GOP tax bill

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  • slapass
    Too lazy to set a custom title
    • Nov 2002
    • 14625
    #1

    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.
    Tags: None
    • Barry-xlovecam
      It's 42
      • Jun 2010
      • 18083
      #2
      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.

      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.

        Comment

        • bronco67
          Too lazy to set a custom title
          • Dec 2006
          • 29026
          #3
          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?

            Comment

            • slapass
              Too lazy to set a custom title
              • Nov 2002
              • 14625
              #4
              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.

                Comment

                • slapass
                  Too lazy to set a custom title
                  • Nov 2002
                  • 14625
                  #5
                  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.

                    Comment

                    • Barry-xlovecam
                      It's 42
                      • Jun 2010
                      • 18083
                      #6
                      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.

                        Comment

                        • slapass
                          Too lazy to set a custom title
                          • Nov 2002
                          • 14625
                          #7
                          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.

                            Comment

                            • Barry-xlovecam
                              It's 42
                              • Jun 2010
                              • 18083
                              #8
                              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.

                                Comment

                                • crockett
                                  in a van by the river
                                  • May 2003
                                  • 76818
                                  #9
                                  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..
                                  In November, you can vote for America's next president or its first dictator.

                                    Comment

                                    • slapass
                                      Too lazy to set a custom title
                                      • Nov 2002
                                      • 14625
                                      #10
                                      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.

                                        Comment

                                        • Barry-xlovecam
                                          It's 42
                                          • Jun 2010
                                          • 18083
                                          #11
                                          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.

                                            Comment

                                            • mineistaken
                                              See signature :)
                                              • Apr 2007
                                              • 29656
                                              #12
                                              Originally posted by slapass
                                              it is the rich thst pay taxes.

                                                Comment

                                                • beerptrol
                                                  Confirmed Asshole
                                                  • Feb 2003
                                                  • 12722
                                                  #13
                                                  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

                                                    Comment

                                                    • Rochard
                                                      Jägermeister Test Pilot
                                                      • Dec 2001
                                                      • 75768
                                                      #14
                                                      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?
                                                      Herschel Savage
                                                      Brooklyn, NY

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