GOP TAX PLAN

[Jim in CT]

Originally Posted by spence

Small business could be different.
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And what are most businesses? Small or large?

[spence]

Originally Posted by Jim in CT

And what are most businesses? Small or large?

Depends on how do you define it. Yes, the vast majority of businesses in the US are small, for the most part they are non-employee, not incorporated and don't pay corporate taxes.

I'm not sure what is going to be in the final bill but earlier this month it was looking like the GOP wanted to increase taxes on most small business profits dramatically while cutting rates on the larger classes dramatically. Not sure how this helps employment. It does help wall street.

Hey, maybe that's why markets went up on the news ya THINK?

*Edit - it looks like the Senate bill that passed this morning did include provisions to help small businesses. It was added at the very last second to influence the final two votes. This should scare the heck out of everyone. It wasn't an oversight.

[scottw]

Originally Posted by spence

What a victory for the Republicans.

December 2, 2017 1:54 AM

The Senate version of the Tax Cuts and Jobs Act just passed, 51 to 49, on a party line vote.

[Jim in CT]

Wdmso, here are some actual facts. The threshold below which no one pays any tax is almost doubled to 24,000. The standard deduction is doubled. The 15% tax bracket is reduced to a rate of 12%. And the corporate rate is reduced from 35 to 20. Despite what liberals like to claim, most businesses are not owned by the Waltons or the Koch brothers, and most who own businesses are not in the top 1%. I asked Nebe what this would mean to him. You won’t like his answer one bit.
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[Fishpart]

Small businsses and family farms get the most from the estate tax repeal. It dosen't take much for a building, some land and cattle and some equipment to go over $6 million. How do you pass your farm or business to your family without having to sell a portion for taxes? I won't even get into the number of times the resources were taxed already.
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[spence]

Originally Posted by Fishpart

Small businsses and family farms get the most from the estate tax repeal. It dosen't take much for a building, some land and cattle and some equipment to go over $6 million. How do you pass your farm or business to your family without having to sell a portion for taxes? I won't even get into the number of times the resources were taxed already.
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Actually a professor from Iowa State studied this issue and couldn't find a single instance of a family losing their farm because of the estate tax in the past 40 years. It's just an urban myth.
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[scottw]

Originally Posted by spence

Actually a professor from Iowa State studied this issue and couldn't find a single instance of a family losing their farm because of the estate tax in the past 40 years. It's just an urban myth.
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that's not what he wrote "How do you pass your farm or business to your family without having to sell a portion for taxes?"

[Sea Dangles]

Hahaha,a professor
No agenda there,move along
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[spence]

Originally Posted by Sea Dangles

Hahaha,a professor
No agenda there,move along
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Yeah, those agricultural professors are known to be big snowflakes after all.
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[Sea Dangles]

Originally Posted by spence

Yeah, those agricultural professors are known to be big snowflakes after all.
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Jeff, pretty much ALL professors fall under the snowflake umbrella,but you know that. Sorry to distract from you acting silly again.
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[Jim in CT]

Spence, on a 10m investment in our example, you said the income needs to be 1.5m for it to return 15%. That’s the net. The gross income on that investment needs to be 2.31m at a tax rate of 35%. At a rate of 20%, the gross return needs to be 1.875m, 20% less. Not a trivial shift in the cost benefit math.
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[Got Stripers]

If I ran my personal finances like this government, I'd be filing bankruptcy as often as Trump has. The deficit is getting out of control.

[JohnR]

Originally Posted by Got Stripers

If I ran my personal finances like this government, I'd be filing bankruptcy as often as Trump has. The deficit is getting out of control.

Yes - something many have been harping about for a decade but were told were racists.