I'm all for a tax cut, so long as there's an equal spending cut to go along with it...problem is there isn't and this just further increases our federal deficit. I'll probably end up slightly ahead on this but I'd really like to see a pairing down in government spending across the board.
Announcement
Collapse
No announcement yet.
The Tax Reform Bill..........
Collapse
X
-
Originally posted by JonBoy View PostI'm all for a tax cut, so long as there's an equal spending cut to go along with it...problem is there isn't and this just further increases our federal deficit. I'll probably end up slightly ahead on this but I'd really like to see a pairing down in government spending across the board.
The casino bet is that our economy can generate enough cash to carry both sides of the accounting ledger. I for one really truly hope it is a winning bet!!! (even though a flat tax type of system is much cleaner) Everything changes financially and socially when the economy is running on all cylinders.
It appears I "may" come out ahead as a individual with a small business also, but right now my CPA is as confused as everybody discussing potential details. Details are FEW and that is where the rubber meets the road.
Comment
-
Originally posted by Landrover View PostIn for the WIN! You definitely caught the part where our spending/debt had already exploded with the last two administrations .......and....will continue based on the projections.
The casino bet is that our economy can generate enough cash to carry both sides of the accounting ledger. I for one really truly hope it is a winning bet!!! (even though a flat tax type of system is much cleaner) Everything changes financially and socially when the economy is running on all cylinders.
It appears I "may" come out ahead as a individual with a small business also, but right now my CPA is as confused as everybody discussing potential details. Details are FEW and that is where the rubber meets the road.
Comment
-
Originally posted by JonBoy View PostI'm all for a tax cut, so long as there's an equal spending cut to go along with it...problem is there isn't and this just further increases our federal deficit. I'll probably end up slightly ahead on this but I'd really like to see a pairing down in government spending across the board.
Comment
-
Originally posted by SaltwaterSlick View PostYep, I'm waiting for the detials... My company Is a Sub:C so IF I make any money this next year, I'll get to keep more of it... And with that and the anticipated growth I'm forecasting, at least I'll be able to budget for it... That'll mean more people, more inventory, more equipment... All of which generate revenue for my company, but also will generate more tax revenue for the gubment... More people to pay income tax, more inventory for our county and school district to tax me on, more equipment which will also generate more taxable personal property of the business... Yes, hopefully, my company will make more money, but the gubment will still get more too... In a nutshell, that's how it's supposed to work... The libtard's way that the DemoKrauts want is just to keep taking more and more from my company until I give up and send everybody home... That puts more people on the gubment dole, more gubment medical care, more money needed by the gubment... sooner or later they'll run out of other people's money... That's how the Dem's system works...
I gotta have specific details quickly to make the right moves. Got alot at stake thus not going to count my chickens until they hatch!!! So far I am very hopeful. Would like to increase from 31 employees to 40 if it makes sense.
Sent from my SAMSUNG-SM-G900A using Tapatalk
Comment
-
So far I'm not sure we're getting any of the stuff that's actually beneficial. This smells like something they put together to appease democrats, not realizing thats a dumb game to play. I haven't checked accuracy, but they were saying the 25% tax bracket ia going to be from 45k-100k? Thatd robbery for the folks on the low end of that bracket. 45k is enough in some places, but not like its the high life that theycan just throw out another 10% to the government. I'm not seeing that we're gettig many of the tax benefits we were hoping for either, like being able to add deductions even if you meet the standard deductible. That was going to save me around 6-7k
Comment
-
Originally posted by Shane View PostI'd LOVE to see massive government spending cuts as well. But your assumption about cuts in the tax rate automatically translating into higher deficits is assuming a zero-sum game where reduced tax rates have zero effect on the economy and people's and corporations' behavior. If that were true, and the only thing that changed after a tax cut was the percentage of all the income that the government took, then you'd be correct. But when people and corporations get to keep more of what they earn, then that incentivizes and allows more economic growth. The pie gets bigger. So even though the government is taking a slightly lower percentage of what we all earn, we're earning and creating more to start with. And the actual tax REVENUE the government takes in gets bigger too. It's possible, even likely, that deficits will decrease as a result of a tax cut, even without the cuts in government spending that should also be happening, regardless of whatever the tax rates are.
Comment
-
Originally posted by Hooverfb View PostSo far I'm not sure we're getting any of the stuff that's actually beneficial. This smells like something they put together to appease democrats, not realizing thats a dumb game to play. I haven't checked accuracy, but they were saying the 25% tax bracket ia going to be from 45k-100k? Thatd robbery for the folks on the low end of that bracket. 45k is enough in some places, but not like its the high life that theycan just throw out another 10% to the government. I'm not seeing that we're gettig many of the tax benefits we were hoping for either, like being able to add deductions even if you meet the standard deductible. That was going to save me around 6-7k
Comment
-
Originally posted by JonBoy View PostYou're making the assumption that the spending and growth will occur domestically. In fact many large corporations look for ways to drive down their product costs and many times the way to do that is to invest in capital equipment and labor outside of the U.S., which does little to nothing for our economy. You could argue that some of that money goes back in dividend payments and stock buybacks which puts money back in the hand of investors but when over half of corporate stocks are owned by foreign investors we again are putting that money to work outside of the U.S.
Comment
-
Originally posted by Shane View PostThat's the point of the reduction of the corporate tax rate. We've had the highest corporate tax rate in the world, so it's been really expensive for companies to do business in the US. By reducing the tax rate to 21%, it will now be a LOT cheaper for companies to do business in the US. Combine that with the tax cut for individuals, ending the Obamacare individual mandate that requires everybody to buy super expensive insurance even if they don't want it, and reduced government regulations that add a huge drag to the economy, and we'll see GDP growth accelerate much faster than it has in recent years. That means individuals will have more money in their pockets. We'll spend more. The businesses we buy from will see growth in their sales. They'll hire more people, build more facilities, buy new equipment (from other businesses)..... The pie gets bigger. There's more income for the government to confiscate a portion from. Tax revenue to the Treasury grows.....
Comment
-
Originally posted by JonBoy View PostYou're exactly right...but they won't necessarily buy and invest here. Why hire production labor at $30/hr when you can get the same labor at 1/10th the cost overseas (or better yet replace that labor altogether with automation)? Same goes for equipment & production/factory real estate. I'm not saying businesses won't invest but just because their taxes are cheaper doesn't mean they're going to take that money and pour it back into the U.S. economy. They will reinvest in whatever maximizes their revenue and profit margins...and many times that doesn't mean buying American.
Comment
-
Originally posted by Hooverfb View PostSo far I'm not sure we're getting any of the stuff that's actually beneficial. This smells like something they put together to appease democrats, not realizing thats a dumb game to play. I haven't checked accuracy, but they were saying the 25% tax bracket ia going to be from 45k-100k? Thatd robbery for the folks on the low end of that bracket. 45k is enough in some places, but not like its the high life that theycan just throw out another 10% to the government. I'm not seeing that we're gettig many of the tax benefits we were hoping for either, like being able to add deductions even if you meet the standard deductible. That was going to save me around 6-7k
How the Trump tax plan will change YOUR taxes. Will the GOP tax plan lower your taxes or raise them? This is the only site that'll tell you!
Plug in your numbers to see what you might expect.
Comment
-
Originally posted by JonBoy View PostYou're exactly right...but they won't necessarily buy and invest here. Why hire production labor at $30/hr when you can get the same labor at 1/10th the cost overseas (or better yet replace that labor altogether with automation)? Same goes for equipment & production/factory real estate. I'm not saying businesses won't invest but just because their taxes are cheaper doesn't mean they're going to take that money and pour it back into the U.S. economy. They will reinvest in whatever maximizes their revenue and profit margins...and many times that doesn't mean buying American.
Great reading for you and it is even from the Communist News Network which tells you something when they are even willing to admit our tax rate chases away business.
Comment
Comment