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Forum » GOP unveils final $1.5T tax plan
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Thread: GOP unveils final $1.5T tax plan

post 1537847531 12-18-2017, 06:09 AM
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#151
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Originally Posted By NitrogenWidget⏩
I live in a chitty city 25 miles from Buffalo.
My home is assessed at 89k.
would be lucky to find some sucker to give me 70k in this neighborhood.
My property taxes were almost 4k last yr.
even with income tax added in i'm still a a little bit away from hitting the 10k limit.

going by what i earn, if I hit a point where i earn enough to go past the 10k limit I don't think i'd mind all that much if i'm still in my same house because i'll be making what would be considered a good living in my area.

I see why schumer is against this, all his rich friends with multiple properties can't claim as much on taxes.
However, people with family cottages on lakes and such are going to get raped since our property tax is just out of control.
25 Miles from Buffalo? Which way? Im 25 miles north in chitty lockport.
post 1537848861 12-18-2017, 06:36 AM
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Originally Posted By x-trainer
John McCain returning home to AZ, and will miss the vote.
Can they not vote remotely? This is the current year after all.
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post 1537849701 12-18-2017, 06:49 AM
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Originally Posted By JoshSP1985⏩
Can they not vote remotely? This is the current year after all.
Maybe he is in really bad condition?
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post 1537852331 12-18-2017, 07:37 AM
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Originally Posted By JoshSP1985⏩
Can they not vote remotely? This is the current year after all.
I believe the rules are you have to be present or its recorded as a missed vote. Him missing the vote is an issue if 2 republicans vote against because youll have a 50/49 split instead of a 50/50 split with the Vice President breaking the tie.
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post 1537852621 12-18-2017, 07:42 AM
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Originally Posted By Ten_Hearts⏩
I believe the rules are you have to be present or its recorded as a missed vote. Him missing the vote is an issue if 2 republicans vote against because youll have a 50/49 split instead of a 50/50 split with the Vice President breaking the tie.
Dammit John!

He really should step down and focused on his health/family though and it should have happened the same day he was diagnosed. I guess either scenario was likely going to cause a missed vote though.
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post 1537852871 12-18-2017, 07:46 AM
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Originally Posted By Ephedra⏩
Of course people "more well off" own businesses. But a business getting a tax cut can now hire and give raises to veteran employees. For my company, we plan to hire 20+ entry level workers in manufacturing as well as three 40k-60k sales and marketing office employees. It's a snowball effect that helps ALL people.

And we're just a "smaller" family owned business with 125 employees. I imagine the larger corporations have greater expansion plans.

Don't believe the liberal talking point that the extra money businesses receive from tax cuts just gets shoved into Dr. Evil's pockets.
You have demand for your products/services that requires an increase in your staffing level by ~20% but have not already done so because of taxes?

As a business owner myself, if tax cuts amount to anything, it will most likely be saved for rainy days or used to purchase new equipment.
post 1537853821 12-18-2017, 08:02 AM
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When my company has a good year they just do additional distributions into employee ESOP or 401ks, "rather give it to employees than pay taxes on it".

Employee owned private company with 300~ employees

We do sometimes have OT freezes and run a little light in some positions so I'm going to assume we'll make a few hires if this tax plan goes through.
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post 1537856241 12-18-2017, 08:30 AM
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Originally Posted By Seatard⏩
As a business owner myself, if tax cuts amount to anything, it will most likely be saved for rainy days or used to purchase new equipment.
You must not be in a very competitive industry or environment if that is the case. Lucky you.
post 1537857171 12-18-2017, 08:42 AM
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Originally Posted By ceizer1985⏩
The tax bill isn't that bad but stuff like this is ridiculous.

BREAKING: Sen. @JohnCornyn tells @ThisWeekABC that last-minute provision enriching @SenBobCorker & other GOP lawmakers was added to the tax bill as part of an effort to “cobble together the votes we needed to get this bill passed”https://t.co/5spNBNb8Vl
Bob Corker also declared he has not even read the tax bill he announced he is voting for.
Im not surprised. almost nobody ITT has read it either. lol
post 1537857571 12-18-2017, 08:47 AM
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Originally Posted By Ephedra⏩
Of course people "more well off" own businesses. But a business getting a tax cut can now hire and give raises to veteran employees. For my company, we plan to hire 20+ entry level workers in manufacturing as well as three 40k-60k sales and marketing office employees. It's a snowball effect that helps ALL people.

And we're just a "smaller" family owned business with 125 employees. I imagine the larger corporations have greater expansion plans.

Don't believe the liberal talking point that the extra money businesses receive from tax cuts just gets shoved into Dr. Evil's pockets.
let me get this straight.....your company cannot meet demand for a product and has withheld expansion and hiring because of the current tax structure?
post 1537858271 12-18-2017, 08:56 AM
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How many people voting on it do you think have read it? Less than 5? 1-2?

I'm pretty sure most people read the cliff notes and I would also assume most congressmen and a vast majority of senators wouldn't even understand what they're reading.
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post 1537858991 12-18-2017, 09:06 AM
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Originally Posted By QuitYourCrying⏩
You must not be in a very competitive industry or environment if that is the case. Lucky you.
Top employees in any industry know what they are worth and know they can work somewhere else if they feel the are getting screwed over.

I don't know what that has to do with corporate tax reduction though. A company would pay 0% tax if they paid every available dollar to their employees.
post 1537861621 12-18-2017, 09:36 AM
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Originally Posted By tng83⏩
It's cute how libs pretend to give a **** about deficits all of a sudden.
Wasn't it your job to give a **** about them?

Cute how you've changed your mind
post 1537862751 12-18-2017, 09:52 AM
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Originally Posted By Seatard⏩
Top employees in any industry know what they are worth and know they can work somewhere else if they feel the are getting screwed over.

I don't know what that has to do with corporate tax reduction though. A company would pay 0% tax if they paid every available dollar to their employees.
Depends...anti-poaching deals seems to be a big issue in silicone valley right now. There was the big one in 2010/2013 with Apple Google Intel Adobe. And there is another ongoing one with LG and Samsung. Its probably more common than we would like to admit even though it is illegal.

edit:

Also Disney/sony/dreamworks antipoaching case was settled earlier this year.
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post 1537862881 12-18-2017, 09:54 AM
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#165
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Originally Posted By Ten_Hearts⏩
Depends...anti-poaching deals seems to be a big issue in silicone valley right now. There was the big one in 2010/2013 with Apple Google Intel Adobe. And there is another ongoing one with LG and Samsung. Its probably more common than we would like to admit even though it is illegal.
Poaching as in head hunting is illegal?
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post 1537864071 12-18-2017, 10:07 AM
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#166
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Originally Posted By JoshSP1985⏩
Poaching as in head hunting is illegal?
Anti-poaching agreements. Basically all those companies got together and said they wouldn't hire employees from each others companies, limiting employment options and suppressing wages. I believe it violates anti-trust laws specifically.
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post 1537865131 12-18-2017, 10:18 AM
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#167
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Originally Posted By Ten_Hearts⏩
Anti-poaching agreements. Basically all those companies got together and said they wouldn't hire employees from each others companies, limiting employment options and suppressing wages. I believe it violates anti-trust laws specifically.
Oh I see didn't realize it was companies making agreements with other companies. That's playing in the same ballpark as price fixing.
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post 1537866671 12-18-2017, 10:34 AM
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#168
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I'm late to the party on this thread, but from what I'm understand, the GOP tax plan benefits me by: lowering the tax bracket I'm in, increases standard deduction, gives me more tax credits for having kids, no mandate for health insurance (this doesn't apply to me, but is nice to see), and helps my LLC out with lower tax rates.

All I've been reading about this bill is that it's a tax relief for the rich and hurts everyone else. If this is hurting me then I'm fine with it.
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post 1537866911 12-18-2017, 10:36 AM
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Originally Posted By Tyler2106⏩
I'm late to the party on this thread, but from what I'm understand, the GOP tax plan benefits me by: lowering the tax bracket I'm in, increases standard deduction, gives me more tax credits for having kids, no mandate for health insurance (this doesn't apply to me, but is nice to see), and helps my LLC out with lower tax rates.

All I've been reading about this bill is that it's a tax relief for the rich and hurts everyone else. If this is hurting me then I'm fine with it.
It actually helps everyone from what I can tell with the cost of speeding up national debt accumulation.

Actually it may cost some wealthy people in high tax states a little more.
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post 1537871931 12-18-2017, 11:29 AM
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#170
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So let em get this straight — it’s literally more money in every bodies pockets unless you make $20k a year working at McDonalds...in which you have a tax benefit anyway.

Don’t see what’s not to like about this?

Or is it the leftists believe that there should be MORE tax benefits on top of the zero taxes they pay to the poor if the middle to upper class pay less?
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post 1537873651 12-18-2017, 11:44 AM
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Originally Posted By backinbusiness⏩
So let em get this straight — it’s literally more money in every bodies pockets unless you make $20k a year working at McDonalds...in which you have a tax benefit anyway.

Don’t see what’s not to like about this?

Or is it the leftists believe that there should be MORE tax benefits on top of the zero taxes they pay to the poor if the middle to upper class pay less?
The left won't be happy unless the tax plan is if you make more than 100k a year you give 50% of your income to the poor.

Edit: Actually more like the government takes 50% of your income if you make more than 100k and the distributes it to left approved social programs.
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post 1537874591 12-18-2017, 11:49 AM
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Originally Posted By ichBinBerliner⏩
Im not surprised. almost nobody ITT has read it either. lol
Its weird that Corker flipped his vote to yes.
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post 1537877161 12-18-2017, 12:10 PM
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Originally Posted By backinbusiness⏩
So let em get this straight — it’s literally more money in every bodies pockets unless you make $20k a year working at McDonalds...in which you have a tax benefit anyway.

Don’t see what’s not to like about this?

Or is it the leftists believe that there should be MORE tax benefits on top of the zero taxes they pay to the poor if the middle to upper class pay less?
In general it is because the tax breaks for individuals are set to expire while the corporate cuts permanent. Due to the project increase to the deficit programs like medicaid and medicare will need to get cuts. So the net sum would be a loss to many individuals.

I think from my calculations with the latest tax plan I finally get about $450 back? Which honestly don't care too much about. I lose with the elimination of deductions and get back a little with revised brackets.
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post 1537878081 12-18-2017, 12:17 PM
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#174
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Originally Posted By wesleysh21⏩
Its weird that Corker flipped his vote to yes.
Word is Corker's playing the long game. Like Sec of State when Kelly fires Rex or even Potus to challenge Trump if he continues to suck as bad as he has or after if Trump miraculously gets elected like he did the first time.
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post 1537878151 12-18-2017, 12:18 PM
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#175
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Originally Posted By Ten_Hearts⏩
In general it is because the tax breaks for individuals are set to expire while the corporate cuts permanent. Due to the project increase to the deficit programs like medicaid and medicare will need to get cuts. So the net sum would be a loss to many individuals.

I think from my calculations with the latest tax plan I finally get about $450 back? Which honestly don't care too much about. I lose with the elimination of deductions and get back a little with revised brackets.
And by "elimination of deductions" I assume you are talking about the $10,000 cap to SALT deductions?
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post 1537878321 12-18-2017, 12:19 PM
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Originally Posted By wesleysh21⏩
And by "elimination of deductions" I assume you are talking about the $10,000 cap to SALT deductions?
That was factored into my calculations yes because I go over $10,000.
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post 1537878841 12-18-2017, 12:22 PM
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#177
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Originally Posted By Ten_Hearts⏩
That was factored into my calculations yes because I go over $10,000.
Okay, that's what I was asking. I've heard so many "versions" of things I just wanted to be sure I didn't miss something.
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post 1537879011 12-18-2017, 12:24 PM
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#178
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I know you guys are waiting to hear what the impact of this will be on my taxes since I'm exactly the kind of person who should be hurt due to high income (not millionaire) and high cost of living state.
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post 1537879621 12-18-2017, 12:29 PM
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Originally Posted By wesleysh21⏩
Okay, that's what I was asking. I've heard so many "versions" of things I just wanted to be sure I didn't miss something.
Yea it got better for me in the most recent version. Maryland is comparatively a high tax state. Between my local and state taxes on income is close to 8% and another 4000 in property taxes. I earn about 100,000.
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post 1537879801 12-18-2017, 12:31 PM
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Originally Posted By SillieBazzillie⏩
I know you guys are waiting to hear what the impact of this will be on my taxes since I'm exactly the kind of person who should be hurt due to high income (not millionaire) and high cost of living state.
I'm just glad I didn't stay in Michigan. I remember looking at house out in Holt, and a $200k house had $5k worth of property taxes. The schools were awesome, but damn. And that was in the mid-2000s. I'm not sure what it is now.
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