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Taxes
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Israel does mandatory military service (a few years while people are young). They are the most progressive nation in their region (although the competition for that title in that region of the world isnt exactly fierce).
As much as the prospect is scary, I agree w flounce that it has its merits. Promotes the idea that each person is interdependent on others, teaches self sufficiency, responsibility, that there are more important things than money, and helps rid us of spoiled kids turning into adults who had everything handed to them on a silver platter.
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Quote from wisdom
@hospital a little harsh and unwarranted.
Compulsory military service does bring ppl together a lot. As does a lot of volunteering.
Democracy here is played up more than it should be. With big money supporting politics and the news cycle becoming less and less truthful [b]along w the d4mb POTUS shaming journalists and using his power to discredit journalism[/b]….
yea right democracy.
Bolded text is enough of a mischaracterization to be considered a lie. Trump does not shame and has not shamed journalists in the generic sense; he’s attacked media that demonstrate blatant bias against him.
The Left’s dishonesty has gotten very contemptible.-
Your mental gymnastics are enjoyable. Maybe take it to the politics forums as this thread has no place here.
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New proposed brackets:
For joint filers:
[ul][*]10 percent: $0 to $19,050[*]12 percent: $19,050 to $77,400[*]22 percent: $77,400 to $165,000[*]24 percent: $165,000 to $315,000[*]32 percent: $315,000 to $400,000[*]35 percent: $400,000 to $600,000[*]37 percent: $600,000 and above [/ul] For single filers:
[ul][*]10 percent: $0 to $9,525[*]12 percent: $9,525 to $38,700[*]22 percent: $38,700 to $70,000[*]24 percent: $70,000 to $160,000[*]32 percent: $160,000 to $200,000[*]35 percent: $200,000 to $500,000[*]37 percent: $500,000 and above [/ul] They really lowered the top tax bracket income level on the near final bill.
Moreover, they may allow 10K of state/property tax but there’s no real way you can itemize over the standard 24k deduction unless you have a huge mortgage or charitable givings. I calculated almost no difference in my overall income. Much ado about nothing except more complexity-
What if you pay 40k in state income taxes and 15k in property taxes. Ofcourse you can itemize above 24k.
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Anything with the AMT?
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Individual amt is staying, corporate is gone from newest info.
Regards to the other poster, if you have a combined state and property tax of 55K, you will be capped out at 10K, not even close to the standard deduction of 24K, so you wont itemize unless the charitable giving or mortgage put you over the top. It still really hits people in states with high state and property taxes, since itemization will be nearly gone-
Here’s a copy of the new plan (only 1000 pages)
[link=http://docs.house.gov/billsthisweek/20171218/CRPT-115HRPT-466.pdf]http://docs.house.gov/bil…8/CRPT-115HRPT-466.pdf[/link]
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original question:
“If you are a partner in a PP, does anyone know if the new tax plan, if passed, would tax you as a wage earner or pass through entity?”
From there, our telephone game message thread has devolved to arguing about mandatory military service, white vs asian CEOs, characterizing fellow rads as nazis, and denigrating the poor as well as the rich.
Clearly conversation and debate has degenerated into a bloodsport, sadly here as well as at MSNBC and Fox. Unfortunately, I think it will take some type of horrid cataclysm to shock our social system out of its deep rut. -
Quote from deadwing
Your mental gymnastics are enjoyable. Maybe take it to the politics forums as this thread has no place here.
Sorry that my inability to stomach lies on the forum is bothersome to you.
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I believe AMT will now kick in at $400K.
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AMT now
Kicks in 500K for single filers
1million for joint
Thats much better now you have more wiggle room when timing Capital gains without getting crushed
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Quote from Flounce
Midwest Eastern Rad: As I read this thread, I’m slowly coming to this conclusion as well. It would appear, and I am no political scientist, that most conservative positions in regards to policy coincide with whatever is most self-interested and allows one to avoid contributing to communal/societal benefit at personal expense or incovenience. If public libraries and non-private law enforcement (i.e. police departments) were not already in place and funded by tax dollars, I genuinely wonder what the conservative position would be on legislation to fund/create them.
Ok – I am going to try to go for some nuance here.
Flounce (and others) – I genuinely respect your opinions, but reserve the right to question.
A lot of discussions get off track when we start talking in absolutes and not in degrees. So – I think your statement “most conservative positions…coincide with whatever is most self interested….” could stand some nuance
Many conservatives (and I would say I am a fiscal conservative/social liberal) contribute a hell of a lot to the common good. As for me the number is about 35% of my income. Beyond that, I support my mother in law totally, and help the kids in various ways. Volunteer work and charity contributions, blah, blah, blah. AND – I give about 25% of all of my professional activities in charity care. I would give more, but the damn attorneys and accountants tell me it is somehow illegal to write off charges when I want to. (I don’t even own my own services, it seems). I know of no other profession or business, other than the designated charities like Red Cross, that gives away that much of their gross revenue. NONE. I think we deserve a lot of credit for that, and we get none.
I begin to get testy, though, when someone says this is not enough. Not my “fair share”. Usually the speaker is defining “fair” as what gets him more of my stuff. And in trying to get more of my income, he/she tries to make me look evil, when he/she may be paying only 0% or 10% or 15% of his/her income. And if you want to look at absolute dollars, it becomes even worse.
This fails every logic test. I am NOT failing to contribute to the common welfare. In my neighborhood, I easily pay more than anyone else. I just want to know that there is a limit. That there will not be a knock on my door some day with a G-Man on the other side demanding I pay reparations to a minority I have never in my life harmed, nor did my parents, or their parents, or their parents parents – ad infinitum. This is the kind of liberal “logic” that seems to be purely a grab for votes and power. This is so off the edge, that it makes me feel I have to purchase protection from these crazies and their representatives, by “buying” my own representation. Not good, but that is the kind of feeling it brings up in me.
SO – back to degrees. It is not about NOT contributing (0%), it is about defining exactly how much more than everyone else I would be required to give to transfer my income to others. Again, I want to know that there is a limit. I want to know that just because a group becomes politically powerful, there is some underlying political philosophy that says that a man’s labor and earnings are his own. And that our country will abide by that underlying philosophy.
Certainly Obama didn’t think that. (“You didn’t make this”)
And regarding libraries, etc and the conservative position. Without doing any research whatsoever, just what comes to my head, I offer this counter example. David Koch (yeah one of them koch boys) is a big contributor to public TV. Every Nova show I watch is supported in large part by him alone.-
Dr. Sardonicus, I respect your opinion and contributions to our society.
You are right that my statement was lacking in nuance. It wasn’t meant to insult conservatives – my apologies to you and others who were insulted. I was just sharing my reflection on the big picture of things, and I honestly wonder if we did not have public libraries today, whether conservatives would oppose a nationwide movement to create them from tax dollars.
I agree with you, i.e. I, too, would like to know that there is a limit to how much I would be taxed. More than that, if I am to be taxed more, it is some consolation to me if it is to assist those who make much less than me rather than to further profit those who make much more than me. Just my simple way of seeing things.-
Ive always felt Id be ok w being taxed 2 percent more if I knew that everyone else would too and the money would not be wasted on 4 dollar cokes for Halliburtons ass33hooles to make billions of planes worth of money to disappear and be unaccounted for in Iraq. After that , Ive come to the conclusion that paying extra makes no sense. That being said , I do hate the fact that there is such a monumental shift in deductions that it completely changes the math of living in certain neighborhoods or living in certain states.
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Since $$ is such a big topic here, check this out. Plug in your #s to see if the new tax plan benefits or hurts you.
[link]http://taxplancalculator.com[/link]
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Quote from hey
Since $$ is such a big topic here, check this out. Plug in your #s to see if the new tax plan benefits or hurts you.
[link]http://taxplancalculator.com[/link]
If this passes and the calculator is 1/2 way correct, I’ll see savings in the ‘1 nice new car’ range.
I plugged in my secretaries numbers and she’ll be able to make a 13th mortgage payment or fund 1/2 of her Roth contribution with the savings
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I lose $ but I live in CA. The loss of most of SALT is the major factor.
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Nice savings. Is there a similar calculator for the business taxes?
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Quote from sandeep panga
Nice savings. Is there a similar calculator for the business taxes?
Also any affect on S-corp?
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Quote from hey
Since $$ is such a big topic here, check this out. Plug in your #s to see if the new tax plan benefits or hurts you.
[link=http://taxplancalculator.com]http://taxplancalculator.com[/link]
Thanks for this link!
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[link=https://www.washingtonpost.com/opinions/the-gop-tax-bill-may-be-the-worst-piece-of-legislation-in-modern-history/2017/12/14/c1def814-e119-11e7-bbd0-9dfb2e37492a_story.html?utm_term=.2f6147068de8]Fareed Zakaria[/link]: [b]The worst piece of legislation in a generation[/b]
If the Republican tax plan passes Congress, it will mark a watershed for the United States. The medium- and long-term effects of the plan will be a massive drop in public investment, which will come on the heels of decades of declining spending (as a percentage of gross domestic product) on infrastructure, scientific research, skills training and core government agencies. The United States cant coast on past investments forever, and with this legislation, we are ushering in a bleak future.
There are genuine problems beyond underfunding. The costs of building American infrastructure are astronomical. But during the Depression, World War II and much of the Cold War, a sense of crisis and competition focused Americas attention and created a bipartisan urgency to get things done. Ironically, at a time when competition is far more fierce, when other countries have surpassed the United States in many of these areas, America has fallen into extreme partisanship and embraced a know-nothing libertarianism that is starving the country of the essential investments it needs for growth. Those who vote for this tax bill possibly the worst piece of major legislation in a generation will live in infamy, as the country slowly breaks down.
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Quote from dergon
[link=https://www.washingtonpost.com/opinions/the-gop-tax-bill-may-be-the-worst-piece-of-legislation-in-modern-history/2017/12/14/c1def814-e119-11e7-bbd0-9dfb2e37492a_story.html?utm_term=.2f6147068de8]Fareed Zakaria[/link]: [b]The worst piece of legislation in a generation[/b]
If the Republican tax plan passes Congress, it will mark a watershed for the United States. The medium- and long-term effects of the plan will be a massive drop in public investment, which will come on the heels of decades of declining spending (as a percentage of gross domestic product) on infrastructure, scientific research, skills training and core government agencies. The United States cant coast on past investments forever, and with this legislation, we are ushering in a bleak future.
There are genuine problems beyond underfunding. The costs of building American infrastructure are astronomical. But during the Depression, World War II and much of the Cold War, a sense of crisis and competition focused Americas attention and created a bipartisan urgency to get things done. Ironically, at a time when competition is far more fierce, when other countries have surpassed the United States in many of these areas, America has fallen into extreme partisanship and embraced a know-nothing libertarianism that is starving the country of the essential investments it needs for growth. Those who vote for this tax bill possibly the worst piece of major legislation in a generation will live in infamy, as the country slowly breaks down.
Not to worry. President Warren can crank up the rates back up to 72% and fund Zakarias progressive Utopia, at least for a year or two.
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….. another poignant commentary from the lonely angry guy on the board
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Kpack
Can you explain the AMT changes exactly? It was always a certain percent of your income that have to be paid 26 percent Is it different now?-
Quote from wisdom
Kpack
Can you explain the AMT changes exactly? It was always a certain percent of your income that have to be paid 26 percent Is it different now?As I understand it the rate remains the same. It just kicks in at ‘income millionaire’ rather than ‘a teacher and a cop’ level.
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If you have a lot Capital gains or dividend income they are supposed to be taxed at 20%
But with the AMT they were pretty much nullifying some of that if you had any substantial gains or dividend income
It affected me because as I cut back on my regular income I was making up the difference with cap gains and dividend income
Now I have much more of a cushion
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Essentially the AMT was designed to hit the ultra high earners with millions in cap gains
It was creeping up on many of us who have gains an dividends but not in the million a year or plus range
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Basically I didnt answer the original question
They essentially raised the level in which the AMT kicks in to 500K/1mill
Up from 160k I believe
For me it means I can work less and invest more
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Quote from kpack123
….. another poignant commentary from the lonely angry guy on the board
Just waiting for wife and kids to get dressed for Rockefeller Center. I am doing fine.
Just made a commentary about Zakarias whining that somehow cutting taxes will cause the end of civilization as we know it. I guess if you can’t attack the tax cut on it’s merits you have to come up with extraneous stuff. In the period that the cut arguably reduces revenue by 1.5T, the federal government will spend 45-50T. To claim that somehow this single digit percentages decrease is going to lead to ‘underfunding’ makes him look like a stupid partisan.
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This NPR site explains new vs old plan pretty well
[link=https://www.npr.org/2017/12/15/571258698/chart-how-the-new-version-of-the-republican-tax-bill-would-affect-you]https://www.npr.org/2017/…-bill-would-affect-you[/link]
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So I plugged in several ballpark rad incomes in different states in the tax calculator with standard deductions, and they all came out positive with the new tax rules.
So it seems like this would be good for rads. Am I missing something?
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Look at what happens after the phase-outs.
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Quote from IGotKids2Feed
So I plugged in several ballpark rad incomes in different states in the tax calculator with standard deductions, and they all came out positive with the new tax rules.
So it seems like this would be good for rads. Am I missing something?
I’m hoping that calculator is accurate. I’m in a high income tax state and pay about 13K in real estate taxes but still come out positive. Being married seems to help a lot (when I plugged in single filer there was about a 20K increase in taxes that I would have to pay)-
new york times calculator
[link=https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html?mabReward=CTS2&recid=0xshJjkvH512BEar9MPZU6F5b22&recp=9&action=click&pgtype=Homepage®ion=CColumn&module=Recommendation&src=rechp&WT.nav=RecEngine]https://www.nytimes.com/i…p&WT.nav=RecEngine[/link]
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Quote from 2BRads
Look at what happens after the phase-outs.
There won’t be a phase-out. Its in there due to a technicality. No majority leader or president is going to be the one to ‘raise taxes on the middle class’. It’s a gimmick like the ‘debt ceiling’.
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This is from the 15th, perhaps it changed from then–I did hear the corporate went back to 20% not 21%.
For us, the extra ObamaCare taxes on investments, Medicare support etc stay as the are now, I think.
These were about 5% in toto for most of our investment portfolios if there was some yearly turnover/sells/buys etc:
For me, keeping the second home/vacation home/motor home interest deduction seems unneeded.
National Review Online summary, usually pretty reliable:
December 15, 2017 6:04 PM
GOP leadership has just filed its final version of the reconciled tax reform bill.
The bill, which had been secret until today, underwent a number of changes throughout the week.
Here are some of the key alterations:
The new tax rates per individual income tax bracket are (example incomes are for married individuals filing jointly): 10 percent (up to $19,050)
12 percent (above $19,050 up to $77,400)
22 percent (above $77,400 up to $165,000)
24 percent (above $165,000 up to $315,000)
32 percent (above $315,000 up to $400,000)
35 percent (above $400,000 up to $600,000),
37 percent (above $600,000).
The child tax credit will be raised to $2,000, with $1,400 of that amount being refundable.
It will phase out for families making at least $400,000, a massive change from current policy which phases out the credit for individuals making $75,000 and couples making $110,000.
The state and local tax (SALT) deduction is capped at $10,000, which can be from any mix of local taxes, rather than just property.
The mortgage interest deduction for second homes, a policy widely reviled by economists and conservatives, has been restored.
The Alternative Minimum Tax (AMT) has been repealed for corporations, but it will continue to apply to individuals, though with narrowed eligibility.
The details of the narrowing are not yet clear.
The corporate income tax rate is now 21 percent; this will take effect next year.
The estate tax will remain, but with a doubled exemption.
For example, under current policy, the exemption for estate tax in 2018 would be $5,600,000, so under the new plan that would be $11,200,000.Read more at: [link=http://www.nationalreview.com/corner/454705/heres-what-we-know-about-gop-tax-plan-was-just-filed]http://www.nationalreview…ax-plan-was-just-filed[/link]
