U.S. Politics

[Fenwyr]

What the freak is this excrement? Payroll can't split your compensation to accommodate two entirely different entities, especially if one is a corporation. Why don't you try that right now. Ask your HR dept if they can split your paycheck into two: one to yourself, and the other to an LLC. They'll laugh in your face.

I'm not rich so I can't.  I know that you are naive, but this is already happening.  These changes would just make it easier.  Hell, no reason an LLC couldn't be a partner at a law firm anyway.  It's called pass through money.

Like I said, Tommy Spicer LLC.  Have them hire your company as a contractor, take no salary from youself, but take all the money you want from yourself.  15% income tax.

[Tommy]

I'm not rich so I can't.  I know that you are naive, but this is already happening.  These changes would just make it easier.  Hell, no reason an LLC couldn't be a partner at a law firm anyway.  It's called pass through money.

Like I said, Tommy Spicer LLC.  Have them hire your company as a contractor, take no salary from youself, but take all the money you want from yourself.  15% income tax.

You have pass through income all wrong. Pass through income isn't taxed at the corporate rate, but the income that the company generates is taxed at the individual tax rate. That's to prevent double taxation. Sure, you have consultants at many different firms who are, in-effect, self-employed, but you can't just establish an LLC and become a director at an investment bank, earn shares, get a bonus, and have your salary just pumped into your company instead of reporting it to the IRS as personal income. What conspiracy theory websites do you visit?

[Fenwyr]

You have pass through income all wrong. Pass through income isn't taxed at the corporate rate, but the income that the company generates is taxed at the individual tax rate. That's to prevent double taxation. Sure, you have consultants at many different firms who are, in-effect, self-employed, but you can't just establish an LLC and become a director at an investment bank, earn shares, get a bonus, and have your salary just pumped into your company instead of reporting it to the IRS as personal income. What conspiracy theory websites do you visit?

No.  Trumps plan taxes pass through money at 15%.  Try to keep up.

[Tommy]

No.  Trumps plan taxes pass through money at 15%.  Try to keep up.

How is that a bad thing? The vast majority of pass-through entities are small companies who had to pay their net income at the individual tax rate. If I set up my own private consulting practice, and only have to pay 15% on my income, then great. I can use the rest to invest in my company.

You're talking about big corporations turning their highest paid employees into pass-through entities, which is just utter nonsense.

[Fenwyr]

How is that a bad thing? The vast majority of pass-through entities are small companies who had to pay their net income at the individual tax rate. If I set up my own private consulting practice, and only have to pay 15% on my income, then great. I can use the rest to invest in my company.

You're talking about big corporations turning their highest paid employees into pass-through entities, which is just utter nonsense.

I wasn't talking about that at all.

But the 35% rate will be paid by nobody with a good accountant, or any shred of intelligence.

The 10% will be paid by everyone in that bracket.

The 25% will be paid by everyone who rents.  Pretty much the vast majority of the middle class.

My biggest problem is that Trump and his buddies will make a fortune with this tax plan.  Meanwhile, it will add trillions to the debt.

The middle class will not get a raise.  It will not create more jobs.  This has been cannon since the 80's.

[Tommy]

I wasn't talking about that at all.

But the 35% rate will be paid by nobody with a good accountant, or any shred of intelligence.

The 10% will be paid by everyone in that bracket.

The 25% will be paid by everyone who rents.  Pretty much the vast majority of the middle class.

My biggest problem is that Trump and his buddies will make a fortune with this tax plan.  Meanwhile, it will add trillions to the debt.

The middle class will not get a raise.  It will not create more jobs.  This has been cannon since the 80's.

It's amazing how you're still clinging to that ridiculous notion that Trump is only proposing this plan to help himself and his buddies.

The plan eliminates the AMT, which was originally intended to ensure the rich paid their taxes, but was never adjusted for inflation (since 1969), so many middle class people now (including myself) have been affected by it.

The standard deduction is also doubling, which is great news for lower and middle class Americans. This means that anyone earning less than $30k will essentially pay zero taxes. Likely the same for filers earnings less than $60k. With no AMT and the double standard deduction, plus child care credits, low and mid income families may even see MORE in their refunds than they actually paid in taxes.


Also, most of the common deductions used by the wealthy will be rescinded. That includes most of the following:



So you ask who will pay for these tax cuts? Just look at that list and add up how much the government had to pay back because of all those loopholes and deductions.

You also keep touting the lower corporate tax as a bad thing. Why? If your company pays less in taxes they're going to use the money to reinvest in the company. People like you just assume they'll just give themselves bonuses, which is utter nonsense, and completely irresponsible from a business standpoint.

I'm also hearing about a one time repatriation tax of 10% on money being parked overseas, which could bring billions back and add billions in lost tax revenue.

Lastly, the tax cuts in the early 80s resulted in a double-digit increase in yearly income for the middle class. Look it up.

So I suggest you focus on the facts and numbers rather than delving into these wild conspiracy theories. Also, it would help to download the actual budget, details on tax revenue, and then make your own decision given the data. You're smart enough to do that. Why go to some crazy liberal blog and have them regurgitate the data for you in order to fit their crazy narrative?

[Badger]

You also keep touting the lower corporate tax as a bad thing. Why? If your company pays less in taxes they're going to use the money to reinvest in the company.

Good joke.

[AlioTheFool]

So here's a question: if businesses can no longer deduct their contributions to health care plans from their taxes, and the ACA is repealed thereby no longer requiring people have health insurance, what's the incentive for businesses to continue paying anything into healthcare plans for their employees?

[Tommy]

Good joke.

Many large corporations, Microsoft is a good example, have billions sitting in cash. Sure they could just give everyone a fat bonus, but that's not how corporate finance works, and I doubt their shareholders would appreciate that very much.

The vast majority of companies in this country are small to mid-size, so the corporate tax break will benefit them and help keep them afloat and even expand.

Not every company is Exxon or Walmart.

[Tommy]

So here's a question: if businesses can no longer deduct their contributions to health care plans from their taxes, and the ACA is repealed thereby no longer requiring people have health insurance, what's the incentive for businesses to continue paying anything into healthcare plans for their employees?

I only heard about personal income deductions going away, and nothing about corporate deductions. I doubt they'd take that deduction away, but no one knows the full details of the plan yet.

[Badger]

https://theintercept.com/2017/05/01/barack-obama-is-using-his-presidency-to-cash-in-but-harry-truman-and-jimmy-carter-refused/

[Tommy]

Meh. It's really hard to turn down that kind of cash for just showing up. I don't blame him. It's not like he used the presidency to get rich, he's getting rich because he was president. May as well milk it while it lasts.

[Fenwyr]

Meh. It's really hard to turn down that kind of cash for just showing up. I don't blame him. It's not like he used the presidency to get rich, he's getting rich because he was president. May as well milk it while it lasts.

Well, he did bank 2 million in salary over 8 years with almost no expenses.  He was already rich off his books anyway.

The big difference will be watching his philanthropy.  Michelle and he got huge book deals.  They already said most of the proceeds are going to charity.

[SixFeetDeep]

https://theintercept.com/2017/05/01/barack-obama-is-using-his-presidency-to-cash-in-but-harry-truman-and-jimmy-carter-refused/

I don't have one single problem with this. He's entitled to it, he put up with more than enough of his fair share of bullshit while he was doing his job. I would take it. You would take it. I just don't think you can stand on the Bernie sanders side
of things anymore when you're accepting these type of checks from these types of people.  Then you're no better than Hillary (who I believe he slammed during his 2008 campaign for doing such things).

[SixFeetDeep]

"(CNN) Sen. Bernie Sanders believes former President Barack Obama's plan to receive $400,000 for speaking at a September Wall Street health conference is "distasteful," The Vermont Independent reported Friday.

Speaking with CNN's Suzanne Malveaux, Sanders labeled the transaction "not a good idea" and said he was "sorry President Obama made that choice."

"I just think it does not look good," Sanders said. "I just think it is distasteful -- not a good idea that he did that.

"Look, Barack Obama is a friend of mine, and I think he and his family represented us for eight years with dignity and intelligence," Sanders said. "But I think at a time when we have so much income and wealth inequality ... I think it just does not look good."

#Berned