U.S. Senate approves major tax cuts in victory for Trump

[lannarebirth]

1 hour ago, Skeptic7 said:

If you're spending $200 on a tax preparer, then you must have a lot of deductions and you can kiss those goodbye. Tax software and doing one's own taxes was the easiest way to save on tax filing. 

 

Save $200 on tax preparer...lose hundreds more on loss of itemized deductions. 

You've got to have a pretty simple return to not lose money using software rather than an experienced tax preparer/accountant.

[Stargeezr]

If you are not a rich American, you better join the military, that way at least you have a medical coverage , and are fed every day.  Good luck to all of you.

Geezer

[Skeptic7]

8 hours ago, lannarebirth said:

You've got to have a pretty simple return to not lose money using software rather than an experienced tax preparer/accountant.

Nonsense. Most people are just too lazy and take the easy way...which is fine and totally understandable. I have always paid someone to do home repairs and car maintenance, but have always done my own taxes.

 

Anyone of average intelligence (and the desire) can do their personal return, regardless of complexity, with accuracy and maximized results. 

[lannarebirth]

4 minutes ago, Skeptic7 said:

Nonsense. Most people are just too lazy and take the easy way...which is fine and totally understandable. I have always paid someone to do home repairs and car maintenance, but have always done my own taxes.

 

Anyone of average intelligence (and the desire) can do their personal return, regardless of complexity, with accuracy and maximized results. 

 

Yeah, you can do it yourself. I said don't use the software for dummies. Especially if you have to depreciate something or recapture a depreciation. It doesn't ask the right questions to give you the right output values.

[pegman]

4 hours ago, Stargrazer9889 said:

If you are not a rich American, you better join the military, that way at least you have a medical coverage , and are fed every day.  Good luck to all of you.

Geezer

Spot on Geezer. Plus a pension and free air travel.

[ilostmypassword]

Once again time to trot out the old chestnut about the guy who is convicted of killing his parents and then throws himself on the mercy of the court because he's an orphan:

"During the Senate debate over the Tax Cuts and Jobs Act, Senator Orrin Hatch was challenged over support for the Children’s Health Insurance Program, which covers nine million U.S. children — but whose funding lapsed two months ago, and has not been renewed. Hatch declared his support for the program, but insisted that “the reason CHIP’s having trouble is because we don’t have money anymore” — just before voting for a trillion-and-a-half-dollar tax cut that will deliver the bulk of its benefits to the richest few percent of the population."

 

https://www.nytimes.com/2017/12/04/opinion/republican-tax-bill-benefits.html

Edited December 5, 2017 by ilostmypassword

[Mac98]

On 12/2/2017 at 2:43 PM, lannarebirth said:

 

I don't think they got rid of the estate tax I think it was raised from 5.** million to 11.** million which it would have gotten to soon anyhow. Probably ought to be somewhere between those two figures.

It's $22,000,000 for a couple.

[lannarebirth]

3 hours ago, Mac98 said:

It's $22,000,000 for a couple.

 

Quote

'Only morons pay the estate tax,' says White House's Gary Cohn

 

Much like the rest of the false US economy, the impediment is put in place and then you spend to get around the impediment.

[ilostmypassword]

48 minutes ago, lannarebirth said:

 

 

Much like the rest of the false US economy, the impediment is put in place and then you spend to get around the impediment.

Yes, those terrible impediments called taxes.

[lannarebirth]

9 hours ago, ilostmypassword said:

Yes, those terrible impediments called taxes.

Some taxes were created at the same time the mechanism that allows you to avoid those taxes were. I just hate to see the US go the way of the UK whose chief industry dodgy investment "products" , money laundering and tax avoidance.

Edited December 6, 2017 by lannarebirth

[Gecko123]

On ‎3‎/‎12‎/‎2560 at 9:01 AM, Berkshire said:

You Trump guys continue to vote against your own self-interest.  After a few years when it's clear that economic growth is not nearly enough to offset the deficit, how is the US gov going to pay for all these tax cuts?  One word--entitlements.  We're talking social security, medicare, federal/military pension, etc., all getting cut.  I hope you guys have a big nestegg. 

It really is astounding how clueless Trump's base of supporters are about the implications of this deficit funded tax give away for the rich. Part of this is understandable because tax policy is difficult for average citizens to grasp, and so much of this legislation was rushed through at breakneck speed that no one really had time to understand its implications. But I am also beginning to suspect that many of Trump's supporters are content as long as the guy in the Oval office looks like them, and, never imagining that the wolf will soon be at their door, don't  mind if people lower on lower down economic rungs suffer because it makes them feel like they are comparatively better off.

 

When they wake up to the fallacy of this thinking, and realize that they too are being shoved down the ladder, there are going to be an awful lot of angry Trump supporters out there, along with already completely alientated Democratic voters. I am praying that they come to their senses before the upcoming mid-term elections and put a stop to this madness.

 

 

Edited December 6, 2017 by Gecko123

[wayned]

If Trump really believed that the new tax bill doesn't benefit the rich, he should release his 2016 tax return and give it to an independent accounting firm and have them apply the new tax measures and recalculate it.  That would certainly prove what he is saying if it were true but he knows that it isn't as the 31 million dollars that he had to pay as a minimum for his income bracket magically has been eliminated!

[pegman]

On December 6, 2017 at 4:23 PM, wayned said:

If Trump really believed that the new tax bill doesn't benefit the rich, he should release his 2016 tax return and give it to an independent accounting firm and have them apply the new tax measures and recalculate it.  That would certainly prove what he is saying if it were true but he knows that it isn't as the 31 million dollars that he had to pay as a minimum for his income bracket magically has been eliminated!

Appearently his supporters admire his lying.

[wayned]

In addition, the changes to the taxes on "pass -through" income were to change but that also has mysteriously disappeared.

[craigt3365]

Trump supporters need to read news sources other than Fox.

 

https://www.cnbc.com/2017/12/01/heres-how-trump-stands-to-benefit-from-the-republican-tax-bill.html

Here's how Trump stands to benefit from the Republican tax bill

• Republicans have worked hard to sell their tax reform bill as a middle-class tax cut. But President Donald Trump stands to gain hundreds of millions of dollars from provisions likely to end up in the bill.
• Eliminating the alternative minimum tax, capping the tax rate on pass-through income and abolishing the estate tax would all likely boost the Trump family's bottom line.
• Still, Trump told the public this week that the bill "is going to cost me a fortune."

[riclag]

This  is my take this is ideology 101 . More social programs,more government/more taxes . 

Dems are for more taxes .GOP for less.Take what you want it isn't perfect.

https://www.bloomberg.com/news/articles/2017-12-05/-death-to-democrats-how-the-gop-tax-bill-whacks-liberal-tenets

 

Another take away is the Obamacare mandate(charging a penalty in disguise of a tax for not having insurance),.Being forced to pay for  Government  sponsored Medical Insurance is wrong.

 

Taking away the state local tax deduction will effect the higher middle class and up tax payers.This will effect those states that have a high tax base like California,New York,NewJersey Massachusetts etc.

They aren't touching the Social Security entitlements that's a good thing. 

[EVENKEEL]

On ‎12‎/‎2‎/‎2017 at 6:01 PM, Berkshire said:

You Trump guys continue to vote against your own self-interest.  After a few years when it's clear that economic growth is not nearly enough to offset the deficit, how is the US gov going to pay for all these tax cuts?  One word--entitlements.  We're talking social security, medicare, federal/military pension, etc., all getting cut.  I hope you guys have a big nestegg. 

I have some. It was never my intention to totally rely on Uncle SAM in my retirement years.

[EVENKEEL]

On ‎12‎/‎3‎/‎2017 at 3:26 PM, pegman said:

"Nest Egg"? Who needs a nest egg? They have guns and their bible. Let the super rich have all the money it's the new social contract there. Sprinkle in some cheap talk about the "American Dream" plus liberal dashes of race baiting and all's good. While these nit wits are bamboozled by Trump's lies about how he will be paying more tax truth is he will be making out like a bandit. Meanwhile the average/median adult in most industrial countries are a mile ahead of Yanks in terms of wealth.

Median Wealth in US$

USA.          $45k

Aust.          $220k

Italy.           $138k

UK.              $112k

https://en.m.wikipedia.org/wiki/List_of_countries_by_wealth_per_adult

 

Explain what is meant by wealth.

[ilostmypassword]

37 minutes ago, riclag said:

This  is my take this is ideology 101 . More social programs,more government/more taxes . 

Dems are for more taxes .GOP for less.Take what you want it isn't perfect.

https://www.bloomberg.com/news/articles/2017-12-05/-death-to-democrats-how-the-gop-tax-bill-whacks-liberal-tenets

 

Another take away is the Obamacare mandate(charging a penalty in disguise of a tax for not having insurance),.Being forced to pay for  Government  sponsored Medical Insurance is wrong.

 

Taking away the state local tax deduction will effect the higher middle class and up tax payers.This will effect those states that have a high tax base like California,New York,NewJersey Massachusetts etc.

They aren't touching the Social Security entitlements that's a good thing. 

Really? Look up "chained inflation rate."

..

"The new tax proposal would replace the current CPI, which is based on changes in prices for urban consumers, with a new version called the chained consumer price index. Various estimates conclude this new measure would lower reported inflation, which is already lower than it actually is, by as much as 0.30 percent a year. 1

But this yardstick would do something else: It would allow Congress to come up with about half of the funds needed to cover the proposed GOP tax cuts by pushing more people into higher tax brackets and potentially creating a hidden tax on everyone who will ever get Social Security in the future.

https://www.bloomberg.com/view/articles/2017-11-30/there-s-an-increase-hiding-in-the-republican-tax-cuts

 

 

 

[Berkshire]

7 hours ago, EVENKEEL said:

I have some. It was never my intention to totally rely on Uncle SAM in my retirement years.

It's ok for the corporations and filthy rich to benefit, but for the retired middle class, not so much.  Yeah, that makes a lot of sense. 

[Jingthing]

Moronic tax bill from an even more moronic troll clown president.

 

 

"The economy is on a sugar high, and tax cuts won’t help

 

 

 The approaching end of President Trump’s first year in office, another strong employment report and a still-strong stock market make it appropriate to revisit my year-old judgment that the economy is enjoying a “sugar high.” Unfortunately, the best available evidence suggests that signs of current market and economic strength are largely unrelated to government policy, that the drivers of this year’s economic strength are likely transient and that the structural foundation of the U.S. economy is weakening. Sugar high remains the right diagnosis, and tax cuts are very much the wrong prescription."

https://www.washingtonpost.com/opinions/the-economy-is-on-a-sugar-high-and-tax-cuts-wont-help/2017/12/10/6d365950-dc51-11e7-b859-fb0995360725_story.html

 

 

 

 

 

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

 

 

 

 

 

 

[Jsinbkk]

38 minutes ago, Berkshire said:

It's ok for the corporations and filthy rich to benefit, but for the retired middle class, not so much.  Yeah, that makes a lot of sense. 

Corporations do not pay corporate tax, thier customers, employees, and bond and stockholders do. 

 

In your example, retired middle class could well benefit. Prices of goods and services will be lower due to less expensive inputs. Also retired middle class are big holders of Fortune 500 stocks and bonds. These dividend payments will be higher. 

 

Basic economics really

[Jsinbkk]

1 hour ago, Jingthing said:

Moronic tax bill from an even more moronic troll clown president.

 

 

"The economy is on a sugar high, and tax cuts won’t help

 

 

 The approaching end of President Trump’s first year in office, another strong employment report and a still-strong stock market make it appropriate to revisit my year-old judgment that the economy is enjoying a “sugar high.” Unfortunately, the best available evidence suggests that signs of current market and economic strength are largely unrelated to government policy, that the drivers of this year’s economic strength are likely transient and that the structural foundation of the U.S. economy is weakening. Sugar high remains the right diagnosis, and tax cuts are very much the wrong prescription."

https://www.washingtonpost.com/opinions/the-economy-is-on-a-sugar-high-and-tax-cuts-wont-help/2017/12/10/6d365950-dc51-11e7-b859-fb0995360725_story.html

 

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

No, the stock market anticipates. It does not reflect now. 

 

When the market decided Obama would win in 2008, it crashed

 

when it was suprised by the Trump victory, it boomed

[ilostmypassword]

11 minutes ago, Jsinbkk said:

No, the stock market anticipates. It does not reflect now. 

 

When the market decided Obama would win in 2008, it crashed

 

when it was suprised by the Trump victory, it boomed

what nonsense. Obama took office during the worst economic crisis since the Great Depression. Do you really believe stock markets are going to rally in the face of that?

As for the stock market rise now..well naturally since taxes will be slashed dividends will be higher. That, and most likely as in the case of the Bush tax cuts, repatrieated money will be used to buy back stocks. thus raising their price. What won't happen with all that money is greater investment. There is no shortage of liquidity now. Most likely, those funds will go to create bubbles, as happened during the bush years.

Edited December 11, 2017 by ilostmypassword

[ilostmypassword]

7 hours ago, EVENKEEL said:

Explain what is meant by wealth.

net assets including cash.

[Jingthing]

No, the stock market anticipates. It does not reflect now. 
 
When the market decided Obama would win in 2008, it crashed
 
when it was suprised by the Trump victory, it boomed

What you said had nothing to do with what the article was about.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[ilostmypassword]

34 minutes ago, Jsinbkk said:

 

Also retired middle class are big holders of Fortune 500 stocks and bonds. These dividend payments will be higher. 

 

Basic economics really

Really? 82 percent of stocks are held by the top 10 percent.

And as for net worth? The big majority of most Americans net worth is in home equity. Not stocks.

http://uk.businessinsider.com/heres-the-average-net-worth-of-americans-at-every-age-2017-6?r=US&IR=T

[lannarebirth]

1 hour ago, ilostmypassword said:

what nonsense. Obama took office during the worst economic crisis since the Great Depression. Do you really believe stock markets are going to rally in the face of that?

As for the stock market rise now..well naturally since taxes will be slashed dividends will be higher. That, and most likely as in the case of the Bush tax cuts, repatrieated money will be used to buy back stocks. thus raising their price. What won't happen with all that money is greater investment. There is no shortage of liquidity now. Most likely, those funds will go to create bubbles, as happened during the bush years.

Markets rally in economic downturns when the cost of entering the market gets low enough to justify the risk versus the promise of a reward. The "blood in the streets" cliche.

[lannarebirth]

1 hour ago, ilostmypassword said:

net assets including cash.

I suspect if your list excluded home equity as a networth calculation the US would be much higher on the list.

[EVENKEEL]

8 hours ago, ilostmypassword said:

net assets including cash.

In that case, what is your estimate of the average male retiree's net assets in the USA.