posted September 28, 2017 08:21 AM            

Business tax changes:

•A 20% corporate tax rate. This is the first time Trump has publicly backed down from one of his earliest campaign promises: a 15% corporate tax rate. The budget math required for a 15% rate was too difficult, so the somewhat higher rate is the opening bid. The current statutory federal rate is 35%.

•A 25% rate for pass-through businesses. Instead of getting taxed at an individual rate for business profits, people who own their own business would pay at the pass-through rate. The plan also says it will consider rules to prevent "personal income" from being taxed at this rate. Mnuchin previously suggested there may be limitations on what types of businesses get this rate — it could apply only to goods producers and not service-oriented companies to prevent people from creating limited-liability corporations to store their assets and receive a lower rate.

•Elimination of some business deductions, industry-specific incentives, and more. There are few details, but the plan includes language regarding the "streamlining" of business tax breaks.

•A one-time repatriation tax. All overseas assets from US-owned companies would be considered repatriated and taxed at a one-time lower rate — this is designed to bring corporate profits back from overseas. Illiquid assets like real estate would be taxed at a lower rate than cash or cash equivalents, and the payments would be spread out over time. While there is no precise number in the plan, officials have indicated the rate could end up somewhere around 10%.
http://www.businessinsider.com/trump-tax-plan-details-corporate-rate-individual-brackets-deductions-cuts-2017-9

posted September 28, 2017 08:23 AM            

•A middle tax bracket of 25%. The incomes in this bracket aren't specified.

•The top individual tax rate of 35%. The current top rate is 39.6%.

•The possibility of a fourth, higher bracket. Because of Trump's insistence that taxes for the wealthiest Americans not decrease, the plan proposes the possibility of a fourth tax bracket at a rate higher than 35% if the tax-writing committees wish. "An additional top rate may apply to the highest-income taxpayers to ensure that the reformed tax code is at least as progressive as the existing tax code and does not shift the tax burden from high-income to lower- and middle-income taxpayers," the plan reads.

•A larger standard deduction. To avoid raising taxes on those currently in the 10% tax bracket, the standard deduction for all taxes would increase to $12,000 for individuals (up from $6,350) and $24,000 for married couples (up from $12,700). These are slightly less than the doubled deductions expected — and as Business Insider's Josh Barro noted, the idea that this would save people money may be misleading.

•Eliminates most itemized deductions. The only deduction preserved explicitly in the plan is for charitable gifts and home-mortgage interest.

•Increases the size of the child tax credit. A pet project of Ivanka Trump, the proposal is to make the first $1,000 of the child tax credit refundable and increase the income level at which the credit would phase out.

posted September 28, 2017 09:56 AM            

http://www.vox.com/the-big-idea/2017/9/27/16376096/republican-tax-plan-deficit-busting-mess

http://www.nytimes.com/2017/09/27/opinion/a-boondoggle-masquerading-as-tax-reform.html
http://www.nytimes.com/2017/09/27/us/politics/trump-tax-cut-plan-middle-class-deficit.html

In Indianapolis, "the greatest jobs president that God ever created" described another way his plan would benefit common folk. He told his audience, “To protect millions of small businesses and the American farmer, we are finally ending the crushing, the horrible, the unfair estate tax, or as it is often referred to, the death tax.” The Post's fact checker called that statement "absurd": http://www.washingtonpost.com/news/fact-checker/wp/2017/09/28/fact-checking-president-trumps-tax-speech-in-indianapolis/?utm_term=.254f10e34936

I knew it was going to be bad, just not off the hook bad.

posted September 28, 2017 09:38 PM            

As to those higher bottom line deductions..

"These are slightly less than the doubled deductions expected — and as Business Insider's Josh Barro notead decreases for the wealthiest.ted, the idea that this would save people money may be misleading."

posted September 29, 2017 02:08 AM            

Keep in mind, with the Reagan tax cuts, government revenues doubled, and the GDP exceeded 7%! It's not a zero sum game. It's about growth.

Yeah right. I'll bet yoi were really noticing the effect of taxes on the economy in the 80s. Unlike this guy..
http://verifiedpolitics.com/reagans-economics-adviser-just-demolished-trump s-tax-plan-brutal-op-ed/

posted September 29, 2017 02:35 PM            

“Virtually everything Republicans say about taxes today is a lie,” Bartlett said at an economic forum in Washington, D.C. this week, part of which was published by USA Today.

“Tax cuts and tax rate reductions will not pay for themselves; they never have,” continues Bartlett. “Republicans don’t even believe they will, they are just excuses to slash spending for the poor when revenues collapse and deficits rise. There is no evidence that tax reform raises growth.”

posted September 29, 2017 05:56 PM            

quote:

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Originally posted by Catalina:
The death tax only applies to estates over 5 mill... and only to the amount over that, not the first 5 mill. Lots of small businesses and farms have that kind of value..not. this benefits the the big guys

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Small business and farms are asset rich and cash poor. $5mil wouldn't begin to buy many of the small businesses or farms. Just for your information...because it's abundantly clear you don't know...a small business is a business with up to 1500 employees. As for farms, the value of the land in some areas exceeds $6300 per acre. That's not counting equipment and any improvements, nor stock.

You'd be a lot better off if you informed yourself before popping off.

posted September 30, 2017 10:13 AM            

quote:

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Small business and farms are asset rich and cash poor. $5mil wouldn't begin to buy many of the small businesses or farms. Just for your information...because it's abundantly clear you don't know...a small business is a business with up to 1500 employees. As for farms, the value of the land in some areas exceeds $6300 per acre. That's not counting equipment and any improvements, nor stock.

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That "some" isn`t local and small business here are lucky to have 150 employees. I don`t think it is reflective of other states but pointing out Trumps tax relief is mighty thin for them.

posted September 30, 2017 11:53 AM            

quote:

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Originally posted by Randall:
Taxes have already been paid, so none should be paid upon death.

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Leftists have been attempting to do away with all inheritances for a hundred years. The most they've been able to push through is a 50% inheritance tax but the bungling, incompetent, boob, Karl Marx would be proud of leftists for attempting to steal the property and assets from the families of those who earned it.

3rd Plank of the Communist Manifesto:

3. Abolition of all rights of inheritance.