Your new Tax Brackets for 2019 !
 

https://www.cnbc.com/2018/11/16/here...-for-2019.html

I never have like this.
A much simpler system could be used that is fair to all.

Everyone's fist $15k - tax free

$15,001 and up, one rate like 17-20% and 'no deductions' except for dependencies and those the government deem of national importance and have a life of 3 years or less, but can be extended by a new vote for no more than 3 years at a time.

Makes sense to me... How about you ?

The current system is discriminatory. And souldn't be. Does not need to be !

A simpler system makes it harder for the rich to game the system. Hence one hasn't and won't be implemented. One rate like 17-20% is asking to much of the rich.

The elitists' puppets will be here saying
1% of 100 million is 1 million in taxes which is more than the working guy who is taxed 15-22% of 50k in taxes. So the rich pay more in taxes

#thanksObama

as long as that does not impact my corp tax rate :upsidedow

for real though, lived in a few countries and one had almost NO tax except for import (aka sales) taxes which impact the poorest the most

in Turks and Caicos a head of celery cost $5 USD, a handful of packaged grapes cost $10, mangoes were $3 per, watermelon was $5-$10 for even a package of slices let alone a whole one which was never less than $20

the tap water was orange and smelled like burning hair so everyone had to buy that too for drinking and washing face and brushing teeth.

obesity there was out of this world rampant with NO local old people. they just die by the time they are 50 from living on cheap fried chicken and fries. I don't eat nearly as much as I should and I always choose the cheapest options but still spent almost a bill per day on food that was just fruit/veg and tofu. I'm not kidding. :(

plus on the local side of the island (basically a rock with no soil, if you want a garden you gotta import that) every time it rained all the local roads got flooded out and many homes as well if it was a storm that poured more than an inch or two

and I got better health care at a lower cost than people born there as I was on my then partner's private insurance provided by his biz that paid NO tax in TCI except for a pittance per employee that in our case worked out to bus fare each month

can you imagine if, with all those billions flowing through this tax haven, everyone who was there paid their share?

health care, maybe a university (there if you can't afford to board to school elsewhere good luck kid), some infrastructure, maybe import some soil so peeps can grow their own stuff?

then I moved to Belize which has a very low flat tax rate that didn't even apply to me as I was not an official resident. insane right?

I got free health care there one day when I got REALLY sick with food poisoning and could not stop puking and needed an IV to rehydrate me. I waited a few days before going stupidly hoping it would pass on its own and was in really bad shape by the time I went to the clinic. The policy of the BZ gov is no one is ever turned away and health care facilities there are not set up to accept payment.

I paid the doctor anyway in cash despite her protests and she told me she'd use the cash to give meds needed to peeps who couldn't afford the pharmacy costs for that stuff.

also cleanest streets in either N or S Amer, no kill pet shelters for strays funded by the gov, a look the other way policy towards those in the informal work sector or those who are low income and owe but do not file, functional infrastructure even in local housing zones

no nation is perfect and BZ def needs more income supports for low to middle income families (not everyone has a Gramma to provide free day care and school uniforms are not cheap) but still, miles ahead of TCI in actually providing services that are not only needed for people but also for a functional society and business.

I wonder why *rodin thinker pose*

Now I'm in JA and here to stay. Already have my tax number and working on my citizenship with my ex who to his credit is honoring that.

Tax rate here is almost on par with what I spent back in CA after charitable deductions and I'm thrilled. I want to contribute to the society in which I live, to enhance the society I choose as home.

Having seen the difference can't understand those who don't want to contribute to stuff that enhances the society in which they live. in a manner proportional to income. some peeps with cash remind me of dragons hoarding their gold. for what? nothing that serves anyone.

A weird case with the US as so much of it goes to military spending and policing/imprisonment institutions that are insane but still, y'all know those roads, social services we ALL use and potable water don't maintain themselves right?

♫ I get to pay taxes again ♫

=)

Whatabout dominican republic ?

Very interesting story. Thanks for sharing that.
I have been aware of situations like that throughout the world. But it's nice for some to put real world detail on them.

Just to be truthful though, and I'm not sure what the latest numbers are, the US spends about 1/5 of it's budget on defense. about or over half on social programs, mostly social security. (keep in mind that is a separate tax paid by employee and employer and has no 'trust fund' they talk about as it's pay as you go)

In that lies the political issue that those that want to spend more on defense have to get it from somewhere and social programs is the likely source.

Something they do not take into the equation is when they spend on a new offensive system, those that are the target will boost a counter measure and you get into a never ending spiral of spending in defense.

But keep in mind two of the factors that we spend on that skews those charts they like to show off is service on the debt and new debt to pay for the current spending shortfall.

And the only reason we have such gridlock here in the states is because they have changed to operating procedures of how the governing bodies operate so no deal making concessions are needed to pass legislation. SO no matter what gets passed by either side, the other side is not going to like it.

It should take a 2/3 vote to pass anything !
Until they do something to change this, I will vote independent till both parties are a minority or I'm dead.

Just look at the senate right now. There is plenty of legislation that folks want right now and one man, who I had no opportunity to vote for (McConnell) can keep any and all of it from ever reaching the floor for a vote.
Does not sound or even look like a democracy to me.

I send my representatives to congress to legislate and it is being stopped in it's tracks and nobody seems to care about that issue alone !
Any representative should be able to get a up or down vote on their proposed legislation within 100 days. No if, and, or, buts.

Just additional food for thought.

Something no one has mentioned in this thread and also wasn't mentioned in the article which pertains to many here I'd say is the 20% QBI pass-through deduction for self-employed/small business owners..

#ThanksObama #OrangeManBad

Why don't you say something about it then. Or is that all you have to say about it ?

If you are loosing money on a pass through biz, it is deductible at 20% the following year.
I don't loose money on any entity. No help. AGI only, no SS reductions.

So I subsidize those of you who don't know how to make money. Rewarding continuous bad behavior year over year.

What's more to know outside of landlords llc's who contract work out (no employee's) and large holdings doing very very well with this.
Plenty of room for spoofing the system even more they way it is structured.

I thought we were suppose to be filing on a postcard now ? What happened to that ?

You might want to look into what I'm referring to because you're obviously confused.. 20% deduction on Qualified Business Income...... Not losses. Simply put 20% of QBI won't be taxed. If your income is $100k You will be taxed on $80k rather than 100k. Taxable income must be more than deduction.. If not it can be taken the following year. More or less small business owners are finally being rewarded for their entrepreneurism rather than getting ass fucked when it comes to taxes.