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Discussion Topic: Lag Time Topic: New Tax Bill
Jason L. Jackson added to this discussion on December 24, 2017

You are a brave man for starting this topic, or a fool, I'm not sure which.

My thought is that I stand to potentially benefit as the owner of a pass through which has decent income, but I am still against it. Too much debt is created, which doesn't bother me, but I don't want to see giant cuts from programs which help the less fortunate, such as Medicaid, Social Security, and Welfare program.

Our president stood in front of everyone and said that he wasn't going to benefit and his friends hated him for this bill, and then sat at Mar-A-Lago the other day and told them all how much richer they were going to be.

I have no idea where the income for the billion dollars in infrastructure improvements we were promised is going to come from, but I'm fearful that it will never happen.



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Discussion Topic: Lag Time Topic: New Tax Bill
Justin Hayes added to this discussion on December 24, 2017

I’m just interested in hearing how each one thinks it will impact them individually (such as Mr. Brisket)?



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Discussion Topic: Lag Time Topic: New Tax Bill
Brady Hiatt added to this discussion on December 24, 2017

No clue. My wife and I are teqchers so we don't get affected personally too many ch one way or the other. On a theory note, I like people keeping more than fntheir earned money so they could donwith it as they like.

I’d personally like to make the entire tax code 1 pg long.


Only thing more confusing and frustrating than politics / taxes / gov’t is decidingnif something is or isn’t a catch in the NFL. 🤪



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Discussion Topic: Lag Time Topic: New Tax Bill
Reed Vetovitz added to this discussion on December 24, 2017

I get a significant amount of income from investments in US corporations, so I'll benefit. However, I think it's a bad law because it will jack up the national deficit/debt while cutting taxes for corporations and wealthy individuals that don't need the tax relief. We are running up debt that our children and grandchildren will have to pay for.



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Discussion Topic: Lag Time Topic: New Tax Bill
Brady Hiatt added to this discussion on December 25, 2017

Quote from Reed Vetovitz's post:

"I get a significant amount of income from investments in US corporations, so I'll benefit. However, I think it's a bad law because it will jack up the national deficit/debt while cutting taxes for corporations and wealthy individuals that don't need the tax relief. We are running up debt that our children and grandchildren will have to pay for."



Reed, it’s already well beyond that - 10 years ago. Now we are into 3 or 4 greats.



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Discussion Topic: Lag Time Topic: New Tax Bill
Mike Holman added to this discussion on December 25, 2017

Biggest benefit of individual tax cuts and credits will be to middle class families with children. Have run the numbers a family of four with a standard deduction, this family will have a $4K tax benefit in large part due to the child tax credit. That is huge for someone that is struggling to make ends meet. Know a family of six that will have about $6K benefit (I assume about $100K in income). I am concerned about the deficit, but will wait an see if growth kicks in. If growth kicks in per the Laffer curve, then the cost of the tax bill will be reduced greatly. Remember that growth in GDP translates into greater revenue. The biggest boost from the tax bill will be for corporations, both large and small. The 21% tax rate will take taxes largely out of consideration in deciding in which country to locate. You can expect the savings to translate into growth of capital assets. Fueling this growth will be the provisions permitting the immediate expensing of capital assets. This immediate expensing will benefit not only large corporations but also small businesses. I call the immediate expensing the working men's and women's tax shelter. Three homes are under construction near my house. The streets are lined with trucks and the sites often have bobcats and backhoes. Buy a new truck, bobcat or backhoe for work and immediately expense it, sheltering (off setting) income in the amount of the purchase price.



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Discussion Topic: Lag Time Topic: New Tax Bill
Reed Vetovitz added to this discussion on December 25, 2017

https://www.washingtonpost.com/news/wonk/wp/2017/11/30/senate-gop-tax-plan-would-fall-1-trillion-short-of-trump-administrations-promises-congress-tax-analyst-says/?utm_term=.ce4550daf0e4



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Discussion Topic: Lag Time Topic: New Tax Bill
Alex Creech added to this discussion on December 25, 2017

Quote from Reed Vetovitz's post:

"https://www.washingtonpost.com/news/wonk/wp/2017/11/30/senate-gop-tax-plan-would-fall-1-trillion-short-of-trump-administrations-promises-congress-tax-analyst-says/?utm_term=.ce4550daf0e4"



Just one of many different ways to crunch numbers based on assumptions that may or may not occur.



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Discussion Topic: Lag Time Topic: New Tax Bill
Alex Creech added to this discussion on December 25, 2017

Quote from Mike Holman's post:

"Biggest benefit of individual tax cuts and credits will be to middle class families with children. Have run the numbers a family of four with a standard deduction, this family will have a $4K tax benefit in large part due to the child tax credit. That is huge for someone that is struggling to make ends meet. Know a family of six that will have about $6K benefit (I assume about $100K in income). I am concerned about the deficit, but will wait an see if growth kicks in. If growth kicks in per the Laffer curve, then the cost of the tax bill will be reduced greatly. Remember that growth in GDP translates into greater revenue. The biggest boost from the tax bill will be for corporations, both large and small. The 21% tax rate will take taxes largely out of consideration in deciding in which country to locate. You can expect the savings to translate into growth of capital assets. Fueling this growth will be the provisions permitting the immediate expensing of capital assets. This immediate expensing will benefit not only large corporations but also small businesses. I call the immediate expensing the working men's and women's tax shelter. Three homes are under construction near my house. The streets are lined with trucks and the sites often have bobcats and backhoes. Buy a new truck, bobcat or backhoe for work and immediately expense it, sheltering (off setting) income in the amount of the purchase price."



I agree.



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Discussion Topic: Lag Time Topic: New Tax Bill
Alex Creech added to this discussion on December 25, 2017

I don't like mixing sports with politics, it's why I don't follow the NFL or NBA anymore. I watch and participate in sports as a diversion to all the BS that goes on in the world. It would really suck not to come to this forum anymore.



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Discussion Topic: Lag Time Topic: New Tax Bill
Bruce Andrews added to this discussion on December 25, 2017

Quote from Alex Creech's post:

"I don't like mixing sports with politics, it's why I don't follow the NFL or NBA anymore. I watch and participate in sports as a diversion to all the BS that goes on in the world. It would really suck not to come to this forum anymore."


+1



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Discussion Topic: Lag Time Topic: New Tax Bill
Reed Vetovitz added to this discussion on December 25, 2017

"Now Congress's official estimators have weighed in: The Senate GOP bill would add $1 trillion to the debt even after accounting for economic growth generated by the tax cuts. The estimate from the Joint Committee on Taxation, a nonpartisan group of experts, was released Thursday afternoon as lawmakers hotly debated the tax bill on the Senate floor."



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Discussion Topic: Lag Time Topic: New Tax Bill
Hank Kornblut added to this discussion on December 25, 2017

The tax bill was drawn up, revised and voted on within a matter of weeks. There is absolutely no way its not full of unintended consequences that could have been foreseen if this thing was properly vetted. But politics in this country have devolved into "my side/your side" to the point where no one is considering the true point of public service--to represent the best interests of the public.

I think the bill sucks simply because the wealthiest people and entities in this country were doing quite well and not in need of assistance. The last time we lowered taxes and slashed regulations, the housing market went insane and the country nearly went into a depression. Public money was used to save a remarkably greedy banking industry and we were very fortunate that our economy didn't fall apart at that very moment. The same sort of thinking that prevailed the last time our economy nearly tanked is winning again and we will undoubtedly head into a hard economic downturn in the near future. When the faucets of greed are turned on full, we all get flushed down the toilet.

I'll stop here but suffice it to say I have nothing nice to say about our political system in general, our current president and the remarkable hold special interests have on our decision makers. We are not being represented properly. Our interests are not being looked after. And we are the people. This is wrong.



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Discussion Topic: Lag Time Topic: New Tax Bill
Christopher Henderson added to this discussion on December 26, 2017

I like the new tax rates and deduction structure especially the lower business tax rate. It makes the USA's rate much more competitive with other countries and surprisingly, already seems to be having an effect on pay and bonuses for hundreds of thousands of employees. I'm very interested to see how things play out in the next year.

Go Bucks!



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Discussion Topic: Lag Time Topic: New Tax Bill
David Brown added to this discussion on December 26, 2017

I'll keep an additional 3-5K per my estimate. Gonna use it to jumpstart my long awaited garage.
As far as our political system goes it's on par with or a little better than the rest of the world IMO. Governance is ugly business.



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