patrick.net

Don't like my numbers.

Thanks. I get less money taken at gunpoint. Awesome!

2300-2500 less in federal income tax. Exactly what I posted in an earlier thread where the lefties were busy crying how this plan doesn’t benefit anyone but corporations.

Saves me 2200-2300$

I'll lose between $250 and $500 depending on the bill version. Motherfuckers.

Any CA residents ‘benefiting’ from this scam?

Why not donate the entire balance of the tax bill to a Soros foundation and hope the coup will come soon.

anon_5e6f4 says

Any CA residents ‘benefiting’ from this scam?

Why not donate the entire balance of the tax bill to a Soros foundation and hope the coup will come soon.

Me. And it’s not a scam.

HEYYOU says

KimJongUn says

I'll lose between $250 and $500 depending on the bill version. Motherfuckers.

That's an insult to Motherfuckers! lol

REPUBLICANS RAISE TAXES!
Do you know who your enemy is?
The fun part will be when some Republican voters realize they will have to pay more taxes.

I've been listening to the stupid Democrats on C-SPAN2. They need some cheese with their WHINE.
It would be great if the stupid Dems had a chart:
"Republican with listed incomes will pay this much more in taxes."
HEYYOU will over complicate stuff.

A single placard: "BOYCOTT ALL REPUBLICAN BUSINESSES."
Democrats talk about working across the isle & compromise.
DIE! DEMOCRATS! NOW! You've given America to Republicans.

I know my enemies.

If you can’t itemize(most people) or itemize enough, and work full time , you will come out ahead under Trumps tax plan.

KimJongUn says

Don't like my numbers.

Me neither, something doesn't add up. It claims a $4400 savings, I don't believe it.

Fucking White Male says

HEYYOU says

KimJongUn says

I'll lose between $250 and $500 depending on the bill version. Motherfuckers.

That's an insult to Motherfuckers! lol

REPUBLICANS RAISE TAXES!
Do you know who your enemy is?

I know who my enemy is: my one-time cost of Prop30 getting into effect (retro-fucking-actively) was $12K.

Is this calculator correct 2k in savings is a big jump?

In CA.

I lose over $3200 according this calculator if the Senate Plan is introduced, and I am Middle Class.

Sniper says

Fucking White Male says

If you can’t itemize(most people) or itemize enough, and work full time , you will come out ahead under Trumps tax plan.

That's what the majority of whiners don't get. With the increased standard deduction, many people will come out ahead. For renters, who don't have the MID, it's a big win for them.

I care about me and mine first and about "many people" later. This bill adds to my (already crushing) tax burden so I have no reason to celebrate.

Steve Mnuchin. FYI, he's Jewish and an elite banker. Just pointing out that many Jewish people are elite bankers. I would say that so many are so, that the ratio of Jewish elite bankers to non-Jewish elite bankers might be pretty skewed in one direction. There seems to be a similar pattern in the media industry. Hmmm. Maybe there's nothing to that, but maybe Jewish people are potentially "privileged" people? Maybe "Jewish Privilege" should be a thing? I don't know. Chew on that a bit.

Anyway, this guy has clearly admitted that the tax plan is weaponized against places like California, meaning that the expectation of the people getting fucked over by this tax plan (I am one of them) should complain to their state government to lower their tax rates.

[uncontrollable sad laughter ensues]

NewOldUser says

I lose over $3200 according this calculator if the Senate Plan is introduced, and I am Middle Class.

Shouldn’t have bought such an expensive house. Don’t worry, the amount you pay in interest goes down each year. so You would have a reduced amount to itemize each year anyway.

Under the house plan, I get back another (approx.) 4K -
under the senate plan, I pay another (approx.) 4K.

Hmmm.

Under either the House or the Senate plan, I'm about $4K better off than now.

Saving close to 5k.

For all the renters here: you do realize that your gains can now be freely converted into rent increases by your landlords, right?

NewOldUser says

For all the renters here: you do realize that your gains can now be freely converted into rent increases by your landlords, right?

Jesus, all the nuance in this shit. I didn't even think of it that way.

I am a decent couple of grand better. Lets see how it handles my two proeprties-this year is the first I will have depreciation, expenses etc. So much for the liberal crap-why do liberals-oh wait.

NewOldUser says

For all the renters here: you do realize that your gains can now be freely converted into rent increases by your landlords, right?

Landlords can only raise rents to what the market will bear.

BorderPatrol says

Fucking White Male says

If you can’t itemize(most people) or itemize enough, and work full time , you will come out ahead under Trumps tax plan.

no. if you are in CA and have been itemizing, you'll pay more.

you are only taking $2-3K back because you use the increased standard deduction, people who itemize do not get this. yet they are still screwed over SALT deductions.

now if you compare yourself to someone living in low/no state income taxes such as NV and TX, you pay $2-3K more than they do. so yes you are still screwed, just not as bad as those who itemize.

It doesn't matter. Itemizations and deductions are crony capitalism in the first place, no matter whether it is for a home-owner, a teacher supply or a private jet. The fewer special deductions the fairer the tax code becomes. Everybody should get the standard deduction or no deduction at all.

mell says

Everybody should get the standard deduction or no deduction at all.

itemizing is still allowed so apparently the IRS disagrees with you and you socialist ideology.

although after re-thinking, what i said regarding the itemizing vs using standard deduction was incorrect. that doesn't matter.

what matters, or what decides who gets screwed actually depends on how big their SALT are.

BorderPatrol says

mell says

Everybody should get the standard deduction or no deduction at all.

itemizing is still allowed so apparently the IRS disagrees with you and you socialist ideology.

It's not socialist. The opposite is socialist, having itemizations benefitting some at the expense of others, That is socialism. No deduction at all or the same standard deduction for everybody only levels the playing field and upholds equal opportunity without fostering bubbles. There are absolutely zero reasons except for crony capitalism / socialism to allow a homeowner to deduct mortgage interest for their homes but not to allow a stock investor to deduct their margin interest. Or a piano collector to deduct their interest from debt accrued from buying pianos.

Looks like my kids come through to save me a little money. I’m about $500 ahead with the plans. Otherwise the plans would cost me money. Thank God for the child tax credits!

"Fairness" is a horrible standard to use when designing a tax plan. It's completely subjective and ones' interpretation of what is "fair" will vary widely from person to person.

A tax plan should be designed to reward the type of behavior that helps the economy and penalizes the types of behavior that harm the economy.

eg, reward hard work, penalize rent seeking.

I'd break even while my parents would eventually lose out due to medicare cuts, and the country would slide further into debt. I made a thread a while back asking why it wouldn't be better to reform and cut corporate taxes. The majority on this board were against such an idea. Couple it with a modest tax cut and shell game (rearranging the chairs) on the middle class, and suddenly, Trump fans approve. It ought to be coupled with an increase in taxes on investment income, since individuals are the ones who actually benefit from profit. That way, the corporations would bring the money back to the States, but it would be taxed appropriately.

anon_8f378 says

"Fairness" is a horrible standard to use when designing a tax plan. It's completely subjective and ones' interpretation of what is "fair" will vary widely from person to person.

A tax plan should be designed to reward the type of behavior that helps the economy and penalizes the types of behavior that harm the economy.

eg, reward hard work, penalize rent seeking.

No it's not to reward anything as this leads to crony capitalism, lobbyism and bubbles. It simply should take the absolute lowest amount of taxes from everybody. The point about rent seeking is well taken, but it currently is prevalent exactly because of the deductions.

Sniper says

Fucking White Male says

NewOldUser says

For all the renters here: you do realize that your gains can now be freely converted into rent increases by your landlords, right?

Landlords can only raise rents to what the market will bear.

So if all the tenants have additional free cash, why won't they go after it?

They will in markets that are under built.

However, in most places, landlords will still be competing against other landlords. When rents go high enough, buildings go up(Look at Downtown LA once average rents crossed the $2k per month threshhold....buildings are going up and it just wont stop).

mell says

anon_8f378 says

"Fairness" is a horrible standard to use when designing a tax plan. It's completely subjective and ones' interpretation of what is "fair" will vary widely from person to person.

A tax plan should be designed to reward the type of behavior that helps the economy and penalizes the types of behavior that harm the economy.

eg, reward hard work, penalize rent seeking.

No it's not to reward anything as this leads to crony capitalism, lobbyism and bubbles. It simply should take the absolute lowest amount of taxes from everybody. The point about rent seeking is well taken, but it currently is prevalent exactly because of the deductions.

Its gross really.

A "landlord" could buy a bank owned property cash for a huge discount(and lets assume its in non livable condition). Said landlord could deem market rent to be $2000 per month and let the property just sit, vacant. Maybe run a craigslist ad and just not respond to any inquiries. $24,000 tax deduction off their personal federal tax liability each year. Assuming the 25% tax bracket, thats an actual $6K per year less taxes paid by that person.

mell says

No it's not to reward anything as this leads to crony capitalism, lobbyism and bubbles. It simply should take the absolute lowest amount of taxes from everybody. The point about rent seeking is well taken, but it currently is prevalent exactly because of the deductions.

Lowest taxes for everyone is a meaningless statement. We're talking about how to structure the tax plan to generate the needed revenue, whatever that number is.

Fiscal policy absolutely needs to be structured in a way to offset and control some of the less desirable natural features of capitalism.

KimJongUn says

Fucking White Male says

HEYYOU says

KimJongUn says

I'll lose between $250 and $500 depending on the bill version. Motherfuckers.

That's an insult to Motherfuckers! lol

REPUBLICANS RAISE TAXES!
Do you know who your enemy is?

I know who my enemy is: my one-time cost of Prop30 getting into effect (retro-fucking-actively) was $12K.

Prop 30 won by about 1.5 million votes, majority voted for it, so residents of california must accept if they choose to live here. Moreover, this increase basically only targets millionaires in a serious way. Previously everyone paid 9.3% max marginal unless they were millionaires when they paid 10.3% marginal. Now, people pay as follows:

Proposition 30 instituted the following changes:

Raised California’s sales tax to 7.5 percent from 7.25 percent, a 3.45 percent increase over the previous policy, between January 1, 2013 and December 31, 2016. (Under the Brown Tax Hike, the sales tax would have increased to 7.75 percent.)[3][4]
Created four high-income tax brackets for taxpayers with taxable incomes exceeding $250,000, $300,000, $500,000 and $1,000,000. This increased tax was set to be in effect for seven years.[3][5][6]
Imposed a 10.3 percent tax rate on taxable income over $250,000 but less than $300,000—an increase of 10.6 percent over the previous policy of 9.3 percent. The 10.3 percent income tax rate was previously paid only by taxpayers with over $1 million in taxable income.[7]
Imposed an 11.3 percent tax rate on taxable income over $300,000 but less than $500,000—an increase of 21.5 percent over the previous policy of 9.3 percent.
Imposed a 12.3 percent tax rate on taxable income over $500,000 up to $1,000,000—an increase of 32.26 percent over the previous policy of 9.3 percent.
Imposed a 13.3 percent tax rate on taxable income over $1,000,000—an increase of 29.13 percent over the previous "millionaires tax" policy of 10.3 percent.
Since this proposition was passed in November 2012, the income tax applied retroactively to all income earned or received after January 1, 2012.
Based on California Franchise Tax Board data for 2009, the additional income tax was imposed on the top 3 percent of California taxpayers.[8]

Also, no single household making under 250K or married filing with joint household under 500K is affected. If these people are as ballers as they act that they are they can easily afford this increase. It's funny these people sometimes act all cheapskate and complain about gas tax when it probably won't cost them more that $1 per day. For gods sakes, stinginess is not a virtue, it's not like they are check to checking living under the fence.

anon_bb95f says

If these people are as ballers as they act that they are they can easily afford this increase. It's funny these people sometimes act all cheapskate and complain about gas tax when it probably won't cost them more that $1 per day. For gods sakes, stinginess is not a virtue, it's not like they are check to checking living under the fence.

Would love to know who you are, as this is a HORRIBLE argument for your position, usually only put forward by government staffers.

anon_bb95f says

Also, no single household making under 250K or married filing with joint household under 500K is affected.

The calculator disagrees.

Fucking White Male says

anon_bb95f says

If these people are as ballers as they act that they are they can easily afford this increase. It's funny these people sometimes act all cheapskate and complain about gas tax when it probably won't cost them more that $1 per day. For gods sakes, stinginess is not a virtue, it's not like they are check to checking living under the fence.

Would love to know who you are, as this is a HORRIBLE argument for your position, usually only put forward by government staffers.

I work in private sector. I do however strongly believe in unions, both private and public. Essentially, whoever benefits from prop 30 tax increase benefits so more that the taxpayer who is "hurt" by this increase. These people who have to pay more under prop 30 make lots of money, they won't even feel it. Meanwhile these increases can fund lots of government jobs that help our society. Also, if you notice the usual suspects aka Jarvis Foundation opposed this plan...that tells us all that we need to know.

anon_bb95f says

Meanwhile these increases can fund lots of government jobs that help our society.

Help how? CA schools are shittiest in the nation despite all the money poured into them.

anon_bb95f says

Fucking White Male says

anon_bb95f says

If these people are as ballers as they act that they are they can easily afford this increase. It's funny these people sometimes act all cheapskate and complain about gas tax when it probably won't cost them more that $1 per day. For gods sakes, stinginess is not a virtue, it's not like they are check to checking living under the fence.

Would love to know who you are, as this is a HORRIBLE argument for your position, usually only put forward by government staffers.

I work in private sector. I do however strongly believe in unions, both private and public. Essentially, whoever benefits from prop 30 tax increase benefits so more that the taxpayer who is "hurt" by this increase. These people who have to pay more under prop 30 make lots of money, the...

Wow.

KimJongUn says

The calculator disagrees.

That stat about 250K/500K was only about california Prop 30. Regarding Trump's tax plan - it's clear that he and his apparatchiks are trying to punish "lexus liberals" who live primarily in CA and New York/Jersey. However, there will be serious collateral damage among wealthy core republicans especially those who live in orange county. Talk about irony - they primarily voted for him hoping for a tax cut only to be slammed with a tax increase....