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The way I understood it was that if you purchased a $501k shack in CA, you can't deduct the interest IF this tax proposal is signed.
Really, their tax level doesn't change and they lose the ability to deduct all their property taxes?
No, it's up to $500K loan amount. So if you bought a house in CA for $626,250, put 20% down, and financed $501K, you would get the interest deduction up to the $500K loan amount.
How about backing that up. You guys are long on the hyperbole but short on defending your bullshit with proof.
The fact that the NAR hates this plan is enough for me to like it.
The fact that the NAR hates this plan is enough for me to like it.
I was reading through the tax plan and as soon as I found out that the NAR is in an uproar over this, I was overcome with relief that maybe it's not such a bad plan after all!
Does anyone care to take a stab at this:
How does the corporate tax dropping from 35% to 20% affect the middle class?
How does the corporate tax dropping from 35% to 20% affect the middle class?
Does anyone care to take a stab at this:
How does the corporate tax dropping from 35% to 20% affect the middle class?
BayArea saysDoes anyone care to take a stab at this:
How does the corporate tax dropping from 35% to 20% affect the middle class?
Dropping the corporate tax rate from 35% to 20% is a significant drop. It will boost corporate investment into new factories, research etc, provide jobs and make us more competitive with the rest of the world.
Dropping the corporate tax rate from 35% to 20% is a significant drop. It will boost corporate investment into new factories, research etc, provide jobs and make us more competitive with the rest of the world. Even foreign corporations will invest more in the US.
A business can only split the "pie" in so many ways. By reducing it's tax burden, it frees up capital for use in other areas like, hiring new employees, higher wages, better benefits, newer infrastructure and equipment, offer new products, buy in bulk to save money, etc.
That's how it works at Apple and Google right?
It will boost corporate investment into new factories, research etc, provide jobs
Is Apple and Google the only companies in the country?
The children here that go to work all day to run in their hampster wheels don't understand how a business runs. A business can only split the "pie" in so many ways. By reducing it's tax burden, it frees up capital for use in other areas like, hiring new employees, higher wages, better benefits, newer infrastructure and equipment, offer new products, buy in bulk to save money, etc.
I know what some of these knuckleheads will come back and say "that tax savings will only go into the owner's pocket". Ready in 5, 4, 3, ...
. By reducing it's tax burden, it frees up capital for use in other areas like, hiring new employees, higher wages, better benefits, newer infrastructure and equipment, offer new products, buy in bulk to save money, etc.
Actual business owners know that you hire when, by hiring, you can produce more product, generate more revenue, and ultimately more profits
However this will help prevent inversions-no one will change their base to say London or Ireland to take advantage of taxes. Also without the tax shenannigans and the territorial tax system, corporates can bring their money in without worry about the high taxes here. If you are doing your business in low cost countries, you can't bring it here as it will be taxed at the 35% rate-minus expenses and tax paid there.
Now at 20% I doubt many companies will worry and it will allow companies like say Apple to bring 10s of billions back to America. It could-theoretically-add trillions.
Most middle class will get a cut
They may just double the exemption to say 20k for state and property taxes-at which point there will be very few that will be impacted. Well except IL and maybe NJ.
All it does is rob the US government of a LOT of revenue.
IL and NJ are bad, but you'd be surprised at how high property taxes are in a lot of states.
https://www.usatoday.com/story/money/personalfinance/2015/03/21/cheat-sheet-high-property-taxes/24990145/
IL only ranks 6th on this list of the worst states for property taxe
That was in 2015, now iL is no 1. TX has high property taxes-but no state income taxes, so ok. YOu can't have both.Again why can't IL cut. Why can't they cut their govt villages and entities by half and cut staff by half-at least admin staff??
That is not robbing. Bringing people from abroad as refugees and giving them free money is robbing. This is just taking less money-entitlement mentality has run amok. There is another path-cuts to govt, to say the DEA, military. You cna cut 300-500 billion a year in gubmnt.
However this will help prevent inversions-no one will change their base to say London or Ireland to take advantage of taxes.
Actual business owners know that you hire when, by hiring, you can produce more product, generate more revenue, and ultimately more profits.
And what does lower tax rates do for the bottom line???? "ultimately more profits."
Joey, you really should not be posting until you finish your coffee.
joeyjojojunior saysActual business owners know that you hire when, by hiring, you can produce more product, generate more revenue, and ultimately more profits.
And what does lower tax rates do for the bottom line???? "ultimately more profits."
Sniper says. By reducing it's tax burden, it frees up capital for use in other areas like, hiring new employees, higher wages, better benefits, newer infrastructure and equipment, offer new products, buy in bulk to save money, etc.
Corporations have record profits and record amounts of money in the bank for " hiring new employees, higher wages, better benefits, newer infrastructure and equipment, offer new products, buy in bulk to save money, etc." already.
Don't let facts screw you up.
Each new project is determined on it's own merit. If there is not enough profit, projects will get shelved and end up in Mexico.
But don't let facts screw you up.
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Here are the most notable changes:
- Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35%; keeps tax rate for those making over $1 million at 39.6%
- Increases the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.
- Establishing a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600
- Preserving the Child and Dependent Care Tax Credit
- Preserves the Earned Income Tax Credit
- Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000, half the current $1,000,000
- Continues to allow people to write off the cost of state and local property taxes up to $10,000
- Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts
- Repeals the Alternative Minimum Tax
- Lowers the corporate tax rate to 20% – down from 35%
- Reduces the tax rate on business income to no more than 25%
- Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income
- Allows businesses to immediately write off the full cost of new equipment
- Retains the low-income housing tax credit
A key issue will be the treatment of the state and local tax deduction, which lawmakers are proposing to cap at $10,000.
The bill also “makes no changes to the popular retirement savings options that Americans have today — including 401(k)’s and Individual Retirement Accounts, or I.R.A.s. Americans will be able to continuing making both traditional, pretax contributions and ‘Roth’ contributions in the way that works best for them.”
http://www.zerohedge.com/news/2017-11-02/gop-tax-plan-talking-point-highlights-released
#economics