New Tax Plan

[Anonymous]

[quote=scaredyclassic]Ok.

Still this bill makes me despise republicans. I’m registered green, dislike many democrats, sometimes vote republican, but they have LOST ME FOREVER. This is just too much pure raw bullshit with an evil heart. That coupled with Roy Moore means the republicans can go to hell. If and when I see my Repub rep at the 4th of July parade I will be yelling at him from the sidelines if he votes for this. Piece of shit shakes people’s hands. Voting DIRECTLY against my interest???!! bullshit[/quote]

Trump has now directly endorsed Moore.

Pretty much said that our teenage daughters being molested is a small price to pay for a lower corporate tax rate.

[Coronita]

[quote=scaredyclassic]Ok.

Still this bill makes me despise republicans. I’m registered green, dislike many democrats, sometimes vote republican, but they have LOST ME FOREVER.

republicans can SCREW OFF for the foreseeable future for screwing calif.

This is just too much pure raw bullshit with an evil heart. dont tell me youre helping me when youre not.

That coupled with Roy Moore means the republicans can go to hell. If and when I see my Repub rep at the 4th of July parade I will be yelling at him from the sidelines if he votes for this. Piece of shit shakes people’s hands. Voting DIRECTLY against my interest???!! bullshit[/quote]

Weren’t you contemplating voting for trump, even half jokingly???? I mean seriously, a lot of us were screaming the shit was going to stink really bad and went even as far as vote for some we really don’t like either…..i guess it’s not so funny now that real money is involved….

[scaredyclassic]

Maybe. Can’t remember. possible. Voted for Jill stein.

I do have a side business idea I’ve been thinking about. Not huge but I could see it paying the mortgage with not too much effort. Maybe…

[FlyerInHi]

[quote=harvey][quote=scaredyclassic]Ok.

Still this bill makes me despise republicans. I’m registered green, dislike many democrats, sometimes vote republican, but they have LOST ME FOREVER. This is just too much pure raw bullshit with an evil heart. That coupled with Roy Moore means the republicans can go to hell. If and when I see my Repub rep at the 4th of July parade I will be yelling at him from the sidelines if he votes for this. Piece of shit shakes people’s hands. Voting DIRECTLY against my interest???!! bullshit[/quote]

Trump has now directly endorsed Moore.

Pretty much said that our teenage daughters being molested is a small price to pay for a lower corporate tax rate.[/quote]

Sure, Trump wants lower rates for himself and big corporations.
But Roy Moore is more than that. It’s about preserving male redneck cultural privilege. Trump and Moore speak to their base and Alabama women would actually vote for Roy Moore because they see their culture and husbands in him. Those women would rather protect their “traditional culture” than empower themselves and their daughters.

Trump knows his base very well.

I talked to my niece who is a freshmen in college and that was her analysis.

[FlyerInHi]

Another way to screw Californians

The House Republican tax bill would eliminate the deduction for personal losses from wildfires, earthquakes and other natural disasters, but keep the break for victims of the recent severe hurricanes.
http://www.latimes.com/business/la-fi-wildfire-tax-deduction-20171107-story,amp.html

[bubba99]

In reading the various comments about the damage from the new tax bill I notice a glaring omission!!

The deficit will grow dramatically- by a trillion or so. Expect the deficit hawks to start complaining as early as the first or second year. When the trickle down stimulation fails to materalize, the only place to get the money is the entitlement programs. They will not touch the military budget which leaves only social security and medicare. The liberatrian plan is spelled out pretty well in the book “Democracy in Chains”. The destruction of higher education and elimination of social security and medicare are all priorities in the new Republican Party.

[henrysd]

The senate bill still allows casualty loss deduction only restricts to federally declared disaster. I heard some tax cheaters made phony casualty loss deduction and IRS doesn’t have all the resources to verify it, so politicians want get more revenue from it.

The definition of federally declared disaster I can find from IRS is:
A federally declared disaster is a disaster that occurred in an area declared by the President to be eligible for federal assistance under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. It includes a major disaster or emergency declaration under the Act. See Publication 547, Casualties, Disasters, and Thefts, for more information.

Trump did approve a federal disaster declaration for California in response to October CA wildfires:

Trump approves disaster declaration for California wildfires

Since the 2 houses are still working on combined bill, I would be really surprised if the CA fire victims are not allowed for casualty loss claim in their 2017 tax return.

[FlyerInHi]

Good luck finding coal and manufacturing jobs under the plan. The Republicans are screwing the populists too.

https://finance.yahoo.com/video/gop-tax-bill-favors-robots-160506817.html

Yahoo Finance’s Rick Newman explains how the GOP tax plans actually include strong incentives for companies to invest in equipment rather than people.

2/3 to 4/5 of the tax cuts go to corporations and not people. And the people who get cuts are the rich.

[plm]

Capital gains rates
In general
In the case of an individual, estate, or trust, any adjusted net capital gain which otherwise
would be taxed at the 10- or 15-percent rate is not taxed. Any adjusted net capital gain which
otherwise would be taxed at rates over 15-percent and below 39.6 percent is taxed at a 15percent rate. Any adjusted net capital gain which otherwise would be taxed at a 39.6-percent rate
is taxed at a 20-percent rate.

I was reading the bill to figure out long term capital gains rates and noticed they forgot to change the text from 39.6 to 37 to reflect the top rate change. So does this mean that the 20 percent rate no longer applies? Time to sell my rental!

[henrysd]

What I understand from new GOP bill text is it keeps the current tax law 20% dividend rate breakpoint which is $479K for married couple. The new plan would still tax dividend and capital gain at 20% if income is over $479K (the current law 20% breakpoint). I don’t think the new bill would attach 20% tax rate to new highest tax bracket income starting point $600K in this case.

[plm]

I thought the 20 percent rate would have been applied to the new $600K point. Doesn’t make sense to me that they would use 2017 tax bracket numbers.

If it goes up to 600K, I could still take advantage of it and start cashing out my long term holdings at 15 percent. Actually 18.8 due to the net investment income tax.

[Author]

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