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Replies: 37
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All-In [40344]
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Tax plan calculator
Dec 18, 2017, 7:04 AM
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www.taxplancalculator.com
According to this, my completely middle class family would be saving $4k a year.
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Heisman Winner [119713]
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Itemizing still my best route using the calculator
Dec 18, 2017, 7:20 AM
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Come out saving less than $1000, still support legislation
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Oculus Spirit [97727]
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I should take the standard deduction
Dec 18, 2017, 8:23 AM
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Save about $6K
This is all really playing around with mumbers. I still favor a flat tax from the poverty level up to the very top. But I know the only real thing that will put a real dent in wealth inequality is doing something with capital gains. A lot of billionaires "earn" less than $1 million a year. They pay 39% or whatever on those earnings. But on the $20 million they sold in stock, they pay only $12% or whatever on the capital gains. So they take their pay moistly in stocks anyway.
So in addition to my flat tax system for income, I would have a graduated system for capital gains based on the amount gained at the sale. So if you sell stock and get $100K in capital gains you pay 12%. If you sell stock and make $20,000,000 in capital gains, you pay 39%. Capital gains are a huge loophole for the super rich and it's unchecked.
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CU Medallion [73569]
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I like the 999 plan***
Dec 18, 2017, 8:27 AM
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All-TigerNet [11640]
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Garbage.....
Dec 18, 2017, 8:28 AM
[ in reply to I should take the standard deduction ] |
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So if I invest post tax money and then earn on that money, .Gov should get another piece above and beyond?
Pure garbage.
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CU Medallion [73569]
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Yes, only on the profit which is more income that wasn't tax
Dec 18, 2017, 8:30 AM
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And this is coming from a hard fiscal cons.
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CU Medallion [73569]
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But I do think cap gains should be lower
Dec 18, 2017, 8:35 AM
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To encourage investment.
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Oculus Spirit [97727]
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Bitcoins are taxed using capital gains rates
Dec 18, 2017, 8:58 AM
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FYI
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Oculus Spirit [97727]
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Capital gains is only a tax on the gains
Dec 18, 2017, 8:42 AM
[ in reply to Garbage..... ] |
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That's how they get away with it in the first place. The gains denotes new, untaxed income at the point of sale. Your original investment is not taxed.
The rich use it as a means to aquire income that's taxed at a fraction of the rate it would be taxed as pure income. If I was to be hired as a CEO fo a huge corporation, I would want my salary to be just under the 39% cap. Then I woudl want payment in stock options to the tune of millions. When I sell those I will be paying a much smaller percentage on taxes. That's how they do it at the very top of large corporations. The majority of the "pay" is in stock, and it's a sweet deal to ride that gravy train, especially at a large or large/growing company.
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All-In [31896]
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It's also a form of incentive...
Dec 19, 2017, 8:47 AM
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if the CEO doesn't create shareholder value, then their options are worth much less.
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CU Medallion [73569]
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4500 here. Not sure why they are putting an end date?
Dec 18, 2017, 8:16 AM
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What the heck?
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All-TigerNet [12851]
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$7500 here. investing in hookers and blow!
Dec 18, 2017, 8:38 AM
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MAGA!
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CU Medallion [73569]
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Or .3333 bitcoin***
Dec 18, 2017, 8:50 AM
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CU Medallion [56087]
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Rock Defender [53]
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Misspelled trillion.***
Dec 18, 2017, 11:06 AM
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CU Medallion [56087]
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Hi. Yes. Trillion.***
Dec 18, 2017, 12:08 PM
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Rock Defender [53]
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CU Guru [1405]
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Re: Tax plan calculator
Dec 18, 2017, 8:41 AM
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It says I could save over $2k, but that will be more than offset by the economic downturn that will follow. Every single time a plan like this has been implemented, the economy has tanked. And it will again.
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CU Medallion [73569]
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Lol***
Dec 18, 2017, 8:50 AM
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CU Guru [1405]
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Re: Lol***
Dec 18, 2017, 8:56 AM
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When the economy is pumping along, you raise taxes and pay down the debt. That's how it always worked until Reagan and Bush.
Cutting revenue in good times kills the economy. Economics 101.
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CU Medallion [73569]
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Ok so
Dec 18, 2017, 8:59 AM
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You want to raise taxes on a humming economy and slow it down? Nice. And neither Dem or pub wants to pay down the debt anymore. The past 16 yrs have proven that
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CU Guru [1405]
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Re: Ok so
Dec 18, 2017, 9:18 AM
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Yes. That's what you always do. Raising taxes on top earners doesn't slow the economy. That's a lie Reagan sold you.
Look at the 1950's. We responsibly paid off WW2 while the economy boomed.
And at least Obama cut the defecit. Adding to it now with a bill that won't even create significant economic growth is stupid. If we are going to spend a trillion dollars, at least make it an infrastructure bill.
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110%er [6639]
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"And at least Obama cut the defecit."
Dec 18, 2017, 7:36 PM
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Really? I am so dumbfounded...I'm going to ask you for a link. Link?
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110%er [6639]
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Heisman Winner [119713]
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LOL.. you think this economy is pumping along?
Dec 18, 2017, 10:02 AM
[ in reply to Re: Lol*** ] |
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Really?
Stock market is way up b/c of the expectation of lower taxes.
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CU Guru [1405]
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Re: LOL.. you think this economy is pumping along?
Dec 18, 2017, 11:04 AM
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The economy has been doing well for years. The only major indicator not doing great is jobs. But as long as we have automation increasing, we'll never have explosive job growth again.
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All-In [47750]
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CU Guru [1405]
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Re: What? Jobs? Are you ignorant or just apethetic?
Dec 18, 2017, 12:26 PM
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Did I say jobs weren't growing? No, I said it wasn't "great" and then mentioned explosive job growth.
We've had steady growth for 8 years, we just haven't had a job boom.
And I specifically said that it can be blamed on automation, so whichever political party you like, I wasn't attacking them.
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All-In [31896]
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And labor participation and wage growth...
Dec 18, 2017, 12:46 PM
[ in reply to Re: LOL.. you think this economy is pumping along? ] |
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and under employment.
Crazy to say the economy is humming along IMO. 2-3% GDP growth is not good by any historical measure, especially for a recovery from a deep recession.
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All-In [38514]
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I'm only saving $1931.
Dec 18, 2017, 10:56 AM
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Did they leave deductions for college expenses? I've got one kid who just finished her 1st semester, a wife starting grad school next month, and a kid starting next fall.
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All-In [26968]
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Saving just under $300 now that they have put SALT back in.
Dec 18, 2017, 12:21 PM
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Without SALT, I'd pay more in taxes by a few hundred bucks.
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All-In [47750]
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Either this is wrong or I make too much money.
Dec 18, 2017, 12:22 PM
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or both. or neither.
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110%er [6639]
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Re: Either this is wrong or I make too much money.
Dec 18, 2017, 7:38 PM
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Thanks for clearing that up.
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All-In [40656]
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Im saving $4k
Dec 18, 2017, 12:33 PM
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Seems terrible, who would want to save monies?
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CU Medallion [54758]
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so, I'm completely un-educated about this tax stuff
Dec 19, 2017, 8:30 AM
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when does/would it go into effect? This calc says I'd save +$4k....is that applicable for when i do my '17 taxes??
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All-In [31896]
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Applicable to 2018 taxes not retroactive***
Dec 19, 2017, 8:39 AM
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CU Medallion [54758]
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so this won't help me come April
Dec 19, 2017, 9:00 AM
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THANKS OBAMA!
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Orange Blooded [2429]
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Re: All you libs that hate the tax plan
Dec 19, 2017, 8:44 AM
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Just tell the IRS you want to stay on the old plan. I am sure they will allow that and I bet not a darn one of you do it either. Now go on and tell us how great obamacare is and how awful this tax plan is.
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Replies: 37
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