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Trump's Tax Plan

CU_TrialLawyer

Valles Marineris
Nov 28, 2015
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Can somebody explain to me how eliminating the:

- mortgage interest deduction
- state and local tax deduction
- taxing 401(k)s upfront

is a tax cut?
 
Can somebody explain to me how eliminating the:

- mortgage interest deduction
- state and local tax deduction
- taxing 401(k)s upfront

is a tax cut?
Because the standard deduction gets increased by a greater amount than the tax savings you lose by the above. It's a net decrease in taxes.

But the real answer is, it just depends on the details of your situation.
 
Basically if you are a plebe and itemize, you don't get a cut, you might actually end up paying more.

If you don't have enough to itemize then you should get a decent cut. That is how I see it after running my numbers.

NFW will the 401k tax thing go through right now. That will cause all kinds of hell.
 
Can somebody explain to me how eliminating the:

- mortgage interest deduction
- state and local tax deduction
- taxing 401(k)s upfront

is a tax cut?
Well when you say Trump’s plan in any statement their is 99.999999% chance the plan is complete crap. Trump is a reverse Robinhood take for the poor to give to the rich. Well when you vote a President in office who has a 4th grade vocabulary can’t talk in complete sentences and filed for bankruptcy 6 times what do you expect. I will never understand how the man got 46% of the vote on election night. Oh well maybe that heel spur that he used to get one of his 5 military deferments will act up on him and he will decide to resign early.
 
Hold on...I'll explain:

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Great, great tax plan. Savings everywhere. Really great for all Americans. Great people we've got in this country.
 
If you are a family of 4 that makes under $200K a year HHI then it would be difficult for the current tax plan to be considered a cut.
 
Can somebody explain to me how eliminating the:

- mortgage interest deduction
- state and local tax deduction
- taxing 401(k)s upfront

is a tax cut?

this is a tax cut for the wealthy, pure and simple. As a small business owner, it will be great for me, since I pay myself a modest salary and take the rest as pass through.

Here is a great article about the three (and possibly a fourth) new brackets, and how they really are weighted to give breaks to those on top.

http://theweek.com/articles/733131/gops-head-fake-taxes
 
Thanks Obama
I’m just curious. Do you agree with Obama’s more conservative immigration policy or Trumps liberal immigration policy?

Obama spent less money on ICE but deported more illegals.

Trump has spent more money on ICE but has deported less illegals.

Isn’t what’s happening with Trumps immigration policy the thing conservatives argue about liberals? Spend more money with no returns?
 
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Can somebody explain to me how eliminating the:

- mortgage interest deduction
- state and local tax deduction
- taxing 401(k)s upfront

is a tax cut?

I haven't seen where mortgage interest deduction would be removed.

I think the right compromise on state and local taxes is to set a % cap so that we aren't subsidizing high tax states, but folks in most states (like SC) would retain those deductions.

Trump is against the 401(k) change. From the WSJ today:

Rep. Kevin Brady (R., Texas), chairman of the House’s tax-writing Ways and Means Committee, said lawmakers were considering changes to 401(k) plans, despite President Donald Trump’s insistence—reiterated Wednesday—that the popular break for retirement savings should be untouched.
 
Not supporting Trump = democrat? Interdasting
I think that the plan being discussed is a Ryan plan rather than a “Trump Plan.” As it stands, those not in the upper 10% who itemize could pay more. A key point for many on this board is that if fewer payers see an advantage to not itemizing would they contribute as freely to IPTAY? Of course, I have often wondered why I got a tax deduction for buying better football parking and tickets.
 
Can somebody explain to me how eliminating the:

- mortgage interest deduction
- state and local tax deduction
- taxing 401(k)s upfront

is a tax cut?

Technically it can work if the tax rate on more income is low enough for the net taxes paid to offset what would have been less income taxed at a higher rate. So you have to measure the net effect. It seems like some people are more concerned with the deductions than looking at the total amount of taxes they will have to pay. We won't know the answer to this till they come out with the details next week.

People will complain either way because if they cut taxes too much the deficit blows up, but not enough then people complain because they wanted a tax cut. You can't have both. Rather than being sold as a tax cut, it should be sold as tax reform that makes the economy more efficient.
 
$4,000 on average cut per American though guys. It’s simple math you buffoons. #analytics
 
I’m just curious. Do you agree with Obama’s more conservative immigration policy or Trumps liberal immigration policy?

Obama spent less money on ICE but deported more illegals.

Trump has spent more money on ICE but has deported less illegals.

Isn’t what’s happening with Trumps immigration policy the thing conservatives argue about liberals? Spend more money with no returns?
Trump’s immigration plan is on hold why he waits on Mexico to pay for that wall. Lol
 
@Cris_Ard , @Larry_Williams , @Paul Strelow , or @1Clemzunfan can you explain why this was moved to TRT? We’ve had threads supporting democratic views where there was squabbling back in forth in the thread last for at least a day (if not longer) and go many pages on The West Zone. Just calling it how I see it and it’s happened many times where anything pro Trump or pro conservative is almost immediately moved, even though there is no nasty comments to each other made in the thread.

I asked about this once before and @1Clemzunfan replied (a pro liberal thread) that open discussion is welcomed, as long as people don’t get nasty with each other
 
@Cris_Ard , @Larry_Williams , @Paul Strelow , or @1Clemzunfan can you explain why this was moved to TRT? We’ve had threads supporting democratic views where there was squabbling back in forth in the thread last for at least a day (if not longer) and go many pages on The West Zone. Just calling it how I see it and it’s happened many times where anything pro Trump or pro conservative is almost immediately moved, even though there is no nasty comments to each other made in the thread.

I asked about this once before and @1Clemzunfan replied (a pro liberal thread) that open discussion is welcomed, as long as people don’t get nasty with each other

you think this thread is "pro trump"????
 
@Cris_Ard , @Larry_Williams , @Paul Strelow , or @1Clemzunfan can you explain why this was moved to TRT? We’ve had threads supporting democratic views where there was squabbling back in forth in the thread last for at least a day (if not longer) and go many pages on The West Zone. Just calling it how I see it and it’s happened many times where anything pro Trump or pro conservative is almost immediately moved, even though there is no nasty comments to each other made in the thread.

I asked about this once before and @1Clemzunfan replied (a pro liberal thread) that open discussion is welcomed, as long as people don’t get nasty with each other

lol this is hilarious given that it's actually quite the opposite normally. conservative-leaning threads are the ones that are usually allowed to stay on the main forum for a period of time.
 
@Cris_Ard , @Larry_Williams , @Paul Strelow , or @1Clemzunfan can you explain why this was moved to TRT? We’ve had threads supporting democratic views where there was squabbling back in forth in the thread last for at least a day (if not longer) and go many pages on The West Zone. Just calling it how I see it and it’s happened many times where anything pro Trump or pro conservative is almost immediately moved, even though there is no nasty comments to each other made in the thread.

I asked about this once before and @1Clemzunfan replied (a pro liberal thread) that open discussion is welcomed, as long as people don’t get nasty with each other
It's the opposite of this for the most part.
 
lol this is hilarious given that it's actually quite the opposite normally. conservative-leaning threads are the ones that are usually allowed to stay on the main forum for a period of time.

Well we might finally agree on something. I don’t see the anti-conservative moderator conspiracy that he mentions. And this thread is a criticism (albeit inaccurate) of Trump’s plan, so bringing it up ITT doesn’t make sense.
 
Well when you say Trump’s plan in any statement their is 99.999999% chance the plan is complete crap. Trump is a reverse Robinhood take for the poor to give to the rich. Well when you vote a President in office who has a 4th grade vocabulary can’t talk in complete sentences and filed for bankruptcy 6 times what do you expect. I will never understand how the man got 46% of the vote on election night. Oh well maybe that heel spur that he used to get one of his 5 military deferments will act up on him and he will decide to resign early.
Better than a smooth talking slick Willie and a rapper Obama.... any day of the week and twice on Sunday. Obama would just take it and give it to his Muslim friends
 
Better than a smooth talking slick Willie and a rapper Obama.... any day of the week and twice on Sunday. Obama would just take it and give it to his Muslim friends
Hey look I fully expect them to enact a national holiday for Trump in Russia when his term ends in 4 years.
 
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Well we might finally agree on something. I don’t see the anti-conservative moderator conspiracy that he mentions. And this thread is a criticism (albeit inaccurate) of Trump’s plan, so bringing it up ITT doesn’t make sense.

so you gonna answer my question of you from earlier this week?
 
This will help middle class, easily. With interest rates so low now, I havent even itemized in 2 years because I dont pay enough interest. So if standard deduction is going up to 25k, how can anybody say this doesnt help somone in my situation. Im as middle class as it comes.
 
@Cris_Ard , @Larry_Williams , @Paul Strelow , or @1Clemzunfan can you explain why this was moved to TRT? We’ve had threads supporting democratic views where there was squabbling back in forth in the thread last for at least a day (if not longer) and go many pages on The West Zone. Just calling it how I see it and it’s happened many times where anything pro Trump or pro conservative is almost immediately moved, even though there is no nasty comments to each other made in the thread.

I asked about this once before and @1Clemzunfan replied (a pro liberal thread) that open discussion is welcomed, as long as people don’t get nasty with each other


Agree @dpotter24. Pretty bullshit move by @Cris_Ard to try to table this thread.

This is not an anti Trump thread. This is about real change to American families livelihoods. Current proposals will **** over lots of people.
 
@Cris_Ard , @Larry_Williams , @Paul Strelow , or @1Clemzunfan can you explain why this was moved to TRT? We’ve had threads supporting democratic views where there was squabbling back in forth in the thread last for at least a day (if not longer) and go many pages on The West Zone. Just calling it how I see it and it’s happened many times where anything pro Trump or pro conservative is almost immediately moved, even though there is no nasty comments to each other made in the thread.

I asked about this once before and @1Clemzunfan replied (a pro liberal thread) that open discussion is welcomed, as long as people don’t get nasty with each other
Log cabin republican
 
Because the standard deduction gets increased by a greater amount than the tax savings you lose by the above. It's a net decrease in taxes.

But the real answer is, it just depends on the details of your situation.
It's not a tax cut for me and I suspect it is not a cut for many on this board who think it is. The increase in the standard deduction helps those who only take the standard deduction today. If you don't take the standard deduction and you itemize today, there is a good chance you lose or break even at best.

The middle class and especially the upper middle class are the real losers in these initial plans. The rich and the lower middle class to the poor will be the ones getting something. At least based on these rough outlines. Certainly there are still a lot of details to be worked out.

The bottom line is that there are a lot of people excited about these tax cuts that shouldn't be because they just don't understand the downstream impacts.

In order to eliminate the Alternative minimum tax (which largely benefits the rich) and the Estate Tax (again primarily benefits the rich) meaningful tax cuts for the middle class and upper middle class are being marginalized or eliminated.
 
I’m just curious. Do you agree with Obama’s more conservative immigration policy or Trumps liberal immigration policy?

Obama spent less money on ICE but deported more illegals.

Trump has spent more money on ICE but has deported less illegals.

Isn’t what’s happening with Trumps immigration policy the thing conservatives argue about liberals? Spend more money with no returns?
You can call it conservative, or liberal, or fvcking fancy pants...I don't care.

I disagreed with Obama bringing millions of people from known terrorist hotbeds into this country. I agree with Trump putting a stop to it.
 
so you gonna answer my question of you from earlier this week?
serious question - when did you decide to become the most boring zealot imaginable? or did it happen without you knowing as you aged and placed yourself in an ever-shrinking bubble? like, taxes--that's seriously the hill you're gonna die on to justify voting for trump et. al? placing an absolute dullard in office, who has no ability to manage diplomacy, who threatens the long-term destruction of our planet either through war or anti-science, who spreads false hoods on a near daily basis with no conscience--that's all worth it for a lower marginal tax rate?

I feel like we've been through this a dozen times. Taxes aren't the only reason I voted for Trump. He was a bad candidate and his diplomacy-through-Twitter approach is ridiculous, but the alternative was expanding government, higher taxes, more government dependency, etc. Those are things I'm fundamentally against.

And what exactly has the democrat party done diplomatically to hang their hat on? Since Trump was elected, the amount of sanctions on NK has increased substantially. Would Hillary's administration have been as aggressive? We would have avoided the Twitter embarrassment, but the results would likely be less impactful and NK would just continue developing its nuclear program unencumbered as it did under Obama.

Do you not think Hillary spread falsehoods regularly? Trump is more bombastic about it, sure, but is she much different? I think we can all agree at this point that there is a high level of sleaziness and corruption in the Clinton family.

Look. My wife and I work a combined 100 hours a week to provide a wonderful life for our family. The #1 expense - by far - in the Scotch household is federal income tax. And then we watch it wasted on ineffective and unnecessary programs. We see programs like SS mismanaged and even if managed properly, produce a horrible ROI for participants. We see top earners vilified instead of applauded. We see an attitude of passing the buck - "they can afford it so we should tax them!" - that is pervasive in our society.

The democrat party pushes this mentality. Both parties should be pushing personal responsibility, self-dependence, hard work, innovation, creativity, overcoming obstacles, positive attitude, etc. Democrats want redistribution, hand outs, government dependence and to push heavy government involvement in everything instead of creating and maintaining a framework within which people can succeed on their own.

I know you are very involved/interested in politics and its probably a big topic of conversation among you and your like-minded friends. I work hard, do well and am trying to save and support a growing family. I don't talk about politics at dinner parties or think it's cool to come up with names for Trump. I don't spend my time worrying about what someone in Europe thinks of me because of Trump's twitter handle.

I care about the real-life things that impact my family. Taxes happen to fall in that category. I also want the best for everyone in my community and in this country. I think giving them a hand up instead of a hand out is the best way to ensure their long-term success.
 
Again, I have NO problem helping out the middle class with some tax breaks. I have a REAL problem with the tax cuts for the wealthy. Again, the top income brackets in this country are making a lot of money right now and own a larger share of the US's net wealth than ever before. They are getting richer every year. And I don't have a huge problem with that... that's Capitalism for you.

HOWEVER, when we have the debt that we have, we have to cut spending for sure. BUT why on earth do you cut a sizable portion of the tax income the country receives at the same time? This is stupid and helps out folks that need no help whatsoever.

Trump is doing a brilliant job on his rubes... I mean supporters.

TRUMP: Hey rubes!!! Over here!!! Look at this shiny $4000 tax cut for the middle class!!! See it??!! It's shiny!! See how it moves!! It's HUGE!! It's BEAUTIFUL!!! It's the largest tax cut for you in the history of the world!!! And only I, your lord and savior, Donald "Jesus" Trump himself could bring it to you!!! (At this point all Trump supporters and FoxNews experience a mental orgasm and their brains turn off)... Meanwhile, Trump is giving the top tax brackets and companies HUGE tax breaks that will save them billions.
 
I feel like we've been through this a dozen times. Taxes aren't the only reason I voted for Trump. He was a bad candidate and his diplomacy-through-Twitter approach is ridiculous, but the alternative was expanding government, higher taxes, more government dependency, etc. Those are things I'm fundamentally against.

And what exactly has the democrat party done diplomatically to hang their hat on? Since Trump was elected, the amount of sanctions on NK has increased substantially. Would Hillary's administration have been as aggressive? We would have avoided the Twitter embarrassment, but the results would likely be less impactful and NK would just continue developing its nuclear program unencumbered as it did under Obama.

Do you not think Hillary spread falsehoods regularly? Trump is more bombastic about it, sure, but is she much different? I think we can all agree at this point that there is a high level of sleaziness and corruption in the Clinton family.

Look. My wife and I work a combined 100 hours a week to provide a wonderful life for our family. The #1 expense - by far - in the Scotch household is federal income tax. And then we watch it wasted on ineffective and unnecessary programs. We see programs like SS mismanaged and even if managed properly, produce a horrible ROI for participants. We see top earners vilified instead of applauded. We see an attitude of passing the buck - "they can afford it so we should tax them!" - that is pervasive in our society.

The democrat party pushes this mentality. Both parties should be pushing personal responsibility, self-dependence, hard work, innovation, creativity, overcoming obstacles, positive attitude, etc. Democrats want redistribution, hand outs, government dependence and to push heavy government involvement in everything instead of creating and maintaining a framework within which people can succeed on their own.

I know you are very involved/interested in politics and its probably a big topic of conversation among you and your like-minded friends. I work hard, do well and am trying to save and support a growing family. I don't talk about politics at dinner parties or think it's cool to come up with names for Trump. I don't spend my time worrying about what someone in Europe thinks of me because of Trump's twitter handle.

I care about the real-life things that impact my family. Taxes happen to fall in that category. I also want the best for everyone in my community and in this country. I think giving them a hand up instead of a hand out is the best way to ensure their long-term success.

I agree with about 90% of this post (which makes us allies, not enemies). Really the only problem I have is with the tax breaks to the wealthy. The very wealthy are already doing just fine right now. They are getting richer every year and I have NO problem with this. However I do have a problem cutting their taxes given the problems we have domestically. There needs to be spending cuts for sure AND there needs to NOT be cuts to the main stream of revenue that this country has.
 
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