recession worse In the 'rust belt' unemployment was 18% or worse in manufacturing and related service industries. For me, the Great Recession was in 1982 this last one was really less severe (for me personally). Trump's money guys want to crash the economy and buy up the assets cheap --- that is how the rich get richer. I plan to double or triple my money if this comes to pass I am fully deleveraged now and at the ready for this. So, inflation and deficits are your friends in this scenario.